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Timelines and Mandatory Filing Requirements for Form 10-ID under Section 115BAB – A Comprehensive Analysis
1. Introduction to Concessional Tax Regime for New Manufacturing Companies1.1 Background and Policy IntentIn alignment with the Government of India’s “Make in India” campaign, a significant tax incent...
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Interest Liability for Delayed Collection of TCS under Section 206C of the Income Tax Act
OverviewSection 206C of the Income Tax Act stipulates that individuals or entities responsible for collecting Tax Collected at Source (TCS) must do so within the prescribed timeline. If there is a del...
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Statutory Compliance Timeline for August 2025
This comprehensive guide presents the critical statutory deadlines for August 2025, relevant for assessees and companies operating in India. The calendar covers compliance obligations under Goods and...
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Mandate for Filing Income Tax Returns in India: Who is Required to File?
Overview of Statutory Requirement (Section 139(1))Section 139(1) of the Income Tax Act, 1961 stipulates that every assessee whose total income for a given financial year (previous year) surpasses the...
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Understanding the Taxation of Mutual Fund Gains for Non-Resident Assessees under DTAA Framework
OverviewIn today’s interconnected financial world, non-residents frequently invest in Indian securities, including mutual funds, debentures, and bonds. When the investor is a tax resident of a country...
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Comprehensive Guide: Selecting the Right ITR Form for Your Income Tax Return
Filing Income Tax Returns (ITR) in India involves choosing the appropriate ITR form, which is essential for a smooth and compliant filing experience. Each form is tailored to different categories of a...
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Remuneration to Trustee Does Not Necessarily Disqualify Trust from Tax Exemption: Key Takeaways from Delhi High Court Ruling
Introduction and Background of the Case(i) Case Overview(a) The dispute arose in the matter of CIT vs. IILM Foundation, where the Delhi High Court examined whether a charitable trust’s exemption under...
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Comprehensive Guide to Section 12AB and 80G Applications: Importance of Selecting Correct Sub-Clauses and Section Codes
IntroductionThe process of applying for registration or approval under Section 12AB and Section 80G of the Income Tax Act, 1961 has seen a significant number of rejections lately. A common reason for...
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Increased Tax Burden on LLPs: Long-Term Capital Gains to be Taxed at 18.5% Under Proposed Income-tax Bill, 2025
Introductioni) Overview of Recent Tax AmendmentsIn a significant development highlighted by various financial publications, the proposed Income-tax Bill, 2025, seeks to enhance the effective tax rate...
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Section 54F: The Overlooked Opportunity for Capital Gains Tax Relief
OverviewCapital gains from the sale of assets such as land, gold, or inherited items can lead to significant tax liabilities, prompting assessees to search for ways to minimize their tax outgo. Often,...
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Comparative Analysis of Old and New Income Tax Regimes for FY 2024–25: Making the Right Choice
OverviewAs the income tax return (ITR) filing window for Financial Year 2024–25 (Assessment Year 2025–26) opens, individual assessees must make a significant decision: Should they proceed with the Old...
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A Decade of the Black Money Act, 2015: Evolution, Legal Developments, Persistent Challenges, and What Lies Ahead
1. Introduction: The Problem of Hidden Wealth and Legislative ResponseBlack money, a persistent enabler of corruption and tax evasion, continues to undermine India’s economic and social fabric. Funds...
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A Comprehensive Overview of Minimum Alternate Tax (MAT) for Indian Companies
Introduction to MAT: Rationale and Applicability(i) Significance and Purpose of MATImagine a scenario where a company, through effective use of various deductions and exemptions, shows healthy profits...
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Deductions Permitted Under the New Tax Regime for FY 2025-26 (AY 2026-27)
Overview of the Revised New Tax Regime(i) Philosophy and PurposeThe new tax regime, applicable for the Financial Year 2025-26 (Assessment Year 2026-27), aims to simplify the tax process by offering lo...
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Navigating Legal Fictions in Taxation – The Supreme Court’s Approach in Rajeev Bansal
The landmark judgment in Union of India v. Rajeev Bansal, 2024, addressed the intricate interplay among three central tax statutes in India: the Income-tax Act, 1961, the Finance Act, 2021, and the Ta...
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Exemption for Capital Gains under Sections 54 and 54F in the Case of Redeveloped Residential Properties: Insights from the Delhi High Court Judgment
IntroductionThe Delhi High Court, in the matter of Commissioner of Income Tax v. Gita Duggal, has provided significant clarity regarding the eligibility for capital gains exemption under Sections 54 a...
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August 2025 Statutory Compliance Roadmap: GST, TDS, ROC, and Labour Regulations
1. Introduction: Key Compliance Milestones for August 2025August 2025 serves as a pivotal period for Indian businesses, marking the start of the second quarter compliance cycle for the 2025-26 fiscal...
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Revised Business Codes in Income Tax Returns: Essential Insights for Assessees
Introduction to Updated Business Codes in ITRThe Income Tax Return (ITR) process has recently undergone significant updates, with the introduction of approximately 370 revised business and profession...
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Accounting and Tax Implications of Loss of Insured Assets: Standards and Disclosure
Businesses frequently encounter unforeseen losses to assets from incidents such as fire, theft, or natural disasters. Where such assets are insured, compensation from the insurance provider may cover...
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Corporate Taxation in India: Old Versus New Regimes for Financial Year 2024-25 (Assessment Year 2025-26)
Overview of Corporate Tax ChangesThe Indian corporate tax landscape has seen significant changes, particularly for assessees as compared to individual taxpayers. Distinct regimes now apply to manufact...