Income Tax

OverviewThe Income-tax Act, 1961, has gradually refined its provisions regarding tax deduction at source (TDS) to ensure the effective collection of taxes at the point of income accrual or remittance....

Overview of Interest Provisions under Section 201(1A)Section 201(1A) of the Income Tax Act, 1961 prescribes the interest to be paid by an assessee if there is a delay either in the deduction or deposi...

1. Introduction to Cryptocurrency and Blockchain RegulationThe emergence of blockchain and digital currencies has revolutionized financial transactions, offering decentralized, transparent, and secure...

Introduction to TDSi) Understanding TDS MechanismTax Deducted at Source (TDS) is a system put in place by the Indian Income Tax Department, wherein an assessee responsible for making specific payments...

July 2025 requires assessees, businesses, and corporates in India to adhere to a host of tax, regulatory, and statutory deadlines under various laws including GST, Income Tax, ESI/PF, FEMA, SEBI, and...

Large-Scale Issuance of Section 143(2) Notices: Context and DriversIn June 2025, the Income Tax Department initiated an extensive dispatch of scrutiny notices under Section 143(2) for the Assessment Y...

Introduction to Buyback of Shares and Its Strategic ImportanceBuyback of shares is a significant mechanism in Indian corporate finance, allowing companies to repurchase their own equity from existing...

Maximizing Loan Interest Deductions and Staying Compliant with Tax LawsIntroduction: Strategic Use of Loan Interest Deductions in Tax PlanningInterest paid on loans can substantially lower an assessee...

Introduction to Partnership Firm TaxationPartnership firms have long been favored by entrepreneurs in India due to their easy setup, shared management, and operational adaptability. Despite these bene...

OverviewMany marketing professionals tend to make rushed tax-saving decisions as the financial year draws to a close, often acting on advice without assessing their own financial goals and liquidity n...

Introduction to the Issue(i) Nature of the Legal QuestionA recurrent question in Indian tax law is whether legislative amendments apply to earlier assessment years if the proceedings for those years c...

Introduction: Jurisdictional Basis for Search Reassessment(i) Legal Framework and Trigger for Section 153AWhen a search or requisition is undertaken under Section 132 of the Income Tax Act, 1961, the...

Overview: Applicability of Section 44AA for Assessees Engaged in Business or ProfessionAssessees who operate a business or are involved in any profession and whose income falls under the category “Pro...

Overview(i) Introduction to Cross-Border Taxation and Set-Off Issues(a) The expansion of global business activities has led multinational entities to establish subsidiaries and branches worldwide. The...

Introduction: Importance of Early Tax PaymentThe deadline for filing Income Tax Returns (ITR) is drawing near. While non-audit assessees have until September 15, 2025, to file their returns, it is pru...

This guide presents an extensively restructured overview of the key tax compliance requirements for July 2025, drawing from the Income Tax Act, 1961 as well as the Goods and Services Tax (GST) regime,...

1. IntroductionThe concept of indexed cost enables assessees to claim a higher deduction for the cost of acquiring an asset, effectively offsetting the impact of inflation on capital gains. This mecha...

1. Overview of Cost of ImprovementWhen an assessee sells a capital asset, any profits or gains from the sale are taxable under the head ‘Capital Gains’. The calculation of capital gains is done by ded...

1. Introduction to Tax Compliance RequirementsTax compliance represents a fundamental obligation for all assessees operating within the Indian taxation framework. The adherence to prescribed timelines...

Introduction: Shifting the Landscape for IFSC OperationsIndia’s aspiration to position itself as an international financial powerhouse has taken a significant leap with the issuance of Notification No...