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Section 206C(1F): Tax Collection at Source on Specified Luxury Items and Motor Vehicles
Section 206C(1F): Tax Collection at Source (TCS) on High-Value Motor Vehicles and Specified Luxury GoodsOverview of TCS Expansion to Luxury Goods and Motor VehiclesThe Finance (No. 2) Act, 2024, effec...
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Regulatory Updates and Legal Developments: Week Ending 25th May 2025
Income Tax(i) Revised Procedures for Filing Updated Income Tax Returns (ITR-U)The Central Board of Direct Taxes has updated the Income Tax Rules, specifically replacing the old Form ITR-U in Appendix-...
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Key Compliance Guidelines for TDS on Payments to Non-Residents
Obligation to Deduct Tax at Source(i) Who Must Deduct TDS?(a) As per Section 195(1) of the Income Tax Act, any person (other than an individual paying salary) responsible for making payments to a non-...
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Artice - Evolving Framework of Capital Gains Taxation and Section 87A Relief Provisions
1. Understanding Capital Gains: Concept and DefinitionCapital gains represent the appreciation in value of an asset beyond its original acquisition cost. This financial concept encompasses the profit...
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Digital Revolution in Tax Assessment: Understanding the Faceless Evaluation System
1. Overview of Digital Assessment FrameworkThe Income Tax Act, 1961, has witnessed significant evolutionary changes aimed at improving transparency, operational efficiency, and assessee compliance. Ho...
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Regulatory Framework for Immovable Property Acquisition by Foreign Individuals in India
1. Overview of Property Investment Opportunities for Foreign EntitiesIndia's property market presents significant investment potential for global investors, driven by economic expansion, metropolitan...
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Landmark Principles Established by ITAT Mumbai on Approval Quality and Statutory Interpretation
Approval Process Under Section 153D: Substance Over Formality(i) Requirement for Substantive Approval:The Mumbai Income Tax Appellate Tribunal (ITAT), in its ruling dated 03.04.2025 in Utility Supply...
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Obligations Relating to TDS Under Section 194J: Professional, Technical Fees, and More
Section 194J: TDS on Professional and Technical Services – A Comprehensive GuideOverview of Section 194JSection 194J of the Income Tax Act, 1961, requires specified persons to deduct tax at source (TD...
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Delay in Income Tax Return (ITR) Filing for FY 2024-25 – An Emerging Challenge
The Central Government has already issued the Income Tax Return (ITR) forms relevant to individual assessees for the financial year 2024–25 (assessment year 2025–26). However, despite these notificati...
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Overview of Gift Taxation and Zero-Rating for Individuals under Section 56(2)(x) of the Income Tax Act, 1961
(i) Introduction to Section 56(2)(x) and Its ObjectiveSection 56(2)(x) of the Income Tax Act, 1961, serves as a comprehensive anti-abuse mechanism designed to curb tax avoidance strategies that exploi...
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Section 270AA: Comprehensive Overview on Immunity from Penalty and Prosecution
Overview and Purpose of Section 270AASection 270AA, brought into effect by the Finance Act, 2016 (operative from 1st April 2017), marks a pivotal step in India’s income tax framework. This provision e...
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Overview: Distinct Tax Treatment of REITs and InvITs in India
Both Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) are trust-based investment vehicles governed by the Securities and Exchange Board of India (SEBI). They are str...
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Strategies to Minimize Tax Liabilities When Selling Agricultural Land in India
Selling agricultural land, particularly when located near urban areas, can lead to significant capital gains. Although agricultural income itself is not taxed under the Income-tax Act of 1961, the sal...
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Protect Yourself from the Tax Season: File TDS and SFT Returns by 31st May
Overview: May Compliance Deadlines for AssesseesThe month of May brings with it crucial statutory deadlines for assessees, particularly concerning Tax Deducted at Source (TDS) and Statement of Financi...
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CBDT extends due date of filing ITRs which are due for filing by 31st July 2025
1. Extended Timeline for Filing Income Tax Returns for AY 2025-26(i) Introduction and BackgroundThe Central Board of Direct Taxes (CBDT), operating under the Ministry of Finance, has officially announ...
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Taxation and Repatriation Process for Property Sales by Non-Resident Indians (NRIs)
Fundamentals of Capital Gains on Property Transactions(i) Definition and Scope of Capital GainsCapital gains refer to the profit earned upon the transfer of a capital asset, which includes immovable p...
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Major Reforms in Long-Term Capital Gains Taxation on Immovable Properties Post-Budget 2024
(i) Overview of the Legislative ShiftThe Union Budget 2024 introduced a pivotal amendment concerning the taxation of Long-Term Capital Gains (LTCG) arising from the sale of immovable properties such a...
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Assessment of Notices Issued Under Section 148 Post-31st March 2022 for AY 2021-22 and Earlier: The Impact of the First Proviso to Section 149(1)
Overview and Judicial Developmentsi. Landmark Supreme Court Rulings and Their InfluenceThe Supreme Court’s decision in Union of India v. Ashish Agarwal ([2022] 138 taxmann.com 64) significantly affect...
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Tax Implications on Agricultural Land in India According to the Income Tax Act, 1961
1. Taxation of Agricultural Land in India under the Income Tax Act, 1961(i) Overview of Taxation of Agricultural LandAgricultural land in India receives special treatment under the Income Tax Act, 196...
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CBDT’s AI-Driven Scrutiny of Income Tax Returns: Key Insights for Chartered Accountants
Introduction to AI Scrutiny for ITRsThe Central Board of Direct Taxes (CBDT) is transforming the scrutiny process of Income Tax Returns (ITRs) by incorporating Artificial Intelligence (AI) and Machine...