Income Tax

Right of Assessee to be Represented in Income Tax Proceedingsi) Appearance through Authorised RepresentativeUnder Section 515 of the Income Tax Act, 2025 (which corresponds to Section 288 of the Incom...

Introduction: Overhaul of Indian Income Tax LegislationThe Central Board of Direct Taxes (CBDT), through its Directorate of Income Tax (Organisation and Management Services), has published a detailed...

Introduction and Factual MatrixIn the landmark case involving Sanand Properties Pvt. Ltd. (SPPL), the Supreme Court addressed pivotal issues regarding taxation of income received by members of Associa...

IntroductionSection 50CA of the Income-tax Act, 1961, introduced through the Finance Act, 2017 and effective from 1 April 2018, establishes a mechanism for determining the full value of consideration...

1. Introduction: Taxation of Hoarding Income – Standard Deduction EligibilityIn the context of Indian income tax law, a recurring issue arises regarding the treatment of rental income received from th...

Introduction: The Quiet Transition Dilemma and Its Massive Fiscal ImpactIndia’s Income-tax Act, 1961 was repealed with effect from 1 April 2026 by Section 536(1) of the Income-tax Act, 2025 (ITA 2025)...

Introduction and OverviewThe current procedure for declaring non-taxable income to seek exemption from Tax Deducted at Source (TDS) relies heavily on the use of Form 121 (formerly known as Forms 15G a...

1. Introduction to the Liberalised Remittance SchemeThe Liberalised Remittance Scheme (LRS) allows Indian residents to remit funds overseas for a variety of purposes. With the recent amendments brough...

Overview of Legislative ChangesThe Income-tax Act, 2025 (Act 30 of 2025) took effect from April 1, 2026, replacing the long-standing Income-tax Act, 1961. This new Act streamlines the legal framework...

Introduction: The Role of Taxation in SocietyJustice Oliver Wendell Holmes of the US Supreme Court once remarked, “I like to pay taxes; with them, I buy civilization.” Taxes are the backbone of govern...

IntroductionOn 16 April 2026, Wipro Limited unveiled a significant share repurchase plan, proposing to acquire up to 600 million fully paid equity shares, amounting to roughly 5.72% of its paid-up sha...

Introduction and BackgroundThe author, a chartered accountant, recently represented an assessee in an ongoing dispute involving income tax and transfer pricing adjustments under the Income-tax Act, 19...

IntroductionThe recent decision of the Bombay High Court in the case of Pragati Aroma Oil Distillers Pvt. Ltd. v. DCIT (IT Appeal No. 502 of 2015, dated 23 April 2026), highlights a significant clarif...

Introduction: Evolution of the Benami Law and the ‘Fiduciary Capacity’ ExceptionThe landscape of benami transactions in India underwent a significant shift with the amendment of the Prohibition of Ben...

OverviewCapital gains taxation in India fundamentally operates on the principle that the taxable gain is the difference between the sale consideration and the cost incurred by the assessee in acquirin...

1. Introduction: The Challenge of Transitioning Legacy Reassessment ProceedingsOn 1 April 2026, the Income-Tax Act, 1961 was repealed by virtue of Section 536(1) of the Income-Tax Act, 2025, ushering...

Introduction: ESOPs as Employee IncentivesEmployee Stock Option Plans (ESOPs) are primarily designed by companies to reward and motivate employees, aligning their interests with company growth. The in...

1. IntroductionThe transition from the Income Tax Act, 1961 (ITA, 1961) to the Income Tax Act, 2025 (ITA, 2025) was primarily aimed at making tax legislation more accessible and comprehensible for the...

Introduction and Legislative BackgroundThe Finance Act, 2021 brought transformative changes to the reassessment procedure under the Income-tax Act, 1961, specifically by revamping Sections 147 to 151....

1. Introduction: Communication Window Facility in Income Tax AppealsThe Enablement of Communication Window, referred to as "the window," is a digital solution implemented by the Income Tax Department,...