Income Tax

Introduction:A Joint Development Agreement (JDA) entails an agreement where a landowner supplies land, and a developer executes the property development and construction. JDAs are prevalent in India's...

1. IntroductionOn July 23, 2024, during the Budget Speech, Finance Minister Nirmala Sitharaman announced a sweeping overhaul of the Income Tax Act, 1961 (ITA) to streamline and clarify India's tax leg...

Perquisites and Gains in Substitute for Salary1. Introduction to Perquisites and Profits in Substitute for SalaryPerquisites and profits in lieu of salary play a significant role in determining the ta...

Overview of the Budget: (i) Introduction: The Finance Minister, Nirmala Sitharaman, unveiled her eighth Budget on February 1, 2025, targeting the fiscal year 2025-26. The Union Budget emphasizes refor...

Tax Deduction at Source (TDS) and Tax Collection at Source (TCS) form crucial aspects of the Indian taxation system, intended to ensure prompt collection of taxes, minimize tax evasion, and broaden th...

Introduction to the New Tax DraftThe Income Tax Draft 2025 is poised to revamp the existing Income Tax Act of 1961, aiming to simplify intricate tax laws for assessees. Scheduled to come into effect o...

Streamlined Income Tax Bill Introduced in India1. IntroductionThe Finance Minister tabled the highly anticipated Income Tax Bill in the Lok Sabha on February 13, 2025. This new legislation aims to ove...

1. IntroductionThe proposed Income Tax Bill, 2025 has been introduced with great anticipation owing to its assertive approach to reduce complexity by introducing fewer sections and clarifying the lang...

The Income Tax Department of India communicates with individual taxpayers through a variety of notices, letters, and orders aimed at ensuring compliance and performing assessments. These correspondenc...

Introduction to the Income Tax Bill 2025The Income Tax Bill, 2025, was presented in the Lok Sabha on the 13th of February, 2025. This pivotal legislation aims to overhaul the existing Income Tax Act o...

Introduction: On February 12, 2025, the new Income Tax Bill, 2025, was introduced in the Lok Sabha. This legislation aims to replace the existing Income Tax Act, 1961. When approved, it will invalidat...

In a landmark move on September 18, 2024, Finance Minister Nirmala Sitharaman introduced the National Pension System Vatsalya (NPS Vatsalya) initiative to spearhead early financial planning for minors...

OverviewThe exponential growth of digital platforms presents new challenges in tax compliance, particularly for e-commerce transactions. The Indian government has introduced Section 194O in the Income...

Revised Slab Rates (Section 115BAC)Pre-Budget vs Post-Budget Tax Rates:Income (INR)Pre-Budget Tax RatePost-Budget Tax Rate0-3,00,000NIL0-4,00,000NIL3,00,000-7,00,0005%4,00,000-8,00,0005%7,00,000-10,00...

Curtailing the Extension of Tax Losses: A New Perspective1. Overview and Important ChangesThe Finance Bill 2025 has introduced significant reforms in the area of mergers and acquisitions (M&As), with...

OverviewThe Gauhati High Court ruled against CGST Notification No. 56/2023-CT in Barkataki Print And Media Services Vs. Union Of India And Others (2025) TaxCorp(GST) 48215 (HC-GAUHATI), declaring it u...

IntroductionThe Income Tax Bill 2025, recently introduced in the Indian Parliament, aims to simplify and consolidate the numerous provisions laid down in the Income Tax Act, 1961. The bill proposes si...

Analysis of Sections 3 & 4: Income Tax Bill 2025The Income Tax Bill 2025, taking effect on April 1, 2026, introduces significant transformations to streamline and simplify tax-related processes. A maj...

IntroductionThe Finance Bill of 2025 proposes significant amendments to the Income Tax Act of 1961, presenting a total of 86 revisions. The changes primarily aim to:Provide tax relief to individual as...

IntroductionAs the Union Budget 2025 unveiled, the anticipation across India was palpable, heralding a comprehensive strategy aimed at addressing the nation's diverse sectorial needs. The Government's...