Income Tax

The proposed Income Tax Bill 2025 aims to overhaul and streamline the existing tax structure, which has evolved from the Income Tax Act, 1961. Over the years, this Act has seen more than 4000 amendmen...

Overview and Structural DifferencesThe forthcoming Income Tax Bill, 2025, aims to supplant the existing Income Tax Act, 1961, offering a revamped and modern taxation framework. This Bill accommodates...

New Income Tax Legislation, 2025: Essential HighlightsThe upcoming Income Tax Bill, 2025, slated for implementation beginning April 1, 2026, signifies a substantial transformation of India’s taxation...

The Startup India initiative, inaugurated by Hon'ble Prime Minister Narendra Modi in January 2016, was designed to fuel innovation and foster entrepreneurship in the country. Since its inception, star...

Overview: The Finance Minister, in the 2025 Budget, unveiled a major reform: individuals with annual earnings up to Rs 12 lakh will pay no income tax. Instead of altering the basic exemption threshold...

Overview of GCC Expansion in IndiaAuthored by CA Chirag Baid, Founder and CEO of Solique Advisors, the noticeable growth of Global Capability Centers (GCCs) in India has drawn the attention of multina...

The Finance Bill, 2025 introduces important changes to section 12AB(1)(a) of the Income Tax Act, 1961, notably extending the duration of registrations granted to trusts and institutions from five year...

Evolution of Reassessment Provisions CriteriaOld SchemePost FA 2021Post FA 2024Trigger for NoticeReasons to believe income escaped assessmentInformation suggesting income escaped assessmentSame as FA...

Faceless Proceedings [Section 151A]The Central Government introduced the e-Assessment of Income Escaping Assessment Scheme, 2022, as part of a broader initiative to make tax administration more transp...

Procedural Requirements [Sections 148A to 151] Opportunity to be Heard: AO must serve a notice under Section 148A, sharing incriminating information and allowing the assessee to respond.Consideration...

Requirements for Issuing a Notice [Section 148]The Assessing Officer (AO) must issue a notice under Section 148, requiring the assessee to file a return within three months. If the assessee fails to c...

IntroductionReassessment serves as a corrective mechanism within the Income Tax framework, enabling the Assessing Officer (AO) to revisit and rectify income that has escaped assessment. The Finance (N...

Steps for Recovering TDS Through Current ITR Filingi. Add Missed Income to This Year’s ITR:Incorporate the TDS-deducted income from the missed year into this year's income report.ii. Claim the TDS Ref...

1. Overview Starting from July 23, 2024, individuals purchasing real estate from Non-Resident Indians (NRIs) are required to withhold tax at a newly revised rate of 12.5%. This rate incorporates a 15%...

Overview:The introduction of Section 92BA(i) to the Income Tax Act, 1961, brought forth the idea of Specified Domestic Transactions (SDTs) aimed at ensuring related-party transactions within India com...

IntroductionThe Income Tax Act, 1961 provides the framework for taxation in India, ensuring compliance and preventing tax evasion. One of the key provisions under this framework is Section 147, which...

IntroductionSection 147 of the Income Tax Act, 1961, empowers the Assessing Officer (AO) to reopen assessment proceedings if there is a reason to believe that income has escaped assessment. This provi...

Understanding the Provisions for Lower Tax Rates for New Manufacturing EntitiesOverview of Legislative AmendmentsThe Taxation Laws (Amendment) Ordinance, 2019 (TLAO), enacted on September 20, 2019, ma...

Role and Importance of ITATSince its inception roughly 80 years ago, the ITAT has played a pivotal role in resolving income tax disputes. Although not a court in the traditional sense, it holds the au...

Introduction The Indian tax framework does not possess a dedicated statute addressing gifts and inheritances. Instead, the tax treatment of gifts is encapsulated within the anti-abuse sections of the...