When an NRI sends money to parents in India, the transfer is generally not taxable merely because the recipient is an Indian resident. However, a large or unusual credit appearing in a parent’s bank account may attract questions from the Income …
Understanding tax audit applicability under Section 44AB of the Income-tax Act, 1961 is essential for businesses and professionals before finalising their books and income-tax returns for FY 2025-26 (AY 2026-27). The requirement to obtain a tax audit depends primarily on the nature of …
The Goods and Services Tax Appellate Tribunal (GSTAT) has introduced a Token Generation Facility to assist taxpayers and tax authorities who are experiencing technical difficulties while filing appeals through the GSTAT e-filing portal. The initiative provides significant relief to appellants who may …
In a significant ruling concerning income tax reassessment proceedings, the Bombay High Court has clarified that a reassessment notice cannot be treated as having been issued merely because it was digitally signed on March 31, 2021. If the notice was …
The definition of a frontline pandemic worker has long been a subject of both public gratitude and legal debate. While doctors, nurses, and hospital staff are universally recognized for their direct role in patient care, a landmark ruling by the …
In a significant relief for charitable trusts, funds, and institutions, the Central Board of Direct Taxes (CBDT) has issued Circular No. 06/2026 dated. 2 July 2026, granting condonation of delay in filing Form No. 10AB for renewal of approval under Section 80G(5) of the …
In a significant relief for taxpayers and tax authorities, the Government of India, Ministry of Finance, Department of Revenue, has issued a fresh notification extending the timeline for filing appeals and applications before the Goods and Services Tax Appellate Tribunal …
A shocking GST fraud case from Ahmedabad has highlighted the growing risks businesses face when tax compliance is outsourced without proper oversight. A 76-year-old trader is reportedly facing a tax burden exceeding ₹1.2 crore after his long-time tax consultant allegedly …
In a significant development under the Goods and Services Tax (GST) framework, the Central Board of Indirect Taxes and Customs (CBIC) is in the process of drafting rules to operationalise Section 11A of the Central Goods and Services Tax (CGST) …
Filing an Income Tax Return (ITR) is a statutory obligation for many taxpayers in India. While the process has become more convenient with online filing facilities, taxpayers often make avoidable mistakes that can lead to notices, delayed refunds, additional tax …
In a significant move aimed at strengthening India’s debt market and attracting greater foreign investment, the Government of India has promulgated the Income-tax (Amendment) Ordinance, 2026, granting a complete exemption from capital gains tax and interest income tax on investments …
The remarkable rise of young cricket sensation Vaibhav Sooryavanshi has captured the attention of cricket fans and financial experts alike. At just 15 years of age, the IPL star has reportedly accumulated wealth worth nearly ₹7 crore through cricket contracts, …
Notification No.: 70/2026/F.No. 500/Misc./S10(23FE)/FT&TR-II Date: 1 June 2026 The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has issued Notification No. 70/2026 specifying certain infrastructure sub-sector businesses as eligible entities under the Income-tax Act, 2025. Legal Authority This …
The Central Board of Direct Taxes (CBDT), vide it’s Letter bearing F.No. 225/26/2026-ITA.II, dated May 29, 2026, issued a firm directive aimed at ensuring uniformity in the treatment of unexplained cash credits, investments, assets, borrowings and expenditures across all direct tax field …
The introduction of Form 164 under Section 507 of the Income-tax Act, 2025 has brought a new layer of compliance for professionals operating in the entertainment and events industry. This includes film producers, OTT content creators, sports event organizers, and event management …
In an increasingly globalized world, high-earning professionals like IITians are constantly evaluating where their income delivers the best value—not just in numbers, but in quality of life. A recent viral story about a 34-year-old IIT graduate and software architect has …
In a significant development for taxpayers and professionals, the Central Board of Direct Taxes (CBDT) has released a crucial corrigendum to the newly notified Income Tax Rules, 2026. Issued through Notification No. 64/2026 [G.S.R. 286(E)] dated April 16, 2026, the …
India’s direct tax landscape is undergoing a historic transformation with the introduction of the Income Tax Act, 2025, set to take effect from April 1, 2026 (FY 2026–27). Replacing the decades-old Income Tax Act, 1961, the new legislation aims to simplify …
The Indian audit landscape is on the cusp of a significant regulatory shift. The recently proposed Corporate Laws (Amendment) Bill, 2026, currently under the scrutiny of a Joint Parliamentary Committee (JPC), signals a clear intent from the government to tighten …
The introduction of the Income Tax Act, 2025 marks a significant transformation in India’s taxation framework, particularly in the area of Tax Deducted at Source (TDS). For decades, professionals and businesses have navigated a complex web of multiple TDS provisions under the …