Introduction The introduction of the Income-tax Act, 2025 brings structural clarity and simplification across various provisions, including advance tax. While there are no major policy changes in the concept or applicability of advance tax, the provisions have been reorganized and simplified to improve readability and ease of compliance. The intent is to make it easier …
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Introduction The introduction of the Income-tax Act, 2025 has brought a significant structural change in the way tax laws are presented in India. However, when it comes to Tax Deducted at Source (TDS) and tax payment mechanisms, the government has ensured continuity. The objective is not to change the compliance framework but to simplify and …
Continue reading “TDS Provisions and TDS Payments under the Income-tax Act, 2025”
Introduction Let’s start with another blog on the new Income-tax Act, 2025, where we bring you the latest updates and practical insights on what is being introduced under the new law. Our aim is to cover each aspect in a simple and structured manner so that taxpayers get sufficient time to understand, plan, and implement …
Continue reading “Income-tax Act 2025 Updates: How Old and New Tax Laws Will Work Together”
The Indian tax is making historic transformation. With the rollout of PRARAMBH 2026, the Income Tax Department has launched a nationwide awareness campaign to introduce taxpayers to the Income-tax Act, 2025, which will come into effect from 1st April 2026. This initiative marks not just a change in legislation, but a shift in mindset, administration, …
Continue reading “PRARAMBH 2026: A New Era in Indian Taxation under the Income-tax Act, 2025”
Tax planning becomes extremely important as the financial year approaches its end. Many taxpayers review their investments, business income, and other financial activities to reduce their overall tax liability. One of the most important provisions available under the Income Tax Act, 1961 for tax optimization is the set-off of losses against income under different heads. …
Afarmer from Rewari, Haryana, has won a landmark battle before the Delhi Income Tax Appellate Tribunal, securing a ruling that could benefit thousands of landowners across India who received interest on enhanced land acquisition compensation. The tribunal, in Ramavtar v. Income Tax Officer, Ward-1(3), Rewari (ITA No. 140/Del/2026), ruled squarely in favour of the assessee, …
Continue reading “Is Interest on Enhanced Land Compensation Taxable or Exempt?”
Political donations are encouraged under the Income Tax Act to promote transparency and democratic participation. To support this objective, Section 80GGC allows taxpayers to claim a deduction for donations made to registered political parties. However, in recent years, tax authorities and courts have taken a stricter approach to verify whether such donations are genuine or …
Tax Collected at Source (TCS) is an important but often misunderstood concept under the Indian Income-tax Act, 1961. While many taxpayers are familiar with Tax Deducted at Source (TDS), TCS operates on a different principle and applies to specific transactions where the seller or service provider is required to collect tax from the buyer at …
Paying rent above ₹50,000 per month has significant income-tax implications for tenants, even if they are salaried individuals with no business income. To widen the tax base and track high-value rental transactions, the Income Tax Act introduced Section 194-IB, which mandates TDS on rent paid by certain individuals and Hindu Undivided Families (HUFs). Many taxpayers …
With the rapid growth of cryptocurrency, NFTs, and other virtual digital assets (VDAs), the Indian government introduced Section 194S under the Income Tax Act to ensure tax reporting and collection on such transactions. This section mandates Tax Deducted at Source (TDS) on payments made for the transfer of virtual digital assets. Understanding who is required …
