Tax Planning Services for SMEs in India: How to Reduce Tax Legally
Let’s be real, for most small business owners in India, taxes become a priority only when deadlines are right in front of them. And that’s usually when unnecessary payments happen. Tax planning isn’t about last minute adjustments or complicated tricks. It’s about understanding the rules early and using them to your advantage, completely within the […]
Tax Compliance India: Key Updates, Rules & Judgments 2026
Government notifies new Income Tax Rules 2026 for stricter compliance The government has notified the Income Tax Rules, 2026, which will come into effect from the 1st of next month. The new rules aim to enhance compliance through stricter disclosures while simplifying tax procedures by reducing the number of rules. The rules mark a major […]
Income Tax Law Update: IT Act 2025 Forms, Major Tax Evasion Probe & Judicial Insights
Major Income Tax Forms – Quick Comparison of Income Tax Act, 1961 to Income Tax Act, 2025 The enactment of the Income Tax Act, 2025 marks a significant shift in the compliance framework of direct taxation in India. One of the notable changes is the renumbering and rationalisation of statutory forms prescribed under the Act. […]
Recent Judgements in Direct Tax
1. Penalty for Non-Disclosure of Foreign Assets Is Discretionary This Special Bench ruling of the Income Tax Appellate Tribunal (ITAT), Mumbai examined the scope and nature of Section 43 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. Facts of the Case Husband and wife failed to report their […]
Rebate u/s 87A available even if tax payable on STCG on listed shares under section 111A : ITAT
Section 87A of the Income Tax Act, 1961 provides a tax rebate to resident individual taxpayers whose total income does not exceed a specified threshold. For the financial year 2023-24 (assessment year 2024-25), under the new tax regime, individuals with a total income up to ₹7,00,000 are eligible to claim a rebate of up to […]