No changes have been proposed to the personal tax rates under the old or new tax regime or to the rates of surcharge and education cess by Finance Bill 2026. The tax rates and slabs under the new tax regime of Section 202 of the ITA 2025 (corresponding to Section 115BAC of the ITA 1961) shall be as follows: Total […]
Amendments made by the Finance Bill 2026 to the Income Tax Act, 2025 (‘the Act’) as well as Income Tax, 1961 are summarized hereunder: Rates of Income Tax: Personal Tax Rates/ Slabs: There is no change in the existing slab rates for the Tax Year 2026-27 applicable for all categories of individuals, HUF, AOP, BOI opting for old tax […]
Important Judicial Precedents Non-compete fee paid to restrict competition held allowable as revenue expenditure under sec. 37(1): SC [2025] 181 taxmann.com 657 (SC) Sharp Business System vs. Commissioner of Income-tax Where assessee paid a non-compete fee to restrain another party from operating in same business segment, such payment merely protected or enhanced assessee’s business profitability and facilitated more efficient conduct […]
Important Judicial Precedents Writ challenging order passed by AO under section 148A(d) maintainable despite alternate appeal remedy: HC [2025] 180 taxmann.com 207 (SIKKIM-HC) Zydus Healthcare Ltd vs. ACIT Section 246A, read with section 148A, of the Income-tax Act, 1961 – Commissioner (Appeals) – Appealable orders (Order under section 148A(d)) – Whether section 246A(1)(b) provides scope for appeal against order under section 148A(d) […]
CBDT further extends due date for filing audit reports for AY 2025-26; also extends ITR filing due date The CBDT vide Press release dated 29.10.2025; has further extended the due date for filing various audit reports, which was originally due on September 30, 2025, to November 10, 2025. The due date for filing the return of income in audit cases […]
CBDT extends due date for filing tax audit report for AY 2025-26 to 31-10-2025 The CBDT vide Press release dated 25.09.2025; has extended the due date for furnishing the report of audit under any provision of the Income-tax Act, 1961 for the Assessment Year 2025-26. The due date is extended to 31st October 2025. CIRCULAR NO. 13/2025 [F. NO. 275/09/2025-IT(BUDGET)], […]
NOTIFICATION G.S.R. 555(E) [NO. 133/2025/F. NO. 370142/27/2025-TPL], DATED 18-8-2025 The CBDT notifies monetary limits for salary u/s 17(2)(iii) & tax-free medical treatment abroad. For the purposes of item (c) of sub-clause (iii) of clause (2) of section 17 of the Act, the prescribed income under the head “Salaries” shall be four lakh rupees. For the purposes of clause (vi) of Proviso […]
CBDT notified ‘376’ as Cost Inflation Index (CII) for Financial Year 2025-26 The CBDT vide Notification No. 70/2025, dated 01-07-2025, has notified ‘376’ as the Cost Inflation Index (CII) for the Financial Year 2025-26. CIRCULAR F. NO. 225/37/2025/ITA-I, DATED 13-6-2025 The CBDT vide circular dated 13.06.2025; issues guidelines for mandatory selection of returns for complete scrutiny in FY 2025-26. Important […]
CBDT Extends Due Date of filing of ITRs which were due for filing by 31-7-2025 The CBDT vide Press Release dated 27-5-2025; extends due date of filing ITRs for AY 2025-26 from July 31, 2025 to Sep. 15, 2025. CBDT updates ITR-U to allow filing of updated return up to 48 months, DATED 19-05-2025 The CBDT updates ITR-U to allow […]
NOTIFICATION G.S.R. 252(E) [NO. 35/2025/F.NO. 370142/11/2025-TPL], DATED 22-4-2025 The CBDT vide notification dated 22.04.2025; notifies 10 luxury goods liable to TCS; list includes home theatre systems, shoes, handbags etc. NOTIFICATION NO. 25/2025 [G.S.R. 217(E)/F. NO. 370142/1/2025-TPL], DATED 3-4-2025 Person allotted PAN based on enrollment ID shall intimate his Aadhaar Number on or before 31-12-2025. NOTIFICATION NO. 30/2025 [G.S.R. 221(E)/F.NO. 370142/29/2024-TPL], DATED […]