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 […]
It is my pleasure to write to you from the RNM India stall at World Forum of Accountants 2026 (WOFA2.0) being hosted at Greater Noida by ICAI on a Sunday, a few hours after Mrs. Nirmala Sitharaman, Hon’ble Union Minister for Finance presented the first ever Union Budget on the floor of the Parliament on a Sunday. When it comes […]
Budget’ 2026 Indirect tax Customs duty Policy changes The Finance Bill, 2026 retains the median rate of Basic Customs Duty at 10%, reflecting continuity in the overall Customs Tariff policy while enabling targeted duty rationalisation for select sectors in line with domestic manufacturing and trade facilitation. Customs Tariff Act Rate movement The following changes will be effective from February 2, […]
An Analysis of Turnover, Pricing, and Expectations Entering 2026 As the UK economy moves toward the start of 2026, businesses continue to operate in an environment shaped by uncertainty, cost pressures, and uneven demand across sectors. While trading activity remains widespread, financial performance indicators suggest a cautious and restrained outlook among firms of varying sizes. We explore recent patterns in […]
Ministry of Corporate Affairs (MCA) Small company threshold change MCA, through Companies (Specification of Definition Details) Amendment Rules, 2025, has notified the increase in the definition of small companies from Rs. 2 Crore to Rs. 10 Crores as paid-up capital and from Rs. 20 crore to Rs. 100 crore as turnover effective on December 1st, 2025 as a measure to […]
January 2026 – Tax Calendar 7th Jan Due date for deposit of Tax deducted/collected for the month of December, 2025 7th Jan Due date for deposit of TDS for the period October 2025 to December 2025 when the Assessing Officer has permitted quarterly deposit of TDS under Sections 192, 194A, 194D or 194H. 14th Jan Due date for issue of […]
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 […]
Indirect Tax News Letter GST Calendar –Compliances for the month of December ’2025 Nature of Compliances Due Date GSTR-7 (Tax Deducted at Source ‘TDS’) January 10, 2026 GSTR-8 (Tax Collected at Source ‘TCS’) January 10, 2026 GSTR-1 January 11, 2026 IFF- Invoice furnishing facility (Availing QRMP) January 13, 2026 GSTR-6 Input Service Distributor January 13, 2026 GSTR-2B (Auto Generated Statement) […]
05 DEC 2025: IFSCA, Taiwan’s FSC Sign MoU to Deepen Financial Regulatory Cooperation The International Financial Services Centres Authority (IFSCA) and Taiwan’s Financial Supervisory Commission Taiwan (FSC) have entered into a Memorandum of Understanding (MoU) to strengthen regulatory cooperation in areas of mutual interest. The MoU was virtually exchanged and operationalized on December 3, 2025, on the sidelines of the […]
Dear Readers, During the month of December 2025 our CEO Mr. Raghu Marwah participated at the GGI Asian Conference in Bangkok where he gave two presentations, one on ‘Gift City Based Alternative Investment Fund: Advantages’ and the other on ‘GST 2.0: India’s Next Tax Revolution’ as part of the International Tax Practice Group. The conference was held at the Peninsula […]