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Power regulator CERC issued a suo motu order on November 4 directing all renewable energy developers (solar, wind, etc.) to pass on the benefit of the reduced tax rate to the discoms and, ultimately, to end consumers through a corresponding reduction in the electricity tariff.
Under the new tax regime, an individual does not pay tax on income taxed at slab rate if total income does not exceed Rs 12 lakh, due to the Section 87A rebate. However, short or long-term capital gains do not qualify for this rebate.
You cannot claim Section 80GG if you own a house in any other place that is kept vacant or reserved for your own occupation.
Except for listed securities and equity-oriented schemes, which require a 12-month holding period, all other capital assets now have a uniform 24-month requirement.
Centre pushes states to monetise transmission assets through a proposed tax-efficient model as India readies for a massive grid expansion requiring Rs 9.1 lakh crore by 2032.
You must get your accounts audited if your turnover exceeds Rs 10 crore during the year. An audit is also required if you had opted for the presumptive taxation scheme under Section 44AD in any of the previous five years.
If your debt funds were acquired before April 1, 2023, the profits on redemption during FY 2025–26 will be treated as long-term capital gains (LTCG) and taxed at a flat rate of 12.5%.
Under the Income-Tax Act, when a company undergoes a demerger, the original cost of acquisition of your shares in the parent company must be apportioned between the demerged (old) company and the resulting (new) company.
For a person who is resident in India, global income is taxable in India. For a non-resident, only income that accrues, arises, or is received in India is taxable.
Earlier, HUF property devolved by survivorship, but now, the share of a deceased coparcener passes to his or her legal heirs.
Any amount received from the central government, state government, or local authority is exempt from income tax
The interest credited after retirement on the accumulated balance in your EPF account becomes taxable in your hands
The notification also allows the authorised Commissioner to delegate powers in writing to Additional or Joint Commissioners of Income-tax, who can further assign specific tasks to Assessing Officers.
Under Section 56(2)(x) of the Income Tax Act, gifts from “relatives” are tax-free, regardless of the amount. But gifts from non-relatives become taxable if their total value crosses Rs 50,000 in a financial year.
Since this is not a GST levy, the Council’s approval will not be necessary. The new central levy will have to be approved by Parliament.
Under the current tax regime, the entire amount received under a buyback is taxable as dividend income in the hands of the shareholder, with no deduction allowed for the cost of acquisition of the shares.
Legal amendments are likely to focus on easing compliance and improving liquidity; risk-based fast-track registration and automatic refund mechanism on the anvil
Income from an asset is taxable in the hands of the person who is its beneficial owner that is, the one who has actually funded the purchase.
A partition of an HUF is valid under income tax laws only if it is a complete partition both in terms of all assets and all members.
Clubbing provisions under Section 64 will trigger and any income arising to your wife from the assets gifted or acquired from the gifted assets will be taxed in your hands.
In the case of recurring alimony payments, no specific exemption is available under the Income Tax Act.
The taxability of capital gains on the sale of farm land depends on whether the land qualifies as rural or urban agricultural land
A person becomes a resident under FEMA once they return to India for employment, to start a business or profession, or with the intention of staying in India for an indefinite period.
CBDT earlier officially extended the specified date for furnishing tax audit reports for the Previous Year 2024-25 (Assessment Year 2025-26) from September 30, 2025, to October 31, 2025. There is generally a one month gap between tax audit deadline and the ITR for audited.
Not all gifts are tax-free — some could quietly add to your taxable income if you’re not careful.
