Overview Taxation of Firms & LLPs in India Key aspects of taxation of partnership firms and limited liability partnerships are as follows. Basic Tax Rate of Firms and LLPs Partnership firms and limited liability partnerships are taxed at a flat rate of 30%. After surcharge and health & education cess, the effective tax rate may …
EPF Scheme 2026: Can Employers Suddenly Restrict PF Contributions to INR 1,800? A question is currently circulating across HR departments, payroll teams, finance functions, and compliance forums: “Can employers now restrict their Provident Fund contribution to ₹1,800 per month?” The question arises from growing discussions around the EPF Scheme, 2026, and the continuation of the …
Can an Employer Introduce New Rules After Standing Orders Come Into Force? Many employers believe that once an organization grows, management has complete freedom to issue new HR policies, amend service conditions, or introduce fresh disciplinary rules through circulars, employee handbooks, appointment letters, or codes of conduct. Statements such as “We can issue a new …
Madras High Court on GST Fraud Notices under Section 74 – Key Takeaways The Madras High Court, in Fastenex Private Limited v. State Tax Officer, has clarified that a GST officer is not required to conclusively establish fraud before issuing a notice under Section 74 of the Central Goods and Services Tax Act, 2017 . …
ITR Filing AY 2026-27: Eligibility, Documents Required, Due Dates & Penalties for Non-Filing Who Must File ITR for Assessment Year 2026-27? Filing an income tax return is mandatory in several situations, even if no tax is ultimately payable. For Assessment Year 2026-27, the following persons are required to file an income tax return: 1. Mandatory …
Tax Dept introduced a new reporting field in Schedule Exempt Income for AY 2026-27 The Income Tax Department has introduced a new reporting field in Schedule EI (Exempt Income) for AY 2026-27 Category: Other Incomes Sub-category: Receipts not in the nature of income From the screenshot, this option is now available in the e-filing portal …
Digital Personal Data Protection (DPDP) Act, 2023: Complete Compliance Guide, Requirements, Penalties & Implementation Framework The Digital Personal Data Protection (DPDP) Act, 2023, regulates how organizations collect, use, share, store, and delete digital personal data of individuals (Data Principals). It applies to almost every business, startup, NGO, professional firm, e-commerce platform, employer, and service provider …
Inconsistency in ITR Forms – Intentional or Merely an Oversight? The issues highlighted are genuine practical concerns arising from the current design of the ITR utilities and instructions. Based on the presently available ITR forms and the underlying legal provisions, the following analysis may be relevant. Unlisted Equity Share Schedule – ITR-2 vs ITR-3 In …
Form 26AS Replaced by Form 168 Under the Income-tax Act, 2025 With the implementation of the Income Tax Act, 2025, the erstwhile Form 26AS has been replaced by Form 168 for Tax Year 2026-27. The Income Tax e-Filing Portal now provides a separate option to view “Form 168, Income Tax Act 2025,” alongside the option …
Finance Bill 2026: Penalty for Non-Reporting of Crypto Transactions – Detailed Analysis The Finance Bill, 2026, has introduced a stricter compliance framework for transactions involving virtual digital assets such as cryptocurrencies, crypto tokens, and similar digital assets. The objective is to strengthen tax reporting, improve transparency, and curb tax evasion in the rapidly growing crypto …