All about Chartered Accountant Certificate u/s 201(1)/Rule 31ACB - Form No. 149 (Earlier 26A) Section 201(1) of the Income Tax Act provides that a deductor who fails to deduct or… Read More
Applicability of TDS on Honorarium (Non-Resident Guest Lecturer) The Income Tax Act does not define “honorarium”; as per the general dictionary meaning, an honorarium is a small, voluntary payment made… Read More
In today’s evolving financial ecosystem, fraud risks are becoming increasingly sophisticated, particularly in areas involving government-sponsored schemes and dormant bank accounts. A recent advisory issued by the Fraud Risk Management… Read More
Compulsory disclosure of taxpayer Bank Balances in ITR‑4 CBDT has introduced a significant compliance requirement via Notification No. 45/2026 dated 30 March 2026. Earlier ITR fillings were required; only bank… Read More
CBDT Introduces New Procedure for PAN Correction In a parallel development under the new income tax framework, the Central Board of Direct Taxes has issued an important order prescribing a… Read More
Overview of China's Tax System vs. India's Tax System Overall Structure Framework India: Federal dual-tax model, Center + state powers, and Multi-layer compliance ecosystem China: Centralized unitary system, uniform enforcement,… Read More
Key Tax Deducted at Source Compliance Issues under Section 194T Section 194T significantly increases compliance rigor by imposing gross-based, real-time Tax Deducted at Source obligations, creating structural mismatches with income… Read More
Income Tax Return Due Dates for FY 2025‑26 (AY 2026‑27) Timely filing of an income tax return ensures avoidance of late fees, interest, and loss of carry‑forward benefits and helps… Read More
MCA Introduces Companies Compliance Facilitation Scheme, 2026 (CCFS‑2026) The MCA has introduced the Companies Compliance Facilitation Scheme, 2026 (CCFS‑2026) to provide companies with a one‑time opportunity to regularize pending ROC… Read More
TDS on Purchase of Immovable Property – Filing Impact of Form 141 The CBDT introduced a new form, 141, under the Income‑Tax Act, effective 1 April 2026. The essence is… Read More