Income Tax Updates

In a significant policy development, CBDT has issued a notification, amending Rule 128 of the Income-tax Rules, 2026 pertaining to applicability of GAAR, with effect from 1 April 2026. Rule 128(1)(d) grandfathered pre-April 2017 investments from GAAR. However, Rule 128(2) provided GAAR applies to any arrangement yielding a tax benefit on or after 1 April […]

Overview The Union Budget for FY 2026-27, presented by the Hon’ble Finance Minister, Ms. Nirmala Sitharaman, in Parliament on 1 February 2026, was positioned as a continuation of the Government’s emphasis on economic stability, fiscal discipline, and long-term growth. Anchored around three guiding ‘Kartavya’ pillars, the Budget signals a clear intent to build a competitive, […]

Budget 2024- Key tax highlights Rationalisation of Capital Gains Tax Abolishment of Angel Tax Buyback Tax Corporate Gifts Streamlining of Reassessment Rationalisation of TDS Provisions Clarification on Taxation of Sale of Shares Under Offer For Sale (OFS) in an IPO GIFT IFSC Equalisation Levy on E-commerce Operators Other Key Amendments