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Timelines for Income Tax Assessment

Section 9 GST

3. Expansion of Updated Return Framework •Time limit extended to 48 months (4 years) •Updated return now allowed: •Even after initiation of reassessment proceedings •For reduction of previously declared loss

2. Enhancement in Monetary Limits for Appeals.

Allowances & Perquisites - Old Income Tax Act 1961 vs New Income Tax Act 2025

The Lok Sabha passed the Finance Bill 2026 with 32 amendments by FM Nirmala Sitharaman yesterday. Key changes include: ➡️12% surcharge on capital gains tax for promoters in share buybacks ➡️Startup tax holiday turnover threshold raised from ₹100 crore to ₹300 crore ➡️Minimum 30-day window for taxpayers to respond to reassessment notices Sitharaman emphasized trust-based tax administration and reforms driven by conviction, benefiting the middle class and small businesses.

Applicability of Section 43B Clause (h) - Payment to Micro & Small Enterprise #msme #clause43b

According to a 2012 Finance Ministry press note, ➡️Demands under ₹100 are not enforced. ➡️You are not required to pay an income tax demand of less than ₹100 ➡️These small amounts are generally carried forward and adjusted against future tax refunds rather than collected immediately.

*Summary of the Income Tax related changes proposed in Lok Sabha w.r.t Finance Bill 2026*: 1.Retrospective Amendments w.e.f 01.04.2021 by inserting new section 292BC to clarify that approval by higher authority under income tax will be administrative approval and no Asstt will be invalid on account of approval. Section 153D and other approvals will be just administrative 2.Section 150 also being amended retrospectively wef 01.02.2026 so as to lift bar of limitation of section 149 for reopening Asstt consequence to any order passed under income tax Act whereby Asstt is quashed. Further, in all cases of section 150, a specific time limit of 3 months from the end of quarter in which order of Court is received by PCIT specified for issue of 148 notice. 3.Surcharge on buyback fixed @ 12% (earlier it was based on slabs) 4.Minimum 30 days allowed to file return u/s 148. 5.Power of TRO to arrest assessee & detail in prison in case assessee is deemed to be an assesee-in-default removed. 6.ITAT orders to be sent to Jurisdictional PCIT/CIT on designated portal after 01.10.2026 (not physically), so as to resolve limitation issues arising from Odeon Builders case. 7.Limit for eligible start-up deduction increased to 300 crores, in place of 100 crores- This is to give effect to revised DPIIT notification dt 04.02.2026. 8.Benefit of 80LA deduction for Offshore banking units allowed for further 10 years, even if 10 years under old law expired on 31.03.2025. However, similar provision for IFSC unit appears to be missing. 9.Income of New Development Bank exempt. 10.Income of individual/HUF from transfer of land held on 02.06.2014 under Andhra Pradesh Land Pooling Scheme exempt.

Two Major Shocking News from the Finance Bill 2026 Major Amendment Today 1) New 12% Buyback Surcharge 2) Retrospective Legal Protections #NirmalaSitharaman

Big Shift in Valuation Landscape under Income-tax Rules, 2026 The Government has introduced a new framework for "Registered Valuers" under Section 514, marking a significant change in how valuations will be regulated for tax purposes. Key Highlights: 1. A separate registration system for valuers under Income-tax 2. Mandatory qualification exam for all valuers 3. Prescribed valuation report format (Form 170) 4. Strong regulatory oversight with periodic review and removal provisions What this means for professionals: While many of us are already registered valuers under IBBI, this notification indicates that Income-tax valuations may now require separate registration under this new regime. For professionals in valuation, transaction advisory, and tax structuring, this could mean: 1. Additional compliance requirements 2. Dual registration (IBBI + Income-tax) 3.Greater standardisation but reduced pricing flexibility. However, clarity is still awaited on Exam pattern and syllabus .

@IncomeTaxIndia @FinMinIndia 1st email mentioned above is better as it's the whole chain. or you can also check date:Mar 23, 2026, 5:41 PM subject:ISSUE NOT RESOLVED FOR MORE THAN 2 MONTHS, MULTIPLE VARIANCES IN FORM 26QB ON INCOME TAX WEBSITE AND 26QB CORRECTION ON TRACES

@IncomeTaxIndia @FinMinIndia Respected Sir/Madam, Multiple emails sent in last 2 months. Please check: date:Mar 23, 2026, 5:39 PM subject:Re: Irrelevant reply received to email dated 14.1.26 i.e. MULTIPLE VARIANCES IN FORM 26QB ON INCOME TAX WEBSITE AND 26QB CORRECTION ON TRACES

Respected Sir/Madam, @IncomeTaxIndia @FinMinIndia Assessee had filled 26QB. Subsequently, assessee needed to correct couple fields in 26QB. When assessee logged into TRACES for the same, assessee noted that THERE ARE IMPORTANT DISCREPANCIES IN 26QB FILED AND TRACES DATA! CONTD

🚨 Indian Railways Updated Cancellation Rules • Before 72 Hours : Only Flat Charge • 24-72 Hour : 25% Ticket Fare • 8-24 Hour : 50% Ticket Fare • Within 8 Hour : No Refund Change Boarding Upto 30 Min Before Departure Bad News For Last Minute Cancellation Now

..10.. Humble request to @IncomeTaxIndia and to @FinMinIndia to immediately step in and correct the discrepancies so that form 26QB corrections can be done well before 31.3.2026. Assessee has submitted all proofs and is waiting for more than 2 months. Thank you for your time.

..9.. In next 7 days, IT ACT and IT RULES will change. 26QB will be replaced. Can't raise a request for resolution on TRACES as it asks for a TAN. Last 2 emails have not received a reply. Assessee is panicking...contd