Income Tax Act 2025 Has Replaced the 1961 Act: What Every Tax Professional Must Know
Quick Summary Box Particulars Details Old Act Income Tax Act, 1961 New Act Income Tax Act, 2025 Date of Presidential Assent 21 August 2025 Effective Date 01 April 2026 Old Act Sections 819 sections + 14 schedules New Act Sections 536 sections + 16 schedules Old Rules IT Rules, 1962 (511 rules, 399 forms) New […]
CBDT Circular 04/2026 on Document Identification Number (DIN)
Circular-4-2026 CBDT Circular 04/2026 prescribes revised rules for mandatory Document Identification Number (DIN) in notices, letters, orders and tax communications. Introduction The Central Board of Direct Taxes (CBDT) has issued Circular 04/2026 to prescribe revised guidelines regarding mandatory quoting of Document Identification Number (DIN) in income-tax communications. Further, the circular replaces earlier Circular No. 19/2019 […]
CBDT Circular 03/2026 on Sovereign Wealth Fund Notification
CBDT Circular 03/2026 prescribes Form I and Form II for Sovereign Wealth Funds seeking exemption under Schedule V of the Income-tax Act, 2025. Circular-3-2026 The Central Board of Direct Taxes (CBDT) has issued Circular No. 03/2026 to streamline the notification process for Sovereign Wealth Funds (SWFs) under the Income-tax Act, 2025. Further, the circular introduces: […]
The Supreme Court’s Landmark Ruling on Reassessment
Section 148A Reassessment Procedure — Supreme Court’s Definitive Ruling in Rajeev Bansal Case: What Every Tax Professional Must Know Relevant Sections & Provisions Section 147 — Income escaping assessment Section 148 — Notice for income escaping assessment Section 148A — Conducting inquiry, providing opportunity before issue of notice under Section 148 (inserted by Finance Act […]