Office of Court Attorney

08/02/2026

01/02/2026

Budget 2026- Direct Tax Changes
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01/02/2026

*Budget 2026 Highlights: Nirmala Sitharaman Announces Tax Reforms*

The Finance Minister, Nirmala Sitharaman, has just announced a comprehensive review of the Income Tax Act 1961, and the new Income Tax Act 2025 is set to come into effect from April 1, 2026. Here are some key takeaways:

- *New Income Tax Act*: The new act will come into effect from April 1, 2026, with simpler income tax forms to be notified shortly.

- *TDS on Property*: TDS on property purchased from NRI can now be deducted under PAN-based instead of TAN.

- *TCS Limit*: TCS limit on tour packages reduced from 5%/20% to 2% without any limit.

- *ITR Filing*: Time limit to file ITR increased from December 31 to March 31, with staggered timelines for different types of taxpayers.

- *Exemptions*: Interest awarded by Motor Accident Claims Tribunal to natural persons will be exempt from income tax, and TDS on the same will be done away with.

- *Other Key Points*:
- Supply of Manpower Services to be brought under Section 194C of the Income Tax Act 1961.

- Immunity from Penalty now includes Misreporting of Income provisions.

- Dividend exempted to co-op sector on fulfilling specified conditions.

- Amendment in TCS Provisions: TCS on Liberalised Remittance Scheme reduced from 5% to 2%, and TCS on Overseas Travel Package reduced from 5% to 2%.

These changes are expected to bring relief to taxpayers and simplify the tax filing process. What do you think about these changes?

*GST, Tax & Finance Alerts 🚨 Office of Court Attorney*

30/01/2026

Advisory on Interest Collection and Related Enhancements in GSTR-3B

05/11/2025

📢 GST Update – New Rule 14A Introduced

The Government has introduced Rule 14A in the GST registration process. Under this rule, applicants must declare whether their Input Tax Credit (ITC) to be passed on is up to ₹2.5 lakh per month or above ₹2.5 lakh.
✅ If ITC ≤ ₹2.5 lakh/month → You may opt under Rule 14A.

❌ If ITC > ₹2.5 lakh/month → Select “No” and proceed with normal registration.

🔐 Aadhaar Authentication is mandatory for opting under this rule.

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29/10/2025

The Central Board of Direct Taxes (CBDT) has decided to extend the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Act for the Assessment Year 2025-26, which is 31st October 2025 in the case of assessees referred in clause (a) of Explanation 2 to sub-Section (1) of Section 139 of the Act, to 10th December 2025.

The 'specified date' of furnishing of the report of audit under the provisions of the Income-tax Act, 1961, for the Previous Year 2024-25 (Assessment Year 2025-26) is further extended to 10th November 2025.

Press Release Issued.

17/10/2025

🎇🎇🎁 🎁 Diwali Gift 🎁 🎁 🎇🎇
GSTR-3B Sep- 2025 due date extended