Tax Law

The first advance tax installment under the Income Tax Act, 2025, is due on June 15, 2026. This is the first advance tax cycle operating entirely under the new Act, which replaced the Income Tax Act, 1961, with effect from April 1, 2026 (Tax Year 2026-27). The advance tax framework is set out in Sections 403 to 405 of the new Act, with the quarterly installment schedule remaining unchanged from the previous regime. This guide explains who must pay, how to calculate the amount

A well-drafted rent agreement is the foundation of every successful landlord-tenant relationship in India. Whether you are a landlord renting out property or a tenant moving into a new home or office, understanding the essential clauses, stamp duty requirements, and registration rules is critical to protecting your legal rights. This guide explains how to draft a rent agreement in India in 2026, covering the mandatory clauses, stamp duty calculations, registration requirement

Transferring property through a gift deed is one of the most common methods of property transfer between family members in India. Governed by Sections 122 to 129 of the Transfer of Property Act, 1882, and subject to the registration requirements of the Registration Act, 1908, a gift deed allows a person (the donor) to voluntarily transfer ownership of property to another person (the donee) without any monetary consideration. This guide covers the legal requirements for a vali

The Union Budget 2025-26 introduced several significant changes to India's income tax framework that take effect from Assessment Year 2026-27. From revised tax slabs under the new regime to enhanced standard deductions and updated TDS provisions, these changes affect salaried individuals, professionals, senior citizens, and businesses alike. Understanding the new income tax rules for 2026 is essential for accurate tax planning, timely filing, and maximising legitimate savings

The Income Tax Rules, 2026, notified by the Central Board of Direct Taxes, have replaced the Income Tax Rules, 1962, with effect from April 1, 2026. Among the most practically significant changes are the expansion of the House Rent Allowance (HRA) metro city classification from four cities to eight, and the formal recognition of the Reserve Bank of India's Digital Rupee as a prescribed mode of electronic payment for tax-related purposes. These changes, contained within a stre

The Goods and Services Tax Appellate Tribunal (GSTAT), constituted under Section 109 of the Central Goods and Services Tax Act, 2017, has commenced adjudicatory operations across India in 2026 after years of delay since the GST regime was introduced in July 2017. The Principal Bench in New Delhi began hearing cases on 16 February 2026, followed by the phased operationalisation of State Benches in Kolkata, Chennai, Hyderabad, Agra, and other locations. The GSTAT fills a critic

The Finance Bill 2026, introduced in the Lok Sabha on 1 February 2026, gives legislative effect to the Central Government's fiscal proposals for the financial year 2026-27. Building on the foundational restructuring initiated by the Income Tax Act, 2025, the Finance Bill 2026 focuses less on rate changes and more on procedural simplification, compliance ease, and penalty rationalization. Over 70 per cent of the amendments target compliance timelines, penalty frameworks, and a

The Central Board of Direct Taxes (CBDT) has notified the Income Tax Rules, 2026, replacing the Income Tax Rules, 1962 that governed direct tax administration in India for over six decades. The new rules take effect from 1 April 2026 and apply to Tax Year 2026-27 onwards. This overhaul accompanies the Income Tax Act, 2025, which replaced the Income Tax Act, 1961 with the objective of providing a streamlined, simplified, and modern tax code. The 2026 Rules operationalise the n

The new Income Tax Act 2025, which became effective on April 1, 2026, replaces the sixty-four year old Income Tax Act of 1961. The CBDT notified the Income Tax Rules 2026 to implement the new legislation, introducing significant changes to tax administration and compliance procedures.

A gift deed is a legal instrument through which one person voluntarily transfers ownership of property to another without consideration. Gift deeds are commonly used to transfer property to family members, trusts, or charitable organizations. Understanding the legal requirements for a valid gift, the distinction between movable and immovable property gifts, registration obligations, stamp duty, tax treatment under the Income Tax Act, and the conditions under which gifts may b

A significant procedural development in Goods and Services Tax (GST) law has emerged from the Patna High Court, which has clarified the remedies available to taxpayers whose GST registration has been cancelled without prior notice. The Court held that affected taxpayers can challenge an ex-parte cancellation before the newly operational GST Appellate Tribunal under Section 112 of the Central Goods and Services Tax Act. This judgment is particularly important now that GST Appe

Joint Development Agreements (JDAs) have become one of India's most prevalent real estate development structures, enabling landowners to monetize their property while developers gain access to land without upfront capital expenditure. In a JDA, the landowner contributes the land, the developer provides construction expertise and financing, and the parties share project proceeds according to an agreed formula. However, JDAs operate at the intersection of multiple legal regimes

On April 10, 2026, the Delhi High Court delivered an important decision clarifying the taxation of share buyback transactions. In PCIT v. Globe Capital Market (ITA 364/2024), the Court held that a share buyback by a company does not constitute a 'receipt of property' under the Income Tax Act that can be taxed separately. This ruling provides much-needed clarity for corporate entities engaged in buyback programs and has significant implications for how tax authorities assess s

From 1 April 2026, GST e-invoicing becomes mandatory for all businesses whose aggregate annual turnover (AATO) under GST exceeds Rs. 5 crore in the financial year 2025-26. E-invoicing means generating and uploading invoices in a structured digital format on the IRP (Invoice Registration Portal) rather than creating invoices manually or using traditional software. This is not optional. Compliance is compulsory. Failure to e-invoice when mandatory results in loss of Input Tax C

On April 1, 2026, the Income Tax Act, 1961, was replaced by the Income Tax Act, 2025. Alongside this legislative changeover, the TDS framework underwent significant restructuring. Professional fees paid to lawyers, chartered accountants, doctors, and architects now face a uniform 10 percent TDS rate, a substantial reduction from historical rates. Technical and managerial services face a 2 percent rate. These changes require immediate vendor master updates in every company's E