Finance Bill 2025 proposes amendments to Sections 72A and 72AA of the Income Tax Act, aligning the provisions for carry forward and set-off of accumulated losses and unabsorbed depreciation in cases ...

Taxpayers can opt for this multi-year application by submitting a prescribed form within a specified timeframe. The Transfer Pricing Officer (TPO) will validate this option within one month. If ...

The NPS Vatsalya Scheme, launched on September 18, 2024, allows parents or guardians to open National Pension Scheme (NPS) accounts for minors, ensuring savings and pension benefits until the child ...

The Finance Bill 2025 proposes the removal of Tax Collection at Source (TCS) under Section 206C(1H) of the Income-tax Act from April 1, 2025. Currently, sellers collecting payments exceeding ₹50 lakh ...

The Finance Bill 2025 proposes amendments to Section 206C of the Income-tax Act to clarify the definition of “forest produce” and revise the tax collected at source (TCS) rates. Currently, TCS at 2.5% ...

In case of an NRI property seller in India, the buyer is responsible for withholding a tax, known as TDS, before making payment for the property. Awareness of the TDS procedure will enable a smoother ...

The GST Act prescribes specific time limits within which orders for raising demands under Sections 73 and 74 must be issued. Additionally, the Act allows the issuance of orders under various other ...

Conclusion: Assessee was entitled to the exemption under Section 10A as ex-post facto approval granted by the RBI, the ...

2. That in the facts and circumstances of the case and in law, the Respondent erred in concluding that the income in the form of deposit, lease premium, rent and interest, etc. is liable to tax in the ...

Budget introduces significant amendments to the CGST Act, 2017. The definition of Input Service Distributor (ISD) under Section 2(61) is revised to facilitate ITC distribution for inter-state supplies ...

Be it noted, the Bench then notes in para 14 that, “Importantly, it must be noted that the case as of now, after the filing of chargesheet, survives only to the extent of allegations under Sections ...

These amendments aim to eliminate ambiguity and ensure uniformity in calculating the limitation period for tax proceedings. Most of the changes will take effect from April 1, 2025, while some ...