Finance Bill, 2025 proposes to amend Section 139 of the Income Tax Act to extend the time limit for filing an updated return from 24 months to 48 months from the end of the relevant assessment year.

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 ...

Section 17 of the Income-tax Act defines perquisites, including benefits provided by employers to employees. Currently, employee benefits such as free or concessional amenities are exempt from ...

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 ...

Assessee was not liable to deduct TDS under section 194H as relationship between e-commerce platform and assessee was not of an agency but that of two independent parties on principal to principal ...

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 ...