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

Finance Bill 2025 introduces an amendment to Section 23 of the Income-tax Act to simplify the determination of the annual value of self-occupied properties. Currently, under sub-section (2), if a ...

Section 80CCA, inter-alia, provides for a deduction to an individual, or a Hindu undivided family, for any amount deposited in the National Savings Scheme (NSS). It is also provided that no deduction ...

Finance Bill 2025 introduces new provisions under Section 285BAA of the Income-tax Act, mandating the furnishing of information about crypto-asset transactions. The bill requires reporting entities to ...

4. Accordingly, to address this issue, it is proposed to amend sub-section (4) of section 115VP to provide that for application received under sub-section (1) on or after the 1st day of April, 2025, ...

Finance Bill 2025 proposes removing the deadline for the notification of faceless schemes under sections 92CA, 144C, 253, and 255 of the Income-tax Act. Originally, these provisions required the ...

Sub-section (7A) of section 206C of the Act provides that no order shall be made deeming a person to be an assessee in default for failure to collect the whole or any part of the tax from any person, ...

The Finance Bill, 2025, introduces significant changes to penalty provisions under the Income Tax Act. Sections 271C, 271CA, 271D, 271DA, 271DB, and 271E will now allow penalties to be imposed by the ...

Section 276BB of the Act provides for prosecution in case of failure to pay the tax collected at source to the credit of Central Government. The provision of the said section states that if a person ...

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.

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 ...

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 ...