Key amendments in Chapter XIV-B on block assessment, undisclosed income, and time limits under Finance Bill 2025.
Understanding the rationalization of the time limit for retention of seized books of account under Section 132(8) in Finance Bill 2025.
Understanding the exclusion of time limits during Court stays in assessment proceedings under Finance Bill 2025 for Income Tax assessments.
Finance Bill 2025 rationalizes the time-limit for imposing penalties under section 275 of the Income-tax Act, setting a uniform limit of six months.
Finance Bill 2025 extends the processing period for immunity applications under section 270AA of the Income-tax Act from 1 month to 3 months.
Post-Finance Bill 2025, penalties under specified sections of the Income-tax Act will be levied by the Assessing Officer, with Joint Commissioner approval for higher amounts.
Penalty under Section 271AAB of the Income-tax Act is not applicable for searches after 1st September 2024, replaced by Section 158BFA penalty.
The Finance Bill 2025 amends Section 276BB, exempting prosecution for delayed TCS payment if paid before the prescribed filing deadline under Section 206C(3).
The Finance Bill 2025 simplifies taxation for self-occupied properties by relaxing conditions for determining annual value as nil, effective from AY 2025-26.
The Finance Bill 2025 extends the time limit for filing updated ITR from 24 to 48 months, with revised additional tax rates based on filing timelines.
