Form 2 filing is compulsory to obtain government notification for Zero Coupon Bonds. Without compliance, issuers risk losing critical tax benefits.
A ll about Income Tax Form No. 1- Monthly Statement to be furnished by a stock exchange in respect of transactions in which client codes have been modified after registering in the system for the month of
Assessments, appeals, rectifications, and search-related proceedings for earlier years remain governed by the old law. This avoids retrospective application of new provisions. It ensures fairness and consistency in adjudication.
The new law preserves existing residency tests and tax benefits for NRIs. It ensures continuity without altering core provisions.
Losses computed under the earlier law can be carried forward under the new Act. However, eligibility depends strictly on compliance with original provisions. Ineligible or belated losses cannot be revived.
The new law retains the same appellate hierarchy and procedures. Taxpayers can expect consistency without disruption in appeal mechanisms.
The new Act retains existing TDS rates and thresholds while reorganising provisions. It prioritises simplification and clarity without altering tax liability. This ensures continuity in tax treatment despite legislative reform.
The framework mandates show-cause notice, taxpayer response, and approval before reopening assessments. It strengthens procedural fairness while ensuring proper scrutiny of escaped income.
The 2025 Act replaces multiple forms with simplified, category-specific formats. It streamlines compliance while retaining continuity for existing registrations.
The new Act retains the existing return filing framework, including due dates and compliance requirements. Returns for earlier years continue under the old law, ensuring continuity.
