Proposed changes to Section 276BB offer exemption from prosecution for delayed TCS payment if made before the filing deadline, effective from April 2025.
Proposed amendment removes the deadline for notifying faceless schemes under the Income-tax Act, allowing notifications beyond March 31, 2025.
The exemption for SUUTI from income tax is extended to March 31, 2027, as per the Finance Bill 2025, addressing pending tasks and litigation.
New transfer pricing rules allow arm’s length price (ALP) determinations to apply for two consecutive years, reducing compliance burdens for taxpayers.
The Finance Bill 2025 proposes removing Sections 206AB & 206CCA, eliminating higher TDS/TCS rates for non-filers, reducing compliance burden from April 2025.
TCS on sales exceeding ₹50 lakh under Section 206C(1H) will be removed from April 1, 2025, reducing compliance burden for sellers. Learn more about the changes.
The Finance Bill 2025 amends Section 206C, defining “forest produce” and revising TCS rates. Timber and forest produce under lease will be taxed at 2% from April 1, 2025.
The Finance Bill 2025 clarifies the start and end dates for excluding court-stayed periods in tax proceedings, effective from April 1, 2025.
From April 2025, Section 275 amendments standardize the penalty timeline to six months from the end of the quarter in which proceedings or appeals are completed.
From April 2025, updates to Sections 132 & 132B will streamline search and seizure processes, extending approval timelines and updating legal references.
