Finance Bill 2024 amends Section 55 to include fair market value for unlisted shares in IPOs. Changes apply retroactively from April 1, 2018.
Amendments to the PBPT Act, effective October 1, 2024, introduce new deadlines and immunity provisions for benamidars. Key changes include extended time limits and immunity from prosecution.
From April 2025, life insurance companies must add back non-admissible expenses to their profits to prevent misuse of deductions under section 37.
From October 2024, tax will be deducted at source on interest exceeding ₹10,000 for Floating Rate Savings Bonds (FRSB) 2020 and specified government securities.
From October 2024, payments under Section 194J (professional fees) will be excluded from TDS under Section 194C (payments to contractors).
From April 2025, settlement amounts for legal contraventions will not be deductible as business expenses under Section 37 of the Income-tax Act.
Budget 2024 proposes TCS on notified luxury goods over 10 lakh rupees from January 2025. Learn about this amendment to widen the tax net.
From April 2025, foreign taxes withheld must be included in total income for accurate reporting under section 198. Aims to prevent double deductions.
From April 1, 2025, Section 47 will exclude transfers of capital assets under gifts or wills from capital gains tax, with specific changes for individuals and HUFs.
From April 1, 2025, firms must deduct 10% TDS on payments to partners exceeding Rs 20,000 annually, under new Section 194T of the Income-tax Act.
