Income Tax Act amendments propose penalties by Assessing Officers instead of Joint Commissioners. Omission of section 271BB and changes to section 246A included.
The Finance Bill, 2025 extends the time limit for filing updated returns to 48 months, with varying additional taxes based on filing time.
Learn about proposed changes to Sections 72A and 72AA of the Income Tax Act limiting carry forward of losses post-amalgamation to 8 years, effective April 2026.
Learn about tax benefits under Section 80CCD for NPS Vatsalya contributions. Includes details on deductions, withdrawals, and related income tax amendments.
Finance Bill 2025 introduces amendments to block assessment provisions, including changes to undisclosed income definition, computation, and time limits for assessments.
Finance Bill 2025 increases the TDS threshold for compensation on compulsory acquisition of immovable property under Section 194LA to ₹5 lakh, effective April 1, 2025.
Finance Bill 2025 raises the TDS threshold for commission on lottery ticket sales under Section 194G from ₹15,000 to ₹20,000, effective April 1, 2025.
Amendments to Section 194A of the Income-tax Act increase TDS thresholds on interest income for various payers and senior citizens, effective April 1, 2025.
Finance Bill 2025 proposes new TDS thresholds for various sections, including interest, dividends, and commissions, effective April 1, 2025.
The Finance Bill, 2025 proposes reducing TDS under Section 194LBC from 25-30% to 10% for income from securitisation trusts, effective April 1, 2025.
