Section 80CCA exempts withdrawals from pre-1992 National Savings Scheme deposits from taxation, effective retrospectively from August 29, 2024.
Section 115VP extends the deadline for passing orders on tonnage tax scheme applications to three months, effective April 1, 2025.
Amendments to Section 206C exclude court stays from time limit calculations for default orders. Effective April 1, 2025.
The time limit for processing immunity applications under Section 270AA is extended from one to three months. Effective from April 1, 2025.
The Union Budget 2025-26 introduces customs reforms to boost trade and domestic manufacturing. January GST collections hit ₹1.95 lakh crore, reflecting strong growth.
Section 17 is amended to allow rule-based limits for perquisites, including employer-paid medical travel, effective April 1, 2026.
Gujarat AAR clarifies GST treatment for turnkey EPC contracts, ruling them as indivisible and composite works contracts under CGST Act provisions.
Section 271AAB penalties will not apply to searches initiated under Section 132 after September 1, 2024, as per the Finance Bill, 2025.
Section 194J increases the tax deduction threshold for professional services, technical services, royalty, and sums under section 28 from Rs. 30,000 to Rs. 50,000.
Section 194D now increases the threshold for tax deduction on insurance commissions from Rs. 15,000 to Rs. 20,000, effective from April 2025.
