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Budget 2025: Annual value of second self-occupied property simplified

February 3, 2025 1593 Views 0 comment Print

The Finance Bill 2025 proposes simplifying the annual value determination of self-occupied property, effective from April 2025, for assessment year 2025-26.

Budget 2025: Obligation to furnish information in respect of crypto-asset

February 3, 2025 687 Views 0 comment Print

The Finance Bill 2025 proposes mandatory reporting of crypto-asset transactions, effective from April 2026, with penalties for inaccuracies.

Budget 2025: Extended Time Limit for Tonnage Tax Scheme Orders

February 3, 2025 309 Views 0 comment Print

Section 115VP extends the deadline for passing orders on tonnage tax scheme applications to three months, effective April 1, 2025.

Budget 2025: Excluding Court Stay in Section 206C Time Limit Calculation

February 3, 2025 501 Views 0 comment Print

Amendments to Section 206C exclude court stays from time limit calculations for default orders. Effective April 1, 2025.

Exemption from Prosecution for Delayed TCS Payment under Budget 2025

February 3, 2025 369 Views 0 comment Print

Proposed changes to Section 276BB offer exemption from prosecution for delayed TCS payment if made before the filing deadline, effective from April 2025.

Proposed Amendments to Penalty Provisions in Income Tax Act

February 3, 2025 1053 Views 0 comment Print

Income Tax Act amendments propose penalties by Assessing Officers instead of Joint Commissioners. Omission of section 271BB and changes to section 246A included.

Removal of Date Restrictions on Faceless Schemes Notification

February 3, 2025 909 Views 0 comment Print

Proposed amendment removes the deadline for notifying faceless schemes under the Income-tax Act, allowing notifications beyond March 31, 2025.

Extended Processing Time for Section 270AA Tax Immunity Applications

February 3, 2025 387 Views 0 comment Print

The time limit for processing immunity applications under Section 270AA is extended from one to three months. Effective from April 1, 2025.

Updated Return Filing Time Limit Extended to 48 Months

February 3, 2025 1530 Views 0 comment Print

The Finance Bill, 2025 extends the time limit for filing updated returns to 48 months, with varying additional taxes based on filing time.

SUUTI Tax Exemption Extended to March 31, 2027

February 3, 2025 348 Views 0 comment Print

The exemption for SUUTI from income tax is extended to March 31, 2027, as per the Finance Bill 2025, addressing pending tasks and litigation.

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