The Finance Bill 2025 proposes simplifying the annual value determination of self-occupied property, effective from April 2025, for assessment year 2025-26.
The Finance Bill 2025 proposes mandatory reporting of crypto-asset transactions, effective from April 2026, with penalties for inaccuracies.
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.
Proposed changes to Section 276BB offer exemption from prosecution for delayed TCS payment if made before the filing deadline, effective from April 2025.
Income Tax Act amendments propose penalties by Assessing Officers instead of Joint Commissioners. Omission of section 271BB and changes to section 246A included.
Proposed amendment removes the deadline for notifying faceless schemes under the Income-tax Act, allowing notifications beyond March 31, 2025.
The time limit for processing immunity applications under Section 270AA is extended from one to three months. Effective from April 1, 2025.
The Finance Bill, 2025 extends the time limit for filing updated returns to 48 months, with varying additional taxes based on filing time.
The exemption for SUUTI from income tax is extended to March 31, 2027, as per the Finance Bill 2025, addressing pending tasks and litigation.