The Income-tax Act, 2025 reorganises the capital gains taxation framework while retaining the core principles of the earlier law. It clarifies definitions, holding periods, and tax treatment of gains from transfer of capital assets.
The Income-tax Act, 2025 introduces Form 141 to replace Form 26QB from April 2026. The change aims to reduce reporting mistakes and simplify TDS compliance in property transactions.
The new Income-tax Act, 2025 retains the obligation to maintain books of account under Section 62. Businesses and professionals must maintain proper records to enable accurate income assessment and avoid penalties.
The GST portal now enforces mandatory bank account validation for registered taxpayers. Failure to link or validate bank details within the prescribed time can result in automatic GSTIN suspension.
The law blocks input tax credit for passenger vehicles with seating capacity up to 13 persons. Credit is allowed only when the vehicle is used for specified taxable supplies such as passenger transport or resale.
The court held that fees such as affiliation, examination, and migration charges collected by a university are statutory in nature. Since they are not commercial activities, they do not qualify as “supply” under GST.
Courts and CBIC clarifications state that minor clerical mistakes in e-way bills should not trigger detention under GST law. Such errors should attract only nominal penalties when there is no intent to evade tax.
The new legislation reorganizes provisions related to return processing, scrutiny assessments, and reassessment of escaped income. It simplifies drafting while largely retaining the existing procedures.
The proposed amendment to the Income-tax Act confirms that compensation received under the RFCTLARR Act will be exempt from income tax. The change aims to remove uncertainty and provide relief to landowners.
CDSCO approval is required before drugs, medical devices, and related products can be manufactured or sold in India. The regulation ensures safety, quality, and compliance with healthcare laws.
