From October 2024, payments under Section 194J (professional fees) will be excluded from TDS under Section 194C (payments to contractors).
Learn about the amendment to the definition of Specified Mutual Fund under section 50AA of the Finance Act, 2023, impacting funds investing in debt and money market instruments. Changes effective from April 2026.
From April 2025, settlement amounts for legal contraventions will not be deductible as business expenses under Section 37 of the Income-tax Act.
Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!
Budget 2024 proposes TCS on notified luxury goods over 10 lakh rupees from January 2025. Learn about this amendment to widen the tax net.
Learn about the merger of trusts under India’s tax exemption regimes as proposed in the Finance Bill 2024. Discover the conditions and implications under new Section 12AC of the Income-tax Act effective from April 1, 2025.
The Finance Bill 2024 proposes amendments to Section 11 of the Income-tax Act, enabling trusts to claim exemptions under new clauses (23EA), (23ED), and (46B) of Section 10 from April 1, 2025.
From April 2025, foreign taxes withheld must be included in total income for accurate reporting under section 198. Aims to prevent double deductions.
The Finance Bill 2024 proposes a streamlined and rationalized taxation system for capital gains, with changes including reduced holding periods, revised tax rates, and alignment of provisions for resident and non-resident taxpayers.
From April 1, 2025, Section 47 will exclude transfers of capital assets under gifts or wills from capital gains tax, with specific changes for individuals and HUFs.
