No More 54EC benefits for depreciable assets under Income Tax Bill 2025 The proposed changes in the new Income Tax Bill 2025 regarding Section 54EC deductions reflect a significant shift in how capital gains reinvestment exemptions will be treated, particularly concerning depreciable assets. Old Interpretation on 54EC Benefits under Pre-2025 Bill U/s 54EC of the …
Whether NGO allowed permissible commercial activities & investment modes? The proposed Income Tax Bill, 2025, indeed aims to provide clarity for non-profit organizations (NPOs) on issues such as permissible commercial activities and investment modes. While these provisions are expected to bring more certainty and help reduce litigation, the call for further clarification is valid. Would …
Can Employees Be Made Liable If TDS Is Deducted But Not Paid by the Employer? Background & Legal Framework Section 199 of the Income Tax Act: TDS deducted by the employer and paid to the government is treated as tax paid on behalf of the employee. The CBDT is authorized to issue rules regarding TDS credit to …
GST Applicability on Inter-Unit Transfers, Job Work, Repairs or Return of Goods Transportation of Goods for Job Work : Goods can be sent by the principal (owner of goods) to a job worker for processing, repair, or any work that transforms or enhances the goods. (Rule 45 and 55 of the CGST Rules, 2017). Documentation: …
MCA has extended the deadline for Pvt Ltd co to dematerialize their securities to June 30, 2025 This is to inform you that the Ministry of Corporate Affairs has extended the deadline for private companies to dematerialize their securities to June 30, 2025, through an amendment to Rule 9B of the Companies (Prospectus and Allotment …
Taxation on Sale of Property under Income Tax Bill, 2025 The New Income Tax Bill, 2025, introduced in the Lok Sabha on February 13, 2025, aims to simplify and modernize India’s tax laws. While the bill largely aligns with the existing provisions of the Income-tax Act, 1961, it introduces certain changes concerning the taxation of …
The viral claim that senior citizens above 75 years old are exempt from paying taxes is false. Fact Check: What is the Truth? No Tax Exemption for Senior Citizens Above 75 Years : The Government of India has not announced any such exemption for senior citizens. Section 194P – Exemption from Filing ITR, Not Paying …
Finance Act (No. 2), stricter controls over Revised TDS return filings The Finance Act (No. 2) has introduced a time limit for filing TDS correction statements, marking a significant shift in compliance requirements. Time Restriction Introduced in Revised TDS return filings: Previously, there was no time limit for filing TDS correction statements, allowing endless revisions. Now, …
Finance Bill 2025 Impact on Blocked Credit & Credit Note, ISD The Finance Bill 2025 introduces key amendments under the GST framework, significantly impacting input service distributors, blocked credits, and credit notes. The amendments streamline tax credit distribution, remove ambiguities in blocked credit and credit note adjustments, and settle the taxation of vouchers. These changes …
GST Registration Process Updates via GSTN advisory : Rule 8 This update strengthens GST registration procedures by integrating Aadhaar authentication and biometric verification, enhancing security and minimizing fraudulent registrations. Risk-Based Physical Verification may lead to increased scrutiny of high-risk applicants. It may Stronger Compliance Measures reduce fake registrations, benefiting tax authorities. It is also Potential …