Conclusion: Assessee was entitled to the exemption under Section 10A as ex-post facto approval granted by the RBI, the ...

Section 80CCA, inter-alia, provides for a deduction to an individual, or a Hindu undivided family, for any amount deposited in the National Savings Scheme (NSS). It is also provided that no deduction ...

4. Accordingly, to address this issue, it is proposed to amend sub-section (4) of section 115VP to provide that for application received under sub-section (1) on or after the 1st day of April, 2025, ...

Finance Bill 2025 proposes removing the deadline for the notification of faceless schemes under sections 92CA, 144C, 253, and 255 of the Income-tax Act. Originally, these provisions required the ...

The Finance Bill, 2025, introduces significant changes to penalty provisions under the Income Tax Act. Sections 271C, 271CA, 271D, 271DA, 271DB, and 271E will now allow penalties to be imposed by the ...

Finance Bill, 2025 proposes to amend Section 139 of the Income Tax Act to extend the time limit for filing an updated return from 24 months to 48 months from the end of the relevant assessment year.

Taxpayers can opt for this multi-year application by submitting a prescribed form within a specified timeframe. The Transfer Pricing Officer (TPO) will validate this option within one month. If ...

Finance Bill 2025 proposes removing Sections 206AB and 206CCA of the Income-tax Act, which currently mandate higher tax deduction (TDS) and tax collection (TCS) rates for non-filers of income tax ...

Finance Bill 2025 proposes amendments to Sections 72A and 72AA of the Income Tax Act, aligning the provisions for carry forward and set-off of accumulated losses and unabsorbed depreciation in cases ...

The NPS Vatsalya Scheme, launched on September 18, 2024, allows parents or guardians to open National Pension Scheme (NPS) accounts for minors, ensuring savings and pension benefits until the child ...

Section 17 of the Income-tax Act defines perquisites, including benefits provided by employers to employees. Currently, employee benefits such as free or concessional amenities are exempt from ...

The GST Act prescribes specific time limits within which orders for raising demands under Sections 73 and 74 must be issued. Additionally, the Act allows the issuance of orders under various other ...