Union Budget News

Section 271AAB Penalty Provisions Not Applicable for Searches Initiated After 1st Sept 2024

01 February 2025 at 16:59

Non-applicability of Section 271AAB of the Act The existing provisions of sub-section (1A) of section 271AAB of the Act relates to penalty in respect of searches initiated after 15.12.2016.

Posted in Union Budget | 222 Views

Proposed Amendments to Block Assessment Provisions for Search and Requisition Cases under Chapter XIV-B

01 February 2025 at 16:59

Amendments proposed in provisions of Block assessment for search and requisition cases under Chapter XIV-BVide Finance (No. 2) Act, 2024, the concept of block assessment was introduced by amending provisions of Chapter XIV-B

Posted in Union Budget | 252 Views

Reduction in Compliance Burden: TCS on Specified Goods Omitted from April 2025

01 February 2025 at 16:58

Reduction in compliance burden by omission of TCS on sale of specified goods Sub-section (1H) of section 206C of the Act,

Posted in Union Budget | 3204 Views

Budget 2025 Unveils Major Reforms to Rationalize TDS Rates and Thresholds

01 February 2025 at 16:09

In a decisive move to simplify tax compliance and boost the ease of doing business, the government has announced sweeping amendments to the Tax Deducted at Source (TDS) provisions.

Posted in Union Budget | 2529 Views

Rationalisation of Taxation on Capital Gains: Amendments to Section 115AD for Non-Residents

01 February 2025 at 16:09

Rationalisation of taxation of capital gains on transfer of capital assets by non-residents

Posted in Union Budget | 2055 Views

Tax Benefits Extended for Start-Ups: New Timeline for Section 80-IAC Provisions Until 2030

01 February 2025 at 16:06

Extension of timeline for tax benefits to start-ups The existing provisions of Section 80-IAC of the Act, inter alia, provide for a deduction of an amount equal to hundred percent of the profits and gains

Posted in Union Budget | 171 Views

Amendment to Section 2(14): Clarity on 'Capital Asset' Definition for Investment Funds' Securities

01 February 2025 at 16:05

Amendment of Definition of 'Capital Asset'Section 2(14) of the Act defines the term "capital asset" to include property of any kind held by an assessee, whether or not connected with his business or profession, but does not include any stock in-trade

Posted in Union Budget | 180 Views

Clarity on Taxation of ULIPs: Amendments to Section 10(10D) and Capital Gains Tax on Redemption

01 February 2025 at 16:03

Bringing clarity in income on redemption of Unit Linked Insurance Policy Clause (10D) of section 10 provides for income-tax exemption on the sum received under a life insurance policy, including bonus on such policy.

Posted in Union Budget | 2013 Views

Budget 2025: Key Amendments to Section 9 for Non-Residents

01 February 2025 at 16:03

Harmonisation of Significant Economic Presence applicability with Business Connection Section 9 of the Act provides for income which shall be deemed to accrue or arise in India.

Posted in Union Budget | 333 Views

Rationalization of Taxation for Business Trusts: Key Amendments in the Finance (No. 2) Act, 2024

01 February 2025 at 16:02

Rationalisation in taxation of Business trustsFinance (No.2) Act, 2014 introduced a special taxation regime for Real Estate Investment Trust (REIT) and Infrastructure Investment Trust (InVIT) [commonly referred to as business trusts].

Posted in Union Budget | 273 Views