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Here’s a structured table summarizing the key changes to Tax Collected at Source (TCS) effective from April 1, 2025, based on the Finance Bill 2025 amendments: TCS Changes from April 2025  SECTION TRANSACTION TYPE OLD THRESHOLD/RATE (PRE-APRIL 2025) NEW THRESHOLD/RATE (FROM APRIL 2025) KEY NOTES 206C(1G) Remittances under LRS ₹7 lakh threshold ₹10 lakh threshold No […]

Here’s a structured table summarizing the extension of time limits for filing Updated Tax Returns (ITR-U) under the Income Tax Act, 1961, as amended by the Finance Bill 2025: Updated Tax Return (ITR-U) Time Limits and Additional Tax Liability TIME PERIOD FOR FILING ITR-U EXTENDED DEADLINE ADDITIONAL TAX PAYABLE KEY CONDITIONS Within 12 months from the end of

Start-ups in India can benefit from significant tax exemptions under Section 80-IAC of the Income-tax Act, designed to support innovation and entrepreneurship. Key Features of the Exemption 100% tax deduction on profits for 3 consecutive years out of the first 10 years since incorporation. Available to DPIIT-recognized start-ups that are: Incorporated as a Private Limited

Here’s a structured summary of the key amendments related to deduction on remuneration paid to partners introduced by the Finance Bill 2025, based on the latest updates: 1. Increased Permissible Limits for Partner Remuneration Amendment: The deduction limit for remuneration paid to working partners under Section 40(b) has been doubled from FY 2025-26 (AY 2026-27) . BOOK PROFIT FY 2024-25 LIMIT FY 2025-26 LIMIT (REVISED)

Here’s a detailed summary of the treatment of ULIPs (Unit-Linked Insurance Plans) as capital gains under the Finance Bill 2025, including key changes, tax rates, and applicability: 1. Key Changes in ULIP Taxation (Effective April 1, 2026) Capital Asset Classification: ULIPs with annual premiums exceeding ₹2.5 lakhwill now be classified as capital assets under Section 2(14) of the Income Tax Act, 1961 . Taxation

Here’s a detailed summary of the relaxation of deemed let-out property provisions under the Finance Bill 2025, including key changes, tax implications, and practical examples: 1. Key Changes in Deemed Let-Out Property Rules (Effective April 1, 2025) Removal of Occupation Conditions: Previously, taxpayers could claim two properties as self-occupiedonly if they couldn’t occupy the second property due to employment, business,

Here’s a detailed summary of the removal of the Equalisation Levy (EL) in India, including key changes, effective dates, and implications: 1. Overview of Equalisation Levy Removal The Finance Bill 2025 has abolished the 6% Equalisation Levy (EL) on digital advertising services provided by non-resident companies, effective from April 1, 2025. This follows the earlier removal of the 2% EL on e-commerce transactions in 2024.