Tax Amendments

Amendments in Income Tax Act. by The Finance Bill, 2025

Relaxation of Deemed Let-Out Property Provision under the Finance Bill 2025

Tax Amendments / ,

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, […]

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Removal of Equalisation Levy under the Finance Bill 2025

Tax Amendments / ,

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.

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Rates of Income Tax for Assessment Year 2022-23 & 2023-24

Income Tax Concept, Knowledge Base, Tax Amendments /

(A) In the case of every Individual or Hindu Undivided Family (HUF) (A1)     If the individual or HUF opts to be taxed under OLD REGIME (I) In the case of every Individual (other than those covered in part (II) or (III) below) or Hindu Undivided Family (HUF)   Total income (Rs.) Rate of tax Upto

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Amendments relating to ‘Incomes which do not Form Part of Total Income’ by The Finance Bill 2022

Tax Amendments /

1.  Provision inserted under Clause ( c ) of explanation to Section 10(4D) applicable w.e.f. 2022-23 As per Clause (c) of the explanation to Section 10(4D)m “Specified Fund” means – (i)         A Fund established or Incorporated in India in the form of a Trust or Company or a Limited  Liability Partnership or a Body Corporate

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Amendments relating to Disallowance of the Expenditure in Respect of Exempt Income – by The Finance Bill 2022

Tax Amendments /

1.  Clarification in respect of Disallowance under Section 14A in absence of any Exempt Income during an Assessment Year [Explanation to Section 14A inserted by the Finance Bill, 2022 w.e.f. 1-4-2022 and Amendment of Section 14A(1) w.e.f. AY 2022-23] (A) Reason for making Amendment The existing section 14A(1) provides that for the purposes of computing

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Amendments relating to Income under the Head Profits and Gains of Business or Profession – By Finance Bill 2022

Tax Amendments /

1.  Section 35(1A) relating to Filing Of Statement of any sum received by a Research Association, University, College, A Company, etc. amended w.e.f. AY 2021-221 (A) Reason for making Amendment Section 35(1A) of the Act was inserted by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 w.e.f. 1-4-2021. It mandated

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Amendments relating to Unexplained Cash Credits, Investment, Money etc. by the Finance Bill 2022

Tax Amendments /

1.  Source of the funds or any other sum provided by the lender to the borrower and credited in hooks of the assessee also to be explained [ First proviso inserted under Section 68 and existing proviso under Section 68 to be treated as second proviso, applicable w.e.f. AY 2023-24] (A) Reason for making Amendment

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Amendments relating to Set off or Carry Forward and Set off of Losses by the Finance Bill 2022

Tax Amendments /

1.  Provisions of Section 79 not to apply In case of Strategic Disinvestment of Public Sector Companies [Section 79 amended w.e.f. AY 2022-23] (A) Reason for making Amendment Section 79 of the Act provides for carry forward and set-off of losses in case of certain companies Sub-section (I) of the said section, inter alia, provides

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Amendments relating to Deduction and Collection of Tax at Source by the Finance Bill 2022

Tax Amendments /

1.  Rationalization of provisions of TDS on sale of immovable property [Section 194-IA amended w.e.f. 1-4-2022] (A) Reason for making Amendment Section 194-IA of the Act provides for deduction of tax on payment on transfer of certain immovable property other than agricultural land. Section 194-JA(I) provides for deduction of lax by any person responsible for

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Amendments relating to Appeals and Revisions by the Finance Bill, 2022

Tax Amendments /

1.  Litigation management when in an appeal by revenue an identical question of law is pending before jurisdictional High Court or Supreme Court. [Section 115AB inserted w.e.f. 1-4.2022] (A) Reason for making Amendment Section 115AA of the Act provides that where the Commissioner or Principal Commissioner is of the opinion that any question of law

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