Reassessment notice quashed as it was issued beyond 6 YEARS and without proper approval. Title: Validity and Time Limit of Reassessment Notices and Sanctioning Authority under the Income-tax Act, 1961 Summary in Key Points: Issue 1: Whether reassessment notices issued after April 1, 2021, under the amended Section 148A(b) are valid, and what time limit… Read More »

The Finance Bill, 2025, proposes several key changes in the Income Tax Act, 1961, to continue reforms in the direct tax system through tax reliefs, removing difficulties faced by taxpayers, and rationalizing1 various provisions. Here are some of the key changes: Exemption to withdrawals by Individuals from National Savings Scheme from taxation Section 80CCA: This… Read More »

The Finance Bill, 2025, proposes several key changes in the Income Tax Act, 1961, to continue reforms in the direct tax system through tax reliefs, removing difficulties faced by taxpayers, and rationalizing1 various provisions. Here are some of the key changes: Deduction under section 80CCD for contributions made to NPS Vatsalya NPS Vatsalya Scheme: This… Read More »

The Finance Bill, 2025, proposes several key changes in the Income Tax Act, 1961, to continue reforms in the direct tax system through tax reliefs, removing difficulties faced by taxpayers, and rationalizing1 various provisions. Here are some of the key changes: Increase in the limits on the income of the employees for the purpose of… Read More »

The Finance Bill, 2025, proposes several key changes in the Income Tax Act, 1961, to continue reforms in the direct tax system through tax reliefs, removing difficulties faced by taxpayers, and rationalizing1 various provisions. Here are some of the key changes: Removal of higher TDS/TCS for non-filers of return of income Higher TDS/TCS for non-filers:… Read More »

The Finance Bill, 2025, proposes several key changes in the Income Tax Act, 1961, to continue reforms in the direct tax system through tax reliefs, removing difficulties faced by taxpayers, and rationalizing1 various provisions. Here are some of the key changes: Rationalisation of transfer pricing provisions for carrying out multi-year arm’s length price determination Transfer… Read More »

The Finance Bill, 2025, proposes several key changes in the Income Tax Act, 1961, to continue reforms in the direct tax system through tax reliefs, removing difficulties faced by taxpayers, and rationalizing1 various provisions. Here are some of the key changes:  Rationalisation of provisions related to carry forward of losses in case of amalgamation Carry… Read More »

The Finance Bill, 2025, proposes several key changes in the Income Tax Act, 1961, to continue reforms in the direct tax system through tax reliefs, removing difficulties faced by taxpayers, and rationalizing1 various provisions. Here are some of the key changes: Clarification regarding commencement date and the end date of the period stayed by the… Read More »

Time limit to impose penalties in Income Tax is rationalised by Finance Bill, 2025, The Finance Bill, 2025, proposes several key changes in the Income Tax Act, 1961, to continue reforms in the direct tax system through tax reliefs, removing difficulties faced by taxpayers, and rationalizing1 various provisions. Here are some of the key changes:… Read More »

Change in sections 132 and 132B for search and seizure : Time limit for Retention of seized assets: The Finance Bill, 2025, proposes several key changes in the Income Tax Act, 1961, to continue reforms in the direct tax system through tax reliefs, removing difficulties faced by taxpayers, and rationalizing1 various provisions. Here are some… Read More »