Summary: The Union Budget 2025 proposes a rationalized customs tariff structure by removing seven tariff rates, leaving only eight, with minor reductions on select items. To support domestic ...

Changes under Customs, Excise & Service Tax. CHANGES IN CUSTOMS. The Finance Minister introduced the Finance Bill, 2025 in Lok Sabha tod ...

Budget outlines measures to boost investment and employment, particularly focusing on the International Financial Services Centre (IFSC). Key provisions include extending tax incentives for IFSC units ...

Section 194H of the Act requires that any person, not being an individual or a Hindu undivided family, who is responsible for paying, to a resident, any income by way of commission (not being ...

Section 194G of the Act requires that any person who is responsible for paying, to any person, who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of ...

Ans. Section 275 has been amended to provide that any order imposing a penalty under Chapter XXI shall not be passed after the expiry of six months from the end of the quarter in which the connected ...

Finance Bill 2025 proposes amendments to Sections 72A and 72AA of the Act, changing the rules for carrying forward losses in case of amalgamations or business reorganizations. Currently, a successor ...

Section 206C(7A) of the Income Tax Act sets a time limit for passing an order deeming a person in default for failing to collect tax under Section 206C(6A). Currently, such orders must be issued ...

This amendment will take effect from the 1st day of April, 2026 and shall accordingly, apply in relation to the assessment year 2026-27 and subsequent assessment years. Clause 3 of the Bill seeks to ...

Section 194-I of the Act requires that any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any income by way of rent, shall deduct income-tax ...

The Finance Bill 2025 proposes amendments to Sections 132 and 132B of the Income-tax Act to streamline search and seizure procedures. Currently, under Section 132(8), approval for retaining seized ...

Section 194B of the Act requires that any person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle or card game and other game of any sort or from ...