Notes - Notes on clauses - Income-tax

Income-tax changes: revised slabs, raised withholding thresholds, expanded research deductions, and LLP conversion rules affecting tax treatment.

The Bill revises income-tax rates and TDS rules for the specified financial and assessment years, adjusts surcharge and cess treatment, raises thresholds for various withholding provisions, alters interest and penalty mechanics for non-remittance of deducted tax, and extends procedural timelines. It amends definitions and substantive provisions to refine charitable purpose treatment, deeming rules for non-resident income, inclusion rules for gifts and property, and expands approved research associations and weighted deduction rates. It also provides reliefs and conditions for conversion of private or unlisted companies into limited liability partnerships and aligns related cost, depreciation and loss carry forward provisions.