Income tax amendments expand definitions, change exemptions, tighten reassessment procedures and introduce new withholding and compliance measures. Amendments revise income tax rates and procedural TDS/advance tax rules; narrow depreciable asset scope by excluding goodwill; expand and clarify key definitions (including slump sale, demerger and unit linked insurance policy); provide targeted exemptions for International Financial Services Centre units and offshore banking divisions; introduce pre notice inquiry and show cause safeguards before reassessment; add withholding and collection measures for specified transactions and non filers; and enact customs, GST, tariff and corporate governance changes including institutional reform for a major insurer.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Income tax amendments expand definitions, change exemptions, tighten reassessment procedures and introduce new withholding and compliance measures.
Amendments revise income tax rates and procedural TDS/advance tax rules; narrow depreciable asset scope by excluding goodwill; expand and clarify key definitions (including slump sale, demerger and unit linked insurance policy); provide targeted exemptions for International Financial Services Centre units and offshore banking divisions; introduce pre notice inquiry and show cause safeguards before reassessment; add withholding and collection measures for specified transactions and non filers; and enact customs, GST, tariff and corporate governance changes including institutional reform for a major insurer.
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