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 ... Summary
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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