SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
Infrastructure-development deduction remains available to EPC contractors when substantive statutory conditions outweigh contractor labels in agreemen...
Explained Investment Sources: documented gifts and traceable salary savings supported deletion of additions for property and mutual-fund SIP investmen...
Internal comparable pricing supports arm's-length interest on compulsorily convertible debentures, preventing their recharacterisation as equity for t...
Comprehensive review of Income-Tax Act, 1961 in six months proposed for simplification. All tax services to be digitalized and made paperless in two years. Vivad se Vishwas Scheme, 2024 announced to resolve pending income tax disputes. Reassessment period reduced, time limit for search cases curtailed. Merger of tax exemption regimes for charities, rationalization of TDS rates proposed. Monetary limits for filing appeals increased. Security Transaction Tax on futures/options hiked, income on buyback of shares to be taxed. Revenue forgone Rs. 37,000 crore, mobilized Rs. 30,000 crore.
Comprehensive review of Income-Tax Act, 1961 in six months proposed for simplification. All tax services to be digitalized and made paperless in two years. Vivad se Vishwas Scheme, 2024 announced to resolve pending income tax disputes. Reassessment period reduced, time limit for search cases curtailed. Merger of tax exemption regimes for charities, rationalization of TDS rates proposed. Monetary limits for filing appeals increased. Security Transaction Tax on futures/options hiked, income on buyback of shares to be taxed. Revenue forgone Rs. 37,000 crore, mobilized Rs. 30,000 crore.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
