Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Income Tax: Clause 15 proposes to remove references to National Housing Bank from Section 43D of the Act and its Explanation, pertaining to income of public financial institutions, public companies involved in housing finance, scheduled banks, co-operative banks other than primary agricultural credit societies, primary co-operative agricultural and rural development banks, State financial corporations, State industrial investment corporations and notified non-banking financial companies. This amendment is consequential to the conferment of powers for regulation of Housing Finance Companies with Reserve Bank of India, bringing them under its purview as a category of Non-Banking Financial Companies. The amendment will be effective from April 1, 2025, applicable for the assessment year 2025-2026 and subsequent years.
Income Tax: Clause 15 proposes to remove references to National Housing Bank from Section 43D of the Act and its Explanation, pertaining to income of public financial institutions, public companies involved in housing finance, scheduled banks, co-operative banks other than primary agricultural credit societies, primary co-operative agricultural and rural development banks, State financial corporations, State industrial investment corporations and notified non-banking financial companies. This amendment is consequential to the conferment of powers for regulation of Housing Finance Companies with Reserve Bank of India, bringing them under its purview as a category of Non-Banking Financial Companies. The amendment will be effective from April 1, 2025, applicable for the assessment year 2025-2026 and subsequent years.
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TaxTMI 
TaxTMI 
