Residential house property letting income taxed under 'Income from house property', not 'Business income'. Section 28 amended for clarity from AY 2025...
TDS on property transfer based on aggregate payment to all sellers, not individual payments below Rs. 50L. Prevents misinterpretation. Effective 1/10/...
Income Tax: Rationalisation of provisions related to time-limit for completion of assessment, reassessment and recomputation. Proposed amendments: (i) Insertion of new sub-section (1B) to provide time-limit for assessment orders where return is filed pursuant to section 119(2)(b). (ii) Inclusion of reference to section 250 in sub-section (3) for time-limit to pass fresh assessment order. (iii) Amendment to sub-section (8) to provide timeline for revived assessment/reassessment proceedings due to annulment of block assessments under Chapter XIV-B. (iv) Amendment to Explanation 1(xii) to provide that date of limitation in search cases falls at month-end after exclusions. Consequential amendment to section 139 for returns filed pursuant to section 119(2)(b) order. Effective from 1st October 2024.
Income Tax: Rationalisation of provisions related to time-limit for completion of assessment, reassessment and recomputation. Proposed amendments: (i) Insertion of new sub-section (1B) to provide time-limit for assessment orders where return is filed pursuant to section 119(2)(b). (ii) Inclusion of reference to section 250 in sub-section (3) for time-limit to pass fresh assessment order. (iii) Amendment to sub-section (8) to provide timeline for revived assessment/reassessment proceedings due to annulment of block assessments under Chapter XIV-B. (iv) Amendment to Explanation 1(xii) to provide that date of limitation in search cases falls at month-end after exclusions. Consequential amendment to section 139 for returns filed pursuant to section 119(2)(b) order. Effective from 1st October 2024.
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