Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '...
Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allow...
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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