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: The proposed amendments aim to introduce a time limitation of six years from the end of the relevant financial year or two years from the end of the financial year in which the correction statement is delivered, whichever is later, for issuing orders deeming any person as an assessee in default for failure to deduct/collect tax. This time limit applies to both resident and non-resident payees/persons u/ss 201 and 206C of the Income Tax Act. The amendments seek to provide certainty and address the existing lack of time limitation for non-residents u/s 201. The changes are set to take effect from April 1, 2025.
Income Tax: The proposed amendments aim to introduce a time limitation of six years from the end of the relevant financial year or two years from the end of the financial year in which the correction statement is delivered, whichever is later, for issuing orders deeming any person as an assessee in default for failure to deduct/collect tax. This time limit applies to both resident and non-resident payees/persons u/ss 201 and 206C of the Income Tax Act. The amendments seek to provide certainty and address the existing lack of time limitation for non-residents u/s 201. The changes are set to take effect from April 1, 2025.
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