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: The proposed amendment to section 198 aims to widen the tax base and address tax avoidance by deeming all sums deducted as tax in India and abroad, for which credit is allowed against payable tax in India, as income received for computing the total income of an assessee. This addresses the issue of under-reporting total income by excluding foreign taxes withheld while claiming credit for the same, resulting in double deduction. The amendment takes effect from April 1, 2025.
Income Tax: The proposed amendment to section 198 aims to widen the tax base and address tax avoidance by deeming all sums deducted as tax in India and abroad, for which credit is allowed against payable tax in India, as income received for computing the total income of an assessee. This addresses the issue of under-reporting total income by excluding foreign taxes withheld while claiming credit for the same, resulting in double deduction. The amendment takes effect from April 1, 2025.
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