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 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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 21
Join Channel
TaxTMI 
