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: Limit of remuneration to working partners in partnership firms allowed as deduction increased - on first Rs 6,00,000 of book profit or loss, Rs 3,00,000 or 90% of book profit, whichever higher; on balance book profit, 60%. Amendment to Section 40(b)(v) effective from April 1, 2025 for assessment year 2025-2026 onwards. Existing limit Rs 1,50,000 or 90% of book profit on first Rs 3,00,000, 60% on balance.
Income Tax: Limit of remuneration to working partners in partnership firms allowed as deduction increased - on first Rs 6,00,000 of book profit or loss, Rs 3,00,000 or 90% of book profit, whichever higher; on balance book profit, 60%. Amendment to Section 40(b)(v) effective from April 1, 2025 for assessment year 2025-2026 onwards. Existing limit Rs 1,50,000 or 90% of book profit on first Rs 3,00,000, 60% on balance.
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