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    July 28, 2024   NotesBill
    Budget: Introducing Direct Tax Vivad se Vishwas Scheme 2024 for settling tax disputes, reducing litigation cost-effectively.
    July 28, 2024   NotesBill
    2% equalisation levy on e-commerce operators' consideration ends 1/8/2024. E-commerce income from 1/4/2020-31/7/2024 tax-exempt.
    July 28, 2024   NotesBill
    Budget: No penalties for not disclosing foreign assets (excl. property) up to Rs. 20L in ITRs. Effective 1st Oct 2024. :
    July 28, 2024   NotesBill
    Budget: No prosecution for TDS non-payment if paid by statement filing due date. Decriminalizes offence from Oct 2024.
    July 28, 2024   NotesBill
    Income Tax Act Amendments: Six-Year Limit on Orders for Assessee Default u/ss 201 & 206C Effective April 2025.
    July 28, 2024   NotesBill
    Budget: Income Tax Act amended to process statements like Form 26QF from entities other than deductors. Scheme to be formulated by Board.
    July 28, 2024   NotesBill
    Budget: Proposed amendments to sections 197, 194Q, 206C(9), and 206C(1H) aim to ease business & reduce compliance burden for large transactions. :
    July 28, 2024   NotesBill
    Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '...
    July 28, 2024   NotesBill
    Budget: TDS/TCS correction statements restricted after 6 years from original filing year. Aimed at certainty & curbing misuse. Effective Apr 1, 2025.
    July 28, 2024   NotesBill
    Budget: No penalty if TDS/TCS paid with fees & interest within 1 month of due date, not 1 year. Better compliance from 1/4/2025.
    July 28, 2024   NotesBill
    Budget: Non-resident liaison offices in India must file annual statements or face penalties up to Rs. 1 lakh after 3 months. Effective 01/04/2025.
    July 28, 2024   NotesBill
    Budget: TPO can determine arm's length price for unreported domestic transactions. Sections 92CA amended to enable this from AY 2025-26.
    July 28, 2024   NotesBill
    Budget: Quoting Aadhaar Enrolment ID for PAN/ITR discontinued from Oct 1, 2024. Provide Aadhaar number to avoid PAN duplication/misuse.
    July 28, 2024   NotesBill
    Budget: Pending applications before BAR can be withdrawn by Oct 31, 2024, if no order passed. BAR may reject by Dec 31, 2024. Effective Oct 1, 2024.
    July 28, 2024   NotesBill
    Budget: If taxpayer unresponsive, Commissioner can set aside assessment order for fresh assessment. Time limit for disposal of such cases amended.
    July 28, 2024   NotesBill
    Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allow...
    July 28, 2024   NotesBill
    Budget: Tax clearance certificate now mandatory for outstanding liabilities under Black Money Act before leaving India.
    July 28, 2024   NotesBill
    Proposed Income Tax Act changes streamline deadlines for assessments and reassessments, effective October 2024.
    July 28, 2024   NotesBill
    Proposed amendment allows tax deduction for donations to National Sports Development Fund from 2025-26.
    July 28, 2024   NotesBill
    Proposed Bill Amends Income Tax Act, Removes National Housing Bank References, Affects Financial Institutions.
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    July 28, 2024   Notes Bill
    Budget: Introducing Direct Tax Vivad se Vishwas Scheme 2024 for settling tax disputes, reducing litigation cost-effectively.
    July 28, 2024   Notes Bill
    2% equalisation levy on e-commerce operators' consideration ends 1/8/2024. E-commerce income from 1/4/2020-31/7/2024 tax-exempt.
    July 28, 2024   Notes Bill
    Budget: No penalties for not disclosing foreign assets (excl. property) up to Rs. 20L in ITRs. Effective 1st Oct 2024. :
    July 28, 2024   Notes Bill
    Budget: No prosecution for TDS non-payment if paid by statement filing due date. Decriminalizes offence from Oct 2024.
    July 28, 2024   Notes Bill
    Income Tax Act Amendments: Six-Year Limit on Orders for Assessee Default u/ss 201 & 206C Effective April 2025.
    July 28, 2024   Notes Bill
    Budget: Income Tax Act amended to process statements like Form 26QF from entities other than deductors. Scheme to be formulated by Board.
    July 28, 2024   Notes Bill
    Budget: Proposed amendments to sections 197, 194Q, 206C(9), and 206C(1H) aim to ease business & reduce compliance burden for large transactions. :
    July 28, 2024   Notes Bill
    Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '24.
    July 28, 2024   Notes Bill
    Budget: TDS/TCS correction statements restricted after 6 years from original filing year. Aimed at certainty & curbing misuse. Effective Apr 1, 2025.
    July 28, 2024   Notes Bill
    Budget: No penalty if TDS/TCS paid with fees & interest within 1 month of due date, not 1 year. Better compliance from 1/4/2025.
    July 28, 2024   Notes Bill
    Budget: Non-resident liaison offices in India must file annual statements or face penalties up to Rs. 1 lakh after 3 months. Effective 01/04/2025.
    July 28, 2024   Notes Bill
    Budget: TPO can determine arm's length price for unreported domestic transactions. Sections 92CA amended to enable this from AY 2025-26.
    July 28, 2024   Notes Bill
    Budget: Quoting Aadhaar Enrolment ID for PAN/ITR discontinued from Oct 1, 2024. Provide Aadhaar number to avoid PAN duplication/misuse.
    July 28, 2024   Notes Bill
    Budget: Pending applications before BAR can be withdrawn by Oct 31, 2024, if no order passed. BAR may reject by Dec 31, 2024. Effective Oct 1, 2024.
    July 28, 2024   Notes Bill
    Budget: If taxpayer unresponsive, Commissioner can set aside assessment order for fresh assessment. Time limit for disposal of such cases amended.
    July 28, 2024   Notes Bill
    Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allowed.
    July 28, 2024   Notes Bill
    Budget: Tax clearance certificate now mandatory for outstanding liabilities under Black Money Act before leaving India.
    July 28, 2024   Notes Bill
    Proposed Income Tax Act changes streamline deadlines for assessments and reassessments, effective October 2024.
    July 28, 2024   Notes Bill
    Proposed amendment allows tax deduction for donations to National Sports Development Fund from 2025-26.
    July 28, 2024   Notes Bill
    Proposed Bill Amends Income Tax Act, Removes National Housing Bank References, Affects Financial Institutions.

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      Bill

      Income Tax: Section 194F relating to Tax Deducted at Source...

      Mutual funds/UTI unit repurchase TDS of 20% abolished from Oct 1, 2024, simplifying capital gains taxation.

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      BillJuly 30, 2024Notes
      Income Tax: Section 194F relating to Tax Deducted at Source (TDS) on payments made by Mutual Funds or Unit Trust of India (UTI) on repurchase of units, attracting a TDS rate of 20%, is proposed to be omitted. This amendment, aimed at rationalizing and simplifying taxation of capital gains, will take effect from October 1, 2024.
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