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    August 2, 2024   NotesBill
    Presumptive tax regime for non-resident cruise operators: 20% of receipts deemed profits. Intra-group lease rentals exempt till 2030-31.
    August 2, 2024   NotesBill
    Block Assessment Rules Streamline Tax Searches & Requisitions: 60% Tax on Undisclosed Income, 50% Penalty if Not Declared.
    August 2, 2024   NotesBill
    Streamlining assessment/reassessment: New notice procedures, information definition, approval requirements, time limits, and transitional provisions.
    August 2, 2024   NotesBill
    Period for imposing penalties rationalized. Limitation calculated from appellate order date, not receipt by top officers. Effective 01/10/2024.
    August 2, 2024   NotesBill
    IT Act amended to allow withholding refund for 60 days post assessment if it adversely impacts revenue, with reasons recorded.
    August 2, 2024   NotesBill
    Section 253 amended for appeals to ITAT against tax orders. Includes undisclosed income penalties. Time-limit rationalized.
    August 2, 2024   NotesBill
    Tax Exemption Shift: First Regime Ends Oct 2024, Transition to Second Regime with New Rules and Preserved Investments.
    August 2, 2024   NotesBill
    Delay in filing trust registration can be condoned if reasonable cause exists. Effective Oct 1, 2024. Prevents permanent exit from exemption.
    August 2, 2024   NotesBill
    Amendment to Section 80G: Streamlined Timelines for Approval Applications to Enhance Charitable Donations and Tax Deductions.
    August 2, 2024   NotesBill
    Faster processing for tax exemption applications from trusts/funds. 6 months from quarter-end, not month-end. Applies to new & renewal cases.
    August 2, 2024   NotesBill
    Merger of trusts/institutions rationalized. Accreted income may attract provisions. New section 12AC clarifies conditions for exemption.
    August 2, 2024   NotesBill
    Trusts can claim exemptions u/s 10(23EA), (23ED), (46B) by choosing operative/inoperative 12AB registration. Rationalizes charitable trust provisions.
    August 2, 2024   NotesBill
    Capital gains tax simplified: 2 holding periods, 20% short-term rate on equity shares/funds, 12.5% long-term rate with Rs. 1.25L exemption.
    August 2, 2024   NotesBill
    Specified Mutual Fund definition clarified: >65% in debt/money market instruments or >65% in such funds. Fund-of-Funds included. Effective 04/01...
    August 1, 2024   NotesBill
    Proposed TDS Rate Cuts for Sections 194D, 194DA, 194G, 194H, 194-IB, 194M, 194-O; Section 194F Omission Planned.
    August 1, 2024   NotesBill
    Tax Deducted at Source (TDS) on insurance commission for non-corporates reduced from 5% to 2% from Apr 1, 2025.
    August 1, 2024   NotesBill
    Lower TDS rate of 2% on life insurance payouts from Oct 1, 2024 to simplify taxation of capital gains.
    August 1, 2024   NotesBill
    Lower 5% TDS on lottery commission/prizes to 2% from Oct 1, 2024 for income over Rs. 15,000.
    August 1, 2024   NotesBill
    Income tax deduction on commission/brokerage slashed from 5% to 2% from Oct 1, 2024. Simplified capital gains taxation.
    August 1, 2024   NotesBill
    Rent >Rs 50K/month? 5% TDS u/s 194-IB. From Oct '24, 2% TDS rate simplifies capital gains tax.
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    August 2, 2024   Notes Bill
    Presumptive tax regime for non-resident cruise operators: 20% of receipts deemed profits. Intra-group lease rentals exempt till 2030-31.
    August 2, 2024   Notes Bill
    Block Assessment Rules Streamline Tax Searches & Requisitions: 60% Tax on Undisclosed Income, 50% Penalty if Not Declared.
    August 2, 2024   Notes Bill
    Streamlining assessment/reassessment: New notice procedures, information definition, approval requirements, time limits, and transitional provisions.
    August 2, 2024   Notes Bill
    Period for imposing penalties rationalized. Limitation calculated from appellate order date, not receipt by top officers. Effective 01/10/2024.
    August 2, 2024   Notes Bill
    IT Act amended to allow withholding refund for 60 days post assessment if it adversely impacts revenue, with reasons recorded.
    August 2, 2024   Notes Bill
    Section 253 amended for appeals to ITAT against tax orders. Includes undisclosed income penalties. Time-limit rationalized.
    August 2, 2024   Notes Bill
    Tax Exemption Shift: First Regime Ends Oct 2024, Transition to Second Regime with New Rules and Preserved Investments.
    August 2, 2024   Notes Bill
    Delay in filing trust registration can be condoned if reasonable cause exists. Effective Oct 1, 2024. Prevents permanent exit from exemption.
    August 2, 2024   Notes Bill
    Amendment to Section 80G: Streamlined Timelines for Approval Applications to Enhance Charitable Donations and Tax Deductions.
    August 2, 2024   Notes Bill
    Faster processing for tax exemption applications from trusts/funds. 6 months from quarter-end, not month-end. Applies to new & renewal cases.
    August 2, 2024   Notes Bill
    Merger of trusts/institutions rationalized. Accreted income may attract provisions. New section 12AC clarifies conditions for exemption.
    August 2, 2024   Notes Bill
    Trusts can claim exemptions u/s 10(23EA), (23ED), (46B) by choosing operative/inoperative 12AB registration. Rationalizes charitable trust provisions.
    August 2, 2024   Notes Bill
    Capital gains tax simplified: 2 holding periods, 20% short-term rate on equity shares/funds, 12.5% long-term rate with Rs. 1.25L exemption.
    August 2, 2024   Notes Bill
    Specified Mutual Fund definition clarified: >65% in debt/money market instruments or >65% in such funds. Fund-of-Funds included. Effective 04/01/2026.
    August 1, 2024   Notes Bill
    Proposed TDS Rate Cuts for Sections 194D, 194DA, 194G, 194H, 194-IB, 194M, 194-O; Section 194F Omission Planned.
    August 1, 2024   Notes Bill
    Tax Deducted at Source (TDS) on insurance commission for non-corporates reduced from 5% to 2% from Apr 1, 2025.
    August 1, 2024   Notes Bill
    Lower TDS rate of 2% on life insurance payouts from Oct 1, 2024 to simplify taxation of capital gains.
    August 1, 2024   Notes Bill
    Lower 5% TDS on lottery commission/prizes to 2% from Oct 1, 2024 for income over Rs. 15,000.
    August 1, 2024   Notes Bill
    Income tax deduction on commission/brokerage slashed from 5% to 2% from Oct 1, 2024. Simplified capital gains taxation.
    August 1, 2024   Notes Bill
    Rent >Rs 50K/month? 5% TDS u/s 194-IB. From Oct '24, 2% TDS rate simplifies capital gains tax.

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      Section 194D mandates deduction of tax at source (TDS) on...

      Tax Deducted at Source (TDS) on insurance commission for non-corporates reduced from 5% to 2% from Apr 1, 2025.

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      BillAugust 1, 2024Notes
      Section 194D mandates deduction of tax at source (TDS) on insurance commission payments to residents. Currently, the TDS rate is 5% for non-corporate entities. It is proposed to reduce this TDS rate from 5% to 2% for non-corporate recipients, effective April 1, 2025. This amendment aims to rationalize and simplify taxation of capital gains.
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