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/...
The provisions relating to assessment and reassessment under the Act are proposed to be rationalized. Key amendments include: substituting sections 148 and 148A to provide procedure for issuing notice before assessment, reassessment or recomputation; defining 'information' to include survey findings after September 1, 2024; requiring approval for notice based on information u/s 135A scheme; providing time limits in section 149 for issuing notices u/ss 148A and 148, ranging from 3 years to 5 years and 3 months based on specific cases; substituting section 151 to specify authority for approvals; and amending section 152 for transitional provisions.
The provisions relating to assessment and reassessment under the Act are proposed to be rationalized. Key amendments include: substituting sections 148 and 148A to provide procedure for issuing notice before assessment, reassessment or recomputation; defining 'information' to include survey findings after September 1, 2024; requiring approval for notice based on information u/s 135A scheme; providing time limits in section 149 for issuing notices u/ss 148A and 148, ranging from 3 years to 5 years and 3 months based on specific cases; substituting section 151 to specify authority for approvals; and amending section 152 for transitional provisions.
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