Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
The Income Tax Bill 2025 revises the scope of total income under existing Sec. 5 of ITA 1961, maintaining core taxation principles while introducing structural refinements. Key modifications include replacing "previous year" with "tax year", repositioning "not ordinarily resident" provisions from proviso to main clause 5(1)(c), and elevating explanatory notes to primary subsections. The Bill retains fundamental frameworks for resident and non-resident taxation but enhances clarity through improved language and organization. Notable changes include clearer articulation of double taxation prevention [Sec 5(4)] and foreign income treatment [Sec 5(3)]. These amendments aim to streamline tax administration, reduce litigation potential, and align with international taxation standards while preserving the established scope of taxable income in India.
The Income Tax Bill 2025 revises the scope of total income under existing Sec. 5 of ITA 1961, maintaining core taxation principles while introducing structural refinements. Key modifications include replacing "previous year" with "tax year", repositioning "not ordinarily resident" provisions from proviso to main clause 5(1)(c), and elevating explanatory notes to primary subsections. The Bill retains fundamental frameworks for resident and non-resident taxation but enhances clarity through improved language and organization. Notable changes include clearer articulation of double taxation prevention [Sec 5(4)] and foreign income treatment [Sec 5(3)]. These amendments aim to streamline tax administration, reduce litigation potential, and align with international taxation standards while preserving the established scope of taxable income in India.
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