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/...
Comparative analysis of expenditure disallowance provisions between Income Tax Bill 2025 and Income Tax Act 1961 reveals significant modernization while maintaining core principles. The 2025 Bill restructures Section 14A with clearer language, replacing "Notwithstanding" with "Irrespective of" and streamlining the Assessment Officer's powers into two distinct scenarios. Key changes include removal of reassessment provisions, elimination of retrospective application clause, and adoption of simplified terminology using "tax year." The Bill enhances administrative efficiency by maintaining fundamental disallowance principles while reducing interpretational ambiguity through more direct language and clearer structuring. Notable omissions include specific references to Sections 147 and 154, and the removal of the Explanation section, indicating a shift toward prospective application.
Comparative analysis of expenditure disallowance provisions between Income Tax Bill 2025 and Income Tax Act 1961 reveals significant modernization while maintaining core principles. The 2025 Bill restructures Section 14A with clearer language, replacing "Notwithstanding" with "Irrespective of" and streamlining the Assessment Officer's powers into two distinct scenarios. Key changes include removal of reassessment provisions, elimination of retrospective application clause, and adoption of simplified terminology using "tax year." The Bill enhances administrative efficiency by maintaining fundamental disallowance principles while reducing interpretational ambiguity through more direct language and clearer structuring. Notable omissions include specific references to Sections 147 and 154, and the removal of the Explanation section, indicating a shift toward prospective application.
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