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    July 30, 2024   NotesBill
    Sec 194M: TDS rate reduced from 5% to 2% for payments to residents for contracts, commissions, etc. Effective Oct 1, 2024.
    July 30, 2024   NotesBill
    Tax deduction on e-commerce sales reduced from 1% to 0.1% from Oct 1, 2024. Parity with offline transactions.
    July 30, 2024   NotesBill
    Mutual funds/UTI unit repurchase TDS of 20% abolished from Oct 1, 2024, simplifying capital gains taxation.
    July 30, 2024   NotesBill
    Amendment expands tax deduction scope for salaried employees, allowing credit for TCS/TDS paid under certain chapters, easing compliance.
    July 30, 2024   NotesBill
    Govt proposes interest rate hike from 1% to 1.5% per month on late TCS payment to align with TDS provisions from Apr 1, 2025.
    July 30, 2024   NotesBill
    Remuneration limit for working partners raised: 1st Rs. 6L book profit/loss - Rs. 3L or 90%, whichever higher; balance - 60%.
    July 30, 2024   NotesBill
    New tax provision allows parents to claim TCS credit on funds remitted to minors under RBI scheme, effective Jan 1, 2025.
    July 30, 2024   NotesBill
    Buy-back of shares treated as dividend, capital loss allowed for shareholders. Nil consideration for capital loss. Effective Oct 2024.
    July 30, 2024   NotesBill
    STT hiked on options (0.1%) & futures (0.02%) trades. Delivery equity rates unchanged (0.1%). Exercised options 0.125% on intrinsic value.
    July 30, 2024   NotesBill
    Residential house property letting income taxed under 'Income from house property', not 'Business income'. Section 28 amended for clarity from AY 2025...
    July 30, 2024   NotesBill
    Gifting shares by cos to face capital gains tax from FY25-26. Exemption under Sec 47(iii) to be limited to individuals & HUFs.
    July 30, 2024   NotesBill
    10% TDS on partners' income above Rs. 20K p.a. from April '25 for partnerships. Widening tax base & curbing avoidance.
    July 30, 2024   NotesBill
    Tax Collection at Source on luxury goods over Rs. 10 lakh to widen tax base & track high-value expenses. Effective 01/01/2025.
    July 30, 2024   NotesBill
    TDS on property transfer based on aggregate payment to all sellers, not individual payments below Rs. 50L. Prevents misinterpretation. Effective 1/10/...
    July 30, 2024   NotesBill
    TDS applicable on interest over Rs. 10,000 from FRSB 2020 & specified securities from Oct 1, 2024 as per Income Tax Act Sec 193 amendment.
    July 30, 2024   NotesBill
    Income Tax Act amended to disallow inadmissible expenses for life insurers' profits from Apr'25. Actuarial surplus to include such expenses.
    July 30, 2024   NotesBill
    Amendment widens tax base, deems foreign taxes withheld as income to curb double deduction & tax avoidance. Effective 1st April 2025.
    July 30, 2024   NotesBill
    Amendment excludes sums paid u/s 194J from TDS u/s 194C for professional/technical services. Deduct tax u/s 194J instead of 194C. Effective 10/1/2024.
    July 28, 2024   NotesBill
    Disallowing deduction for settlement amounts paid for contraventions as business expenses to widen tax base & promote anti-avoidance.
    July 28, 2024   NotesBill
    Amendment to Income Tax Act clarifies cost calculation for equity shares in OFS during IPO, using 2017-18 Cost Inflation Index.
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    July 30, 2024   Notes Bill
    Sec 194M: TDS rate reduced from 5% to 2% for payments to residents for contracts, commissions, etc. Effective Oct 1, 2024.
    July 30, 2024   Notes Bill
    Tax deduction on e-commerce sales reduced from 1% to 0.1% from Oct 1, 2024. Parity with offline transactions.
    July 30, 2024   Notes Bill
    Mutual funds/UTI unit repurchase TDS of 20% abolished from Oct 1, 2024, simplifying capital gains taxation.
    July 30, 2024   Notes Bill
    Amendment expands tax deduction scope for salaried employees, allowing credit for TCS/TDS paid under certain chapters, easing compliance.
    July 30, 2024   Notes Bill
    Govt proposes interest rate hike from 1% to 1.5% per month on late TCS payment to align with TDS provisions from Apr 1, 2025.
    July 30, 2024   Notes Bill
    Remuneration limit for working partners raised: 1st Rs. 6L book profit/loss - Rs. 3L or 90%, whichever higher; balance - 60%.
    July 30, 2024   Notes Bill
    New tax provision allows parents to claim TCS credit on funds remitted to minors under RBI scheme, effective Jan 1, 2025.
    July 30, 2024   Notes Bill
    Buy-back of shares treated as dividend, capital loss allowed for shareholders. Nil consideration for capital loss. Effective Oct 2024.
    July 30, 2024   Notes Bill
    STT hiked on options (0.1%) & futures (0.02%) trades. Delivery equity rates unchanged (0.1%). Exercised options 0.125% on intrinsic value.
    July 30, 2024   Notes Bill
    Residential house property letting income taxed under 'Income from house property', not 'Business income'. Section 28 amended for clarity from AY 2025-26.
    July 30, 2024   Notes Bill
    Gifting shares by cos to face capital gains tax from FY25-26. Exemption under Sec 47(iii) to be limited to individuals & HUFs.
    July 30, 2024   Notes Bill
    10% TDS on partners' income above Rs. 20K p.a. from April '25 for partnerships. Widening tax base & curbing avoidance.
    July 30, 2024   Notes Bill
    Tax Collection at Source on luxury goods over Rs. 10 lakh to widen tax base & track high-value expenses. Effective 01/01/2025.
    July 30, 2024   Notes Bill
    TDS on property transfer based on aggregate payment to all sellers, not individual payments below Rs. 50L. Prevents misinterpretation. Effective 1/10/2024
    July 30, 2024   Notes Bill
    TDS applicable on interest over Rs. 10,000 from FRSB 2020 & specified securities from Oct 1, 2024 as per Income Tax Act Sec 193 amendment.
    July 30, 2024   Notes Bill
    Income Tax Act amended to disallow inadmissible expenses for life insurers' profits from Apr'25. Actuarial surplus to include such expenses.
    July 30, 2024   Notes Bill
    Amendment widens tax base, deems foreign taxes withheld as income to curb double deduction & tax avoidance. Effective 1st April 2025.
    July 30, 2024   Notes Bill
    Amendment excludes sums paid u/s 194J from TDS u/s 194C for professional/technical services. Deduct tax u/s 194J instead of 194C. Effective 10/1/2024.
    July 28, 2024   Notes Bill
    Disallowing deduction for settlement amounts paid for contraventions as business expenses to widen tax base & promote anti-avoidance.
    July 28, 2024   Notes Bill
    Amendment to Income Tax Act clarifies cost calculation for equity shares in OFS during IPO, using 2017-18 Cost Inflation Index.

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      Home› Highlights › Bill › 2025 › February, 2025 › This
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      Bill

      Clause 19 of Income Tax Bill, 2025 restructures salary...

      New Income Tax Bill Proposes Two-Tier Standard Deduction System and Streamlined Salary Benefits Under Clause 19

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      Bill February 28, 2025Notes
      Clause 19 of Income Tax Bill, 2025 restructures salary deductions by consolidating provisions from Sections 16 and 10 of Income Tax Act, 1961 into a comprehensive tabular format. Key modifications include a two-tier standard deduction (Rs. 75,000 for taxpayers under section 202(1) and Rs. 50,000 for others), streamlined gratuity provisions under Serial Numbers 3-6, and rationalized pension and leave salary provisions under Serial Numbers 7-9 and 13-14 respectively. The amendment simplifies Voluntary Retirement Scheme benefits with a Rs. 5,00,000 limit and consolidates retrenchment compensation provisions. This restructuring aims to enhance administrative efficiency, improve compliance, and reduce potential litigation through clearer computation methodologies and reduced cross-referencing requirements.
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