Transfer-pricing treatment of ITeS margins excludes pass-through tax recoveries and separate delayed-receivables interest after working-capital adjust...
Capacity-utilisation adjustments under TNMM can neutralise substantiated COVID-related idle costs where underutilisation materially affects profitabil...
TNMM functional comparability requires excluding rice manufacturers from a pure Basmati rice trader's benchmark and recognising operating export recei...
Working-capital adjustment subsumes delayed-receivable effects in TNMM benchmarking of captive software-development services, avoiding separate notion...
Transfer-pricing comparability requires exclusion of financially illogical super-profit comparables and correction of unsupported annual-report and ma...
Charitable character assessment preserves Section 80G approval despite inclusive spiritual teachings and incidental religious expenditure within the s...
Penalty proceedings for cash-loan acceptance require assessment proceedings and recorded Assessing Officer satisfaction; absent these, the proceedings...
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A parliamentary select committee has completed its review of a new Income Tax Bill, 2025, intended to replace the existing Income Tax Act of 1961. The committee, comprising 31 members, submitted a report with 285 recommendations, which will be tabled in the Lok Sabha for further consideration. The new legislation significantly simplifies the tax code by reducing the number of sections from 819 to 536 and chapters from 47 to 23, while also cutting the word count by nearly half. It introduces clearer provisions, including the removal of the "previous year" and "assessment year" concepts, replacing them with a single "tax year." The Bill aims to minimize litigation and enhance tax certainty through streamlined language and format changes, such as tabular presentations of exemptions and TDS/TCS rules. The parliamentary session to discuss the Bill is scheduled from July 21 to August 21, 2025.
A parliamentary select committee has completed its review of a new Income Tax Bill, 2025, intended to replace the existing Income Tax Act of 1961. The committee, comprising 31 members, submitted a report with 285 recommendations, which will be tabled in the Lok Sabha for further consideration. The new legislation significantly simplifies the tax code by reducing the number of sections from 819 to 536 and chapters from 47 to 23, while also cutting the word count by nearly half. It introduces clearer provisions, including the removal of the "previous year" and "assessment year" concepts, replacing them with a single "tax year." The Bill aims to minimize litigation and enhance tax certainty through streamlined language and format changes, such as tabular presentations of exemptions and TDS/TCS rules. The parliamentary session to discuss the Bill is scheduled from July 21 to August 21, 2025.
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