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...
A parliamentary Select Committee reviewed the Income-Tax Bill, 2025, recommending multiple amendments to align definitions, clarify provisions, and ensure consistency with prior laws. Key suggestions included refining definitions of "capital asset," "infrastructure capital company," and "parent company"; clarifying deductions related to house property, scientific research, and employer pension contributions; and addressing ambiguities in carry forward of losses, tax rebates, and non-profit organization provisions. The Committee emphasized reinstating certain safeguards in anti-avoidance rules, expanding electronic payment acceptance to professionals, and specifying jurisdictional limits for evidence powers. It also proposed amendments to penalty discretion, valuation qualifications, and timelines for non-resident compliance. The Committee sought to remove inconsistencies with the repealed Income-tax Act, 1961, and recommended drafting corrections to enhance clarity, prevent litigation, and maintain fairness in tax administration. The report was presented to the Lok Sabha on July 21, 2025.
A parliamentary Select Committee reviewed the Income-Tax Bill, 2025, recommending multiple amendments to align definitions, clarify provisions, and ensure consistency with prior laws. Key suggestions included refining definitions of "capital asset," "infrastructure capital company," and "parent company"; clarifying deductions related to house property, scientific research, and employer pension contributions; and addressing ambiguities in carry forward of losses, tax rebates, and non-profit organization provisions. The Committee emphasized reinstating certain safeguards in anti-avoidance rules, expanding electronic payment acceptance to professionals, and specifying jurisdictional limits for evidence powers. It also proposed amendments to penalty discretion, valuation qualifications, and timelines for non-resident compliance. The Committee sought to remove inconsistencies with the repealed Income-tax Act, 1961, and recommended drafting corrections to enhance clarity, prevent litigation, and maintain fairness in tax administration. The report was presented to the Lok Sabha on July 21, 2025.
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