Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
The government withdrew the Income Tax Bill, 2025, in the Lok Sabha to introduce an updated version on August 11, incorporating most recommendations from the Select Committee. The Select Committee reviewed the Bill, which aims to replace the Income Tax Act of 1961, and suggested changes including maintaining tax exemptions on anonymous donations to purely religious trusts while taxing such donations to trusts with additional charitable activities. It also recommended allowing taxpayers to claim TDS refunds after the ITR filing deadline without penalties. The revised Bill seeks to clarify and consolidate these changes to avoid confusion from multiple versions.
The government withdrew the Income Tax Bill, 2025, in the Lok Sabha to introduce an updated version on August 11, incorporating most recommendations from the Select Committee. The Select Committee reviewed the Bill, which aims to replace the Income Tax Act of 1961, and suggested changes including maintaining tax exemptions on anonymous donations to purely religious trusts while taxing such donations to trusts with additional charitable activities. It also recommended allowing taxpayers to claim TDS refunds after the ITR filing deadline without penalties. The revised Bill seeks to clarify and consolidate these changes to avoid confusion from multiple versions.
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