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...
Parliament has enacted a new Income Tax Bill, 2025, to replace the Income Tax Act of 1961, effective April 1, 2026. The new legislation does not alter tax rates but simplifies and modernizes the law by reducing sections from 819 to 536 and chapters from 47 to 23, while cutting the word count by nearly half. It introduces tables and formulas to enhance clarity and ease of understanding. The bill aims to streamline tax administration without increasing tax burdens. Alongside, the Taxation Laws (Amendment) Bill, 2025, was passed, amending provisions related to block assessments and extending tax benefits to certain foreign public investment funds. The government is preparing supplementary materials and rules to support implementation, and the income tax department will update its systems accordingly. The new law reflects a significant overhaul intended to improve taxpayer comprehension and compliance.
Parliament has enacted a new Income Tax Bill, 2025, to replace the Income Tax Act of 1961, effective April 1, 2026. The new legislation does not alter tax rates but simplifies and modernizes the law by reducing sections from 819 to 536 and chapters from 47 to 23, while cutting the word count by nearly half. It introduces tables and formulas to enhance clarity and ease of understanding. The bill aims to streamline tax administration without increasing tax burdens. Alongside, the Taxation Laws (Amendment) Bill, 2025, was passed, amending provisions related to block assessments and extending tax benefits to certain foreign public investment funds. The government is preparing supplementary materials and rules to support implementation, and the income tax department will update its systems accordingly. The new law reflects a significant overhaul intended to improve taxpayer comprehension and compliance.
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