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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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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