Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
The government notifies that a government-constituted trust established under an animal husbandry/dairying stimulus will be exempt from tax under the specified income provision of the Income-tax Act for guarantee fees from eligible lending institutions, mutual fund income, miscellaneous income, and interest from banks/financial institutions, subject to conditions: the trust must not engage in commercial activity, its activities and specified income must remain unchanged during the financial years, and it must file returns as required by the Act; the notification operates retrospectively for assessment year 2025-26 and applies through assessment year 2029-30.
The government notifies that a government-constituted trust established under an animal husbandry/dairying stimulus will be exempt from tax under the specified income provision of the Income-tax Act for guarantee fees from eligible lending institutions, mutual fund income, miscellaneous income, and interest from banks/financial institutions, subject to conditions: the trust must not engage in commercial activity, its activities and specified income must remain unchanged during the financial years, and it must file returns as required by the Act; the notification operates retrospectively for assessment year 2025-26 and applies through assessment year 2029-30.
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