Income Tax Act amended to disallow inadmissible expenses for life insurers' profits from Apr'25. Actuarial surplus to include such expenses.

Amendment widens tax base, deems foreign taxes withheld as income to curb double deduction & tax avoidance. Effective 1st April 2025.

Amendment excludes sums paid u/s 194J from TDS u/s 194C for professional/technical services. Deduct tax u/s 194J instead of 194C. Effective 10/1/2024.

Disallowing deduction for settlement amounts paid for contraventions as business expenses to widen tax base & promote anti-avoidance.

Amendment to Income Tax Act clarifies cost calculation for equity shares in OFS during IPO, using 2017-18 Cost Inflation Index.

Budget: Introducing Direct Tax Vivad se Vishwas Scheme 2024 for settling tax disputes, reducing litigation cost-effectively.

2% equalisation levy on e-commerce operators' consideration ends 1/8/2024. E-commerce income from 1/4/2020-31/7/2024 tax-exempt.

Budget: No penalties for not disclosing foreign assets (excl. property) up to Rs. 20L in ITRs. Effective 1st Oct 2024. :

Budget: No prosecution for TDS non-payment if paid by statement filing due date. Decriminalizes offence from Oct 2024.

Income Tax Act Amendments: Six-Year Limit on Orders for Assessee Default u/ss 201 & 206C Effective April 2025.

Budget: Income Tax Act amended to process statements like Form 26QF from entities other than deductors. Scheme to be formulated by Board.

Budget: Proposed amendments to sections 197, 194Q, 206C(9), and 206C(1H) aim to ease business & reduce compliance burden for large transactions. :

Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '...

Budget: TDS/TCS correction statements restricted after 6 years from original filing year. Aimed at certainty & curbing misuse. Effective Apr 1, 2025.

Budget: No penalty if TDS/TCS paid with fees & interest within 1 month of due date, not 1 year. Better compliance from 1/4/2025.

Budget: Non-resident liaison offices in India must file annual statements or face penalties up to Rs. 1 lakh after 3 months. Effective 01/04/2025.

Budget: TPO can determine arm's length price for unreported domestic transactions. Sections 92CA amended to enable this from AY 2025-26.

Budget: Quoting Aadhaar Enrolment ID for PAN/ITR discontinued from Oct 1, 2024. Provide Aadhaar number to avoid PAN duplication/misuse.

Budget: Pending applications before BAR can be withdrawn by Oct 31, 2024, if no order passed. BAR may reject by Dec 31, 2024. Effective Oct 1, 2024.

Budget: If taxpayer unresponsive, Commissioner can set aside assessment order for fresh assessment. Time limit for disposal of such cases amended.