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News Bills
Rationalisation of transfer pricing provisions for carrying out multi-year arm’s length price dete...
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Multi-year transfer pricing: one ALP can apply to consecutive years, with TPO validation and AO recomputation.
A voluntary multi-year transfer pricing option permits an ALP determined by the TPO for a transaction in a given previous year to apply to similar transactions in the immediately following consecutive years; the assessee must exercise a prescribed option, the TPO must validate it within a set period, and on validation the AO shall recompute total income for those years in conformity with the TPO's ALP while no fresh references for those transactions shall be permitted.
News Bills
Removal of higher TDS/TCS for non-filers of return of income
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Higher TDS/TCS for non-filers removed, easing withholding obligations and reducing verification and compliance burden for payors.
The proposal omits provisions imposing higher rates of deduction and collection for non-filers of income-tax returns, responding to stakeholder concerns that payors face difficulty verifying filing status and bear increased compliance and capital blockage; the amendment is intended to simplify withholding obligations and reduce verification burdens, effective from the first day of April, 2025.
News Bills
SOCIO ECONOMIC WELFARE MEASURES - Increase in the limits on the income of the employees for the purp...
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Perquisite income threshold increase: employer-provided amenities and foreign medical travel may be exempt from perquisite treatment.
Proposed amendment to section 17 would grant rulemaking power to increase the gross total income ceilings for treating employer-provided amenities and benefits as non-perquisites, and to raise the income limit excluding employer-funded foreign medical travel from perquisite treatment; the changes take effect from 1 April 2026 and apply to the subsequent assessment year.
News Bills
Deduction under section 80CCD for contributions made to NPS Vatsalya
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Deduction under Section 80CCD extended to NPS Vatsalya contributions, with withdrawal taxation and partial withdrawal exemption.
Parents or guardians may claim a statutory deduction for amounts paid into a minor's NPS Vatsalya account up to a prescribed ceiling. Amounts for which a deduction is allowed, including any accretions, will be taxed on withdrawal when deposits were made to a minor's account, whereas sums received on account closure due to the minor's death will not be treated as the parent's or guardian's income. Partial withdrawals for defined contingencies are excluded from the parent's or guardian's income to the extent they do not exceed a prescribed percentage of contributions and subject to regulatory conditions.
News Bills
Exemption to withdrawals by Individuals from National Savings Scheme from taxation
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Exemption for National Savings Scheme withdrawals: qualifying pre-1992 deposits and accrued interest by individuals are excluded from taxation.
Amendment to Section 80CCA exempts withdrawals by individuals of NSS deposits and accrued interest-limited to deposits made before 1 April 1992 for which a deduction was allowed-and applies to withdrawals made on or after 29 August 2024, with retrospective effect from that date.
News Bills
Annual value of the self-occupied property simplified
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Annual value of self-occupied property simplified, nil deemed where owner occupies or cannot occupy for any reason.
The annual value of a property used as the owner's residence shall be taken as nil if the owner occupies it for residence or cannot actually occupy it for any reason; the existing restriction limiting this benefit to a specified limited number of houses remains unchanged and the amendment applies prospectively under the Finance Bill.
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TAX ADMINISTRATION - Obligation to furnish information in respect of crypto-asset
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Obligation to furnish crypto-asset transaction information: reporting entities must file prescribed statements and correct defects promptly.
Proposed section 285BAA mandates that prescribed reporting entities furnish statements of crypto-asset transactions to the prescribed income-tax authority in prescribed form, manner and time, allows the authority to intimate defects and permit rectification within a prescribed period, treats unrectified defects as inaccurate information, enables issuance of notices to require late filers to submit statements, requires disclosure and correction of discovered inaccuracies, and empowers the Central Government to prescribe registration, information maintenance, and due diligence obligations for identification of crypto-asset users or owners; the virtual digital asset definition is also expanded to include crypto-assets relying on cryptographically secured distributed ledgers.
News Bills
Increasing time limit available to pass order under section 115VP
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Tonnage tax option timeframe extended - order window lengthened to quarter-end for new applications, easing verification.
The amendment extends the decision period for applications to opt into the tonnage tax scheme: where an application is received on or after 1 April 2025 the Joint Commissioner must pass the written order approving or rejecting the option before the expiry of three months from the end of the quarter in which the application was received, providing additional time for verification, inspections, and an opportunity of being heard.
News Bills
Excluding the period such as court stay etc. for calculating time limit to pass an order
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Limitation for deeming tax-collector default: exclusion of court stay periods aligns time-limit rules with reassessment principles.
The amendment makes the limitation period for deeming a person an assessee in default for failure to collect tax subject to exclusion of periods such as court stays by applying the exclusion and suspension principles of the general reassessment framework to that time limit; the change is to take effect from the first day of April, 2025.
News Bills
Exemption from prosecution for delayed payment of TCS in certain cases
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Exemption from prosecution for delayed TCS payment where remittance occurs by prescribed quarterly statement deadline.
Amendment provides that prosecution for failure to pay tax collected at source shall not be instituted if payment has been made to the Central Government on or before the time prescribed for filing the quarterly statement under the proviso to sub section (3) of the tax collected at source provision, thereby conditioning criminal liability on meeting the quarterly statement remittance deadline.
News Bills
Certain penalties to be imposed by the Assessing Officer
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Penalty authority of Assessing Officer expanded; prior Joint Commissioner approval required for penalties exceeding prescribed statutory limit.
Penalties under specified sections will be levied by the Assessing Officer instead of the Joint Commissioner, subject to the prior approval requirement where penalties exceed the statutory threshold in sub section (2) of section 274; a consequential amendment to clause (n) of sub section (1) of section 246A is proposed. Section 271BB, a penalty tied to an omitted parent provision, is proposed to be omitted. The amendments are to take effect from the first day of April following enactment.
News Bills
Removing date restrictions on framing the schemes in certain cases
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Faceless schemes notification: Government may issue ongoing directions allowing notifications beyond the prior cutoff to operationalise schemes.
The amendment removes the statutory end date for notifying faceless schemes so the Central Government may issue directions to notify and operationalise faceless procedures under the direct tax statute beyond the prior cut off, following prior extensions due to implementation challenges; the change takes effect from the first day of April after enactment.
News Bills
Extending the processing period of application seeking immunity from penalty and prosecution
Show AI Summary
Processing period for immunity applications extended to a longer disposal timeframe for Assessing Officers, effective from April.
The amendment extends the Assessing Officer's processing period for applications seeking immunity from penalty and prosecution from one month to three months measured from the end of the month in which the application is received. The current filing requirement that an application for immunity from penalty be made within one month from the end of the month in which the relevant order is received remains as stated. The amendment is proposed to take effect from the first day of April, 2025.
News Bills
Extending the time-limit to file the updated return
Show AI Summary
Updated return time-limit extended to encourage voluntary compliance, with higher additional tax rates for later filings.
Extension of the filing window for updated returns from two years to four years with a graded schedule of higher additional income-tax rates for filings after two, three, and up to four years; filing barred where a show-cause notice has been issued after thirty-six months, subject to an exception if a later determination finds the notice unwarranted. Effective 1 April 2025.
News Bills
Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI)
Show AI Summary
Tax exemption for SUUTI extended to March 31, 2027, barring income and related taxes on its receipts.
An amendment to sub section (1) of section 13 of the UTI Repeal Act, 2002 will provide that, notwithstanding the Income tax Act or any other enactment, no income tax or any other tax shall be payable by the Administrator in relation to the Specified Undertaking of Unit Trust of India for the period beginning on the appointed day and ending on the 31st day of March, 2027; the amendment takes effect from 1st April, 2025.
News Bills
AMENDMENTS TO THE CUSTOMS ACT, 1962
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Provisional assessment time-limit set with limited extension; voluntary post-clearance revision permitted; Interim Board to exercise Settlement Commission powers.
A definite time limit is imposed for provisional assessments under Section 18: finalisation within two years with a possible one year Commissioner extension and suspension grounds; Section 18A establishes voluntary post clearance revision treated as self assessment permitting duty payment or refund claims, with refund limitation of one year from payment and the relevant date for revised entry being the date of payment. Amendments also define an Interim Board and allocate Settlement Commission powers to it.
News Bills
AMENDMENTS TO THE CUSTOMS TARIFF ACT, 1975
Show AI Summary
Tariff rationalisation compresses rate slabs and reclassifies goods to improve identification and align with international nomenclature.
Amendments compress and lower multiple tariff slabs into streamlined rate bands and tariffise effective rates, and introduce new tariff lines and supplementary notes to improve goods identification and align classifications with WCO HS 2022; new lines include distinctions by process and variety for rice, makhana product categories, PCB/PCT/PBB concentration levels in waste oils, separate precious metal purity bands, and entries for dual-use chemicals and technical-grade pesticides, with changes effective from a designated future date.
News Bills
AMENDMENTS TO DUTY RATES IN FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975
Show AI Summary
Customs duty rate changes alter import tariffs across sectors, including immediate provisional increases and notified decreases.
Amendments to the First Schedule revise import duty rates by specifying targeted tariff increases (immediately by provisional declaration for selected textile and electronics items), extensive tariff decreases across diverse commodities (with later effective dates subject to notification), and numerical rate adjustments for raw materials, ores, metals and industrial inputs, including reductions to nil for specified waste, scrap and ores; provisions are structured by tariff item and rely on finance measure clauses and a provisional collection mechanism for implementation.
News Bills
OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS
Show AI Summary
Customs duty adjustments recalibrate import and export tariffs to incentivise specific sectors and inputs, changing duty rates broadly.
Proposed notifications adjust Basic Customs Duty and Export Duty effective 2 February 2025, reducing or nil rating duties on specified aquafarming inputs, wet blue leather, metal waste and lithium ion battery scrap, and numerous electronics inputs and parts; add exempted capital goods for lithium ion battery manufacture for EVs and mobile phones; and amend duty rates for motor vehicles, motorcycles and toy components to recalibrate import protection and incentivise manufacturing and exports.
News Bills
AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC)
Show AI Summary
Agriculture Infrastructure and Development Cess revised to impose differentiated import cess rates on specified goods, altering tariff-stage duties.
Notification No. 11/2021 - Customs is amended to revise the Agriculture Infrastructure and Development Cess (AIDC) rates on specified imported goods effective 02.02.2025, introducing differentiated cess where previously nil across categories including stone, footwear, motor vehicles (with special entries for concessional imports and used vehicles), solar cells and modules, PVC flex materials, electronics and parts, furniture, lighting, smart meters, yachts, bicycles, candles, platinum findings and certain laboratory chemicals.

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Period of registration of smaller trusts or institutions

1 February, 2025

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Union Budget 2025-26 (Full) + Finance Bill, 2025

III. Period of registration of smaller trusts or institutions

Section 12AB provides registration of trust or institution for a period of 5 years or provisional registration (where activities have not commenced at the time of filing application for registration) for a period of 3 years. At the expiry of such registration or provisional registration, or in case of provisional registration, if the activities of the trust or institution have commenced, the trust or institution is required to make application for further registration.

2. It has been noted that applying for registration after every 5 years, increases the compliance burden for trusts or institutions, especially for the smaller trusts or institutions.

3. To reduce the compliance burden for the smaller trusts or institutions, it is proposed to increase the period of validity of registration of trust or institution from 5 years to 10 years, in cases where the trust or institution made an application under sub-clause (i) to (v) of the clause (ac) of sub-section (1) of section 12A, and the total income of such trust or institution, without giving effect to the provisions of sections 11 and 12, does not exceed Rs. 5 crores during each of the two previous year, preceding to the previous year in which such application is made.

4. These amendments will take effect from the 1st day of April, 2025.

[Clause 7]

 

Full Text:

Union Budget 2025-26 (Full) + Finance Bill, 2025

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Acts Income Tax
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