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    Section 194-IB - Payment of rent by certain individuals or HUF (Rationalisation and Simplification o...
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    NewsBills
    Section 194-IB - Payment of rent by certain individuals or HUF (Rationalisation and Simplification o...
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    TDS on rent reduced for individuals and HUFs, lowering withholding obligations for specified high-value rent payments.
    Section 194-IB presently obliges individuals and Hindu undivided families (except those excluded by the second proviso to section 194-I) paying rent above the monthly threshold to deduct tax at source; the Finance Bill amends the provision to reduce the TDS rate from five percent to two percent, with the amendment operative from 1 October 2024.
    NewsBills
    Section 194M - Payment of certain sums by certain individuals or Hindu undivided family (Rationalisa...
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    TDS on payments for work, commission and professional fees reduced to a lower withholding rate, effective from October.
    Section 194M requires individuals and Hindu undivided families (except those already required to deduct under related contractor, commission or professional service provisions) to deduct tax at the earlier of credit or payment on sums for carrying out work (including supply of labour), commission or brokerage (excluding insurance commission), and fees for professional services. The Finance Bill proposes to reduce the prescribed withholding rate under Section 194M, with the amendment effective from 1 October 2024 as Clause 60.
    NewsBills
    Section 194-O - Payment of certain sums by e-commerce operator to e-commerce participant (Rationalis...
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    TDS on e-commerce transactions reduced to align with offline parity under the Finance Bill amendment.
    Section 194-O obliges an e-commerce operator to deduct tax at source on the gross amount of sales or services when that amount is credited to an e-commerce participant's account or paid, whichever is earlier. The Finance Bill proposes reducing the operator's TDS rate to achieve parity with lower rates applicable to comparable offline provisions, with an effective date specified in the Bill.
    NewsBills
    Section 194F - TDS on payments on repurchase of units by mutual fund or UTI (Rationalisation and Sim...
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    TDS on mutual fund unit repurchase proposed to be omitted under section 194F, simplifying taxation of capital gains.
    Proposal deletes section 194F, removing the TDS obligation on payments for repurchase of units by mutual funds and UTI as part of capital gains tax rationalisation; the amendment takes effect from the first day of October under the Finance (No.2) Bill, 2024 (Clause 55).
    NewsBills
    Ease in claiming credit for TCS collected/TDS deducted by salaried employees
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    Tax credit for collected or deducted tax: salaried employees may use such credits to reduce salary TDS, easing compliance.
    Amendment modifies the rule for computing tax to be deducted from salary so that any tax deducted or collected under the statutory collection-at-source and related withholding regimes is taken into account when determining salary tax deduction, thereby reducing cash-flow impacts on employees and the need to claim refunds; effective from 1 October 2024.
    NewsBills
    Alignment of interest rates for late payment to Government account of TCS
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    Interest on TCS increased to align with TDS parity, raising monthly simple interest for late remittance to government account.
    The Bill amends section 206C(7) to increase the simple interest rate for failure to remit tax collected at source from one percent to one and one-half percent per month or part thereof, calculated from the date of collection until actual payment to the Government; the amendment is prospective and effective from 1 April 2025.
    NewsBills
    Increase in limit of remuneration to working partners of a firm allowed as deduction
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    Remuneration limit for working partners raised, permitting higher deductible partner compensation starting in the next assessment year.
    The Finance Bill raises the allowable deduction threshold for remuneration to working partners under section 40(b)(v), preserving the two-tier structure that gives a more favourable limit on the initial portion of book-profit and a lower ceiling on the balance. The amendment takes effect from 1 April 2025 and applies to assessment year 2025-26 and subsequent years, with deductions permitted only where remuneration is authorised by and accords with the partnership deed.
    NewsBills
    Claiming credit for TCS of minor in the hands of parent
    Show AI Summary
    TCS credit for minor's income: parents may claim tax collected where the minor's income is clubbed with the parent.
    Proposal empowers the Board to notify rules permitting allocation of tax collected at source to persons other than the collectee, addressing cases where tax is collected in a minor's name. Credit of a minor's TCS is allowed only when the minor's income is included in the parent's total income under the income clubbing rule, thereby conditioning credit on that inclusion and providing safeguards against misuse.
    NewsBills
    Tax on distributed income of domestic company for buy-back of shares (WIDENING AND DEEPENING OF TAX ...
    Show AI Summary
    Taxation of buy-back proceeds treated as deemed dividend, with capital loss carry-forward to offset future gains.
    Sums paid by a domestic company for purchase of its own shares are proposed to be treated as deemed dividend taxable in the hands of recipient shareholders at applicable rates with no expense deductions; concurrently, the extinguished shares will generate a capital loss (consideration deemed nil less cost of acquisition) which may be carried forward and set off against future capital gains on remaining or subsequently sold shares, preserving the shareholder's original cost of acquisition for later capital gains computation.
    NewsBills
    Revision of rates of securities transaction tax by amendment to the Finance (No.2) Act, 2004 (WIDENI...
    Show AI Summary
    Securities Transaction Tax increase expands levy on options and futures, broadening the taxable derivative market from the Bill's commencement.
    The Finance (No.2) Act, 2004 is amended to increase Securities Transaction Tax rates: the levy on sale of an option in securities is increased to a higher rate of the option premium and the levy on sale of a futures in securities is increased to a higher rate of the traded futures price. Recognised stock exchanges, specified funds, insurers and lead merchant bankers remain responsible for collecting STT and remitting it to the Central Government within the prescribed monthly timeline. The amendment responds to the growth of derivative trading and is set to commence on the Bill's stated future effective date.
    NewsBills
    Reporting of income from letting out of house property under ‘Income from House Property’ (WIDEN...
    Show AI Summary
    Income from house property: rental receipts must be reported under that head, not as business income, tightening tax base.
    Amendment clarifies that income from letting out a residential house or part thereof shall be chargeable under Income from House Property and not under Profits and Gains of Business or Profession, to prevent misclassification of rental receipts and tighten the tax base.
    NewsBills
    Amendment of section 47 (WIDENING AND DEEPENING OF TAX BASE AND ANTI-AVOIDANCE)
    Show AI Summary
    Gift transfers of capital assets now exempt only when made by individuals or Hindu undivided families, narrowing the prior exclusion.
    The amendment restricts the exclusion from capital gains chargeability for transfers by gift, will or irrevocable trust so that it applies only where the transferor is an individual or a Hindu undivided family, thereby preventing use of gift transfers by companies to avoid capital gains tax and aligning the non-recognition rule with fair market value anti-avoidance provisions; the substitution applies prospectively to the announced assessment year and subsequent years.
    NewsBills
    TDS on payment of salary, remuneration, interest, bonus or commission by partnership firm to partner...
    Show AI Summary
    TDS on partner payments introduced: firms must deduct on salary, remuneration, interest and commissions paid to partners.
    A new provision imposes TDS on partnership firms for payments to partners - salary, remuneration, commission, bonus and interest - including amounts credited to capital accounts, where aggregate payments to a partner in a financial year exceed a specified threshold; the applicable rate is ten percent and the provision takes effect from the commencement of the stated financial year.
    NewsBills
    TCS under sub-section (1F) of section 206C on notified goods (WIDENING AND DEEPENING OF TAX BASE AND...
    Show AI Summary
    Tax collection at source on luxury goods expanded to cover notified high-value goods, enhancing tracking and widening the tax base.
    Amendment expands the Tax Collection at Source provision that applies to high-value motor vehicle sales to include other notified high-value luxury goods; sellers must collect TCS from buyers on notified goods exceeding the prescribed value threshold at the rate specified by law, to enhance tracking of luxury expenditure and to widen and deepen the tax base, effective from 1 January 2025.
    NewsBills
    Amendment of provisions of TDS on sale of immovable property (WIDENING AND DEEPENING OF TAX BASE AND...
    Show AI Summary
    TDS on immovable property transfers: aggregate consideration across parties triggers deduction, curbing avoidance by splitting payments.
    Amendment clarifies that for deduction under section 194-IA the consideration, and thus the threshold exemption and deduction obligation, is the aggregate amount paid or payable where more than one transferor or transferee is involved, countering treatment of individual buyer payments in isolation and addressing related tax avoidance.
    NewsBills
    Tax Deduction at source on Floating Rate Savings (Taxable) Bonds (FRSB) 2020 (WIDENING AND DEEPENING...
    Show AI Summary
    Tax deduction at source on interest payments for floating rate savings bonds now applies, expanding the tax base and anti-avoidance.
    Amendment to Section 193 mandates deduction of tax at source at the time of payment of interest to residents where interest exceeds the prescribed threshold, specifically covering Floating Rate Savings (Taxable) Bonds (FRSB) 2020 and any Central or State Government security as may be specified by the Central Government; the amendment is effective from 1 October 2024.
    NewsBills
    Preventing misuse of deductions of expenses claimed by life insurance business (WIDENING AND DEEPENI...
    Show AI Summary
    Non admissible business expenses: added back to life insurance profits, tightening deductions from assessment year 2025-26.
    Amendment to Rule 2 of the First Schedule mandates that any expenditure not admissible under section 37 shall be included (added back) to the profits and gains of life insurance business, supplementing the actuarial surplus based computation and preventing misuse of deductions. The change takes effect from 1 April 2025 and applies from assessment year 2025 26.
    NewsBills
    Inclusion of taxes withheld outside India for purposes of calculating total income (WIDENING AND DEE...
    Show AI Summary
    Inclusion of foreign tax withheld amounts as deemed income to align income computation with foreign tax credit claims.
    Proposed amendment deems amounts deducted under Chapter XVII-B and income tax paid outside India by way of deduction, where credit is allowed against tax payable under the Act, to be income received for computing an assessee's total income, preventing under reporting and double benefit from foreign tax credits.
    NewsBills
    Excluding sums paid under section 194J from section 194C (Payments to Contractors) (WIDENING AND DEE...
    Show AI Summary
    Exclusion of professional fees from contractor TDS rules clarifies which payments require withholding under professional services provisions.
    The amendment expressly excludes sums covered by section 194J from the definition of "work" in the Explanation to section 194C, removing overlap where payments for professional or technical services could otherwise be taxed as contractor payments; the change is framed as an anti avoidance clarification and takes effect from 1st October 2024.
    NewsBills
    Disallowance of settlement amounts being paid to settle contraventions (WIDENING AND DEEPENING OF TA...
    Show AI Summary
    Deductibility of settlement payments excluded, preventing business expense claims for amounts paid to settle contraventions under notified laws.
    The amendment clarifies that expenditure incurred to settle proceedings relating to a contravention under any law, as notified by the Central Government, falls within the definition of expenditure "for any purpose which is an offence or which is prohibited by law" and therefore shall not be allowable as a deduction for business or profession.

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      Bills

      SOCIAL WELFARE SURCHARGE (SWS)

      1 February, 2025

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

      VI. SOCIAL WELFARE SURCHARGE (SWS)

      AMENDMENT TO NOTIFICATION NO. 11/2018 – CUSTOMS, DATED 02.02.2018 (w.e.f. 02.02.2025)

      S. No.

      Description

       

      Following goods are being exempted from levy of Social Welfare Surcharge

      1.

      Candles, tapers and the like

      2.

       PVC Flex Films including Flex Banner and PVC flex Sheets under headings 3920 or 3921

      3.

      Solar Cells

      4.

      Yachts and other vessels for pleasure of sports

      5.

      Electricity meters for alternating current (Smart meter)

      6.

      Seats (other than those of headings 9402), whether or not convertible into beds, and parts thereof

      7.

      Other furniture and parts thereof

      8.

      Mattress supports, articles of bedding and similar furnishing etc.

      9.

      Luminaries and lighting fittings including searchlights and spotlights and parts thereof etc.

      10.

      Parts of electronic toys

      11.

      Articles of gold/silver imported vide S. No. 356 and 357 of Notification No. 50/2017- customs dated 30.06.2017

      12.

      Waterproof Footwear with outer soles and Uppers of Rubber or Plastics

      13.

      Other Footwear with Outer Soles and Uppers of Rubber or Plastics

      14.

      Footwear with Outer Soles of Rubber, Plastics, Leather or Composition Leather and Uppers of Leather

      15.

      Footwear with Outer Soles of Rubber, Plastics, Leather or Composition Leather and Uppers of Textile Materials

      16.

      Other Footwear

      17.

      All dutiable goods imported for personal use and not exempted under any prohibition in respect of imports thereof under the Foreign Trade (Development and Regulations) (FTDR) Act, 1992.

      18.

      Solar Module and Other semiconductor devices and photovoltaic cells

      19.

      Motor vehicles for transport of 10 or more persons

      20.

      Motor vehicles for transport of goods

      21.

      Motor cars and other motor vehicles principally designed for the transport of persons in other than Completely Built Form with CIF value exceeding USD 40,000

      22.

      Motor cars and other motor vehicles which have been registered abroad before import into India i.e. Used Vehicles

      23.

      Used motorcycles and cycles fitted with an auxiliary motor with or without side-car

      24.

      Laboratory Chemicals under CTH 9802 00 00 (other than those attracting 10% BCD for specified end use)

      25.

      Dutiable articles imported by passenger or member of crew in his baggage classified under heading 9803

       

      Full Text:

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

      Topics

      ActsIncome Tax
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