The Finance Bill, 2025 introduces significant changes to Section 17 of the Income Tax Act, redefining the valuation and exemption criteria for perquisites. Below are the key amendments: The value of benefits or amenities provided free of cost or at a concessional rate to a Specified Employee is considered a perquisite. Who is a Specified…
Starting from April 1, 2025, the requirement under section 206C(1H) for sellers to collect tax at source (TCS) on the sale of specified goods exceeding Rs 50 lakhs will be discontinued. This change addresses concerns about the dual compliance burden, where sellers were required to ensure buyers deducted tax under section 194Q (TDS), leading to…
The Finance Bill, 2025 introduces Section 44BBD, a presumptive taxation scheme aimed at non-resident companies assisting with the setup or support of electronics manufacturing facilities in India. The key provisions are as follows: 1. Taxable Profits for Non-Residents 2. Presumptive Taxation Rate 3. Previous Tax Treatment 4. Objective of the New Scheme 5. Scope of…
To simplify compliance for smaller trusts, the government has proposed an amendment to Section 12AB of the Income Tax Act, extending the registration validity from 5 years to 10 years, subject to specific conditions. Eligibility Criteria Key Compliance Changes Renewal Process Effective Date These amendments will take effect from the 1st day of April, 2025.