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Overview of Tonnage Tax Scheme RegulationsSection 115VP of the Income-tax Act is critical for companies opting to calculate their income under Chapter XII-G of the tonnage tax scheme. To qualify, enti...

Introduction of Amendments in Finance Bill 2025The Finance Bill 2025 proposes important amendments that abolish the expiry date for the introduction of faceless schemes as outlined in sections 92CA, 1...

Overview of Section 270AA Tax ImmunitySection 270AA of the Income-tax Act empowers assessees to apply for immunity from penalties and prosecution under specific conditions. As it stands, the Assessing...

1. Introduction to Perquisite DefinitionsAccording to Section 17 of the Income-tax Act, perquisites refer to advantages provided by employers to their employees. Presently, benefits like complimentary...

Overview of NPS Vatsalya SchemeThe National Pension Scheme (NPS) Vatsalya Scheme, introduced on September 18, 2024, enables parents or guardians to establish NPS accounts for their children. This init...

The Budget for 2025 brings forth noteworthy revisions to the CGST Act, 2017. Among these, the definition of Input Service Distributor (ISD) under Section 2(61) has been modified to facilitate the dist...

Objective of AmendmentsThe Finance Bill 2025 introduces modifications to clarify the start and end dates for periods during which court orders stay income tax proceedings. Presently, Sections 144BA, 1...

Overview of Section 194HSection 194H of the Income-tax Act mandates that any entity, except individuals or Hindu undivided families (HUFs), disbursing commission or brokerage to a resident must deduct...

Overview of Section 194GSection 194G of the Income-tax Act necessitates that individuals or entities responsible for disbursing income by way of commission, remuneration, or prizes associated with the...

The Finance Bill of 2025 brings forth significant modifications to the block assessment provisions found in Chapter XIV-B of the Income-tax Act, 1961, which pertains to search and requisition cases. T...

1. Introduction to Section 270AASection 270AA of the Income-tax Act, 1961 grants exemption from penalties and legal proceedings if specific criteria are satisfied. An assessee must file for this exemp...

Overview of Changes in Penalty ImpositionWith the introduction of the Finance Bill 2025, a significant change has been made in the way penalties are imposed under sections 271C, 271CA, 271D, 271DA, 27...

Amended Penalty Provisions for Searches Post-September 2024The Finance Bill 2025 introduces significant changes to the penalty framework under Section 271AAB of the Income-tax Act, 1961. Historically,...

Overview of Section 276BBSection 276BB of the Income-tax Act, 1961, addresses the legal action for those who fail to remit Tax Collected at Source (TCS) to the Central Government. The Finance Bill 202...

Changes Introduced by the Finance Bill 2025 in Self-Occupied Property TaxationThe Finance Bill of 2025 has introduced changes aimed at simplifying the taxation rules for self-occupied properties under...

Introduction:The provision in Section 139(8A) of the Income-tax Act allows assessees to submit an updated Income Tax Return (ITR) to declare unreported income beyond the deadline for revised returns....

Overview of Tonnage Tax Provisions(i) Eligibility for Tonnage Tax Scheme(a) As per Section 115VP of the Income-tax Act, shipping companies that meet certain criteria can apply for the tonnage tax regi...

1. Introduction to Budget 2025 AmendmentsThe Finance Bill of 2025 introduces a significant amendment concerning the timeline for issuing orders under the purview of Section 206C(7A) of the Income Tax...

Overview of Proposed ChangesThe Finance Bill of 2025 introduces revisions to Sections 72A and 72AA of the Income Tax Act, impacting the carry forward of losses during amalgamations or business reorgan...

Overview of Reporting MandatesFinance Bill 2025 brings in new duties for reporting transactions involving crypto-assets as per Section 285BAA of the Income Tax Act. Identified entities, referred to as...