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New Income Tax Bill - Union Budget + Finance Bill, 2025

Highlights Highlights, Income Tax, GST, Import Eport and Corporate Laws

SEBI Launches MITRA Platform to Help Investors Track Inactive Mutual Fund Folios Over 10 Years Old
February 13, 2025   Circulars     SEBI

DGFT Makes Digital Filing Mandatory for Show Cause Notices, Appeals and Penalties Under Foreign Trade Act 1992
February 13, 2025   Circulars     DGFT

Insolvency Professionals Must Register All Current and New Appointments Through Electronic Portal Within Specified Deadlines
February 13, 2025   Circulars     IBC

Input Tax Credit Denied After Dealer Failed to Prove Genuine Purchases and Transport of Copper Materials Under KVAT Act
February 13, 2025   Case Laws     VAT / Sales Tax

Sponge Iron Production Case: Revenue's Theoretical Input-Output Ratio Claims Rejected Due to Lack of Evidence
February 13, 2025   Case Laws     Central Excise

Manufacturer Wins Appeal: Technical Specifications Provided Pre-Contract Not Includable in Excise Duty Assessable Value Under Section 4(1)(b)
February 13, 2025   Case Laws     Central Excise

Service Tax Not Applicable on Lottery Sales Between States and Distributors Under Entry 62-List II Seventh Schedule
February 13, 2025   Case Laws     Service Tax

Money Laundering Case: Bail Denied Under PMLA Section 45 as Accused Fails Twin Conditions in Liquor Syndicate Matter
February 13, 2025   Case Laws     Money Laundering

Customs Broker Penalized for Misdeclared Clothing Import Without Authorization Under Section 112(a)(i) of Customs Act
February 13, 2025   Case Laws     Customs

Worn Gold Jewelry Not 'Baggage' Under Section 79 - Customs Officers Cannot Detain Personal Ornaments Worn By Travelers
February 13, 2025   Case Laws     Customs

Agricultural Land Sale Exemption Under Section 54B Granted After Proving Cultivation History and Proper Reinvestment
February 13, 2025   Case Laws     Income Tax

Pen Drive Evidence Valid, Cash Receipt Rates Modified, R D Deductions Under Section 35(2AB) Partially Allowed
February 13, 2025   Case Laws     Income Tax

Taxpayer's Section 80JJAA Deduction Claim in Revised Return Valid if Form 10DA Filed During Assessment Proceedings
February 13, 2025   Case Laws     Income Tax

Reassessment Order Under Section 148A(d) Invalid Due to Wrong Authority's Approval for Beyond 3-Year Cases
February 13, 2025   Case Laws     Income Tax

Income Tax Reassessment Notice Under Section 147/148 Quashed Due To Prior Full Disclosure Of Interest-Free Group Loans
February 13, 2025   Case Laws     Income Tax

Tax Authority's Pre-Resolution Period Refund Adjustment Valid; Resolution Applicant Cannot Claim AY 2010-11 Tax Returns
February 13, 2025   Case Laws     Income Tax

Transfer Pricing Adjustments Deleted: Expat Salary Reimbursements and Royalty Payments Found Valid Under ALP Analysis
February 13, 2025   Case Laws     Income Tax

Time Limits Under Section 144C(13) Are Mandatory: AO Must Complete Assessment Within One Month of DRP Directions
February 13, 2025   Case Laws     Income Tax

Employers Can Claim GST Refund on Notice Pay Recovery Within Two Years of Circular 178/10/2022 Under Section 54
February 13, 2025   Case Laws     GST

Input Tax Credit Utilization From Different GST Heads Not Wrongful Under Section 16(2)(c), Orders Fresh Assessment
February 13, 2025   Case Laws     GST

Input Tax Credit Denied: Taxpayers Failed to Prove Actual Receipt of Goods Under GST Section 16(2)(b)
February 13, 2025   Case Laws     GST

Bank Accounts Remain Frozen After Evidence Shows Rs.12.33 Crore GST Fraud Through Fake Bills Under Section 83
February 13, 2025   Case Laws     GST

Registration Under GST Cannot Be Denied Based On Applicant's Non-Residency Status, Constitutional Right To Trade Must Be Protected
February 13, 2025   Case Laws     GST

GST Reassessment Challenge Fails as Section 107A Appeal Provides Adequate Remedy; 30 Days Given for Statutory Appeal
February 13, 2025   Case Laws     GST

Sales Tax Exemption Under Package Scheme Upheld: Forms 'C' 'D' Not Required for Pre-2002 Interstate Sales Under Section 8(5)
February 13, 2025   Case Laws     VAT / Sales Tax

More Highlights

Articles Articles, Tax Laws, GST

Short Notes Short Notes

Rates of income-tax in respect of income liable to tax for the assessment year 2025-26.
Tax rates under Part I of the First Schedule applicable for the assessment year 2025-26
Co-operative Societies - Tax Rates For the assessment year 2025-26
Firms - Tax Rates For the assessment year 2025-26
Local authorities - Tax Rates For the assessment year 2025-26
Companies - Tax Rates For the assessment year 2025-26
Rates for deduction of income-tax at source during the financial year (FY) 2025-26 from certain incomes other than "Salaries".
Rates for deduction of income-tax at source from "Salaries", computation of "advance tax" and charging of income-tax in special cases during the FY 2025-26 (Assessment Year 2026-27)
Individual, HUF, association of persons, body of individuals, artificial juridical person. - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).
Co-operative Societies - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).
Firms - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).
Local authorities - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).
Companies - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).
Rebate under section 87A
Incentives to International Financial Services Centre
Extension of sunset dates for several tax concessions pertaining to IFSC
Exemption on life insurance policy from IFSC Insurance offices
Exemption to capital gains and dividend for ship leasing units in IFSC
Rationalisation of definition of 'dividend' for treasury centres in IFSC
Simplified regime for fund managers based in IFSC
Amendment of Section 10 related to Exempt income of Non-Residents
Inclusion of retail schemes and Exchange Traded Funds (ETFs) in the existing relocation regime of funds of IFSCA
Extension of date of making investment by Sovereign Wealth Funds, Pension Funds & others and rationalisation of tax exemptions
Scheme of presumptive taxation extended for non-resident providing services for electronics manufacturing facility
Extension of benefits of tonnage tax scheme to inland vessels

More Notes

Notifications Notifications

Co. Law

- Companies (Prospectus and Allotment of Securities) Amendment Rules, 2025
February 12, 2025

IT

- Exemption from specified income U/s 10(46A) of IT Act 1961 – Real Estate Regulatory Authority, Punjab
February 12, 2025

CGST

- Seeks to bring in force provisions of various rule of Central Goods and Services Tax (Amendment) Rules, 2024
February 11, 2025

SEBI

- Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025.
February 10, 2025

FTP

- Amendment in Export Policy of Raw Human Hair
February 10, 2025

IT

- Central Government approves ‘Bhaikaka University’ Anand, Gujarat for ‘Scientific Research’ under the category of ‘University, college or other institution’ for the purposes of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961
February 10, 2025

SEZ

- The Central Government has granted approval for the amalgamation of Special Economic Zones into one Multi-Sector Special Economic Zone, spanning 246.333 hectares. The zone is being developed by M/s. Mahindra World City Developers Limited and is situated in Chenglepet Taluk, Kancheepuram District, Tamil Nadu.
February 7, 2025

FTP

- Amendment in Import Policy condition no. 1(III) under Chapter 87 of ITC (HS), 2022, Schedule —I (Import Policy)
February 7, 2025

IT

- Income-tax (Fourth Amendment) Rules, 2025. - Furnishing of Annual Statement by a non-resident having Liaison Office in India
February 7, 2025

IT

- Income-tax (Third Amendment) Rules, 2025 - Amends Rule 2F - Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10.
February 7, 2025

Cus (NT)

- Seeks to amend Notification No. 61/94-Customs (N.T.) dated the 21st November, 1994 - Customs airports — Appointment for specified purposes
February 7, 2025

SEBI

- Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Amendment) Regulations, 2025
February 6, 2025

SEBI

- Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2025
February 6, 2025

SEBI

- Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2025
February 6, 2025

FTP

- Export of Broken Rice to Senegal through National Cooperative Exports Limited (NCEL)
February 6, 2025

More Notifications

Circulars/ Public Notices Circulars/ Public Notices

FEMA

- Import Bank of India’s GOI-supported Line of Credit of USD 120 mn to the Government of the Socialist Republic of Vietnam (GO-VNM) for procurement of High-Speed Guard Boats in the Borrower’s Country
February 13, 2025

FEMA

- Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country
February 13, 2025

DGFT

- Procedure for filing application for allocation of Tariff Rate Quota (TRQ) of Gold Bullion under India-UAE CEPA for FY 2025-26
February 12, 2025

SEBI

- Service platform for investors to trace inactive and unclaimed Mutual Fund folios- MITRA (Mutual Fund Investment Tracing and Retrieval Assistant)
February 12, 2025

DGFT

- Procedure for Allocation of Quantities for import of Calcined Petroleum Coke for Aluminium Industry and Raw Petroleum Coke for CPC manufacturing industry, for the Financial Year 2025-26
February 12, 2025

DGFT

- Mandatory online submission and online payments against Show Cause Notices and other proceedings under provisions of the FTD & R Act
February 11, 2025

DGFT

- Seeking details of manually issued Certificates of Origin in contravention of DGFT guidelines
February 11, 2025

SEBI

- Facilitation to SEBI registered Stock Brokers to access Negotiated Dealing System-Order Matching (NDS-OM) for trading in Government Securities- Separate Business Units (SBU)
February 11, 2025

IBC

- Intimation to the Board on the appointment of insolvency professional under various processes under the Code
February 11, 2025

GST

- Procedure to be followed in department appeal filed against interest and/or penalty only, related to Section 128A of the CGST Act, 2017
February 7, 2025

DGFT

- Amendments in conditions of the Standard Input Output Norms (SION) at E-136 for export of Wheat Flour
February 7, 2025

DGFT

- Amendments in Standard Input Output Norms (SION) A-222 for export of Erythromycin Stearate Tablet
February 6, 2025

Customs

- Extension of Time Limit to 15.02.2025 for submission of e-BRCs by the Exporters - Public Notice No. 21/2024 dated: 31.12.2024 issued by Air Cargo Commissionerate (Chennai – VII)- Reg.
February 5, 2025

SEBI

- Safer participation of retail investors in Algorithmic trading
February 4, 2025

DGFT

- Amendment in 4.59 of Handbook of Procedures, 2023 and modification in Standard Input Output Norms (SION) M- 1 to M-8 for export of jewellery
February 4, 2025

More Circulars

News News, PIB

Trump signs plan for reciprocal tariffs on US trading partners, ushering in economic uncertainty
February 14, 2025


I-T Bill powers taxmen to override computers, virtual digital space access codes in search, seizure
February 13, 2025


Disruptions in Parliament over US deportations, Waqf panel report in first part of Budget Session
February 13, 2025


J-K CM holds consultations with public representatives ahead of Budget Session
February 13, 2025


'Mandatory to consider twin conditions for bail in PMLA cases': SC sets aside HC order
February 13, 2025


MCD presents Rs 17,000 crore budget, sanitation receives highest allocation
February 13, 2025


2.78 lakh tonnes of soymeal exported from India in January
February 13, 2025


Income-tax Bill, 2025, tabled in Parliament today towards achieving comprehensive simplification of the Income-tax Act, 1961
February 13, 2025


NDA will get 400 seats in the next Lok Sabha polls: Athawale
February 13, 2025


Income Tax Bill aims to achieve tax certainty, minimise fresh interpretation: I-T dept
February 13, 2025


​Income-tax Bill, 2025
February 13, 2025


Driver of Meerut CGST officials caught accepting bribe on their behalf
February 13, 2025


Budget's goal is to propel growth, boost private investments: FM Sitharaman in RS
February 13, 2025


Development of last man, last village is the philosophy of Budget: Bhubaneswar Kalita
February 13, 2025


'Vindictive, inhuman conduct, low conviction': When ED came under court scanner
February 13, 2025


More News

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Jiva Seva is Shiva Seva:
Service to humanity is Service to God

May I be born again and again, and suffer thousands of miseries so that I may worship the only God that exists, the only God I believe in, the sum total of all souls—and above all, my God the wicked, my God the miserable, my God the poor of all races, of all species, is the special object of my worship.

- Swami Vivekananda, CW, 5:137

 

 

 

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