Government of India Ministry of Finance (Department of Revenue Central Board of Indirect Taxes & Customs North Block, New ...

Ans. Section 275 has been amended to provide that any order imposing a penalty under Chapter XXI shall not be passed after the expiry of six months from the end of the quarter in which the connected ...

Section 206C(7A) of the Income Tax Act sets a time limit for passing an order deeming a person in default for failing to collect tax under Section 206C(6A). Currently, such orders must be issued ...

Finance Bill 2025 proposes amendments to Sections 72A and 72AA of the Income Tax Act, changing the rules for carrying forward losses in case of amalgamations or business reorganizations. Currently, a ...

Section 115VP of the Income-tax Act allows qualifying shipping companies to opt for the tonnage tax scheme by applying to the jurisdictional Joint Commissioner of Income-tax. Currently, the Joint ...

But before it lands, here are the top 10 Direct Tax Highlights of Budget 2025 that you need to know: 1] No Income Tax up to ₹12 Lakhs: Big relief for the middle class! If your income is up to ₹12 ...

Ans. The annual value of a self-occupied property is now to be taken as nil if it is occupied by the owner for his own residence or if he cannot occupy it due to any reason. Therefore, additional ...

Retention of seized books of account or other documents is required because in the course of search assessment proceedings in group cases, the assessment orders of one assessee may be passed earlier ...

As per existing provisions (Clause (ii) of Explanation 1) in section 153 of the Income Tax Act,1961 following period shall be excluded in computation of time limits in respective sections: – “the ...

Financial Intelligence Unit-India (FIU-IND) has imposed a monetary penalty of ₹9.27 crore on Bybit Fintech Limited, a Virtual Digital Asset Service Provider (VDA SP), for violating compliance ...

Prior to Finance Bill, 2025, penalties under sections 271C, 271CA, 271D, 271DA, 271DB and 271E of the Income Tax Act, 1961, were imposed by the Joint Commissioner. Vide Finance Bill, 2025, penalties ...

Ans. Vide Finance Bill, 2025, the time-limit for processing application of the assessee under section 270AA has been increased from 1 month to 3 months from the end of the month in which application ...