Summary: The Union Budget 2025 proposes a rationalized customs tariff structure by removing seven tariff rates, leaving only eight, with minor reductions on select items. To support domestic ...

Court Must Release An Accused On Bail If Their Fundamental Rights Have Been Violated During Or After Arrest: SC ...

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 ...

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 ...

Finance Bill 2025 introduces several changes to the block assessment provisions under Chapter XIV-B of the Income-tax Act, 1961, which govern search and requisition cases. The block period is defined ...

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 ...

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 ...

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 ...

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 ...

Section 276BB of the Income-tax Act, 1961 provides for prosecution in case of failure to pay the tax collected at source to the credit of Central Government. Ans. Section 276BB of the Income-tax Act, ...

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 ...