New Income Tax Bill 2025: Key Details on Features and Changes in Provisions Impacting the Taxpayers

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Key Takeaways from New Income Tax Bill 2025 to be Introduced in Parliament on 13 February 2025 The government has introduced the new Income Tax Bill 2025, which will be tabled in Parliament on February 13, 2025. After parliamentary committee …

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Section 269SS Not Applicable to Brokers Acting as Agents or Facilitators: ITAT Chennai

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This landmark ruling reinforces the principle that intermediaries operating in a fiduciary capacity are distinct from the principal parties in transactions. It sets a strong precedent for brokers, real estate facilitators, and agents, protecting them from undue penalties under Section …

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Delhi High Court Upholds Section 132(4) of Companies Act & Validates NFRA Rules on Auditor Accountability

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The High Court highlighted that Section 132 was introduced to strengthen regulatory oversight and align audit standards with global best practices. It does not create new liabilities but fills a regulatory gap to enhance transparency, accountability, and audit quality. The …

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Marginal Relief vs. Rebate Under Section 87A of the Income Tax Act, 1961

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The Rebate u/s. 87A reduces tax burden for low-income taxpayers, whereas marginal relief ensures that the tax does not exceed the excess taxable income over the rebate threshold. With the Budget 2025 announcements, significant changes have been introduced to tax …

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Delhi High Court: Tax on House Property Income to be Levied on Beneficiary, Not Just Legal Owner

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The court also highlighted the distinction in the Income Tax Act between income derived from house property and an interest in property. The Delhi High Court has ruled that tax liability on income from house property should be imposed on …

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Income Tax Department Issues Warning on Political Donation Claims: Key Updates for Taxpayers

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Taxpayers who claimed deductions under Section 80GGC of Income Tax Act are advised to verify their claims. The Income Tax Department has launched an SMS campaign to alert taxpayers regarding deductions claimed under Section 80GGC for political donations. This initiative …

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Key Updates on Tax & Corporate Law: 29 January 2025

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Recent Updates on Income Tax, GST, and Corporate Law – 29 January 2025 Income Tax Update 1: CBDT Notification No. 10/2025 – Key Amendments for Venture Capital Funds, Finance Companies, Retail Schemes, and ETFs in IFSCs The Ministry of Finance, …

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Key Amendments for Venture Capital Funds, Finance Companies, Retail Schemes, and ETFs in IFSCs: CBDT Notification No. 10/2025

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These amendments are pivotal for strengthening India’s financial ecosystem and attracting global investments through IFSCs. The Ministry of Finance, via the Central Board of Direct Taxes (CBDT), has introduced pivotal amendments to the Income Tax Rules, 1962. Through Notification No. …

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Key Updates on Tax & Corporate-Law: 27 January 2025

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Recent Updates on Income-tax, GST & Corporate Law – January 27, 2025 Income-Tax Update-1: A Sukanya Samriddhi account can be opened by the guardian immediately after the girl child’s birth until she turns 10 years old. The scheme is exclusively …

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Sukanya Samriddhi Yojana: Securing a Brighter Future for Girl Children in India

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Parents or guardians can open an Sukanya Samriddhi Account for their girl child from birth until she turns 10 years old, at any designated post offices or commercial bank branches. The Sukanya Samriddhi Yojana (SSY) is a flagship government initiative …

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Key Updates on Tax & Corporate-Law : 26 January 2025

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Latest Updates on Income-Tax, GST & Corporate-Law: January 26, 2025 Income-Tax Update-1: The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT), in the case of Bosch Automotive Electronics, held that the failure to prove benefit alone cannot be accepted …

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Supreme Court Urges RBI to Standardize Title Reports for Property Loans

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The supreme court also proposed standardizing fees for title search reports to ensure their quality. In a significant move to safeguard public funds and reinforce trust in the banking sector, the Supreme Court has urged the Reserve Bank of India …

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Guidance for Application of the PPT (Principal Purpose Test) under India’s Double Taxation Avoidance Agreements (DTAAs) – Circular 1/2025

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The PPT ensures that DTAAs are applied to foster genuine economic activity, such as the exchange of goods and services, and the movement of capital and individuals. Guidance for Application of PPT: The Multilateral Convention to Implement Tax Treaty Related …

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