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 ...

The income tax rates for the assessment years (AY) 2025-26 and 2026-27 remain unchanged across categories. Under Section 115BAC, default rates for individuals and Hindu Undivided Families (HUF) ...

Harmonisation of Significant Economic Presence applicability with Business Connection Section 9 of the Act provides for income which shall be deemed to accrue or arise in India. Clause (i) of section ...

Budget outlines measures to boost investment and employment, particularly focusing on the International Financial Services Centre (IFSC). Key provisions include extending tax incentives for IFSC units ...

In order to position India as the global hub for Electronics System Design and Manufacturing, a comprehensive program for the development of semiconductors and display manufacturing ecosystem in India ...

Section 194H of the Act requires that any person, not being an individual or a Hindu undivided family, who is responsible for paying, to a resident, any income by way of commission (not being ...

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 ...

Changes under Customs, Excise & Service Tax. CHANGES IN CUSTOMS. The Finance Minister introduced the Finance Bill, 2025 in Lok Sabha tod ...

Section 194G of the Act requires that any person who is responsible for paying, to any person, who is or has been stocking, distributing, purchasing or selling lottery tickets, any income by way of ...

Section 194-I of the Act requires that any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any income by way of rent, shall deduct income-tax ...

The Finance Bill 2025 proposes amendments to Sections 132 and 132B of the Income-tax Act to streamline search and seizure procedures. Currently, under Section 132(8), approval for retaining seized ...

Section 194B of the Act requires that any person responsible for paying to any person any income by way of winnings from any lottery or crossword puzzle or card game and other game of any sort or from ...