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New Income Tax Bill          Finance Bill, 2025: Passed by Lok Sabha

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

Finance Bill 2025 Passes Lok Sabha with 35 Amendments, Abolishes 6% Digital Tax on Online Advertisements
March 25, 2025   News     Budget

Finance Bill 2025 increases income tax rebate to Rs 12 lakh, offers marginal relief, and streamlines customs tariffs to boost production.
March 25, 2025   News     Budget

The Finance Bill 2025 Proposes Key Amendments to Income Tax Act Including Changes to Section 9A and Presumptive Taxation
March 25, 2025   News     Indian Laws

New Import Declaration Requirements for Coal: Ash Content and GCV Qualifiers Mandated from December 15
March 25, 2025   Circulars     Customs

Government Removes 20% Export Duty on Onions Under Section 25(1) of Customs Act, Effective April 2025
March 25, 2025   Notifications     Customs

Lease Agreements for Fitouts Qualify as "Deemed Sale" Under Article 366(29A), Not Taxable Service
March 25, 2025   Case Laws     Service Tax

Late Fee Waiver Under Amnesty Scheme Must Apply to All GSTR-1 and GSTR-9 Filers Regardless of Filing Date
March 25, 2025   Case Laws     GST

Exemption Under Sections 11 and 12 Upheld: Funds Deployed for Regulatory Obligations Not Considered "Investment" Under Section 11(5)
March 25, 2025   Case Laws     Income Tax

Lease termination during moratorium violates Section 14(1) of IBC; NCLT has jurisdiction under Section 60(5)(c)
March 25, 2025   Case Laws     IBC

Provision for Claim Pay Out allowed as deduction based on actuarial report showing ascertained liability with minimal difference from actual payouts.
March 25, 2025   Case Laws     Income Tax

Tax Addition Under Non-Existent Section 56(2)(vii)(b)(ii) Invalidated; Agricultural Income and Land Purchase Assessment Errors Corrected
March 25, 2025   Case Laws     Income Tax

Tribunal Rejects TPO's Adjustment on AE Receivables as No Unreasonable Credit Period Existed
March 25, 2025   Case Laws     Income Tax

Investment Advisory Firm's Penalty Reduced to 70 Lakhs After Tribunal Confirms Nine Regulatory Violations Under SEBI IA Regulations
March 25, 2025   Case Laws     SEBI

Weighted deduction denial under Section 35(2AB) doesn't prevent claiming normal R D deductions under Section 35(1).
March 25, 2025   Case Laws     Income Tax

Long-Term Capital Gains from Pine Animation Shares Ruled Genuine; WhatsApp Chats Rejected as Evidence Without Section 65B Certification
March 25, 2025   Case Laws     Income Tax

DRI Show Cause Notice Under Section 28 of Customs Act Restored to Proper Adjudicating Authority Following Canon-II Precedent
March 25, 2025   Case Laws     Customs

Customs Valuation Rejection Upheld: Relationship Suppression, Misclassification of Dredger Parts Under CTH 84314990 and 84137097
March 25, 2025   Case Laws     Customs

Exemption for Aircraft Maintenance Engineering Training from Service Tax: Following Precedents and Doctrine of Mutuality
March 25, 2025   Case Laws     Service Tax

Foreign Exchange Management Act Penalties Set Aside as Custom Clearance Agent's Commission Not a FEMA Violation
March 25, 2025   Case Laws     FEMA

Former Directors Penalized for Export Proceeds Non-Repatriation Under FEMA Despite Resignation from Company
March 25, 2025   Case Laws     FEMA

Insolvency Petition Upheld Against Debtor for Rs. 1049.72 Crore Default as Settlement Attempts Fail Despite Multiple Opportunities
March 25, 2025   Case Laws     IBC

Failure to Issue Show-Cause Notice Within Extended Period Under Section 110(2) Invalidates Customs Seizure of Mulberry Raw Silk
March 25, 2025   Case Laws     Customs

Customs Department Failed to Prove Foreign Origin of Seized Areca Nuts Under Section 123, Compensation Ordered
March 25, 2025   Case Laws     Customs

Shipping Authority's Communications Invalidated for Imposing Unauthorized Conditions Beyond Public Notice Terms
March 25, 2025   Case Laws     Customs

Assessment Order Invalid When Different ITO Issues Notices Without Proper Transfer Under Section 127
March 25, 2025   Case Laws     Income Tax

More Highlights

Articles Articles, Tax Laws, GST

Short Notes Short Notes

Supplementary FAQs for the Finance Bill, 2025: As passed by Lok Sabha
Capital Gains Tax Relief for Agricultural Land: Clause 83 of the Income Tax Bill, 2025 vs. Section 54B of the Income Tax Act, 1961
Capital Gains: Exemption against Residential Property Sales and Reinvestment Incentives in Clause 82 of the Income Tax Bill, 2025 vs. Section 54 of the Income Tax Act, 1961
Capital Gains Taxation: The Role of Advance Payments in Clause 81 of the Income Tax Bill, 2025 vs. Section 51 of the Income-tax Act, 1961
Valuation - transfer of capital assets when the actual consideration is not ascertainable: Clause 80 of the Income Tax Bill, 2025 vs. Section 50D of the Income-tax Act, 1961
Full value of consideration for transfer of share other than quoted share for computation of Capital Gain - Clause 79 of the Income Tax Bill, 2025 vs Section 50CA of the Income-tax Act, 1961
Full value of consideration / Stamp Duty Valuation with Safe Harbor - Computation of Capital Gains: Clause 78 of the Income Tax Bill, 2025 vs. Section 50C of the Income-tax Act, 1961
Capital Gains Taxation in Slump Sales: Clause 77 of the Income Tax Bill, 2025 vs. Section 50B of the Income Tax Act, 1961
Computation of capital gains in case of Market Linked Debenture: Clause 76 of the Income Tax Bill, 2025 vs. Section 50AA of the Income Tax Act, 1961
Cost of acquisition in case of depreciable asset: Clause 75 of the Income Tax Bill, 2025 vs. Section 50A of the Income Tax Act, 1961
Computation of capital gains in case of depreciable assets.: Clause 74 of Income Tax Bill, 2025 vs. Section 50 of Income-tax Act, 1961
Cost of acquisition for capital gains tax purposes: Clause 73 of the Income Tax Bill, 2025 vs. Section 49 of the Income Tax Act, 1961
Mode of computation of capital gains: Clause 72 of the Income Tax Bill, 2025 vs. Section 48 of the Income-tax Act, 1961
Withdrawal of Exemption in Certain Cases: Clause 71 of the Income Tax Bill, 2025 vs. Section 47A of the Income-tax Act, 1961
Capital Gains Tax Exemptions: Clause 70 of the Income Tax Bill 2025 vs. Section 47 of the Income Tax Act 1961
Capital Gains on Share Buy-Backs: Clause 69 of the Income Tax Bill, 2025 vs. Section 46A of the Income-tax Act, 1961,
Capital gains - Distribution of assets by companies in liquidation: Clause 68 of the Income Tax Bill, 2025 vs. Section 46 of the Income-tax Act, 1961
Capital Gains - Chargeability: Clause 67 of the Income Tax Bill, 2025 vs. Section 45 of the Income Tax Act, 1961
Tax Implications in Co-operative Bank Mergers (Reorganizations): Clause 65 of the Income Tax Bill, 2025, vs. Section 44DB of the Income-tax Act, 1961
Acceptance of Electronic mode of Payment: Clause 64 and Clause 187 of the Income Tax Bill, 2025 vs. Section 269SU of the Income Tax Act, 1961
Tax Audit Requirements in India: Clause 63 of the Income Tax Bill, 2025 vs. Section 44AB of Income Tax Act, 1961
Maintenance of books of account: Clause 62 of the Income Tax Bill, 2025 vs. Section 44AA of the Income Tax Act, 1961
Presumptive Taxation for Non-Residents in India: Clause 61 of the Income Tax Bill, 2025 merging Sections 44B, 44BB, 44BBA, 44BBB, 44BBC and 44BBD of Income Tax Act, 1961
Head Office Expenditure Deductions - Reforming Non-Resident Tax Deductions: Clause 60 of Income Tax Bill, 2025 vs. Section 44C of the Income-tax Act, 1961
Computing income by way of royalties, etc., in case of non-residents - Clause 59 of the Income Tax Bill, 2025 vs. Section 44DA of the Income Tax Act, 1961

More Notes

Notifications Notifications

Cus (NT)

- Seeks to amend Notification No. 61/94-Customs (N.T.) dated the 21st November, 1994
March 24, 2025

ADD

- Seeks to impose provisional ADD on Roller Chains from China PR
March 24, 2025

Cus

- Seeks to amend notification No. 27/2011-Customs dated 01.03.2011 to withdraw the export duty of 20% on Onion (HS 0703 10) from 1 St April, 2025.
March 22, 2025

ADD

- Seeks to impose Anti-dumping duty on import of ‘Poly Vinyl Chloride Paste Resin’ from China PR, Korea RP, Malaysia, Norway, Taiwan and Thailand for a period of five years
March 21, 2025

SEBI

- Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Second Amendment) Regulations, 2025
March 20, 2025

SEBI

- Securities and Exchange Board of India (Intermediaries) (Second Amendment) Regulations, 2025
March 20, 2025

SEBI

- Securities and Exchange Board of India (Credit Rating Agencies) (Amendment) Regulations, 2025
March 20, 2025

FTP

- Extension of RoDTEP for Advance Authorizations (AAs) holders, Special Economic Zones (SEZs), and Export-Oriented Units (EOUS) upto 05.02.2025
March 20, 2025

Cus

- Seeks to amend Notification No. 9/2012-Customs, dated the 9th March, 2012
March 20, 2025

FTP

- Amendment in import policy condition of Urea [Exim Code 31021010] in the ITC (HS) 2022, Schedule - I (Import Policy)
March 18, 2025

IT

- U/s 138(1) of IT Act 1961 - Specified officer, authority or body - Disclosure of information respecting assessees
March 18, 2025

Cus (NT)

- Customs (Administration of Rules of Origin under Trade Agreements) Amendment Rules, 2025
March 18, 2025

ADD

- Seeks to impose provisional ADD on Soft Ferrite Cores from China PR
March 18, 2025

ADD

- Seeks to impose Anti-dumping duty on Vacuum Flasks from China PR
March 17, 2025

ADD

- Seeks to impose provisional ADD on Aluminium Foil upto 80 microns, excluding Aluminium Foil below 5.5 micron for non-capacitor application from China PR
March 17, 2025

More Notifications

Circulars/ Public Notices Circulars/ Public Notices

DGFT

- Seeking comments on proposal to make GST E-Invoices received through GSTN to DGFT BO portal mandatory for claiming Deemed Export Benefits under FTP pursuant to the provisions of Para 1.07A and B of FTP 2023
March 25, 2025

Customs

- Clarification on the scope of the Camera Module of Cellular Mobile Phones
March 24, 2025

SEBI

- Facilitating ease of doing business relating to the framework on “Alignment of interest of the Designated Employees of the Asset Management Company (AMC) with the interest of the unitholders”
March 21, 2025

SEBI

- Industry Standards on “Minimum information to be provided for review of the audit committee and shareholders for approval of a related party transaction”
March 21, 2025

DGFT

- Review the SIONS pertaining to Automobile tyres
March 20, 2025

SEBI

- Online Filing System for reports filed under Regulation 10(7) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
March 20, 2025

SEBI

- Disclosure of holding of specified securities and Holding of specified securities in dematerialized form
March 20, 2025

SEBI

- Harnessing DigiLocker as a Digital Public Infrastructure for reducing Unclaimed Assets in the Indian Securities Market
March 19, 2025

SEBI

- Framework on Social Stock Exchange (“SSE”)
March 19, 2025

DGFT

- Extension of the last date for filing Annual RoDTEP Return (ARR) for Financial Year 2023-24
March 19, 2025

Customs

- Institutionalizing Exporter Grievance Redressal through NIRYAT SAMVAAD.
March 18, 2025

Customs

- Enhancement of Women participation in the EXIM trade ecosystem-reg.
March 18, 2025

Customs

- Mandatory additional qualifiers in import declarations in respect of coking/ non-coking coal w.e.f 15.12.2024 – reg.
March 17, 2025

IBC

- Disclosure of information relating to carry forward of losses in Information Memorandum (IM)
March 17, 2025

FEMA

- Asian Clearing Union (ACU) Mechanism – Indo-Maldives trade
March 17, 2025

More Circulars

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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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