TMI Short Notes

Union Budget 2025-26 (Full) + Finance Bill, 2025

1. Rates of income-tax in respect of income liable to tax for the assessment year 2025-26.

   ---

2. Tax rates under Part I of the First Schedule applicable for the assessment year 2025-26

   ---

3. Co-operative Societies - Tax Rates For the assessment year 2025-26

   ---

4. Firms - Tax Rates For the assessment year 2025-26

   ---

5. Local authorities - Tax Rates For the assessment year 2025-26

   ---

6. Companies - Tax Rates For the assessment year 2025-26

   ---

7. Rates for deduction of income-tax at source during the financial year (FY) 2025-26 from certain incomes other than “Salaries”.

   ---

8. Rates for deduction of income-tax at source from “Salaries”, computation of “advance tax” and charging of income-tax in special cases during the FY 2025-26 (Assessment Year 2026-27)

   ---

9. Individual, HUF, association of persons, body of individuals, artificial juridical person. - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).

   ---

10. Co-operative Societies - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).

    ---

11. Firms - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).

    ---

12. Local authorities - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).

    ---

13. Companies - Rate of TDS during the FY 2025-26 (Assessment Year 2026-27).

    ---

14. Rebate under section 87A

    ---

15. Incentives to International Financial Services Centre

    ---

16. Extension of sunset dates for several tax concessions pertaining to IFSC

    ---

17. Exemption on life insurance policy from IFSC Insurance offices

    ---

18. Exemption to capital gains and dividend for ship leasing units in IFSC

    ---

19. Rationalisation of definition of ‘dividend’ for treasury centres in IFSC

    ---

20. Simplified regime for fund managers based in IFSC

    ---

21. Amendment of Section 10 related to Exempt income of Non-Residents

    ---

22. Inclusion of retail schemes and Exchange Traded Funds (ETFs) in the existing relocation regime of funds of IFSCA

    ---

23. Extension of date of making investment by Sovereign Wealth Funds, Pension Funds & others and rationalisation of tax exemptions

    ---

24. Scheme of presumptive taxation extended for non-resident providing services for electronics manufacturing facility

    ---

25. Extension of benefits of tonnage tax scheme to inland vessels

    ---

26. Simplification of tax provisions for charitable trusts/institutions

    ---

27. Rationalisation of ‘specified violation’ for cancellation of registration of trusts or institutions

    ---

28. Period of registration of smaller trusts or institutions

    ---

29. Rationalisation of persons specified under sub-section (3) of section 13 for trusts or institutions

    ---

30. Rationalisation in taxation of Business trusts

    ---

31. Harmonisation of Significant Economic Presence applicability with Business Connection

    ---

32. Bringing clarity in income on redemption of Unit Linked Insurance Policy

    ---

33. Amendment of Definition of ‘Capital Asset’

    ---

34. Extension of timeline for tax benefits to start-ups

    ---

35. Rationalisation of taxation of capital gains on transfer of capital assets by non-residents

    ---

36. Rationalization of tax deducted at source (TDS) rates

    ---

37. TDS rate reduction for section 194LBC

    ---

38. TDS threshold rationalization TDS provisions have various thresholds of amount of payment or amount of income, beyond which tax is required be deducted. It is proposed to rationalize these thresholds as below

    ---

39. Section 193 – Interest on securities

    ---

40. Section 194 – Dividends

    ---

41. Section 194A – Interest other than interest on securities

    ---

42. Section 194B - Winnings from lottery or crossword puzzle

    ---

43. Section 194BB - Winnings from horse race

    ---

44. Section 194D – Insurance commission

    ---

45. Section 194G - Commission, etc., on sale of lottery tickets.

    ---

46. Section 194H - Commission or brokerage.

    ---

47. Section 194-I – Rent

    ---

48. Section 194J - Fees for professional or technical services.

    ---

49. Section 194K – Income in respect of units

    ---

50. Section 194LA - Payment of compensation on acquisition of certain immovable property.

    ---

51. Definition of “forest produce” rationalised

    ---

52. Reduction in compliance burden by omission of TCS on sale of specified goods

    ---

53. Amendments proposed in provisions of Block assessment for search and requisition cases under Chapter XIV-B

    ---

54. Non-applicability of Section 271AAB of the Act

    ---

55. Amendments proposed in sections 132 and 132B for rationalising provisions

    ---

56. Time limit to impose penalties rationalised

    ---

57. Clarification regarding commencement date and the end date of the period stayed by the Court

    ---

58. Rationalisation of provisions related to carry forward of losses in case of amalgamation

    ---

59. Rationalisation of transfer pricing provisions for carrying out multi-year arm’s length price determination

    ---

60. Removal of higher TDS/TCS for non-filers of return of income

    ---

61. SOCIO ECONOMIC WELFARE MEASURES - Increase in the limits on the income of the employees for the purpose of calculating perquisites

    ---

62. Deduction under section 80CCD for contributions made to NPS Vatsalya

    ---

63. Exemption to withdrawals by Individuals from National Savings Scheme from taxation

    ---

64. Annual value of the self-occupied property simplified

    ---

65. TAX ADMINISTRATION - Obligation to furnish information in respect of crypto-asset

    ---

66. Increasing time limit available to pass order under section 115VP

    ---

67. Excluding the period such as court stay etc. for calculating time limit to pass an order

    ---

68. Exemption from prosecution for delayed payment of TCS in certain cases

    ---

69. Certain penalties to be imposed by the Assessing Officer

    ---

70. Removing date restrictions on framing the schemes in certain cases

    ---

71. Extending the processing period of application seeking immunity from penalty and prosecution

    ---

72. Extending the time-limit to file the updated return

    ---

73. Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI)

    ---

74. AMENDMENTS TO THE CUSTOMS ACT, 1962

    ---

75. AMENDMENTS TO THE CUSTOMS TARIFF ACT, 1975

    ---

76. AMENDMENTS TO DUTY RATES IN FIRST SCHEDULE TO THE CUSTOMS TARIFF ACT, 1975

    ---

77. OTHER PROPOSALS INVOLVING CHANGES IN BASIC CUSTOMS DUTY RATES IN NOTIFICATIONS

    ---

78. AGRICULTURE INFRASTRUCTURE AND DEVELOPMENT CESS (AIDC)

    ---

79. SOCIAL WELFARE SURCHARGE (SWS)

    ---

80. Review of Customs duty Exemptions

    ---

81. Changes to IGCR (Import of Goods at Concessional Rate of Duty for Manufacture of Excisable Goods) Rules, 2017

    ---

82. Amendments in Central Excise Act, 1944.

    ---

83. Retrospective Exemptions in Service Tax

    ---

84. AMENDMENTS IN GOODS AND SERVICES TAX

    ---

1