The Finance Bill 2025 introduces key changes to income tax ...

Finance Bill 2025 Overhauls Tax Rules: Crypto Reporting, Loss Carry-Forward, Return Filing, and Property Tax Changes

February 2, 2025

Circulars Income Tax

The Finance Bill 2025 introduces key changes to income tax provisions focusing on crypto-asset reporting, loss carry-forward in amalgamations, and extended timelines for various tax procedures. Major outcomes include: Reporting entities must furnish prescribed crypto-asset transaction information to tax authorities as India implements the Crypto-Asset Reporting Framework (CARF). Loss carry-forward in amalgamations is limited to 8 years from first occurrence rather than merger date for amalgamations after April 1, 2025. Updated returns filing timeline extended from 24 to 48 months with graduated additional tax rates of 60-70%. Self-occupied property taxation simplified by relaxing occupancy conditions. Penalty impositions shifted from Joint Commissioner to AO with approval requirements. Time limits rationalized for assessment completion, document retention, and penalty orders. The amendments aim to enhance voluntary compliance, reduce litigation, and align with international reporting standards while providing clarity on procedural timelines and administrative processes.

View Source

← Previous

The Finance Bill 2025 introduces key changes to income tax ...

Finance Bill 2025 Overhauls Tax Rules: Crypto Reporting, Loss Carry-Forward, Return Filing, and Property Tax Changes

February 2, 2025

Circulars Income Tax

You may also like:

CIRP - Carry forward of losses - The benefit of carry forward of losses can be availed by the Appellant subject of opportunity to be given to Income Tax Authority to...

Relief to start-ups in carrying forward and setting off of losses - Relaxation in 51% holding of shares for the purpose of carry forward of losses of eligible star-up...

Carry forward of losses u/s 73 - Speculative loss - Derivative transaction - Tribunal erred in law in holding that the assessee was entitled to carry forward its losses - HC

Disallowance of setting off of the carried forward loss - return filed beyond the due date specified under subsection (1) of section 139 - It was argued that the delay...

Denial of carry forward of long term capital loss - When the he taxed the difference in amount under short term capital gain and also disallowed short term capital loss...

Period of limitation for carrying forward of Unabsorbed depreciation loss prior to assessment year - once the Circular No.14 of 2001 clarified that the restriction of 8...

Carry forward of the depreciation loss - once the Circular No.14 of 2001 clarified that the restriction of 8 years for carry forward and set off of unabsorbed...

The assessee failed to claim the Minimum Alternate Tax (MAT) credit in the original income tax return and did not file a revised return. The Assessing Officer (AO) did...

Determining the business loss by allowing carried forward loss - return is filed beyond the due date prescribed u/s 139(1) - AO has correctly held that business loss is...

Disallowance u/s 14A - Carry forward of business loss – setting off carry forward business losses now depends on the finality of the addition made by Assessing Officer...

Change in constitution of firm or on succession – Restriction to carry forward losses - Unabsorbed depreciation is carried forward u/s 32(2) and are not brought forward...

The assessee, a Foreign Portfolio Investor registered in India, entered into Forward Foreign Exchange Contracts (FCC) with HDFC Bank to safeguard against foreign...

Clarification regarding Proposal in the Finance Bill 2020 Clarification regarding Proposal in the Finance Bill 2020

Non setting off the short term capital gain against long term capital loss brought forward - There is merit in the contentions of the appellant that prior to amendment...

The petitioner is entitled to carry forward the reduced Minimum Alternate Tax (MAT) Credit for payment of taxes under the Direct Tax Vivad se Vishwas (DTVSV) Scheme. The...

Quick Updates: