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.

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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

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