Union Budget News
Updated ITR Filing Window Extended to 4 Years with Higher Penalties for Late Compliance
04 February 2025 at 08:56Extending the time-limit to file the updated returnSub-section (8A) of section 139 of the Act, relates to furnishing of updated return.
Processing Period for Immunity from Penalty & Prosecution Extended to 3 Months
04 February 2025 at 08:56Extending the processing period of application seeking immunity from penalty and prosecution
Faceless Tax Schemes to Continue Beyond March 2025 as Date Restrictions Removed
04 February 2025 at 08:56Removing date restrictions on framing the schemes in certain cases
Section 271BB Omitted and Penalty Powers Shift to Assessing Officers in 2025
04 February 2025 at 08:56Certain penalties to be imposed by the Assessing Officer
Section 276BB Amended: Exemption from Prosecution for Certain Delayed TCS Payments
04 February 2025 at 08:56Exemption from prosecution for delayed payment of TCS in certain cases
Time Limit Extension for TCS Default Orders Under Section 206C Effective April 2025
04 February 2025 at 08:56Excluding the period such as court stay etc. for calculating time limit to pass an order
Section 115VP Amended: Extended Deadline for Tonnage Tax Approvals Effective 2025
04 February 2025 at 08:56Increasing time limit available to pass order under section 115VP
Income Tax Act Amendment: New Reporting Norms for Crypto-Assets Effective April 2026
04 February 2025 at 08:56Obligation to furnish information in respect of crypto-asset
Property Tax Relief: Simplified Annual Value Rules for Homeowners Effective 2025
03 February 2025 at 06:53Annual value of the self-occupied property simplified
Section 80CCA Amended: Tax Relief on NSS Withdrawals Effective August 29, 2024
03 February 2025 at 06:53Exemption to withdrawals by Individuals from National Savings Scheme from taxation
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