notifications 5
Notifications
  • πŸ“’
    New Tax Update
    Important changes in Income Tax filing deadline
    2 hours ago
  • πŸ“‹
    GST Return Due Date
    GSTR-1 filing deadline approaching
    5 hours ago
  • πŸ“Š
    Tax Planning Tips
    New article on tax saving investments
    1 day ago
Other miscellaneous amendments
1

NSS Withdrawals Exemption

Exemption provided for withdrawals from NSS made after August 29, 2024
  • Applies to deposited amounts
  • Includes accrued interest
  • For deduction-allowed cases
Tax Exemption
2

Employee Perquisites Limits

Amendment to Section 17 for prescribing rules to increase income limits for perquisite calculation
  • New rule-making powers
  • Flexible limit adjustment
Income Tax
3

SUUTI Exemption Extension

Extension of SUUTI exemption until March 31, 2027
  • Created under UTI Act, 2002
  • Extended time frame
Extension
4

Section 271AAB Non-applicability

Not applicable to searches under section 132 from September 1, 2024
  • Search-related provisions
  • Forward-looking change
Legal Change
5

Assessing Officer Penalties

Penalties to be levied by Assessing Officer with prior approval
  • Joint Commissioner approval needed
  • Multiple section amendments
Penalties
6

Faceless Schemes Timeline

Removal of end date for faceless schemes notification
  • Beyond March 31, 2025
  • Continuous government directions
Administrative
7

Immunity Application Processing

Three-month processing period for immunity applications
  • From month-end of receipt
  • For penalty and prosecution
Processing Time
8

Section 115VP Orders

Three-month time limit for tonnage tax scheme orders
  • From quarter-end of application
  • For acceptance/rejection
Time Limit
9

Time Period Exclusions

Court stay periods excluded from TCS order time limits
  • For default assessments
  • TCS collection failures
Time Calculation
10

Penalty Order Timeline

Six-month limit from quarter end for penalty orders
  • After proceedings completion
  • After appeal order receipt
Deadlines
11

Court Stay Period Clarification

Clarification on court stay period dates
  • Commencement date
  • End date specifications
Legal Clarity
12

Document Retention Period

One-month retention period after assessment order
  • For seized documents
  • From quarter-end
Documentation
13

Loss Carry Forward

Eight-year limit for amalgamation losses
  • Section 72A and 72AA
  • From first computation
Tax Provisions
14

Block Assessment Changes

Updates to Chapter XIV-B provisions
  • Virtual digital assets included
  • Twelve-month completion time
Assessment
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