Amendment of section 111A In section 111A of the Income-tax Act, in sub-section (1), with effect from 23rd day of July, 2024,— (a) for the long line occurring before the first proviso, the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, […]
Amendment of section 94B In section 94B of the Income-tax Act, with effect from the 1st day of April, 2025,— (a) in sub-section (3), after the words “banking or insurance”, the words “or a Finance Company located in any International Financial Services Centre,” shall be inserted; (b) in sub-section (5), after clause (iii),
Amendment of section 92CA In section 92CA of the Income-tax Act, with effect from the 1st day of April, 2025,— (a) in sub-section (2A),— (i) for the words and bracket “any other international transaction [other than an international transaction]”, the words and bracket “any other international transaction or specified domestic transaction [other than
Amendment of section 80G In section 80G of the Income-tax Act,— (a) in sub-section (2), in clause (a), in sub-clause (iiihg), for the words “the National Sports Fund to be set up”, the words “the National Sports Development Fund set up” shall be substituted with effect from the 1st day of April, 2025; (b)
Amendment of section 80CCD In section 80CCD of the Income-tax Act, in sub-section (2), the following proviso shall be inserted with effect from the 1st day of April, 2025, namely:— ‘Provided that where the total income of the assessee is chargeable to tax under sub-section (1A) of section 115BAC, the provisions of sub-section (2) shall have
Amendment of section 57 In section 57 of the Income-tax Act,— (a) in clause (i), after the words “in the case of dividends,”, the words, brackets, letter and figures “other than that referred in sub-clause (f) of clause (22) of section 2″ shall be inserted with effect from the 1st day of October, 2024;
Amendment of section 56 In section 56 of the Income-tax Act, in sub-section (2), in clause (viib), after the second proviso, the following proviso shall be inserted with effect from the 1st day of April, 2025, namely:— “Provided also that the provisions of this clause shall not apply on or after the 1st day of April,
Amendment of section 55 In section 55 of the Income-tax Act, in sub-section (2), in clause (ac), in the Explanation, in clause (a), in sub-clause (iii), after item (A), the following item shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2018, namely:— “(AA) not listed
Amendment of section 50AA In section 50AA of the Income-tax Act,— (a) for the portion beginning with the words “Notwithstanding anything contained in” and ending with the words “short-term capital asset:”, the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:—
Article 39(b): All Private Properties Cannot Form Part of the ‘Material Resources of the Community’, Supreme Court On November 05, 2024 (Yesterday), the Supreme Court (SC) of India delivered a long-awaited decision on the question ‘whether private resources fall within the definition of material resource of the community under Article 39(b) of the Constitution of