Finance Acts

Amendment of section 206C In section 206C of the Income-tax Act,— (a)   for sub-section (1F), the following sub-section shall be substituted with effect from the 1st day of January, 2025, namely:—     “(1F) Every person, being a seller, who receives any amount as consideration for sale of— (i)   a motor vehicle; or […]

Amendment of section 201 In section 201 of the Income-tax Act, in sub-section (3), with effect from the 1st day of April, 2025,— (i)   for the words “a person resident in India, at any time after the expiry of seven years”, the words “any person, at any time after the expiry of six years”

Amendment of section 200 In section 200 of the Income-tax Act, in sub-section (3), after the proviso, the following proviso shall be inserted with effect from the 1st day of April, 2025, namely:— “Provided further that no correction statement shall be delivered after the expiry of six years from the end of the financial year in

Amendment of section 198 In section 198 of the Income-tax Act, after the words “this Chapter”, the words “and income-tax paid outside India, by way of deduction, in respect of which an assessee is allowed a credit against the tax payable under this Act,” shall be inserted with effect from the 1st day of April,

Amendment of section 197  In section 197 of the Income-tax Act, in sub-section (1), for the figures and letter “194-O”, the figures and letters “194-O, 194Q” shall be substituted with effect from the 1st day of October, 2024.

Amendment of section 196C In section 196C of the Income-tax Act, for the words “at the rate of ten per cent”, the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— “at the rate of— (a)   ten per cent in respect

Amendment of section 196B In section 196B of the Income-tax Act, for the words “at the rate of ten per cent”, the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— “at the rate of— (a)   ten per cent in respect

Insertion of new section 194T After section 194S of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2025, namely:— “194T. Payments to partners of firms.— (1) Any person, being a firm, responsible for paying any sum in the nature of salary, remuneration, commission, bonus or interest to a

Amendment of section 194-O In section 194-O of the Income-tax Act, in sub-section (1), for the words “one per cent”, the figures and word “0.1 per cent” shall be substituted with effect from the 1st day of October, 2024.

Amendment of section 194M In section 194M of the Income-tax Act, in sub-section (1), for the words “five per cent”, the words “two per cent” shall be substituted with effect from the 1st day of October, 2024.