Finance Acts

Amendment of section 40 In section 40 of the Income-tax Act, in clause (b), in sub-clause (v), in item (a), with effect from the 1st day of April, 2025,— (a)   for the letters and figures “Rs. 3,00,000”, the letters and figures “Rs. 6,00,000” shall be substituted; (b)   for the letters and figures “Rs. […]

Amendment of section 37 In section 37 of the Income-tax Act, in sub-section (1), in Explanation 3, in clause (iii), for the words “outside India.”, the following shall be substituted with effect from the 1st day of April, 2025, namely:— “outside India; or (iv) to settle proceedings initiated in relation to contravention under such law as

Amendment of section 36 In section 36 of the Income-tax Act, in sub-section (1), in clause (iva), for the words “ten per cent”, the words “fourteen per cent” shall be substituted with effect from the 1st day of April, 2025.

Amendment of section 28 In section 28 of the Income-tax Act, after Explanation 2, the following Explanation shall be inserted with effect from the 1st day of April, 2025, namely:— ‘Explanation 3.— It is hereby clarified that any income from letting out of a residential house or a part of the house by the owner shall not be

Amendment of section 16 In section 16 of the Income-tax Act, in clause (ia), the following proviso shall be inserted with effect from the 1st day of April, 2025, namely:— ‘Provided that in a case where income-tax is computed under clause (ii) of sub-section (1A) of section 115BAC, the provisions of this clause shall have effect

Amendment of section 13 In section 13 of the Income-tax Act, in sub-section (1), in clause (d), in the proviso, after clause (iii), the following clause shall be inserted with effect from the 1st day of October, 2024, namely:— “(iv) any asset referred to in sub-clauses (i), (ia) and (ii) of clause (b) of the

Insertion of new section 12AC After section 12AB of the Income-tax Act, the following section shall be Inserted with effect from the 1st day of April, 2025, namely:— “12AC. Merger of charitable trusts or institutions in certain cases – Where any trust or institution registered under section 12AB or approved under sub-clause (iv) or sub-clause (v) or

Amendment of section 12AB In section 12AB of the Income-tax Act, for sub-section (3), the following sub-section shall be substituted with effect from the 1st day of October, 2024, namely:— “(3) The order under sub-section (1) shall be passed, in such form and manner as may be prescribed, within a period of,— (i)   three

Amendment of section 12A In section 12A of the Income-tax Act, in sub-section (1), in clause (ac) with effect from the 1st day of October, 2024,— (a)   in sub-clause (ii),— (i)   after the words, figures and letters “under section 12AB”, the words, brackets, figures and letters “or approved under sub-clause (iv) or sub-clause

Amendment of section 11 In section 11 of the Income-tax Act, in sub-section (7), with effect from the 1st day of April, 2025,— (a)   for the words, brackets, figures and letters “other than clause (1), clause (23C), clause (23EC), clause (46) and clause (46A) thereof”, the words, brackets, figures and letters “other than clause