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February 2025

Regulatory Referencer

By Rutvik Sanghvi | Sonalee Godbole, Chartered Accountants
Reading Time 2 mins

DIRECT TAX : SPOTLIGHT

  1.  Extension of due date for determining the amount payable under under column (3) of the Table in  section 90 of the Direct Tax Vivad Se Vishwas Scheme, 2024 from 31st December, 2024, to 31st January,  2025 - Circular No. 20/2024 dated 30th December, 2024.
  2.  Extension of due date for furnishing belated/revised return of income for the Assessment Year 2024-25  by resident individuals from 31st December, 2024 to 15th January, 2025 - Circular No. 21/2024 dated 31st December, 2024.
  3.  No deduction of tax shall be made under the provisions of section 194Q of the said Act by a buyer, in respect of purchase of goods from a Unit of International Financial Services Centre, being a seller, subject to fulfillment of certain conditions - Notification No. 3/ 2025 dated 2nd January, 2025.
  4.  Unit of International Financial Services Centre shall not be considered as buyer for the purposes of section 206C(1H) in respect of purchase of goods from a seller, subject to fulfillment of certain conditions - Notification No. 6/ 2025 dated 6th January, 2025.

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