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June 2025

Regulatory Referencer

By Rutvik Sanghvi | Sonalee Godbole, Chartered Accountants
Reading Time 4 mins

DIRECT TAX : SPOTLIGHT

1. Amendment in Form No. 27EQ to report collection of tax at source on sale of notified luxury items- Income-tax (Eleventh Amendment) Rules, 2025 - Notification No. 35/2025 dated 22nd April, 2025

2. CBDT notified ten goods for collection of tax at source, when the sale value exceeds ten lakh rupees - Notification No. 36/2025 dated 22nd April, 2025

3. Any expenditure incurred to settle proceedings initiated in relation to contravention or defaults under the following laws shall not be deemed to have been incurred for the purpose of business or profession and no deduction or allowance shall be made in respect of such expenditure - Notification No. 38/2025 dated 23rd April, 2025

(a) the Securities and Exchange Board of India Act, 1992 (15 of 1992); (b) the Securities Contracts (Regulation) Act, 1956 (42 of 1956);

(c) the Depositories Act, 1996 (22 of 1996);

(d) the Competition Act, 2002 (12 of 2003)

4. CBDT notifies ITR-1 (Sahaj) & ITR-4 (Sugam) for AY 2025-26 - Income-tax (twelfth Amendment) Rules, 2025 - Notification No. 40/2025 dated 29th April, 2025.

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