The Income-tax Act, 2025 replaces the Income-tax Act, 1961 with effect from 1 April 2026. The new law is best understood as a structural recodification.
The Finance Bill, 2024, proposes an amendment to the first proviso to Section 230(1A) of the I-T Act to bridge the lacuna by including liabilities arising under the black money law within its ambit, for the purposes of obtaining a Tax Clearance Certificate.
Recently, the Supreme Court held that the variable annual licence fee paid by telcos has to be treated as capital expenditure.
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