Income Tax Update – Highlights on Recent Amendments
Sonakshi Jhunjhunwala & Sunil Jhunjhunwala
Income-Tax (Eleventh Amendment) Rules, 2025 - Amendment in Form No. 27EQ: Notification G.S.R. 252(E) [No. 35/2025/F.No.370142/11/2025-TPL], dated 22nd April, 2025
The Central Board of Direct Taxes (CBDT) amends Form 27EQ, to include the list of the goods of the value exceeding Rs. 10 lakh for collection of tax at source under Section 206C(1F) in the table after the row relating to “Collection at source on sale of motor vehicle”. The notification apply effective from 22nd April, 2025.
Section 206C of the Income-Tax Act, 1961 - Collection of Tax at Source - Profits and gains from business of trading in alcoholic liquor, forest produce, scrap, etc. - Notified goods exceeding specified value in respect of which collection of tax shall be made under sub-section (1F) of said section: Notification S.O. 1825(E) [No. 36/2025/F. No. 370142/11/2025-TPL], dated 22nd April, 2025:
CBDT specifies the lis.......