Lots of relief for corporates in I-T Bill

THE New Income Tax Bill, 2025, has introduced major amendments in corporate taxation, aimed at simplifying compliance and providing greater certainty to businesses.

- PUSHITA DEY @New Delhi

A key concern of double taxation on dividend income has been addressed, alongside clarifications on the Alternate Minimum Tax (AMT) for LLPs, inter-corporate dividend deductions, and the concept of 'beneficial ownership'.

"By removing restrictive clause that would have denied refunds for belatedly filed returns and refining provisions akin to Section 79 by omitting 'beneficial owner' reference, the Bill cuts potential litigation and gives clarity. The restoration of inter-corporate dividend deductions for companies opting for concessional tax rates strengthens framework," said Abhinav Sogani, VP & global tax head, Tata Consumer Products.