India: Finance Act 2025 (No. 7) including abolition of equalisation levy on digital advertisement services was signed by President

On 29 March 2025, the President of India signed into law the Finance Act 2025 (No. 7). The Finance Act 2025, includes the abolition of the 6% compensatory levy on remuneration for online advertising services provided by non-resident entities with effect from 1 April 2025. The Act also introduces a reporting obligation under Section 25BAA of the Income-tax Act, requiring prescribed entities involved with crypto-assets to submit transaction-related information to the income-tax authority from 1 April 2026. Furthermore, the Act authorises the Central Government to stipulate requirements for registration, record-keeping, and due diligence for such entities. The Act also establishes procedures for correcting defective filings, rectifying inaccuracies, and issuing notices in cases of non-compliance.