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The Ministry of Finance, in a bid to ease the process of tax compliance, has launched distinct initiatives that have the motive to facilitate both the income tax and Goods and Services Tax (GST) procedures, for targeting small taxpayers. Such measures simplify the tax filing, lessen operational complexities, and promote compliance among small businesses and […]
A major change is set to take place in India’s tax regime. Today, the government will present the revised Income Tax Bill, 2025, replacing the earlier draft withdrawn last week after experts pointed out multiple drafting errors and ambiguities. The same version can revise the way income is taxed, deductions are claimed, and compliance is […]
Kotraswamy M, commissioner of central taxes, cited that the GST council can acknowledge the grant of amnesty from interest and penalties to small vendors who have received the tax notices based on UPI transaction data. “If this issue is being flagged because there are so many taxpayers, the GST Council can take a call, giving […]
Tax professionals in today’s rapidly evolving digital economy face increasing demands for tools that streamline their operations and enhance precision and efficiency. Chartered Accountants (CAs), tax return preparers, and legal advisers require robust software solutions that can adapt to ongoing changes and handle e-filing responsibilities with ease, especially as tax regulations in India continue to […]
Now, the behaviour of the taxpayer can be tracked by the income tax department with its new system employing artificial intelligence (AI) that monitors online portal visits, flagging high-value transactions, and filtering out Permanent Account Numbers (PANs) linked to suspicious claims, Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal cited. The goal is to […]
Chennai ITAT has ruled that if a person from a Chinese resident earns a salary for work done in China, that income won’t be taxable in India, even if the money is deposited in an Indian bank account. Manu Kumar Giri (Judicial Member) and S.R. Raghunatha (Accountant Member) said that “the AO has disallowed the […]
An important alert has been issued by the Press Information Bureau’s Fact Check Unit (PIB Fact Check) to caution the taxpayers against a fake email scam impersonating the Income Tax Department. The bogus email claims to be the income tax department and asks the receiver to undergo a manual verification, and includes suspicious links or […]
Time-bound resolution of litigations should be there; a parliamentary panel that analysed the Income Tax Bill, 2025, has guided, as it made 285 recommendations on the draft legislation aimed at streamlining and updating tax laws. The select committee of Lok Sabha, headed by BJP’s Baijayant Panda, analysed the Income Tax Bill 2025 and adopted the […]
A nationwide verification drive was initiated by the Income Tax Department on Monday, aimed at individuals and entities involved in submitting false claims for deductions and exemptions on their I-T returns. According to the Central Board of Direct Taxes (CBDT), the scope of this exercise is comprehensive, extending beyond deductions for donations to encompass those […]
