2025-02-02 10:21:38 am | Source: S K Patodia & Associates LLP (Chartered Accountants)
New tax income tax bill with half in the number of chapters as well as words existing in 64 year old present income tax law; will also be presented next week for comments.
Ongoing vivad se vishwas scheme 2024 and increase in monetary thresholds for filing tax dispute appeals by the department, reduced number of pending litigations to some extent. However, to reduce litigation in future, time limits of filing updated return is increased to 4 years and it gives golden chance to taxpayers to offer income which was not offered to tax and/or to forgo expenditure which can be subject to litigation. By which taxpayers can buy peace of mind and avoid penal consequences as well as to avoid cost of litigations.
Proposal to keep foreign remittances for the purposes of education (funded out of a loan obtained from specified financial institutions), outside the ambit of TCS supports intention of legislature of introducing said provision to ensure that proper tax compliance are done and money being sent abroad can be tracked
Quote on Budget Reaction by Mihir Ashok Tanna, Associate Director (Direct Taxes) · S K Patodia & Associates LLP (Chartered Accountants)
Below the Quote on Budget Reaction by Mihir Ashok Tanna, Associate Director (Direct Taxes) · S K Patodia & Associates LLP (Chartered Accountants)
Direct Tax proposal in the budget continued to make the new tax regime more attractive for resident taxpayers except for equity traders who will not benefit from rebates on his special rate income which is the subject matter of litigation and recently discussed in SLP filed before Hon'ble SC.
New tax income tax bill with half in the number of chapters as well as words existing in 64 year old present income tax law; will also be presented next week for comments.
Ongoing vivad se vishwas scheme 2024 and increase in monetary thresholds for filing tax dispute appeals by the department, reduced number of pending litigations to some extent. However, to reduce litigation in future, time limits of filing updated return is increased to 4 years and it gives golden chance to taxpayers to offer income which was not offered to tax and/or to forgo expenditure which can be subject to litigation. By which taxpayers can buy peace of mind and avoid penal consequences as well as to avoid cost of litigations.
Proposal to keep foreign remittances for the purposes of education (funded out of a loan obtained from specified financial institutions), outside the ambit of TCS supports intention of legislature of introducing said provision to ensure that proper tax compliance are done and money being sent abroad can be tracked
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