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New Income Tax Act Expectations: Income Tax Notices to be Issued in Common Speaking Language

The New Income Tax Act is anticipated to have provisions that enable the issuance of Income Tax Notices in a more spoken language, that is less legally intriguing to the assessees (taxpayers). The...

New Income Tax Act Expectations: Income Tax Notices to be Issued in Common Speaking Language
Manu Sharma

TDS on Salary for FY 2024-25: Salaried Class should get to Pick Tax Regime as they like

The Union Budget for the year 2024 was presented before the parliament on July 23rd by the Union Finance Minister, Nirmala Sitharaman. In the budget, the central government modified the income tax...

TDS on Salary - Nirmala Sitharaman - old tax regime - Salary TDS rules - Salary tax deductions - taxscan
Saagarika Gopinath

Central Govt notifies Finance (No. 2) Act, 2024

The Central Government has officially notified the Finance (No. 2) Act, 2024 which was passed by Parliament in the Monsoon Session, introducing a host of financial reforms aimed at strengthening the...

Finance Act 2024 - Finance Act - Central Government financial reforms - financial reforms - Indian economy 2024 - taxscan
Manu Sharma

Rs 3.7 Trillion ‘Capex Loans’ to States during FY21-FY25 to be Treated as ‘Grants’, FM Nirmala Sitharaman

In a gesture of goodwill towards the states, Finance Minister Nirmala Sitharaman announced on Thursday that the Centre might convert the substantial amounts provided to states into grants. Since...

Finance Minister Nirmala Sitharaman - Nirmala Sitharaman - capex loans conversion - Capex loans to states - capex grants announcement - state capex loans - taxscan
Manu Sharma

RBI increases UPI Tax Payment limits to Rs. 5 Lakh: Know What this Means for Users and Taxpayers

The Reserve Bank of India ( RBI ) has announced a significant increase in the Unified Payments Interface ( UPI ) transaction limit for tax payments, raising it from Rs 1 lakh to Rs 5 lakh per...

RBI - Reserve Bank of India - UPI Tax - RBI News - UPI Tax Payment Limit - TAXSCAN
Manu Sharma

Lok Sabha passes Finance Bill (No. 2), 2024

The Lok Sabha passed the Finance (No.2) Bill, 2024, with amendments on Wednesday. Among the changes, taxpayers can now calculate liability on the sale of land and buildings acquired before July 23,...

Lok Sabha - Finance Bill 2024 - TAXSCAN
Manu Sharma

Decriminalization of delayed TDS Payments till Due Date proposed by FM in Budget 2024-25 [Read Bill]

Finance Minister Nirmala Sithraman had presented the Union Budget 2024-2025 on Tuesday with major amendments proposed to both direct and indirect tax regimes. The Budget 2024 also proposes many...

Budget 2024-25 - Budget 2024 - Nirmala Sithraman - Delayed Payments - Relief to TDS Deductors - taxscan
Manu Sharma

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