Union Budget 2025 overlooked critical tax compliance issues, including TDS on partners’ salary, delays in appeals, marginal relief, and revisions under sections 68–69F.
Government policies discourage savings by reducing tax benefits under the Old Tax Regime, impacting those with housing loans and insurance commitments.
The Sections by which the assessees are suffering too much due to high pitched assessments passed by NFAC are from 68 to 69D and 115 BBE. Many orders are struck down by the High Courts through writs and majority of the orders are appealed against and are cancelled by the Commissioner of Income Tax (Appeals)/Income Tax Appellate Tribunal. The brief contents of the relevant sections are given below:
Explore key tax reforms in the Pre-Budget Memorandum 2025. Suggestions include expanding the tax base, curbing tax avoidance, and streamlining litigation processes.
Section 194T imposes TDS on partner income, leading to procedural issues, misuse of funds, and complications for taxpayers. Calls for its repeal are growing.
Proposals for simplifying the Income Tax Act: restoring deductions, lowering TCS, improving assessments, and introducing uniform taxation for a more transparent and fair tax system for individuals and trusts.
Explore key issues in Budget 2024, including tax rectification delays, unjust tax rates, exorbitant TCS on foreign travel, and needed reforms in presumptive taxation.
Discover the impact of Budget 2024 amendments: removal of indexation and new TDS on partner salaries in partnership firms. In-depth analysis and critical insights.
Budget 2024 brings into focus the complexities and challenges surrounding presumptive taxation in India, particularly under sections 44AD, 44ADA, and 44AE of the Income Tax Act. These sections, aimed at simplifying tax compliance for certain taxpayers, face scrutiny for their applicability, concessions, and implications on business operations. WHETHER THE PROBLEMS IN THE PRESUMPTIVE TAXATION WILL […]
Explore rationale behind rationalizing income tax rates in India, its impact on compliance, and potential benefits for taxpayers. Read more about proposed reforms and their implications.
