Explore potential amendments to presumptive taxation, concerns about the New Tax Regime impact, and insights on Faceless Assessment in the recent interim budget. Understand the proposed withdrawal of outstanding demands and its implications.
Proposed reforms in tax procedures: shorten rectification processing time, allow partial payment for appeals, and streamline collection stay requests.
Explore the implications of taxation under section 115BBE, including misuse of sections 68 to 69D, consequences of high tax rates, and relevant judicial precedents.
Explore the concept of Tax Collected at Source (TCS) and its intended purpose. This article discusses the recent increase in TCS rates, its impact on individuals, and proposes keeping the rates between 0.5% to 1% for the benefit of taxpayers and the Income Tax Department.
Understand the implications of depositing the Rs. 2000 note in banks amid its withdrawal from circulation. Explore challenges, income tax considerations, and the need for accurate currency note counts for a smoother transition.
Discover the disparities in the treatment of Old Tax Regime (OTR) followers in the Finance Bill 2023, as the Government encourages the New Tax Regime (NTR) with changes in exemptions, rates, and deductions, raising concerns for those sticking to OTR.
Learn about the implications of Amendments in Budget 2023 on Trusts, their functioning and formation. Trusts are neither encouraged nor trusted in the Budget 2023, but every budget.
Section 87A is amended to give rebate to those who adopt New Tax Regime by allowing the entire tax up to Rs. 25,000 as deduction for those whose income is Rs. 7,00,000 or below, while for those who adopt the Old Tax Regime the existing deduction of the tax is up to Rs.12,500 and the income limit of Rs. 5,00,000 is continued.
Discover why the procedure for paying taxes has become so complex and how it can be resolved in the near future with e-payment hitches.
Understand common issues, solutions & suggestions to improve NFAC functioning. Issues with SCN time limit, assessment proceedings & request for personal hearing. Find solution for all challenges!
