Tax rate and compliance reforms broaden withholding obligations, strengthen anti abuse measures and push digital payments. The Bill amends income tax, customs, excise, service tax and GST laws to adjust tax and surcharge structures, expand TDS obligations (including new withholding on payments by individuals/HUFs and on large cash withdrawals), require quoting/linking of PAN and Aadhaar for prescribed transactions, widen SFT reporting, mandate electronic payment acceptance by large businesses, and introduce sectoral incentives (IFSC, housing, electric vehicles, startups, AIFs). It strengthens anti abuse and transfer pricing rules, clarifies administrative procedures (online filing, APA/CbCR rules), rationalises penalties and timelines, and revises customs/excise tariff schedules and retroactive notifications.
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Tax rate and compliance reforms broaden withholding obligations, strengthen anti abuse measures and push digital payments.
The Bill amends income tax, customs, excise, service tax and GST laws to adjust tax and surcharge structures, expand TDS obligations (including new withholding on payments by individuals/HUFs and on large cash withdrawals), require quoting/linking of PAN and Aadhaar for prescribed transactions, widen SFT reporting, mandate electronic payment acceptance by large businesses, and introduce sectoral incentives (IFSC, housing, electric vehicles, startups, AIFs). It strengthens anti abuse and transfer pricing rules, clarifies administrative procedures (online filing, APA/CbCR rules), rationalises penalties and timelines, and revises customs/excise tariff schedules and retroactive notifications.
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