Budget: Introducing Direct Tax Vivad se Vishwas Scheme 2024 for settling tax disputes, reducing litigation cost-effectively.

2% equalisation levy on e-commerce operators' consideration ends 1/8/2024. E-commerce income from 1/4/2020-31/7/2024 tax-exempt.

Budget: No penalties for not disclosing foreign assets (excl. property) up to Rs. 20L in ITRs. Effective 1st Oct 2024. :

Budget: No prosecution for TDS non-payment if paid by statement filing due date. Decriminalizes offence from Oct 2024.

Income Tax Act Amendments: Six-Year Limit on Orders for Assessee Default u/ss 201 & 206C Effective April 2025.

Budget: Income Tax Act amended to process statements like Form 26QF from entities other than deductors. Scheme to be formulated by Board.

Budget: Proposed amendments to sections 197, 194Q, 206C(9), and 206C(1H) aim to ease business & reduce compliance burden for large transactions. :

Budget: Exempt entities like non-profits face hurdles due to TCS on transactions. Govt can notify exemptions/lower TCS rates for them. Effective Oct '...

Budget: TDS/TCS correction statements restricted after 6 years from original filing year. Aimed at certainty & curbing misuse. Effective Apr 1, 2025.

Budget: No penalty if TDS/TCS paid with fees & interest within 1 month of due date, not 1 year. Better compliance from 1/4/2025.

Budget: Non-resident liaison offices in India must file annual statements or face penalties up to Rs. 1 lakh after 3 months. Effective 01/04/2025.

Budget: TPO can determine arm's length price for unreported domestic transactions. Sections 92CA amended to enable this from AY 2025-26.

Budget: Quoting Aadhaar Enrolment ID for PAN/ITR discontinued from Oct 1, 2024. Provide Aadhaar number to avoid PAN duplication/misuse.

Budget: Pending applications before BAR can be withdrawn by Oct 31, 2024, if no order passed. BAR may reject by Dec 31, 2024. Effective Oct 1, 2024.

Budget: If taxpayer unresponsive, Commissioner can set aside assessment order for fresh assessment. Time limit for disposal of such cases amended.

Budget: Amendments clarify penalties for inaccurate info/non-compliance with due diligence under AEoI. Rs. 50K fine for errors/failures. Defense allow...

Budget: Tax clearance certificate now mandatory for outstanding liabilities under Black Money Act before leaving India.

Proposed Income Tax Act changes streamline deadlines for assessments and reassessments, effective October 2024.

Proposed amendment allows tax deduction for donations to National Sports Development Fund from 2025-26.

Proposed Bill Amends Income Tax Act, Removes National Housing Bank References, Affects Financial Institutions.