Salary & family pension deductions enhanced for new tax regime. Standard deduction up from Rs. 50K to Rs. 75K. Family pension deduction up to Rs. 25K/...
Income Tax: It is proposed to amend sub-section (3) of section 271H to provide that no penalty shall be levied if the person proves that after paying TDS/TCS along with fees and interest to the credit of the Central Government, the TDS/TCS statement is filed within one month from the prescribed due date, instead of the current one year time limit. This amendment aims to ensure better compliance and will take effect from April 1, 2025.
Income Tax: It is proposed to amend sub-section (3) of section 271H to provide that no penalty shall be levied if the person proves that after paying TDS/TCS along with fees and interest to the credit of the Central Government, the TDS/TCS statement is filed within one month from the prescribed due date, instead of the current one year time limit. This amendment aims to ensure better compliance and will take effect from April 1, 2025.
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