Opportunity to furnish unsecured-loan confirmations is required before reassessment initiation; proceedings require fresh consideration after taxpayer...
Under-reporting on a first reassessment return attracts penalty, while enhanced misreporting penalty requires proof of a statutory misreporting catego...
Union Cabinet approved a new Income Tax Bill to replace the Income Tax Act, 1961, aimed at simplifying direct tax legislation. The bill, characterized by simplified language and elimination of complex provisos and explanations, maintains existing tax obligations without introducing new burdens. Following cabinet approval, the legislation will be introduced in Parliament and referred to the Standing Committee on Finance. The reform stems from FM's announcement in Budget 2025-26, with CBDT overseeing the comprehensive review through specialized committees. The modernization effort incorporated 6,500 stakeholder suggestions focusing on language simplification, litigation reduction, compliance streamlining, and removal of obsolete provisions. Implementation will proceed through parliamentary deliberation, with the bill's introduction scheduled for the current session.
Union Cabinet approved a new Income Tax Bill to replace the Income Tax Act, 1961, aimed at simplifying direct tax legislation. The bill, characterized by simplified language and elimination of complex provisos and explanations, maintains existing tax obligations without introducing new burdens. Following cabinet approval, the legislation will be introduced in Parliament and referred to the Standing Committee on Finance. The reform stems from FM's announcement in Budget 2025-26, with CBDT overseeing the comprehensive review through specialized committees. The modernization effort incorporated 6,500 stakeholder suggestions focusing on language simplification, litigation reduction, compliance streamlining, and removal of obsolete provisions. Implementation will proceed through parliamentary deliberation, with the bill's introduction scheduled for the current session.
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