https://www.taxtmi.com/article/detailed?id=9655 Income-tax measures adjust compliance thresholds and procedures: audit exemption expanded for persons meeting cash-transaction limits, reopening period under section 148 reduced with an exception for substantial undisclosed income subject to senior approval, faceless and video-conferenced proceedings are broadened, pre-filled returns and constrained timelines for belated/revised filing are introduced, and reforms affecting trusts, deductions, TDS on dividends, abolition of Advance Ruling Authority and Settlement Commission, and assessment timeframes are proposed. GST reforms eliminate statutory audit reconciliation in favor of self-certified reconciliation, retrospectively include mutuality within supply, condition input tax credit on supplier GSTR-1 reporting, and amend interest, recovery, appeal pre-deposit, and penalty rules. en-us Mon, 01 Feb 2021 18:19:42 +0530 Mon, 01 Feb 2021 18:19:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=9655 Income-tax measures adjust compliance thresholds and procedures: audit exemption expanded for persons meeting cash-transaction limits, reopening period under section 148 reduced with an exception for substantial undisclosed income subject to senior approval, faceless and video-conferenced proceedings are broadened, pre-filled returns and constrained timelines for belated/revised filing are introduced, and reforms affecting trusts, deductions, TDS on dividends, abolition of Advance Ruling Authority and Settlement Commission, and assessment timeframes are proposed. GST reforms eliminate statutory audit reconciliation in favor of self-certified reconciliation, retrospectively include mutuality within supply, condition input tax credit on supplier GSTR-1 reporting, and amend interest, recovery, appeal pre-deposit, and penalty rules. Articles Budget - Tax Proposals Mon, 01 Feb 2021 18:19:42 +0530 https://www.taxtmi.com/article/detailed?id=9655