https://www.taxtmi.com/article/detailed?id=13474 Budget 2025-26 proposes a New Income Tax Bill to simplify direct tax law and reduce litigation, revises personal tax slabs and thresholds including expanded TDS/TCS limits and rules for self occupied property, and advances compliance and sectoral incentives. Indirect tax changes include customs tariff rationalisation, extensions of exemptions for specified medical imports, time limits for provisional assessments, and multiple CGST Act amendments-definition clarifications, broader input tax credit distribution for inter state reverse charge supplies, returns and credit note adjustments, insertion of a Track and Trace Mechanism with penalties, and mandatory pre deposit for penalty only appeals, subject to enactment of the Finance Bill. en-us Tue, 04 Feb 2025 10:19:54 +0530 Tue, 04 Feb 2025 10:19:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13474 Budget 2025-26 proposes a New Income Tax Bill to simplify direct tax law and reduce litigation, revises personal tax slabs and thresholds including expanded TDS/TCS limits and rules for self occupied property, and advances compliance and sectoral incentives. Indirect tax changes include customs tariff rationalisation, extensions of exemptions for specified medical imports, time limits for provisional assessments, and multiple CGST Act amendments-definition clarifications, broader input tax credit distribution for inter state reverse charge supplies, returns and credit note adjustments, insertion of a Track and Trace Mechanism with penalties, and mandatory pre deposit for penalty only appeals, subject to enactment of the Finance Bill. Articles Budget - Tax Proposals Tue, 04 Feb 2025 10:19:54 +0530 https://www.taxtmi.com/article/detailed?id=13474