https://www.taxtmi.com/news?id=69429 Proposals integrate assessment and penalty proceedings into a single common order, remove interest on penalty during first appellate appeal, reduce pre payment from 20% to 10% on core tax demand, allow updated returns after reassessment on payment of an additional 10% tax, extend immunity framework to misreporting subject to payment of 100% additional tax, convert technical penalties into fees, decriminalise certain defaults, and rationalise and grade prosecution with maximum simple imprisonment reduced to two years and retrospective immunity for small undisclosed foreign assets. en-us Sun, 01 Feb 2026 14:14:43 +0530 Sun, 01 Feb 2026 14:14:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=69429 Proposals integrate assessment and penalty proceedings into a single common order, remove interest on penalty during first appellate appeal, reduce pre payment from 20% to 10% on core tax demand, allow updated returns after reassessment on payment of an additional 10% tax, extend immunity framework to misreporting subject to payment of 100% additional tax, convert technical penalties into fees, decriminalise certain defaults, and rationalise and grade prosecution with maximum simple imprisonment reduced to two years and retrospective immunity for small undisclosed foreign assets. News - Sun, 01 Feb 2026 14:14:43 +0530 https://www.taxtmi.com/news?id=69429