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SIMPLIFYING TAX AND IMPROVING TAX PAYER SERVICES A CONSISTENT ENDEAVOUR OF THE GOVERNMENT: UNION FINANCE MINISTER COMPREHENSIVE REVIEW OF THE INCOME-TAX ACT, 1961 IN SIX MONTHS ALL SERVICES UNDER GST, CUSTOMS AND INCOME TAX TO BE DIGITALIZED AND MADE PAPER-LESS IN TWO YEARS VIVAD SE VISHWAS SCHEME, 2024 TO RESOLVE PENDING APPEALS ON INCOME-TAX DISPUTE While presenting the Union Budget 2024-2025 in Parliament today, the Union Minister for Finance Corporate Affairs, Smt. Nirmala Sitharaman
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FAQ :
All remaining services under GST, Customs, and Income Tax, including rectification and orders giving effect to appellate orders, will be digitalised and made paper-less over the next two years.
It is a scheme announced in the Budget speech to resolve certain income tax disputes that are currently pending in appeal.
Yes, an assessment can now be reopened beyond three years from the end of the assessment year only if the escaped income is ₹50 lakh or more, up to a maximum of five years.
The two existing tax exemption regimes for charities are proposed to be merged into one.
Yes, the 5 per cent TDS rate on many payments is being merged into the 2 per cent rate, and the 20 per cent TDS rate on repurchase of units by mutual funds or UTI is being withdrawn. The TDS rate on e-commerce operators is proposed to be reduced from 1% to 0.1%.
Monetary limits for filing appeals related to direct taxes, excise, and service tax have been proposed to increase to ₹60 lakh, ₹2 crore, and ₹5 crore respectively in Tax Tribunals, High Courts, and the Supreme Court.
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