The Income Tax Department is scheduled to implement a new tax return processing change starting in April 2025. This update is designed to enhance accuracy and decrease discrepancies in filings. An adjustment to Section 143(1) of the Income Tax Act will empower tax authorities to compare a taxpayer’s most recent Income Tax Return (ITR) with … Read more
The Finance Ministry has recently modified the Direct Tax Vivad Se Vishwas Scheme, 2024 to address issues faced by taxpayers and provide relief. A circular issued by the ministry stated that the changes were made to remove difficulties that had hindered taxpayers from applying for the scheme earlier. The government has released crucial clarifications in … Read more
India’s Goods and Services Tax (GST) system has come under sharp criticism, with former Infosys CFO Mohandas Pai taking aim at its ambiguities. “This is silly and complex. It will lead to tax terrorism,” Pai wrote on X, adding that it is making citizens “hostages to rent-seeking officials” and creating endless disputes. His message to … Read more
The government on Thursday introduced a bill in the Lok Sabha seeking to bury retrospective tax demands it had made on companies such as Cairn Energy Plc and Vodafone Group of UK. Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha which seeks to withdraw tax demands made on … Read more