TAX'o'SURE

01/09/2025

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Ankur Agarwal
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27/05/2025

01/02/2025

*Budget Speech Summary: Tax Reforms and Key Proposals*

• The government aims to simplify taxation as part of its broader vision for Vikasith Bharat (Developed India).

• A new Income Tax Bill will reduce the complexity of current laws, featuring clearer and more concise provisions, cutting both chapters and words by half.

• Focus areas include good governance, reduced litigation, tax certainty, and responsive policymaking, guided by the principle of sabka saath, sabka vikas.

*Tax Rate Structure Revisions*

1. No Tax on Income Up to ₹12 Lakh

• Individuals earning up to ₹12 lakh annually (₹1 lakh per month) will pay no income tax under the new tax regime.

• For salaried taxpayers, due to the ₹75,000 standard deduction, this threshold is ₹12.75 lakh.

2. *Revised Tax Slabs and Rates*

• 0 – ₹4 lakh: 0%
• ₹4 – ₹8 lakh: 5%
• ₹8 – ₹12 lakh: 10%
• ₹12 – ₹16 lakh: 15%
• ₹16 – ₹20 lakh: 20%
• ₹20 – ₹24 lakh: 25%
• Above ₹24 lakh: 30%

3. Tax Rebates and Benefits

• Taxpayers earning up to ₹12 lakh (excluding special income like capital gains) will receive a rebate, resulting in zero tax payable.

• Examples of benefits from the new regime:

• Income ₹12 lakh: ₹80,000 tax benefit (100% reduction from existing rates).

• Income ₹18 lakh: ₹70,000 tax benefit (30% reduction).

• Income ₹25 lakh: ₹1,10,000 tax benefit (25% reduction).

• These reforms aim to increase disposable income, promoting household consumption, savings, and investments.

4. Revenue Impact

• An estimated ₹1 lakh crore in direct taxes and ₹2,600 crore in indirect taxes will be foregone as a result of these proposals.

Other Major Tax Proposals

1. TDS and TCS Reforms
• Reduction in the number of TDS rates and thresholds for simplification.

• Increase in tax deduction limits:
• Senior citizens’ interest deduction limit raised from ₹50,000 to ₹1 lakh.

• TDS threshold for rent payments increased from ₹2.4 lakh to ₹6 lakh annually.

• TCS threshold for remittances under RBI’s Liberalized Remittance Scheme (LRS) increased from ₹7 lakh to ₹10 lakh.

• TCS exemption for educational remittances funded by loans from specified financial institutions.

• Higher TDS provisions to apply only to non-PAN holders.

2. *Voluntary Compliance and Updated Returns*

• Time limit for filing updated returns extended from 2 to 4 years.

• The government highlights the success of the updated return facility introduced in 2022, with nearly 90 lakh taxpayers voluntarily updating their incomes.

3. Charitable Trusts and Compliance Relief

• Registration period for small charitable trusts extended from 5 to 10 years.

• Provisions to prevent disproportionate penalties for minor compliance errors.

4. Property and Transfer Pricing Reforms

• Taxpayers can now claim the benefit of two self-occupied properties without conditions.

• Introduction of a 3-year block period scheme for determining arm’s length pricing of international transactions.

• Expansion of safe harbor rules to reduce litigation and provide tax certainty in international taxation.

5. Senior Citizen Benefits

• Exemption for withdrawals from National Savings Scheme (NSS) accounts with no interest accrual after August 29, 2024.

• Extension of similar benefits to NPS (Vatsanya) accounts.

6. Digitalization and Dispute Resolution

• Implementation of paperless, digital processes for tax orders and appeals.

• The Vivaat Se Vishwaas dispute resolution scheme has seen 33,000 taxpayers settle disputes.

Measures for Investment and Employment Promotion

1. Presumptive Taxation for Non-Residents

• A new presumptive taxation scheme for non-residents providing services to electronics manufacturing facilities in India.

2. Safe Harbor for Electronics Manufacturers

• Tax certainty for non-residents storing components for supply to electronics manufacturers.

3. Tonnage Tax Extension

• Extension of the tonnage tax scheme to inland vessels registered under the Indian Vessels Act 2021 to promote inland water transport.

4. Startup Ecosystem Support

• Extension of startup benefits to companies incorporated before April 1, 2030, by an additional five years.

5. IFSC Investment Incentives

• Specific benefits proposed for ship leasing units, insurance offices, and treasury operations in the International Financial Services Centre (IFSC).

01/02/2025

06/05/2022

If anyone wants to save tax for F.Y. 2021-22 even after completion of F.Y.

Contact me

08/02/2022

Updated Income Tax Returns

1. New Section 139(8A) is proposed to be introduced to provide for furnishing of updated returns.

2. Updated return can be filed within 2 years from the end of Assessment Year – Applicable from AY 2022-23.

3. It can be filed even by assessees who have not filed their original returns.

4. It is proposed that an amount equal to 25% if return filed within 12 months or 50% if return filed after 12 months but before 24 months as additional tax on the tax plus interest/penalty U/S 234A,B,C if any due on the additional income furnished would be required to be paid.

5. Ineligible cases:
a) Updated return should not be loss return or decrease tax liability
b) Search Cases u/s 132/132A (Year of Search and two preceding Assessment Years)
c) Survey Cases u/s 133A (Year of Search and two preceding Assessment Years)
d) Assessment Proceedings pending / completed
Notice from PMLA/Black Money/Benami/FEMA
e) Prosecution for relevant Asssessment Year
f) Notice with respect to Foreign transactions u/s 90/90A

6. In short, with terms and conditions discussed above, a person can now file return under sub section 8A to section 139 with additional payment of tax as applicable.

01/02/2022

* *

👉🏻 Revised Income tax return can be filed within *2 Years* from end of AY

👉🏻 AMT reduced for *Co-Operative Societies* from 18.5% to *15%*

👉🏻 *Surcharge* on Co-Op societies with total income of *1cr to 10Cr* reduced to *7%* from 12%

👉🏻 NPS ( Currently 10% of Salary ) - for State govt. Employee - increased to 14% of salary

👉🏻 Incentive for Startups benefits allowed to start up incorporated before (Earlier 31-3-2022 extended to 31-3-2023)

👉🏻 Sec. 115 BAB date of commencement of manufacture extended to 1 More year.

👉🏻 Virtua digital Assets : - Taxed at 30% ,
No expenses allowed,
Loss can not be allowed,
TDS @1% of consideration ; Gifting digital Virtual assets taxable

👉🏻 *AOP* Surcharge reduced to *15%* from 37%

👉🏻 Education cess on income tax not allowable as expense ( Just a clarification)

👉🏻 Undisclosed income during search and survey - Set off of any loss not allowable

👉🏻 TDS on Benefits transferred to agent Exceeding Rs. 20000

🫐- Tax relief for persons with disability: Allow annuity payment to differently abled dependents when parents attaining age of *60 years*

🍒- Last date for commencement of manufacturing for claiming lower tax regime under Section 115BAB to be 31.03.2024 (earlier 31.03.2023; now *extended by 1 year)*

🍎- No repetitive appeals for common question of laws

🍎- Off-shore banking units/ IFSC income to be provided exemptions

🍋- Surcharge on Long Term Capital Gains on any assets to be capped at 15%

01/02/2022

Budget 2022 Updates :

• Public Issue of LIC is expected shortly.
• 2 lakhs crores additional help for MSMEs.
• Credit-Linked Guarantee Scheme extended till March 2023.
• One class-one TV channel and 200 TV channels to provide education in all Regional languages.
• A Digital University will be set up for higher education.
• 80 Lakhs homes to be completed under PM Aawas Yojna.
• Maximum Governance, minimum Government: Ease of doing business 2.0 to be launched.
• E-Passports: Using embedded chip to be rolled out in 2022.
• Scope of Green Clearance Portal to be expanded.
• Cross broader insolvency announced in budget
• Faster voluntary liquidation announced