A.salwan & Associates

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01/02/2025

Budget 2025

1. New Income tax Bill Next Week. New Income tax Bill to be simple and close to present
2. NIL Income tax upto 12,00,000

Under the new income tax regime, no income tax is payable for income up to ₹12 lakh.

NEW TAX REGIME STRUCTURE:

0-4 LK : NIL
4-8 LK : 5%
8-12 LK: 10%
12-16 LK: 15%
16-20 LK: 20
20-24 LK: 25%
ABOVE 24 LK: 30%

3. Limit for TDS on rent increased from Rs. 2.4 lakh to Rs. 6 lakh
4. Limit for TDS on Senior citizens enhanced from Rs. 50,000 to Rs. 1,00,000
5. TCS removed remittance for education purposes.
6. ‘Updated Return’ time limit enhanced to 4 years from present 2 years.

25/09/2024

Archival of GST Returns data on GST portal

1. Section 39 (11) of the CGST Act, 2017 , implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, provides that the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years from the due date of furnishing the said return.

2. Return data will not be available to view beyond 7 years for taxpayers.

3. Accordingly, on 01st August 2024 return filed for July 2017 has been archived and on 01st September 2024, data for August 2017 has been archived. Further, this data archival is going to be a monthly activity hence on 01st October, 2024 data of September 2017 shall be taken down from the GST portal and so on so forth.

23/09/2024

Vivad Se Vishwas rules are now notified:

1. In exercise of the powers conferred by sub-section (2) of section 88 of the Finance (No. 2) Act, 2024 (15 of 2024), the Central Government has appointed the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force.

2. Keeping in view the success of the previous Vivaad Se Vishwas Act, 2020 and the mounting pendency of appeals at CIT(A) level, introduction of a Direct Tax Vivad se Vishwas Scheme, 2024 is proposed with the objective of providing a mechanism of settlement of disputed issues, thereby reducing litigation without much cost to the exchequer.

3. The scheme allows taxpayers to settle appeals, writ petitions, and special leave petitions pending as of this cut-off date before the Supreme Court, High Courts, ITAT, Commissioner (Appeals), and Joint Commissioner (Appeals). The scheme also covers cases with objections filed before the Dispute Resolution Panel (DRP) where no final assessment order has been issued and pending revision applications before the Commissioner.

4. Settling disputes under VSV 2.0 waives penalties and interest and ensures no prosecution will be initiated. However, appeals involving search cases, prosecution cases, undisclosed foreign income or assets are excluded from VSV 2.0.

10/09/2024

September Updates;

1. Reduction of Time Limit Under Section 148A for Issuing Notice:

Previous Rule: The time limit for the Income Tax Department to issue a notice under Section 148A for reopening assessments was 10 years from the end of the relevant assessment year.

2. New Rule Effective from 1st September 2024:

The time limit for reopening cases u/s 148A has been reduced. The updated time limit for reopening cases with income Upto Rs.50 lakhs – The cases should not be reopened within 3 years from the end of the assessment year.
Above Rs.50 lakhs – The time limit for reopening cases u/s 148A has been reduced from the earlier 10 years to 5 years.

3. GSTR-9 and GSTR-9C: Forms GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) will be active on the GST portal.

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B/76, First Floor, Naraina Vihar
Delhi
110028

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