Tag: Income Tax Act

Budget Imposes Rs 75,000 Penalty For Missing Tax Audit Deadline Even By A Day

February 1, 2026 admin

The Finance Bill 2026 has introduced a stringent graded fee system, placing significant financial weight on audit compliance. Under the proposed Section 428, taxpayers who fail to furnish mandated audit reports now face heavy penalties starting at Rs 75,000, scaling up to Rs 1,50,000 for prolonged delays. The new framework categorises defaults into distinct tiers,…

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Simplifying the mammoth Income Tax Act in six months

August 31, 2025 admin

How did the Income Tax Department complete the “mammoth” task of rationalising and simplifying the huge Income Tax Act 1961 in just about six months, and then implementing the Select Committee’s voluminous suggestions in just one month? By cramming in 75,000 man-hours of work in that time and even putting probationers on the job, that’s…

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Is There New, ‘Simpler’ Income Tax Act In Budget 2025? What Sources Said

January 30, 2025 admin

New Delhi: The Direct Tax Code – a new income tax bill meant to simplify compliance for individual taxpayers – will be introduced separately, and not as part of the Union Budget 2025 to be delivered by Finance Minister Nirmala Sitharaman on Saturday morning, sources have told NDTV. There had been reports the new tax…

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Last Instalment Deadline On March 15

March 15, 2024 admin

Advance tax allows taxpayers to spread out their income tax payments throughout the year. Today, March 15, 2024, marks the final deadline for taxpayers in India to settle their fourth and final installment of advance tax for the financial year 2023-24. Missing this deadline can result in penalties and interest charges. Advance tax allows taxpayers…

Nation

No review of Uniform Civil Code impact on HUFs: Finance Ministry

July 26, 2023 admin

Minister of State for Finance Pankaj Choudhary. File The number of Hindu Undivided Families (HUFs) availing tax benefits under the Income Tax Act stood at almost 8.76 lakh in 2022-23, the lowest in at least five years. The impact on their tax treatment under a Uniform Civil Code (UCC) has not yet been examined, the…

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Union Budget proposes changes to Income Tax search and seizure provisions

February 3, 2023 admin

A salesman watches TV screens during the live telecast of Union Budget 2023 by Finance Minister Nirmala Sitharaman in Ahmedabad on Wednesday. | Photo Credit: VIJAY SONEJI The Union Budget 2023-24 has proposed certain changes to the Income Tax search and seizure provisions in view of the increased use of technology and digitisation in the…

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