Any person carrying on business with total sales, turnover, or gross receipts exceeding fifty crore rupees in the preceding tax year shall provide facility for accepting payments through prescribed electronic methods, in addition to any other electronic payment methods, already offered.
India’s Income Tax Bill, 2025, introduces a major reform by replacing the term “Previous Year” with “Tax Year.” This change aligns India’s tax system with global standards, improves compliance, and enhances transparency. ✅ Key Benefits: Streamlined tax administration 📑 Reduced confusion for taxpayers 💡 Better alignment with international financial systems 🌍 📌 What Was “Previous
1. Structural and Conceptual Changes The Income-tax Bill, 2025 aims to simplify and modernize the Income-tax Act, 1961, while aligning with global best practices. The language is simplified, and redundant provisions are removed. The Bill organizes provisions logically to improve clarity and ease of interpretation. 2. Key Differences in Approach Aspect Income-tax Act, 1961 Income-tax
The Indian government has released the Income-Tax Bill, 2025, proposing significant changes to the existing tax framework. This bill aims to simplify tax laws, improve compliance, and introduce new provisions affecting individuals and businesses. Key highlights of the bill include revised tax slabs, updated deductions, and new measures to curb tax evasion. The proposed changes
The Income Tax Bill, 2025 introduces several key changes compared to the Income Tax Act, 1961. Below are some of the major differences and amendments: 1. Structural Changes New Terminology: Introduction of “tax year” in place of “previous year.” Reorganization of Sections: The 2025 Bill consolidates and streamlines various provisions to make them more structured.
Appeal to the[Deputy Commissioner (Appeals)] from orders of 94[Assessing Officer (1) 96[Subject to the provisions of sub-section (1A), any person,—] (a) objecting to the amount of 97[***] net wealth determined under this Act ; or (b) objecting to the amount of wealth-tax determined as payable by him under this Act ; or (c) denying
Certain persons who have filed appeals to the Appellate Tribunal entitled to make applications to the Settlement Commission. Omitted by the Finance Act, 1987, w.e.f. 1-6-1987
Proceedings before the Settlement Commission to be judicial proceedings Any proceeding under this Chapter before the Settlement Commission shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228, and for the purposes of section 19690, of the Indian Penal Code (45 of 1860).
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