New Delhi, Feb. 1 (Maxim News) : The Central Government has taken a major decision on penalties and punishments related to economic offences.
Here To Join Us On WhatsApp
While presenting the Union Budget in the Lok Sabha, Finance Minister Nirmala Sitharaman announced a reduction in punishments for financial crimes, especially in tax-related disputes.
She stated that the government will reduce the severity of criminal action in tax cases. Earlier, offenders faced up to two years of imprisonment.
Now, the jail term has been reduced to two years, and in some cases, imprisonment will be completely waived if the penalty amount is paid.
Here To Join Us On WhatsApp
In addition, the Finance Minister announced that a new Income Tax Act will come into force from April 1. She said the government has introduced reforms to make tax filing easier for common citizens.
Moreover, simplified income tax return forms will be made available soon. The government has also extended the deadline for filing revised tax returns. Earlier set as December 31, the new deadline has now been extended to March 31.
Here To Join Us On WhatsApp
Through these changes, the Centre aims to reduce litigation, promote compliance, and make the tax system more taxpayer-friendly. (Maxim News)
Now you can get the latest stories from Indtoday on Telegram every day. Click the link to subscribe. Click to follow Indtoday’s Facebook page, Twitter, and Instagram. For all the latest Hyderabad News updates and Follow us on GoogleNews
More Stories…
Delhi/Hyderabad, July 9 (Maxim News): Union IT Secretary S. Krishnan has revealed that the deadline for WhatsApp ‘Username’ notices has expired today (Thursday). He clarified that there is no question of extending the deadline. WhatsApp (Meta) management will respond to the Central Government’s notices today. WhatsApp has made it clear that it will not bring…
Minister Uttam Kumar Reddy has given a strong counter to former minister Harish Rao . If Harish Rao is an expert in irrigation, why was his uncle KCR initially removed from the post of minister? Minister Uttam interacted with the media at the Secretariat today (Thursday). He criticized, KCR for not having faith in Harish…
Hyderabad, July 9 (Maxim News): The Telangana High Court has granted bail to Bandi Bhagirath, an accused in the POCSO case . The bail was granted on a surety of Rs. 1 lakh and as per the conditions set by the court. The court has issued key orders in the wake of the ongoing investigation…
Internet/Hyderabad, July 9 (Maxim News): A day before Indian Prime Minister Narendra Modi’s visit to New Zealand, Prime Minister Christopher Luxon made a key announcement. He revealed that 57 percent of New Zealand’s exports to India will be duty-free on the first day of the Free Trade Agreement (FTA) with India. He clarified that the…
Mumbai/Hyderabad, July 9 (Maxim News): An interesting development has taken place in Maharashtra politics. NCP (SP) chief Sharad Pawar and Maharashtra Deputy Chief Minister Eknath Shinde met. The two leaders met at the Deputy CM’s office in the Assembly. A cabinet meeting was held in the Assembly building today (Thursday) under the chairmanship of Chief…
Hyderabad, July 9 (Maxim News): Musi Riverfront Development Project Phase I received a high-level field review on Wednesday. Chief Secretary Sanjay Jaju visited key intervention sites along the Phase I stretch and assessed progress on the ground. The visit covered Osmansagar, the Narsingi STP site, and the Gandhi Sarovar project lands. Here To Join Us…
