New Delhi, Feb. 1 (Maxim News) : The Central Government has taken a major decision on penalties and punishments related to economic offences.
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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.
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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.
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Through these changes, the Centre aims to reduce litigation, promote compliance, and make the tax system more taxpayer-friendly. (Maxim News)
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