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Income Tax - Highlights / Catch Notes

Home Highlights December 2018 Year 2018 This

Finance Act 2018: Simplifies Tax Compliance, Reduces Litigation, Introduces New Deductions, Curbs Evasion, Boosts Investment.


Finance Act 2018: Simplifies Tax Compliance, Reduces Litigation, Introduces New Deductions, Curbs Evasion, Boosts Investment.

December 26, 2018

Circulars     Income Tax

Explanatory Notes to the Provisions of the Finance Act, 2018

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  1. Union Cabinet approved a new Income Tax Bill to replace the Income Tax Act, 1961, aimed at simplifying direct tax legislation. The bill, characterized by simplified...

  2. The proposed new Income Tax Bill aims to replace the Income Tax Act 1961 with a modernized, simplified framework that maintains revenue neutrality. The legislation will...

  3. Major Steps taken for Reducing Tax Litigations - For income tax matters, litigation from Department’s side will get reduced by 41%, for Indirect Tax Matters (Central),...

  4. The proposed Income Tax Bill 2025 aims to replace the Income Tax Act 1961 with a modernized and streamlined tax framework comprising 536 sections across 23 chapters. Key...

  5. Declaration for No TDS - Government Simplifies the Format and Procedure for Self Declaration in form No.15G or 15H to Reduce the Cost of Compliance and Ease the Compliance Burden

  6. The Finance Bill 2025 introduces key changes to income tax provisions focusing on crypto-asset reporting, loss carry-forward in amalgamations, and extended timelines for...

  7. SEBI introduced a new framework for Mutual Fund Lite (MF Lite) schemes, allowing launch of passive funds tracking specified equity and debt indices. Key provisions...

  8. GST, a success of vast proportions, decreased tax incidence on common man, reduced compliance burden and logistics cost for trade and industry. Amendments facilitated...

  9. Circular No. 05/2024, issued by the Central Board of Direct Taxes (CBDT) under section 268A of the Income-tax Act, 1961, introduces measures to reduce litigation in...

  10. RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals] - Notes In the new tax regime increase the...

  11. The circular addresses the Reduction of Government Litigation by setting monetary limits for filing appeals before GSTAT, High Courts, and Supreme Court. It refers to...

  12. Income Tax: To facilitate ease of doing business and reduce compliance burden, it is proposed to amend section 197 to bring section 194Q (tax deduction on purchase of...

  13. Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...

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