VEM : VAPS®-EPSCON-MKJ

VEM : VAPS®-EPSCON-MKJ

2/16/2025, 10:37:01 AM

*"Breaking Down the Income Tax Bill, 2025: A Closer Look at the Select Committee."* The Lok Sabha Speaker has taken a significant step towards refining the Income Tax Bill, 2025, by constituting a 31-member Select Committee to review the legislation . This committee, chaired by senior BJP leader and MP Baijayant Panda, will scrutinize the bill's provisions before it becomes law. *Key Objectives of the Select Committee* - Examine the Income Tax Bill, 2025, in its entirety - Identify areas requiring amendments or clarification - Ensure the bill aligns with the government's tax policy objectives *Composition of the Select Committee* The committee comprises 31 MPs, including: - 17 members from the National Democratic Alliance (NDA) - 13 members from opposition parties - Chairperson: Baijayant Panda, senior BJP leader and MP *Timeline for the Committee's Report* The Select Committee is expected to submit its report by the start of the Monsoon session. This timeline allows for a thorough examination of the bill and ensures that the committee's recommendations are incorporated into the final legislation. By forming this Select Committee, the Lok Sabha Speaker has demonstrated a commitment to transparency and accountability in the legislative process. As the committee begins its work, taxpayers and stakeholders can expect a more refined and effective Income Tax Bill, 2025.

VEM : VAPS®-EPSCON-MKJ

2/16/2025, 10:33:33 AM

*"Simplifying Tax Reforms: A Closer Look at the Income Tax Department's Comparison Utility"* The Income Tax Department has launched a utility tool designed to facilitate comparisons between the old and new sections of the Income Tax Act. This initiative aims to provide taxpayers and professionals with a comprehensive understanding of the changes introduced by the new tax regime. Key Features of the Comparison Utility 1. *Side-by-Side Comparison*: The utility allows users to compare the old and new sections of the Income Tax Act side by side, making it easier to identify changes and understand their implications. 2. *Section-Wise Comparison*: The tool provides a section-wise comparison of the old and new tax regimes, enabling users to focus on specific areas of interest. 3. *Search Functionality*: Users can search for specific sections or keywords, streamlining the comparison process. 4. *User-Friendly Interface*: The utility features an intuitive interface, making it accessible to taxpayers and professionals alike. Benefits of the Comparison Utility 1. *Improved Understanding*: The utility helps taxpayers and professionals understand the changes introduced by the new tax regime, enabling informed decision-making. 2. *Simplified Tax Planning*: By comparing the old and new sections, users can identify opportunities for tax planning and optimization. 3. *Enhanced Compliance*: The utility facilitates compliance with the new tax regime, reducing the risk of errors or omissions. 4. *Increased Transparency*: The comparison utility promotes transparency, providing stakeholders with a clear understanding of the tax reforms. Implications and Next Steps 1. *Widespread Adoption*: The comparison utility is expected to be widely adopted by taxpayers, professionals, and tax authorities, facilitating a smoother transition to the new tax regime. 2. *Ongoing Updates*: The Income Tax Department may release updates to the utility, incorporating feedback and ensuring it remains aligned with the evolving tax landscape. 3. *Taxpayer Education*: The utility may be complemented by taxpayer education initiatives, aimed at promoting awareness and understanding of the tax reforms.

VEM : VAPS®-EPSCON-MKJ

2/16/2025, 10:31:00 AM

*"Government Eyes on Your Online Presence: Decoding the Income Tax Bill 2025"* The Income Tax Bill 2025 has sparked concerns among social media users, as it proposes to grant tax officers access to individuals' social media accounts. This move aims to broaden the scope of tax scrutiny, particularly in the context of virtual digital assets. *Key Provisions:* 1. *Access to Social Media Accounts:* Tax officers may request access to an individual's social media accounts, including passwords, to verify income and assets. 2. *Virtual Digital Assets:* The bill defines virtual digital assets, including cryptocurrencies, NFTs, and other digital tokens, which will be subject to tax scrutiny. 3. *Reporting Requirements:* Social media platforms and other online service providers may be required to report transactions and user data to tax authorities. *Implications:* 1. *Privacy Concerns:* The proposed provisions raise concerns about individual privacy and the potential for misuse of personal data. 2. *Tax Compliance:* The bill aims to improve tax compliance, particularly among individuals with unreported income or assets. 3. *Regulatory Framework:* The proposed provisions may lead to a more comprehensive regulatory framework for virtual digital assets in India. *Next Steps:* 1. *Parliamentary Approval:* The Income Tax Bill 2025 will require parliamentary approval before it becomes law. 2. *Public Consultation:* The government may conduct public consultations to address concerns and gather feedback on the proposed provisions. As the bill progresses, it is essential to monitor developments and assess the potential impact on individual privacy and tax compliance.

VEM : VAPS®-EPSCON-MKJ

2/4/2025, 6:33:02 PM

*12A and 80G registrations are crucial for non-profit organizations (NGOs) seeking tax exemptions. Here's what they entail:* 12A Registration 1. *Definition*: Section 12A of the Income Tax Act, 1961, provides tax exemption to registered charitable trusts, societies, and section 8 companies. 2. *Benefits*: Exempts the NGO's income from tax, allowing them to utilize their resources more efficiently. 3. *Eligibility*: NGOs must be registered under the Societies Registration Act, 1860, or the Indian Trusts Act, 1882, or as a section 8 company under the Companies Act, 2013. 4. *Registration process*: NGOs must submit an application to the Income Tax Commissioner, providing documents such as registration certificates, trust deeds, and audited financial statements. 80G Registration 1. *Definition*: Section 80G of the Income Tax Act, 1961, allows donors to claim a tax deduction for donations made to registered charitable organizations. 2. *Benefits*: Encourages donations to NGOs, as donors can claim a tax deduction of up to 50% of their donated amount. 3. *Eligibility*: NGOs must be registered under Section 12A and have a valid 12A registration certificate. 4. *Registration process*: NGOs must submit an application to the Income Tax Commissioner, providing documents such as the 12A registration certificate, trust deed, and audited financial statements. In summary, 12A registration provides tax exemption to NGOs, while 80G registration allows donors to claim tax deductions for their donations. Both registrations are essential for NGOs to operate efficiently and attract donations.

VEM : VAPS®-EPSCON-MKJ

2/3/2025, 7:22:53 AM

*Union Budget 2025: Decoding GST and Customs Amendments* The Union Budget 2025 has proposed several amendments to the Goods and Services Tax (GST) and Customs laws. These amendments aim to simplify the tax structure, reduce compliance burdens, and boost economic growth. Here's a comprehensive analysis of the proposed amendments: GST Amendments *1. GST Registration* - *Threshold Limit*: The threshold limit for GST registration has been increased from ₹40 lakh to ₹50 lakh for suppliers of goods. - *Special Category States*: The threshold limit for special category states has been increased from ₹20 lakh to ₹25 lakh. *2. GST Rates* - *Rationalization of Rates*: The GST rates on certain goods and services have been rationalized to reduce the number of tax slabs. - *Exemptions*: Certain goods and services have been exempted from GST to reduce the tax burden on consumers. *3. GST Compliance* - *Simplified Returns*: The GST return filing process has been simplified to reduce the compliance burden on taxpayers. - *E-Invoicing*: E-invoicing has been made mandatory for taxpayers with a turnover exceeding ₹100 crore. Customs Amendments *1. Customs Duty Rates* - *Rationalization of Rates*: The customs duty rates on certain goods have been rationalized to reduce the number of tax slabs. - *Exemptions*: Certain goods have been exempted from customs duty to reduce the tax burden on importers. *2. Customs Compliance* - *Simplified Procedures*: The customs clearance procedures have been simplified to reduce the compliance burden on importers and exporters. - *E-Commerce*: E-commerce operators have been brought under the ambit of customs law to ensure compliance with customs regulations. Impact Analysis The proposed amendments to GST and Customs laws are expected to have a positive impact on the economy. The simplification of tax structures and compliance procedures will reduce the burden on taxpayers and increase compliance. The rationalization of tax rates and exemptions will reduce the tax burden on consumers and promote economic growth. Conclusion The Union Budget 2025 has proposed several amendments to GST and Customs laws. These amendments aim to simplify the tax structure, reduce compliance burdens, and boost economic growth. Taxpayers and businesses must carefully analyze these amendments and plan accordingly to ensure compliance and minimize tax liabilities.

VEM : VAPS®-EPSCON-MKJ

2/1/2025, 3:42:21 PM

*बजट भाषण के प्रमुख अंश- हिंदी भाषा मे* - *New Tax Regime में बड़ा बदलाव, 12.00 लाख तक की आय पर कोई टैक्स नहीं;* CT- *स्टैंडर्ड डिडक्‍शन को 75000 रुपये ही रखा गया, वेतन भोगी के लिए 12.75 तक कोई टैक्स नही* - *पिछले 4 साल का आईटी रिटर्न एकसाथ कर सकेंगे दाखिल* - *अगले हफ्ते नया इनकम टैक्स बिल आएगा* - *कैंसर जैसी गंभीर बीमारी से जुड़ी 36 दवाइयां पूरी तरह से ड्यूटी फ्री, टीवी-मोबाइल, दवाएं, भारत में‌ बने कपड़े, चमड़े के सामान और इलेक्ट्रिक कार होंगी सस्ती* - *MSME सेक्टर को बढ़ावा देने के लिए लोन 5 करोड़ से बढ़ाकर 10 करोड़, स्टार्टअप के लिए लोन 10 करोड़ से बढ़ाकर 20 करोड़, लोन देने के लिए कार्ड जारी होंगे* - *TCS की सीमा 7 लाख से बढ़ाकर 10 लाख की गई* - *सीनियर सिटीजन के लिए बड़ा ऐलान, टैक्स छूट दोगुनी, ब्याज पर छूट 50 हजार से बढ़ाकर 1 लाख की गई* - *दो घर के मालिकों को भी टैक्स में राहत, रेंट पर टीडीएस की सीमा 2.4 लाख से बढ़ाकर 6 लाख रुपये की गई* - *'किसानों के लिए 'प्रधानमंत्री धनधान्य योजना' का ऐलान, किसान क्रेडिट कार्ड की लिमिट बढ़कर 5 लाख हुई, बिहार में मखाना बोर्ड बनेगा* - *राजकोषीय घाटा GDP का 4.8 प्रतिशत रहने का अनुमान; 12 महत्वपूर्ण खनिजों को बुनियादी सीमा शुल्क से छूट* - *अगले 5 वर्षों में 75000 नई मेडिकल सीटें, AI सेंटर को बढ़ावा देने के लिए 500 करोड़ की सहायता* - *खाद्य तेल में आत्मनिर्भरता के लिए 6 साल का मिशन, लेदर उद्योग स्कीम में 22 लाख नई नौकरी पैदा करने का लक्ष्य, भारत को टॉयज का ग्लोबल हब बनाएंगे* - *IITs में टेक्नोलॉजिकल रिसर्च के लिए 10 हजार पीएम स्कॉलरशिप, अगले 5 वर्षों में 50,000 अटल टिंकरिंग लैब, सभी सरकारी स्कूलों में ब्रॉडबैंड कनेक्टिविटी* - *सभी जिला अस्पतालों में डेकेयर कैंसर सेंटर स्थापना होगी, जल जीवन मिशन का बजट आउटले 100 प्रतिशत कवरेज हासिल करने के लिए बढ़ाया गया* - *120 गंतव्यों को जोड़ने के लिए संशोधित उड़ान योजना शुरू होगी, 4 करोड़ अतिरिक्त यात्रियों को मदद मिलेगी* - *इंश्योरेंस सेक्टर के लिए 100 एफडीआई की मंजूरी।*

VEM : VAPS®-EPSCON-MKJ

2/1/2025, 3:17:05 PM

*Highlights of Budget* 1. No Income Tax upto Income of Rs 12 Lakhs, New Slab Rates for all Taxpayers benfiting Middle Class 2. FM propose to introduce the New Income Tax Bill next week 3. New Bill be Half of the present Income Tax law in terms of chapters and words 4. TDS on Senior Citizen Rs 1 lakhs plus on interest TDS on Rent Rs 6 Lakhs onwards 5. 90 Lakhs filed updated returns Now you can file Income Tax Returns for past 4 years in ITR U 6. The focus is on inclusive development and boosting middle-class spending. 7. Budget aims to accelerate growth and unlock the nation’s potential. 8. Budget will initiate reforms in primarily 6 domains — taxation, urban development, mining, financial sector, power and regulatory reforms. 9. Plant with annual capacity of 12.7 lakh metric tons to be set up at Namrup, Assam 10. 3 dormant urea plants in the Eastern region had been reopened 11. Investment limit for #MSME classification to be made 2.5 times. Turnover limits for MSME classification to be doubled 12. Government to provide support to National Cooperatives Development Corporation for its lending operations for cooperative sector 13. Kisan Credit Card: Facilitates loans for 7.07 crore farmers. Loan limit will be increased from Rs3 lakh to Rs5 lakh under KCC 14. Boosts Footwear, Leather & Toys Industry! 15. New scheme for footwear & leather sector to create 22 lakh jobs, ₹4L Cr revenue & ₹1.1L Cr+ exports. 16. Toys sector to get a dedicated scheme to make India a global manufacturing hub! 17. Announces 5-year mission to promote cotton production 18. 5 national centres will be set up for skilling in partnerships in manufacturing. Expansion of capacity in IITs - 100% increase in last 10 years. Additional infra will be created for 6500 more students in new IITs. 19. New Fund of Funds for Startups to be set up 20. Fresh contribution of another ₹ 10,000 crore, in addition to existing government contribution of Rs. 10,000 crore. 21. New Scheme for 5 lakh Women, Scheduled Castes and Scheduled Tribes first-time entrepreneurs 22. Centre of excellence in #AI for education to be set up with outlay of Rs. 500 23. To add 75000 medical seats in next 5 years 24. The government will establish a national institute of food technology, entrepreneurship and management in Bihar. 25. Centre will launch a 6-year programme for Atamnirbharta in pulses 26. Credit guarantee cover to be enhanced for MSMEs and start-ups 27. 75 thousand seats will increase in IIT 28. Cancer hospital will open in every district Broadband facility will be available in primary schools 29. The government will create a ₹1 lakh crore Urban Challenge Fund aimed at transforming cities into growth hubs. The fund will finance 25% of the cost of bankable projects, with an allocation of ₹10,000 crore for 2025-26.The remaining 50% will be funded through bonds, bank loans, and public-private partnerships (PPPs). 30. FM announces Dhan Dhanya Krishi Yojna in partnership with states. Scheme to cover 100 Districts. Says 1.7 crore farmers will be benefited. 31. A new scheme has been launched to offer term loans with a five-year tenure, benefiting 5 lakh women from SC/ST communities. 32. The Finance Minister announced a dedicated scheme for India’s footwear and leather sector, expected to generate employment for 22 lakh individuals, achieve a revenue of ₹4 lakh crore, and boost exports to over ₹1.1 lakh crore. 33. For the toys sector, the government will implement a scheme to make India a global manufacturing hub. 34. Saksham Anganwadi and Poshan 2.0 programs will provide vital nutritional support to 8 crore children, 1 crore mothers, and 20 lakh adolescent girls, focusing on lactating women, adolescent girls, and children. 35. 50.000 Atal Tinkering Laboratories (ATLs) will be set up in government schools in the next 5 years to foster scientific temper in young minds. Broadband connectivity is to be provided to all secondary schools. 36. Five National Centres of Excellence for Skilling will be established to equip the youth with the necessary skills for global opportunities. The Finance Minister also promised global skilling partnerships to enable India to become a key player in global manufacturing. 37. The PM Swanidhi Scheme will be revamped with higher loan limits and the introduction of a ₹30,000 UPI-linked credit card. The government will also facilitate identity card issuance and registration on the e-Shram portal for gig workers, providing insurance coverage for nearly 1 crore workers. 38. 3-year pipeline of projects by states to be given that can be implemented in private-public partnership (PPP) mode. Each infrastructure-related ministry is to come up with a 3-year plan to be implemented in PPP mode. The outlay of ₹1.5 lakh crore is proposed for 50-year interest-free loans. 39. Extend Jal Jeevan mission with an enhanced outlay, focus on quality infrastructure and O&M. 15 crore households have been provided portable tap water access under Jal Jeevan Mission 40. 100GW nuclear enegery by 2047 is essential for energy transition 41. The modified UDAN scheme will be launched to connect 120 new destinations and cater to 4 crore passengers over the next 10 years. 42. India’s cities are set for transformation! The ₹1L Cr Urban Challenge Fund will fuel creative redevelopment, enhance water & sanitation infra, and turn cities into growth hubs. With ₹10K Cr allocated for FY 2025-26, the future of urban India looks ambitious! 43. hrust on investment in infrastructure continues with focus on PPP projects and asset monetization among others 44. Each infrastructure-related ministry to come up with a 3-year pipeline of PPP infra projects 45. Financial assistance will be provided for Western Kosi Canal Project in Mithilanchal region of Bihar 46. Focus Product Scheme for Footwear & Leather Sectors is expected to facilitate employment for 22 lakh persons, turnover of ₹4 lakh crore and exports of over ₹ 1.1 lakh crore 47. Scheme to Make India a Global Toys Hub; To create high-quality toys representing the Made In India brand 48. Mudra loans to be provided to homestays, says FM. 49. Medical tourism and ‘heal in India’ to be promoted in partnership with private sector. Top 50 tourism destination sites will be developed in partnership with states 50. Extension of Jal Jivan Mission till 2028, It started in 2019. 100% household receive clean water through tap. 51. The government will offer a national guidance framework to help states promote Global Capability Centres (GCCs) and enhance their growth. 52. Centralized KYC system soon 53. Jan Vishwas 2.0 bill to decriminalise over 100 provisions in existing laws. 54. Banks will be required to maintain a Grameen credit score for self-help groups to facilitate better financial access and support. 55. Govt to draft model bilateral investment treaty to attract foreign investment 56. Insurance FDI hiked from 74% to 100% 57. The revised estimate of the total receipts other than borrowings is Rs 31.47 lakh crore of which the net tax receipts are Rs 25.57 lakh crore. 58. Scheme to cover 100 districts with low productivity, moderate crop intensity and below-average credit parameters 59. 10,000 fellowships to be provided under the PM Research Fellowship scheme in next five years, for technological research in IITs and IISc 60. Investing in Research, Development and Innovation ₹ 20,000 crore for private-sector driven Research, Development and Innovation initiative announced in the July Budget 61. National Geospatial Mission to be launched to develop foundational geospatial infrastructure and data 62. India ranks second largest globally in fish production and aquaculture. Seafood exports are valued at 60,000 Crore Rupees. To unlock the untapped potential of the marine sector, the government will bring in an enabling framework for sustainable harnessing of fisheries from the Indian exclusive economic zone and high seas with a special focus on the Andaman and Nicobar and Lakshadweep Islands. 63. FastTrack Merger for companies 64. Propose removal of 7 tariff rates over an above those in removed in earlier budget. Only 8 tariff rates to remain after the new move. 65. Fiscal Deficit at 4.4% of GDP 66. Propose removal of 7 tariff rates over an above those in removed in earlier budget. Only 8 tariff rates to remain after the new move. 67. The threshold limit for TCS on LRS remittances has been increased from ₹7 lakh to ₹10 lakh. 68. The TDS threshold limit on rent has been raised to ₹6 lakh. 69. It is proposed to remove TCS on education loans up to ₹10 lakh from specified financial institutions. 70. The new income tax bill will retain nearly half of the existing provisions and introduce personal income tax reforms with a focus on the middle class. It will also rationalise the tax deducted at source (TDS) and tax collected at source (TCS) regime by reducing the number of rates and adjusting thresholds. 71. TCS on sales removed 72. Scheme to be introduced for determining arm's length price of international transaction for a block period of three years, to streamline transfer pricing and to provide an alternative to yearly examination 73. Tax exemption to be provided on withdrawals made from National Savings Scheme by individuals on or after 29th August, 2024 74. Compliance burden for small charitable trusts & institutions to be reduced, by increasing their registration period from 5 years to 10 years 75. Taxpayers to be allowed to claim annual value of two self-occupied properties as nil without any condition.

VEM : VAPS®-EPSCON-MKJ

2/1/2025, 2:52:21 PM

*Union Budget 2025-26: Key Highlights and Provisions* The Union Budget 2025-26 presented by Finance Minister Nirmala Sitharaman outlines the government's spending plans and tax proposals. Here are the key highlights: Budget Documents - *Annual Financial Statement*: Provides a detailed account of the government's revenues and expenditures. - *Revenue Account*: Outlines the government's revenue receipts, including tax and non-tax revenues. - *Capital Account*: Details the government's capital receipts and expenditures, including investments in infrastructure and other assets. Taxation - *New Tax Regime*: A revised income tax slab with 5% tax on income between ₹4 lakh to ₹8 lakh and 10% tax on income between ₹8 lakh to ₹12 lakh. - *No Tax up to ₹12 Lakh*: Individuals with income up to ₹12 lakh will not have to pay income tax. Sectors and Industries - *MSME Investment Limit*: Increased to ₹20 crore, with turnover limit increased to ₹100 crore. - *Agriculture*: Launch of "Prime Minister Dhan-Dhaanya Krishi Yojana" to enhance agricultural productivity and promote crop diversification. - *Infrastructure*: ₹11.21 lakh crore allocated for capital expenditure, including projects in PPP mode. Social Welfare - *Gig Workers*: Healthcare benefits under PM Jan Arogya Yojana and identity cards. - *Senior Citizens*: Exemption from tax on withdrawals from National Savings Scheme accounts. - *Kisan Credit Cards*: Loan limit increased to ₹5 lakh. Expenditure Profile - *Defence*: ₹5.94 lakh crore allocated for defence expenditure. - *Education*: ₹1.12 lakh crore allocated for education expenditure. - *Health*: ₹89,155 crore allocated for health expenditure. Receipt Budget - *Tax Revenue*: Estimated to be ₹27.58 lakh crore. - *Non-Tax Revenue*: Estimated to be ₹3.73 lakh crore. - *Capital Receipts*: Estimated to be ₹12.33 lakh crore. These are just some of the key highlights from the Union Budget 2025-26. The budget aims to promote inclusive growth, accelerate development, and enhance the quality of life for citizens.

VEM : VAPS®-EPSCON-MKJ

1/20/2025, 1:01:18 PM

*Arrest Under CGST: Understanding the Requirement of Prior Notice* A recent ruling by the Gurugram ACJM has declared an arrest under Section 69 of the Central Goods and Services Tax (CGST) Act illegal due to the absence of a prior notice under Section 35 of the Bharatiya Nagarik Suraksha Sanhita (BNSS). This decision highlights the importance of adhering to procedural requirements in tax-related arrests. *Section 69 of CGST Act* Section 69 of the CGST Act empowers authorities to arrest individuals who commit offenses punishable under the Act, including those related to tax evasion, fraud, and other serious offenses. However, the Act requires that certain procedures be followed before making an arrest. *Prior Notice Under Section 35 of BNSS* The BNSS, a proposed legislation aimed at replacing the Code of Criminal Procedure (CrPC), 1973, includes provisions related to arrests and detention. Section 35 of the BNSS mandates that a prior notice be served to the individual before making an arrest. This notice is intended to inform the individual of the grounds of arrest and provide an opportunity to respond. *Implications of the Ruling* The Gurugram ACJM's decision emphasizes the importance of serving a prior notice under Section 35 of the BNSS before making an arrest under Section 69 of the CGST Act. Failure to comply with this procedural requirement can render the arrest illegal. This ruling is expected to have significant implications for tax authorities and individuals involved in tax-related disputes. *Key Takeaways* - Arrests under Section 69 of the CGST Act require a prior notice under Section 35 of the BNSS. - Failure to serve a prior notice can render the arrest illegal. - Tax authorities must adhere to procedural requirements to ensure the validity of arrests made under the CGST Act.