India tax news

Here are some recent tax news updates from India:

Recent Tax Updates:

  1. GST Rate Cut: The GST Council has reduced the GST rate on 33 goods and services, including textiles, footwear, and food items, to 18% from 28%. (Source: Business Standard)
  2. TDS on Rent: The government has introduced a new provision to deduct TDS (Tax Deduction at Source) on rent paid by individuals and HUFs (Hindu Undivided Families) to landlords. (Source: The Hindu)
  3. Tax Audit Limit: The tax audit limit has been increased to ₹1 crore from ₹1 lakh for individuals and HUFs, and to ₹5 crore from ₹2 crore for companies. (Source: Economic Times)
  4. I-T Return Filing: The deadline for filing I-T returns has been extended to September 30, 2023, for individuals and HUFs, and to October 31, 2023, for companies. (Source: PTI)
  5. Cryptocurrency Tax: The government has proposed a 30% tax on income from cryptocurrency transactions, and a 1% TDS on such transactions. (Source: Livemint)

Upcoming Tax Changes:

  1. New Tax Regime: The government is planning to introduce a new tax regime, which will offer a lower tax rate of 25% for individuals and HUFs, but with some restrictions. (Source: Business Standard)
  2. GST Rate Hike: The GST Council is considering a rate hike on certain goods and services, including luxury items, to increase revenue. (Source: The Hindu)
  3. TDS on Online Gaming: The government is planning to introduce TDS on online gaming transactions, to curb tax evasion. (Source: Economic Times)

Recent Tax Notifications:

  1. CBDT Notification: The Central Board of Direct Taxes (CBDT) has issued a notification regarding the procedure for filing I-T returns and payment of taxes. (Source: CBDT Website)
  2. CBIC Notification: The Central Board of Indirect Taxes and Customs (CBIC) has issued a notification regarding the GST rate changes and other amendments. (Source: CBIC Website)

Tax News and Analysis:

  1. Tax Reforms: The government is planning to introduce tax reforms to simplify the tax system and reduce tax evasion. (Source: The Hindu)
  2. Tax Compliance: The government is emphasizing the importance of tax compliance and has launched a campaign to encourage taxpayers to file their returns on time. (Source: PTI)
  3. Tax Litigation: The government is planning to introduce reforms to reduce tax litigation and make the tax system more taxpayer-friendly. (Source: Business Standard)

Please note that these are just some of the recent tax news updates from India, and it's always a good idea to consult with a tax professional or the relevant authorities for the latest information and guidance.