• No change in personal income tax slabs or rates.
• Extended filing timelines:
• Individuals with ITR 1 and ITR 2 -31st July
• non-audit business cases or trusts -31st August
• Revised ITR-31st March(with fee)
• Tax Collected At Source:
• Sale of Alcoholic Liquor for Human Consumption, Tendu leaves , scrap etc-2%
• Education and medical remittances above Rs. 10 lakhs under LRS -2%
• Remittance for Overseas Tour package-2%
• TDS on the sale of immovable property by a non-resident to be deducted and deposited through resident buyer’s PAN instead of TAN.
• From the upcoming tax year, SGBs are excluded from capital gain taxes only if they are originally subscribed and held till redemption.
• Allowing taxpayers to update their returns even after reassessment proceedings have been initiated at an additional 10 percent tax rate over and above the rate applicable for the relevant year.
• The upfront payment mandated to file an appeal before the Commissioner of Income Tax (Appeals) is reduced from 20% to 10% of the disputed tax demand excluding interest and penalties.
• Framework for immunity from penalty and prosecution in the cases of underreporting extended to misreporting.
• Non-production of books of account and documents and requirement of TDS payment is decriminalised.
• Immunity from prosecution with retrospective effect from 1.10.2024 for non-disclosure of non immovable foreign assets with aggregate value less than ₹ 20 lakh.