A fresh look at income tax: Will the review lead to real change?

A fresh look at income tax: Will the review lead to real change?

In the budget for 2024-25, Union finance minister Nirmala Sitharaman had announced a comprehensive review of the Income Tax Act, aiming to make it concise, lucid and easier to understand.   According to Sitharaman, with these reforms the finance ministry seeks to reduce disputes and litigation, providing tax certainty to taxpayers.   While all these objectives are … Read more

Budget 2024: Govt mulls stringent norms for clearance certificate needed for residents leaving India

Budget 2024: Govt mulls stringent norms for clearance certificate needed for residents leaving India

Budget 2024: Finance Minister Nirmala Sitharaman has introduced more stringent rules for obtaining clearance certificates required for residents leaving India. Starting October 1, residents of India will need a clearance certificate confirming compliance with the Black Money Act for leaving India. As per section 230 of the Income-tax (I-T) Act, any individual residing in India … Read more