Focus on compliance

Faster disposal of pending IT appeals

• For speedy disposal of pending appeals, a new appellate authority is proposed to be introduced - Joint Commissioner of Income Tax (Appeals)

Increased threshold for small businesses or professionals

• They will be handling appeals against assessment/reassessment orders, intimations, TDS/TCS proceedings orders, penalty orders issued by an assessing officer not above the rank of a Deputy Commissioner. Orders passed with prior approval of such authorities are also out of the said provisions.

• Threshold for small businesses to be taxed on presumptive basis at 6% or 8% is proposed to be increased from INR 20m to INR 30m where the aggregate amount received in cash does not exceed 5% of total turnover/gross receipts.

• Threshold limit for small professionals to be taxed on presumptive basis at 50% is proposed to be increased from INR 5m to INR 7.5m where the aggregate amount received in cash does not exceed 5% of gross receipts

SEZ Unit – Export Proceeds

For AY 2024–25 and onwards, SEZ units can claim income tax deduction only if:

• they file their return of income within the prescribed due date, and

• proceeds from the export of goods or services are received in India within six months from the end of the previous year or such further period as may be allowed by the RBI or the proceeds are credited to a bank account maintained outside India with approval from the RBI.