Higher TDS/TCS rates under Sections 206AB & 206CCA, which formerly punished non-filers of income tax returns, are eliminated by the Finance Bill 2025. This blog examines the ramifications of this move, the advantages it offers taxpayers, and how it makes compliance easier for both people and companies.

The Finance Bill 2025 introduces significant amendments to Section 271AAB of the Income Tax Act, 1961, focusing on penalties for undisclosed income during search and seizure operations. This blog delves into the increased penalty rates, revised disclosure timelines, and stricter compliance requirements, providing a comprehensive understanding of how these changes affect taxpayers and the broader implications for tax compliance

Key tax and financial reforms that affect people, companies, and the economy are included in the Finance Bill 2025, which was issued together with the Union Budget. It provides clarification on crypto taxation, simplified GST, lowered corporate taxes, and updated income tax slabs.