« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  UT nets in Rs 575 cr as Income Tax... Vacant properties rebate may go... » Simplify tax structure: Mahratta Chamber January, 24th 2007 Simplification and rationalisation of procedural aspect of taxation are among the salient demands made by the Mahratta Chamber of Commerce, Industry and Agriculture (MCCIA) in its pre-budget memorandum submitted to the finance minister.    The memorandum, prepared by Chandrashekgar Chitale, head of chambers taxation sub-committee, seeks abolition of bank cash transaction tax, restoration of standard deduction, removal of harsh provisions of the TDS norms and a complete withdrawl of the fringe benefit tax.    Pointing out that the rationale behind the bank cash transaction tax was to create a tax-trail on black money transactions through the banking channel, the memorandum said information can always be collected without imposing a tax.    The memorandum has demanded that to maintain the principle of deducting expenses from corresponding heads of income, standard deduction should be restored. Besides, the limit for deduction should be Rs 50,000.    The memorandum also sought removal of the provision that disallows deduction of expenditure of fees paid for professional services from an assessees income, unless tax is deducted from the fees paid.    The person deducting the tax at source and paying the amount is, in fact, doing a service to the government.    Thus to penalise him by refusing the deduction of the expenditure even for a small default is not justified, it stated.    Delay of even one day in filing of return of loss deprives benefit of carry forward of loss. This, according to the chamber, is a confiscatory provision, adding salt to the injury.    The memorandum has demanded that a total bar on carry forward be removed. The chamber has recommended increase in the value of asset that qualifies for 100 per cent deduction from Rs 5000 now to Rs 20,000.