Tax

The Central Board of Indirect Taxes and Customs (CBIC) is set to implement an installment-based tax payment mechanism beginning March 1, aimed at easing liquidity pressures for businesses and individual taxpayers. The initiative will allow eligible entities to discharge certain tax liabilities in equated monthly installments, reinforcing compliance while reducing immediate financial strain. The move aligns with the government’s broader strategy of enhancing tax administration through digital enablement and taxpayer-friendly reforms.

The Income Tax Act, 2025 is set to come into force on April 1, ushering in a significant overhaul of India’s direct tax framework. The new law is designed to simplify compliance, modernize tax administration, and provide greater clarity to taxpayers. By streamlining provisions and updating language, the Act aims to reduce disputes and improve transparency. Its implementation is expected to have wide-ranging implications for individuals, businesses, and investors, influencing tax planning and compliance practices.

Deloitte has launched Tax Pragya, an AI-powered platform designed to revolutionize tax compliance and advisory services for corporations and high-net-worth individuals. Leveraging artificial intelligence, advanced analytics, and automation, the platform aims to simplify complex tax processes, enhance accuracy, and provide real-time insights into regulatory obligations. By integrating predictive capabilities and scenario modeling, Tax Pragya offers proactive solutions for tax planning, risk management, and compliance optimization.

The Goods and Services Tax (GST), one of India’s most transformative tax reforms, is again in the spotlight as industry leaders call for further rationalization. According to the chairman of ITC Ltd., a comprehensive overhaul of the GST framework could provide a major boost to India’s economic growth. He emphasized that reducing complexity, rationalizing tax rates, and streamlining compliance would not only benefit businesses but also expand the country’s tax base.