India Tax Updates

Recent tax updates in India are crucial for SMEs to stay compliant. Key points to consider include:
- Planning early for tax audit turnover thresholds to avoid last-minute complications
- The CBIC has allowed extensions beyond the 2-year limit under Customs Notification 8/2016, providing more flexibility for businesses
- The High Court of Delhi has ruled that writ jurisdiction cannot be invoked to bypass statutory remedies, emphasizing the importance of following established procedures
- Presumptive taxation rules have been updated to include rebates to losses and deductions, affecting how businesses calculate their tax liabilities
These updates aim to clarify tax rules and procedures for SMEs in India, ensuring they can navigate the complex tax landscape with greater ease