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<ul class="summary-list"><li>A 10-year-old's death was blamed on a "blackout challenge" seen on TikTok.</li><li>In a recent ruling, the Third Circuit court determined TikTok could be held liable for her death.</li></ul>A 10-year-old child's tragic death, after her parents alleged in a lawsuit that she participated in a <a target="_blank" class="" href="https://www.businessinsider.com/mother-warns-about-blackout-challenge-after-daughter-death-2021-12">"blackout challenge"</a> served to her on her TikTok "For You Page," could change the internet as we know it.In a <a target="_blank" class="" href="https://www.documentcloud.org/documents/25107000-third-circuit-section-230-tiktok-decision">decision</a> on August 27, the US Third Circuit Court of Appeals found that, in 2021, TikTok — via its <a target="_blank" class="" href="https://www.businessinsider.com/how-tiktok-algorithm-for-you-page-works-watch-time-report-2021-7">"For You Page" algorithm</a> — recommended a video promoting a "blackout challenge" to 10-year-old Nylah Anderson."Nylah, still in the first year of her adolescence, likely had no idea what she was doing or that following along with the images on her screen would kill her," Third Circut Judge Paul Matey wrote in his concurring opinion. "But TikTok knew that Nylah would watch because the company's customized algorithm placed the videos on her 'For You Page.'"The challenge encouraged viewers to choke themselves until they passed out. In a 2022 suit filed against TikTok, attorneys for her parents said Nylah tragically died when she attempted to replicate what she saw. The case was initially dismissed by a district judge due to Section 230. The Third Circuit, however, found that TikTok's algorithm, which tailors content recommendations to specific users based on the posts they interact with, is a form of speech — one that isn't protected by Section 230.The company had argued in court that it was immune from prosecution due to Section 230 of the Communications Decency Act. TikTok did not immediately respond to a request for comment from Business Insider.<a target="_blank" class="" href="https://www.businessinsider.com/what-is-section-230-internet-law-communications-decency-act-explained-2020-5">Section 230</a> of the Communications Decency Act of 1996, often called the law that created the internet, shields online platforms like TikTok, Meta, X, and others from being held liable for content posted by users of their sites.That means, for example, if a user posted a video encouraging viewers to hurt themselves, the platform they posted the clip to couldn't be held liable if a susceptible viewer followed that suggestion. But the Third Circuit ruling could change that.<h2 id="86fdd06d-047e-47e7-85f5-00a1081ed168">Proponents of the ruling say it's about time</h2>"Imagine that a person walked up to Nylah at school and suggested that she asphyxiate herself. We'd immediately recognize the person's culpability," David French, a columnist and former attorney, wrote in a recent opinion piece for <a target="_blank" class="" href="https://archive.ph/NRPwy#selection-4807.0-4810.0">The New York Times</a>. "Arguably, the algorithmic suggestion is even more powerful than an in-person suggestion."French and other supporters of the Third Circuit ruling argue that TikTok's liability protections should end where its algorithmic suggestions begin.Neutrally hosting a wide array of content on an online platform is fine, French and other proponents say, but promoting specific content — especially content the site administrators know could be harmful — is where a new line needs to be drawn, and the platforms themselves need to be held legally accountable, as the Third Circuit ruled.<h2 id="108dc6d1-8678-4113-ad8d-8ff0ed1ea524">Section 230 defenders argue the ruling is a blow to free speech</h2>Opponents of the ruling argue that critics of Section 230 are using Anderson's tragic death and the reasonable desire to protect children online as a way to erode speech rights."It's a myth — these laws that claim to protect children," Betsy Rosenblatt, the associate director of Case Western University's Spangenberg Center for Law, Technology &amp; the Arts, told Business Insider. "They all wear the costume of child protection, but they are not child protection underneath that — they are attempts to silence speech."Rosenblatt said the Third Circuit's decision doesn't make logical or legal sense. It's morally reprehensible to suggest in a video a child choke themselves for engagement online — but it isn't illegal, and it shouldn't be illegal for the host of the video to show it on your "For You Page.""The more you require platforms to filter speech, the more platforms will have to delete first and ask questions later," Rosenblatt told BI. "And that means that things that are controversial, the moment they face any challenge, will get taken down, even if they should stay up."<h2 id="b73b0075-18f8-4e9c-97a8-c7768718b5be">What's next?</h2>The Third Circuit's decision can be appealed by <a target="_blank" class="" href="https://www.businessinsider.com/the-ban-tiktok-movement-is-losing-momentum-among-americans-2024-9">TikTok</a>. If the company appeals, the case will then end up on the Supreme Court's desk, where the high court justices could choose to take up the case or let the Third Circuit ruling stand — which would force platforms like TikTok to reconsider <a target="_blank" class="" href="https://www.businessinsider.com/how-tiktok-is-changing-music-industry">how their algorithms function</a> to avoid liability in cases like Anderson's.Though the high court has so far shied away from defining the scope of Section 230, its conservative justices have previously signaled they're open to reconsidering the statute. If they do, their ruling could have even broader consequences than the Third Circuit ruling.Justices Clarence Thomas and Neil Gorsuch dissented in July from the court's refusal to hear a case that would have revisited Section 230. The case stemmed from allegations that the Snapchat app has a design flaw that aids sexual predators, but lower courts found that the app's parent company was shielded by 230.And in a decision last term, SCOTUS also left a loophole open to holding platforms liable based on which country their headquarters are in. In Moody v. NetChoice, which determined a platform's algorithmic activity is a form of "expressive activity" and should be regulated like speech is, Justice Amy Coney Barrett wrote that a foreign-owned social-media platform — like TikTok — may not have the same First Amendment protections that a US corporation does.Rosenblatt said that if SCOTUS agrees to hear the case, the high court could agree with the Third Circuit that TikTok's algorithmic recommendations are a version of the site's speech. If they do, the question would then become whether the recommendation itself was negligent, which could carry legal consequences."That would still be terrible for business on the internet, but it wouldn't kill all websites," Rosenblatt said of upholding a more narrow reading of the Third Circuit ruling. But the potential for a broader reading, which could determine that any form of content moderation equals a conversion of user speech into a platform's speech, would "have devastating effects on the internet ecosystem and tech more generally."

The Supreme Court may have a shot to strike down Section 230 after a child's death was blamed on a 'blackout challenge' seen on TikTok

A bill seeking to provide for four nominees by a bank account holder was introduced in the <keyword id="19895394" type="General" weightage="20" keywordseo="Lok-Sabha" source="keywords" meta.keywordsubtype="org" meta.entityname="Lok Sabha" meta.hostid="153" meta.entityid="Lok Sabha">Lok Sabha</keyword> on Friday to ensure better protection of depositors and enhance customer convenience. Introduced by Minister of State for Finance Pankaj Chaudhary in the Lower House, the Banking Laws (Amendment) Bill, 2024, has a provision for simultaneous and successive nominations to bank accounts, lockers, etc. As per the provision of the bill, a bank account holder can nominate up to four persons. The bill also seeks to transfer of unclaimed dividends, shares, and interest or redemption of bonds to the Investor Education and Protection Fund (IEPF), allowing individuals to claim transfers or refunds from the fund, and thus safeguarding investors' interests. As the banking sector has evolved over the years, and with a view to improving bank governance and investor protection, it has become necessary to make certain amendments to five Acts, according to Statement of Objects and Reasons of the Bill. The Bill, which was approved by the <keyword id="19916620" type="General" weightage="20" keywordseo="Union-Cabinet" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Cabinet" meta.hostid="153" meta.entityid="Union Cabinet">Union Cabinet</keyword> last week, proposes to amend the <keyword id="20824389" type="General" weightage="20" keywordseo="Reserve-Bank-of-India-Act" source="keywords">Reserve Bank of India Act</keyword>, 1934, the Banking Regulation Act, 1949, the State Bank of India Act, 1955, the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980. The proposed bill seeks to improve governance standards, provide consistency in reporting by banks to the Reserve Bank of India, ensure better protection for depositors and investors, improve audit quality in public sector banks, bring customer convenience in respect of nominations, and to provide for increase in the tenure of the directors in co-operative banks. Another proposed change relates to redefining 'substantial interest' for directorships, which could increase to Rs 2 crore instead of the current limit of Rs 5 lakh, which was fixed almost six decades ago. Congress member Manish Tewari opposed the introduction of the bill, saying the power to legislate with regard to cooperatives vests with state governments. RSP member N K Premachandran opposed amending five legislations through one bill, while TMC member Saugata Roy termed the bill "superfluous", saying the the amendments proposed in the bill could have been done through administrative decisions. Responding to opposition's remarks, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said the various amendments done in Banking Regulations Act with respect to <keyword id="20814377" type="General" weightage="20" keywordseo="cooperative-banks" source="keywords">cooperative banks</keyword> are not just one or two but several. "Simple understanding is we are not touching any aspect of the cooperatives other than that which claims under the name of banking...the sections which have been brought in for amendments, as also the court verdicts, have repeatedly reinforced the point that Banking Regulation Act and the Cooperative Banks do have this relationship and therefore it has to be taken through this route," she said. Otherwise, there is no attempt to undermine the cooperatives, particularly cooperatives dealing with everything other than banks, she said defending the Bill. The bill proposes to increase the tenure of directors (excluding the chairman and whole-time director) in cooperative banks from 8 years to 10 years, so as to align with the Constitution (Ninety-Seventh Amendment) Act, 2011. Once passed, the bill would allow a director of a Central Cooperative Bank to serve on the board of a State Cooperative Bank. The bill also seeks to give greater freedom to banks in deciding the remuneration to be paid to statutory auditors. It also seeks to redefine the reporting dates for banks for regulatory compliance to the 15th and last day of every month, instead of the second and fourth Fridays. "What's the rationale behind it? The current reporting Friday system has several limitations that impact the accuracy and effectiveness of the reporting of data. "These limitations are incomplete coverage of monthly data, seasonal fluctuations in banking activity which lead to inconsistent reporting, and the need for adjustment every 11th year which introduces complications and inconsistencies. That is why, in order to address the issue, it is proposed to amend the legislation," she said. The announcement about amendments to the Banking Regulation Act was made by the Finance Minister in the 2023-24 Budget speech. "To improve bank governance and enhance <keyword id="22728161" type="General" weightage="20" keywordseo="investors-protection" source="keywords">investors' protection</keyword>, certain amendments to the Banking Regulation Act, the Banking Companies Act and the Reserve Bank of India Act are proposed," she had said.

Bill to provide up to four nominees to a bank account introduced in Lok Sabha

With Indians rushing to file their ITRs ahead of the July 31st deadline that's coming up tomorrow, did you know that residents of just one Indian state are exempt from filing <keyword id="19901478" type="General" weightage="20" keywordseo="income-tax" source="keywords">income tax</keyword> returns, or paying taxes at all? Yes, <keyword id="19903425" type="General" weightage="20" keywordseo="Sikkim" source="keywords">Sikkim</keyword> is the only state in the country where the residents do not have to pay income tax. But why is that the case? Let's delve into it. An erstwhile princely kingdom for almost 333 years prior to its amalgamation, Sikkim merged into independent India in 1975, thereby becoming the country's 22nd state. But this happened on one condition- that it will be allowed to continue with its old <keyword id="21152786" type="General" weightage="20" keywordseo="tax-laws" source="keywords">tax laws</keyword> post the merger. Sikkim has its own income tax manual, which stipulated that no resident of Sikkim was to pay taxes to the center. Hence, honoring the merger agreement, the Indian government granted a special tax exemption to Sikkimese residents from Indian income tax regulations. This changed in 2008, when the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union budget</keyword> repealed the state's tax laws. However, to maintain the exemption status enjoyed by the state's residents, it inserted section 10 (26AAA). Under this section, any income generated by a Sikkimese, be it from a source within the state, or by way of dividend or interest on securities, would be tax-exempt. At present, any individual who has been domiciled (noted as having fixed, principal and permanent residence) in Sikkim as of April 26, 1975 would be considered a Sikkimese, and hence, exempt from paying income tax. As per data from PRS Legislative Research, the state's estimated own tax revenue for 2023-24 stood at Rs 1,727 crore. However, if a Sikkimese has rental income from properties situated outside of the state, or has an income from source that is not located in Sikkim, it will be subject to relevant taxes. Nevertheless, the provisions of tax exemptions would not apply to any Sikkimese woman, who marries a non-Sikkimese or an outsider, on or after April 1, 2008. Market regulator SEBI has also exempted residents of Sikkim from mandatorily having a PAN card for investing in Indian stock markets, equities, cash market and even mutual funds. <h2>Decoding Section 10 (26) of the IT Act</h2>All these income-tax exemptions also extend to a few other regions in the country, but only if you are a member of the scheduled tribes. Section 10(26) of the Income Tax Act applies to Ladakh, Arunachal Pradesh, Manipur, Mizoram, Nagaland and <keyword id="19919396" type="General" weightage="20" keywordseo="tripura" source="keywords">Tripura</keyword>, along with the North Cashar hills district, Karbi Anglang district, Chakma district, Mara district, and Lai District. Simply put, it stipulates that if you belong to the scheduled tribes and generate any income, the source of which lies in the above mentioned regions, or by way of dividend or interest on securities, your income would be tax-exempt. But any income generated outside of these regions would be taxable.

Did you know about the only Indian state exempt from paying any income tax? Know all about it here

Expressing "serious concern" over <keyword id="19902052" type="General" weightage="20" keywordseo="pendency" source="keywords">pendency</keyword> of a large number of <keyword id="22472776" type="General" weightage="100" keywordseo="cheque-bounce-cases" source="keywords">cheque bounce cases</keyword>, the <keyword id="19895345" type="General" weightage="20" keywordseo="Supreme-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court" meta.hostid="261" meta.entityid="Supreme Court">Supreme Court</keyword> has said courts should encourage <keyword id="20151747" type="General" weightage="20" keywordseo="compounding" source="keywords">compounding</keyword> of offences under the <keyword id="20905075" type="General" weightage="20" keywordseo="Negotiable-Instruments-Act" source="keywords">Negotiable Instruments Act</keyword> if parties are willing to reach a compromise. A bench of Justices Sudhanshu Dhulia and Ahsanuddin Amanullah set aside the conviction of a man named P Kumarasamy in a cheque bounce case, after noting that the parties have entered into a <keyword id="21163406" type="General" weightage="20" keywordseo="settlement-agreement" source="keywords">settlement agreement</keyword> and Rs 5.25 lakh has been paid to the complainant. "A large number of cases involving dishonour of cheques are pending before courts which is a serious concern for our judicial system. Keeping in mind that the 'compensatory aspect' of remedy shall have priority over the 'punitive aspect', courts should encourage compounding of offences under the NI Act if parties are willing to do so," the bench said in its July 11 order. The Negotiable Instruments Act governs all negotiable instruments like promissory notes, bills of exchange, and cheques. Compoundable offences are those where a compromise can be reached by the rival parties. The bench said it has to be remembered that dishonour of cheques is a <keyword id="22472777" type="General" weightage="20" keywordseo="regulatory-offence" source="keywords">regulatory offence</keyword> which was made an offence only in view of public interest so that the reliability of these instruments can be ensured. "Considering the totality of the circumstances and compromise between the parties, we allow this appeal and acquit the appellants by setting aside the impugned order dated April 1, 2019 as well the trial court's order dated October 16, 2012. Appellant no.2 (P Kumarasamy), who was exempted from surrendering by this Court, need not surrender and his sureties are hereby discharged," the bench ordered. The bench noted that in 2006, P Kumarasamy alias Ganesh had borrowed Rs 5,25,000 from respondent A Subramaniam but did not repay the loan. To discharge the debt, the bench said, Kumarasamy gave a cheque for Rs 5.25 lakh in the name of his partnership firm M/s New Win Export. "Since the cheque was dishonoured due to insufficient funds, respondent filed a complaint under Section 138 NI Act against the appellants where the trial court vide order dated October 16, 2012 convicted the appellants and imposed a sentence of one year of simple imprisonment each," it said. It noted Kumarasamy challenged the conviction before the appellate court, which reversed the findings of the trial court and acquitted him and the firm. "Finally, when the matter was taken to the high court at the instance of the respondent/complainant, the high court in its order dated April 1, 2019 set aside the order of the appellate court and restored the order of the trial court, convicting the appellants," the bench noted. It noted the firm and Kumarsamy challenged the high court order before the apex court. The bench added that Section 147 of the Negotiable Instruments Act, 1881 makes all offences under it compoundable. "In our opinion, this settlement agreement can be treated to be compounding of the offence. All the same, Section 320 (5) of CrPC provides that if compounding has to be done after conviction, then it can only be done with the leave of the court where appeal against such conviction is pending," it said. The bench said in cases where the accused relies upon some document for compounding the offence at the appellate stage, courts shall try to check the veracity of such documents. "For the same, in the present matter, this court vide order dated March 18, 2024 had asked the respondent-complainant to file an affidavit to bring on record whether or not any compromise has been reached between the parties," it said. The bench said an affidavit was filed by the complainant in compliance with the order where it was said that the accused have paid the amount to the satisfaction of the complainant, and that he has no objection if conviction of the appellants is set aside. "Now, when the accused and complainant have reached a settlement permissible by law and this court has also satisfied itself regarding the genuineness of the settlement, we think that the conviction of the appellants would not serve any purpose and thus, it is required to be set aside," it said.

Pendency of large number of cheque bounce cases a serious concern: SC

In a landmark judgement, the <keyword id="19900742" type="General" weightage="20" keywordseo="Supreme-Court-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Supreme Court of India" meta.hostid="261" meta.entityid="Supreme Court of India">Supreme Court of India</keyword> has broadened the definition of crimes under the Protection of Children from Sexual Offences (POCSO) Act. The court ruled that simply viewing <keyword id="20456028" type="General" weightage="100" keywordseo="child-pornography" source="keywords">child pornography</keyword> on the internet, without physically possessing or storing the material, is now a criminal offence under Section 15 of the <keyword id="19920672" type="General" weightage="20" keywordseo="POCSO-Act" source="keywords">POCSO Act</keyword> and provisions of the <keyword id="19930099" type="General" weightage="20" keywordseo="information-technology" source="keywords">Information Technology</keyword> (IT) Act. This ruling significantly expands the scope of the law to address the evolving challenges posed by digital platforms. <h2>A wider net</h2>In its ruling, a bench comprising Chief Justice D.Y. Chandrachud and Justice J.B. Pardiwala stated, "Any act of viewing, distributing, or displaying child pornographic material by a person over the internet without any actual or physical possession or storage of such material in any device or in any form or manner would also amount to 'possession' in terms of Section 15 of POCSO Act." This interpretation effectively settled conflicting verdicts from various high courts, notably overturning a Madras High Court decision that had quashed a POCSO case against an individual who had viewed child pornography but had not circulated it. The Supreme Court, in agreeing with senior advocate H.S. Phoolka's arguments, deemed the earlier judgement "egregiously erroneous." <h2>Crimes categorised</h2>In a further clarification, the Supreme Court divided crimes related to child pornography under Section 15 of the POCSO Act into three distinct categories. The decision emphasised that law enforcement and courts must carefully assess each case to determine the specific category under which an offence falls. One critical insight from the judgement is that an offender cannot escape prosecution by simply deleting illegal content before an FIR is registered. The bench declared, "We clarify that there is no requirement under Section 15 of POCSO Act that ‘storage’ or ‘possession’ must continue to exist at the time of initiation of the criminal proceeding, and no such requirement can be read into the said provision." <div type="Article" hostid="261" msid="113417654" title="“Learned no lessons from Nirbhaya case”: Madhya Pradesh High Court criticises lenient treatment of crime-accused juvies in India" mstype="2" mssubtype="0"></div>This means that even if an individual deletes the material before the authorities take action, they may still face <keyword id="20554971" type="General" weightage="20" keywordseo="legal-consequences" source="keywords">legal consequences</keyword> based on the mere act of viewing or temporary possession. <h2><keyword id="23293250" type="General" weightage="20" keywordseo="automatic-downloads" source="keywords">Automatic downloads</keyword></h2>Acknowledging the complexities of <keyword id="20573374" type="General" weightage="20" keywordseo="digital-media" source="keywords">digital media</keyword>, the Supreme Court recognised that certain child pornographic content might be automatically downloaded onto devices without the user’s knowledge. To address this, the court created a safeguard for those unaware of the offensive material stored on their devices. If a person discovers such material on their device through automatic downloads, they will not be prosecuted if they take immediate steps to delete it and report it to the authorities. However, the onus is on the device owner to act swiftly. Failure to delete or report the offensive material after becoming aware of it would constitute an offence under the law. To avoid the automatic downloading of problematic material, there are several proactive measures you can take. First, adjust your browser settings to disable automatic downloads and pop-ups, ensuring you have to approve any file before it is downloaded to your device. Regularly update your web browser and security software to benefit from the latest protections against malicious websites. <div type="Article" hostid="261" msid="113146443" title="Karnataka HC rejects school teacher&amp;#39;s plea to quash POCSO case over filming of girl students" mstype="2" mssubtype="0"></div>Additionally, be cautious about the sites you visit, particularly those that seem suspicious or unfamiliar; stick to well-known, reputable sources. Additionally, consider using ad blockers or content filters that can prevent potentially harmful content from loading. Always be mindful of any unsolicited links in emails or messages, as these can lead to automatic downloads of unwanted material. Lastly, routinely monitor your device for any unfamiliar files and promptly delete anything that looks suspicious to minimise your risk of unknowingly storing problematic content. <h2>What this means for the future</h2>This judgement sends a clear message: India is taking a zero-tolerance approach toward child pornography in all its forms, whether stored, distributed, or merely viewed. The ruling adapts the legal framework to modern challenges, ensuring that perpetrators can no longer hide behind technicalities such as the absence of physical possession. The Supreme Court’s interpretation also places a burden on individuals to exercise responsibility in the digital world. Anyone who stumbles upon child pornography, whether intentionally or accidentally, must take swift action to avoid legal consequences. (With inputs from agencies)

You can now be prosecuted for unknowingly “auto-downloading” child porn. Here’re some safe browsing habits

An internal committee of the <keyword id="19903456" type="General" weightage="20" keywordseo="Income-Tax-Department" source="keywords" meta.keywordsubtype="org" meta.entityname="Income Tax Department" meta.hostid="153" meta.entityid="Income Tax Department">Income Tax Department</keyword> will review the 1961 <keyword id="22868046" type="General" weightage="20" keywordseo="direct-tax-law" source="keywords">direct tax law</keyword> to eliminate redundant clauses, and adopt best global practices to simplify it for taxpayers for better compliance, <keyword id="19980145" type="General" weightage="20" keywordseo="CBDT" source="keywords">CBDT</keyword> chief Ravi Agrawal has said. The panel, comprising income tax (IT) officials from across the country, has started working on identifying areas of improvement in the Income Tax Act, 1961, he said, and added that the exercise is being conducted under a central government-mandated comprehensive review of the law, which was mentioned by FM Nirmala Sitharaman in the recent <keyword id="19936553" type="General" weightage="20" keywordseo="budget" source="keywords">budget</keyword> presented on July 23rd, 2024. <keyword id="19942037" type="General" weightage="20" keywordseo="Central-Board-of-Direct-Taxes" source="keywords" meta.keywordsubtype="org" meta.entityname="Central Board of Direct Taxes" meta.hostid="153" meta.entityid="Central Board of Direct Taxes">Central Board of Direct Taxes</keyword> (CBDT) chairman Agrawal said the committee is looking at the best global practices that can be adopted, as well as cutting redundancies in the existing law and finding those clauses that have reached their sunset, and hence, can be eliminated. "An internal committee of competent officers of the department from all across the country has been formed. They have started working on identifying areas of improvement. This is a work in progress," he told PTI on Wednesday during an event to mark 165 years of income tax in India. He said the committee is looking at the "problem statement" given to it in the recent Budget. It is trying to find the "best way forward" in giving the country a new direct tax law, Agrawal said. During the event, the CBDT chief assured Union Finance Minister Nirmala Sitharaman that the work of reviewing the Act will be done within the stipulated time-frame of six months, as announced by her in the Budget presented last month. The minister, during the Wednesday event, asked the I-T department to use simple language in its notices and communications with taxpayers, so that they are able to understand these quickly without getting intimidated. Agrawal said this factor is also a part of the I-T law review. The committee is trying to make tax communication simple and easy to understand to encourage compliance of rules by taxpayers, he said. The Income Tax Act, 1961, started its journey in 1922. It contains 298 sections and 23 chapters and other provisions in its current form of 1961. Sitharaman, while presenting the 2024-25 Union Budget, had announced a "comprehensive" review of the Income Tax Act. The purpose is to make the Act concise, lucid, easy to read and understand. This will reduce disputes and litigation, thereby providing tax certainty to the taxpayers. It will also bring down the demand embroiled in litigation. It is proposed to be completed in six months, she had said. Agrawal also said the CBDT will "put more officers" within the next 10-15 days to "expeditiously" clear the "substantial" number of appeals pending at the Income Tax Department level.

CBDT forms committee for IT Act review; 'sunset' clauses to be eliminated

The government has relaxed provisions of <keyword id="19948097" type="General" weightage="20" keywordseo="tds" source="keywords">TDS</keyword>/<keyword id="19950203" type="General" weightage="20" keywordseo="tcs" source="keywords">TCS</keyword> in the event of the death of the deductee/collectee before the linkage of PAN and <keyword id="19898107" type="General" weightage="20" keywordseo="aadhaar" source="keywords">Aadhaar</keyword> card. TDS is Tax Deducted at Source and TCS is Tax Collected at Source in India. The Central Board of Direct Taxes (CBDT), has issued a circular dated August 5, in view of genuine difficulties being faced by taxpayers. Through the circular, the government said it has relaxed the provisions of TDS/TCS, as per the Income-tax Act, in the event of death of deductee/collectee before linking of PAN and Aadhaar. In order to redress the grievances of the taxpayers wherein instances have been cited, of demise of the deductee/collectee on or before May 31, 2024 and before the option to link PAN and Aadhaar could have been exercised, the circular provides that there shall be no liability on the deductor/collector to deduct/collect the tax under the relevant section of <keyword id="19936187" type="General" weightage="20" keywordseo="income-tax-act" source="keywords">income tax act</keyword>, pertaining to the transactions entered into up to March 31, 2024. On April 23, 2024, CBDT extended the date for linking of PAN and Aadhaar May for the taxpayers (for the transactions entered into up to March 2024) to avoid higher TDS/ TCS, as per the income tax act. Under the provisions of the Income-tax Act, 1961, every person who has been allotted a PAN as on July 1, 2017 and is eligible to obtain <keyword id="20030312" type="General" weightage="20" keywordseo="Aadhaar-Number" source="keywords">Aadhaar Number</keyword>, is required to intimate his Aadhaar to the prescribed authority, on payment of a prescribed fee. Failure to do so shall attract certain repercussions under the income tax act. As per government, the PAN of taxpayers who have failed to intimate their Aadhaar, as required, shall become inoperative and the consequences during the period that PAN remains inoperative will be as follows: 1. No refund shall be made against such PANs 2. Interest shall not be payable on such refund for the period during which PAN remains inoperative 3. TDS and TCS shall be deducted /collected at higher rate, as provided in the income tax act.

Provisions of TDS/TCS, in case of death of deductee or collectee relaxed by govt

<keyword id="22293284" type="General" weightage="20" keywordseo="Union-Minister-for-Road-Transport-and-Highways" source="keywords" meta.keywordsubtype="org" meta.entityname="Union Minister for Road Transport and Highways" meta.hostid="261" meta.entityid="Union Minister for Road Transport and Highways">Union Minister for Road Transport and Highways</keyword>, <keyword id="19897455" type="General" weightage="20" keywordseo="Nitin-Gadkari" source="keywords" medley.seotitle="nitin-gadkari" medley.uid="86559631" medley.msid="86559631" medley.seopath="magazines/panache/panache-people-101/nitin-gadkari" medley.containers="panache-people-101" medley.title="Nitin Gadkari">Nitin Gadkari</keyword>, said that the govt has implemented a scheme to provide <keyword id="20322976" type="General" weightage="20" keywordseo="cashless-treatment" source="keywords">cashless treatment</keyword> to victims of road accidents. The minister informed the Parliament on Thursday that the <keyword id="19946335" type="General" weightage="20" keywordseo="Transport-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Transport Ministry" meta.hostid="261" meta.entityid="Transport Ministry">Transport Ministry</keyword> has developed a scheme and begun implementing it on a pilot basis in Chandigarh and Assam. This initiative aims to provide cashless treatment to victims of road accidents. The minister explained that the scheme covers treatment for individuals involved in road accidents caused by motor vehicles, regardless of the type of road. The ministry is implementing this program in collaboration with the <keyword id="19904188" type="General" weightage="20" keywordseo="National-Health-Authority" source="keywords" meta.keywordsubtype="org" meta.entityname="National Health Authority" meta.hostid="261" meta.entityid="National Health Authority">National Health Authority</keyword> (NHA). "Under this scheme, the eligible victims are administered <keyword id="22628782" type="General" weightage="20" keywordseo="health-benefits-packages" source="keywords">Health Benefits Packages</keyword> relating to trauma and polytrauma care at empanelled hospitals under Ayushman Bharat Pradhan Mantri-Jan Arogya Yojana (AB PM-JAY), up to a maximum of Rs. 1.5 lakh for a maximum period of 7 days from the date of the accident," said the minister in a written reply in the <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword>. The scheme is being administered under the aegis of the <keyword id="22628783" type="General" weightage="20" keywordseo="motor-vehicle-accident-fund" source="keywords">Motor Vehicle Accident Fund</keyword>, established under section 164B of the <keyword id="19916485" type="General" weightage="20" keywordseo="Motor-Vehicles-Act" source="keywords">Motor Vehicles Act</keyword>, 1988. The sources of income and the utilization of funds are detailed in the Central Motor Vehicles (Motor Vehicle Accident Fund) Rules, 2022. The NHA, under the Ministry of Health &amp; Family Welfare, is responsible for the program's implementation in coordination with local police, empanelled hospitals, State Health Agencies, the National Informatics Centre, and the General Insurance Council. Minister Gadkari stated that, in accordance with the Motor Vehicles Act, of 1988, the pilot program for cashless treatment extends support to victims of road accidents caused by motor vehicles, regardless of where the accident occurs. The scheme will help in reducing deaths in road accidents and will help in providing better treatment to <keyword id="20292205" type="General" weightage="100" keywordseo="road-accident-victims" source="keywords">road accident victims</keyword>.

Road accident victims to get free cashless treatment: Nitin Gadkari

Today is <keyword id="22458495" type="General" weightage="20" keywordseo="July-31st" source="keywords">July 31st</keyword>, 2024, the last day to file your income tax returns, without having to pay any penalties. And before you ask, the <keyword id="19903456" type="General" weightage="20" keywordseo="income-tax-department" source="keywords">Income Tax Department</keyword> has not come out with any notification informing the taxpayers of a deadline extension. That is why you should not delay filing your <a href="https://www.businessinsider.in/personal-finance/article/heres-your-ready-reckoner-for-itr-filing/articleshow/111402608.cms" data-type="tilCustomLink">income tax returns</a> anymore! The <keyword id="20171597" type="General" weightage="20" keywordseo="IT-department" source="keywords">IT department</keyword> noted that as of July 26th, 2024, over 5 crore ITRs had already been filed, marking an 8.5% increase from the number of ITRs filed during this period, last year. The IT department, in an X post, highlighted that last year, it had reached the 5-crore <keyword id="22083160" type="General" weightage="100" keywordseo="ITR-filing-deadline" source="keywords">ITR filing deadline</keyword> on July 27th. However, this year, it had breached the milestone a day earlier, i.e., on July 26th, 2024. Earlier, the All Gujarat Federation of Tax Consultants and Income Tax Bar Association had requested a deadline extension for AY 2024–25 from July 31st, 2024, to August 31st, 2024, citing issues and glitches in the tax filing portal. However, there has been no response from the finance ministry on the same. <h2>What happens if I don't file my ITR until July 31st? </h2>For AY 2024–25, you can file a <keyword id="6380232" type="General" weightage="20" keywordseo="belated-ITR" source="Orion">belated ITR</keyword> until December 31st, 2024. But remember, it comes with many disadvantages as well. Here's a snapshot of all the benefits you will have to forego: <h2>What are the penalties for late filing of ITR? </h2>1. You will have to pay a penalty of Rs. 1,000 if your total annual taxable income is below Rs 5,00,000. But if your taxable income exceeds this threshold, you will have to pay a penalty of Rs 5,000. 2. Even if you have to file a <keyword id="17933087" type="General" weightage="20" keywordseo="NIL-ITR" source="Orion">nil ITR</keyword>, you must do so before July 31st. This is because if you do not end up filing it on time, you will have to pay a fine of Rs 1,000. 3. According to Section 234A of the <keyword id="19936187" type="General" weightage="20" keywordseo="income-tax-act" source="keywords">Income Tax Act</keyword>, you will also have to pay interest on your outstanding tax amount at the rate of 1% per month, starting from the due date, i.e., July 31st. <h2>No carry forward of losses, old tax regime</h2>1. You will not be able to carry forward any losses, including those from your mutual funds or stock investments, business income, and other sources. You will only be allowed to carry forward your losses from house properties. This could significantly raise your total tax liability and lead to you incurring hefty losses. 2. After July 31st, 2024, you will not be able to opt for the old tax regime for tax calculation purposes. Starting August 1, the new tax regime, which offers significantly fewer deductions and exemptions as compared to the old regime, will be considered default for you. Also read: <a href="https://www.businessinsider.in/personal-finance/article/decoding-form-16-how-do-you-file-your-taxes-if-you-dont-get-form-16/articleshow/111529754.cms" data-type="tilCustomLink">Decoding Form 16: How do you file your taxes if you don't get Form 16?</a> <a href="https://www.businessinsider.in/finance/tax/article/wondering-which-itr-form-is-right-for-you-know-all-about-it-here/articleshow/111406215.cms" data-type="tilCustomLink">Wondering which ITR form is right for you? Know all about it here</a>

ITR Filing: Today is the last day to file your income tax returns, so file today to avoid penalties

After social media outrage over a Budget proposal making it mandatory to get <keyword id="22574399" type="General" weightage="100" keywordseo="tax-clearance-certificate" source="keywords">tax clearance certificate</keyword>s for going abroad, the government on Sunday clarified that the proposed amendment is not for all, and only those accused of financial irregularities or having substantial tax arrears need such clearance. The <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">finance</keyword> ministry, in the Finance Bill, 2024, has proposed to add the reference of the <keyword id="20961832" type="General" weightage="20" keywordseo="Black-Money-Act" source="keywords">Black Money Act</keyword>, 2015, to the list of Acts, under which any person should clear his liabilities to obtain the tax clearance certificate. "The proposed amendment does not require all the residents to obtain the tax clearance certificate," the ministry said in a statement. As per section 230 of the Income-tax Act, 1961, every person is not required to obtain a tax clearance certificate. Only in the case of certain persons, in respect of whom circumstances exist, which make it necessary to obtain a tax clearance certificate will be required to obtain such a certificate. The ministry said that the Income Tax department through a 2004 notification has specified that the tax clearance certificate may be required to be obtained by persons domiciled in India only in certain circumstances. These include - where the person is involved in <keyword id="22576180" type="General" weightage="20" keywordseo="serious-financial-irregularities" source="keywords">serious financial irregularities</keyword> and his presence is necessary in the investigation of cases under the Income-tax Act or the Wealth-tax Act and it is likely that a tax demand will be raised against him, or where the person has direct tax arrears exceeding Rs 10 lakh outstanding against him, which have not been stayed by any authority. The I-T department said that a person can be asked to obtain a tax clearance certificate only after recording the reasons for the same and after taking approval from the Principal Chief Commissioner of Income-tax or Chief Commissioner of Income-tax. Such a certificate is required to be issued by the income-tax authority, stating that such person has no liabilities under the Income-tax Act, or the Wealth-tax Act, 1957, or the Gift-tax Act, 1958, or the Expenditure-tax Act, 1987, it added.

After outrage, Govt clarifies: tax clearance certificate only for people with tax dues, high-value defaulters

<keyword id="20190045" type="General" weightage="20" keywordseo="Industry-body" source="keywords">Industry body</keyword> <keyword id="21568150" type="General" weightage="20" keywordseo="SME-Chamber-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="SME Chamber of India" meta.hostid="261" meta.entityid="SME Chamber of India">SME Chamber of India</keyword> has urged <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> to continue the 45-day <keyword id="21233021" type="General" weightage="100" keywordseo="MSME-payment-rule" source="keywords">MSME payment rule</keyword> for <keyword id="20008810" type="General" weightage="20" keywordseo="corporates" source="keywords">corporates</keyword> and other buyers. According to Section 43B(h) of the <keyword id="19936187" type="General" weightage="20" keywordseo="Income-Tax-Act" source="keywords">Income Tax Act</keyword>, introduced through the <keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Act 2023, if a larger company does not pay an MSME on time -- within 45 days in case of written agreements -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. The government in last year's Budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. "We are pursuing not to change the 45-day MSME payment rules imposed by the Department under the pressure of corporates or multinational companies to save the life span of the MSME sector. Section 43B(h) of the Income Tax Act reinforces the importance of timely payments by mandating that companies settle payments to MSME vendors within 45 days to qualify for deductions," SME Chamber said in a statement addressed to Sitharaman. The industry body argued that this provision serves as a powerful incentive for companies to adhere to payment timelines, thereby supporting the financial health of MSMEs. "Many MSMEs are NPA victims of corporates, who are buying from them and not dealing through the TReDs platform. Most of the corporates and multinational companies are forcefully insisting to deregister from the Udyam Portal and insisting not to deal through the TReDs platform," SME Chamber stated. The industry body also urged the finance minister to consider providing Rs 5 crore loans under the "Differential Rate of Interest" scheme for micro and <keyword id="20569966" type="General" weightage="20" keywordseo="small-enterprises" source="keywords">small enterprises</keyword>. It suggested changing the NPA definition from 90 days to 180 days for the MSME sector. The chamber also sought the setting up of a task force to review various issues, hurdles, grievances and difficulties faced by MSMEs for availing credit facilities and the lack of approach by the financial institutions towards enhancement of credit flow to the MSME sector.

Continue 45-day MSME payment rule: Industry body to Finance Minister Nirmala Sitharaman

The <keyword id="19900449" type="General" weightage="20" keywordseo="government" source="keywords">government</keyword> may relax the requirement of making payments to <keyword id="19910977" type="General" weightage="100" keywordseo="MSMEs" source="keywords">MSMEs</keyword> within 45 days of buying goods and services, to prevent large corporates from looking at other sourcing avenues, sources have noted. An announcement to this effect could be made in the Budget likely to be presented on July 23. The government is considering suggestions regarding changes to Section 43B(h) of the <keyword id="19936187" type="General" weightage="20" keywordseo="Income-Tax-Act" source="keywords">Income Tax Act</keyword> made by MSMEs during pre-budget consultations, sources said. The government, in last year's budget added a new clause under Section 43B of the Income Tax Act to address the challenge of delayed payments faced by MSMEs in the country. According to Section 43B(h) of the Income Tax Act, introduced through the Finance Act 2023, if a larger company does not pay an <keyword id="19990810" type="General" weightage="20" keywordseo="MSME" source="keywords" meta.keywordsubtype="org" meta.entityname="MSME" meta.hostid="261" meta.entityid="MSME">MSME</keyword> on time -- within 45 days in case of written agreement -- it cannot deduct that expense from its taxable income, leading to potentially higher taxes. MSMEs fear that due to this provision, large buyers could cold-shoulder MSME suppliers and start buying either from those MSMEs that are not registered with Udyam or from non-MSMEs. The amendment was brought in for MSMEs to get timely payment, but a lot of concerns were raised by them, sources said, adding that they feared that large corporate, in bid to safeguard their interest, can shift their sourcing requirement to bigger firms or ask their vendors to give up their MSME registration to do business with them. Earlier in May, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> had said the changes, if any, to the rule will have to be done in the full Budget in July under the new government as per the representations submitted by MSMEs. The MSME sector accounts for 30% of the country's gross domestic product (GDP) and the second largest employer after agriculture. The share of <keyword id="35090" type="General" weightage="20" keywordseo="Exports" source="Orion">exports</keyword> from products specified for MSMEs constituted 45.56 % of the country's total exports.

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