Finance Bill

Legal amendments are likely to focus on easing compliance and improving liquidity; risk-based fast-track registration and automatic refund mechanism on the anvil

Finance Bill, 2025, limits tax scrutiny to undisclosed income in search cases

Now, tax authorities can reassess hitherto undisclosed earnings only, and not income that’s already been declared.

Presumptive tax will override other taxes for foreign service providers in electronics manufacturing

The presumptive taxation scheme has been established for foreign electronic manufacturers to override other provisions, reducing litigation and compliance burdens for non-resident firms

Your digital footprints will soon be under taxman's scanner

Encrypted WhatsApp messages helped uncover Rs 200 crore in unaccounted money, says Finance Minister

GoM examining GST cut proposal for farm input items, says FM Sitharaman

Farmers have been demanding that Centre must do away with Goods and Services Tax (GST) on agricultural equipment and inputs, which they feel is a big burden on farmers, and should be waived off to lower the cost of cultivation.

Budget 2025: Finance Bill likely to upgrade income tax application with AI for efficient audits, flagging of frauds and enhanced capacity

ITBA is the core platform used by income tax officers for audits, investigations, penalties, appeals and compliance management, and its enhanced version will also mean real-time tracking of returns, refunds and assessments for taxpayers.

Budget 2025: Finance Bill likely to further strengthen GST to tackle fake invoicing

The Finance Bill is likely to introduce amendments to the GST Act to further strengthen mechanisms to curb fake invoicing. Sources said the act will be amended to include the Invoice Management System, introduced in November 2024 to curb fake invoicing, giving it a legal basis.

India's savers now smarter, better-informed to seek higher returns, says FM Sitharaman

India's middle class is getting smart when it comes to their savings, and are diversifying their portfolios for better returns, Finance Minister Nirmala Sitharaman said in the Rajya Sabha on August 8, responding to the Finance Bill discussion.

Opposition Stages Walk Out Demanding Withdrawal Of GST On Health, Life Insurance Premiums

Opposition members in Lok Sabha slammed the government for not discussing an amendment to the Finance Bill to withdraw the 18% GST levied on medical and life insurance premiums. Finance Minister Nirmala Sitharaman, who piloted the Finance Bill, said any amendment to GST has to be approved by the GST Council. Listen in to what RSP member NK Premchandran had to say about this. #financebill2024 #opposition #gst #healthpremiums #medicalbills #loksabha2024

Evasion of duties and cess will now attract up to 100% penalty plus interest

The amendments to the Finance Bill that now allows for this come after a 2022 Bombay High Court ruling against the tax department saying no interest and penalty can be imposed on demand of additional customs duty.

Black Money Act amendment to remove penalty on non-disclosure of foreign assets worth Rs 20 lakh

Currently under the Act even if the taxpayers fail to disclose a foreign asset worth Rs 5 lakh, they have to pay a Rs 10 lakh penalty on it.

Kenya protests persist despite partial withdrawal of bill to raise taxes

Kenya protests erupt over Finance Bill 2024, proposing higher taxes. Citizens resist VAT on bread, mobile money taxes, and eco levies. Government backs down amid deadly clashes, promising dialogue.

Lok Sabha passes Finance Bill, completes exercise for interim budget 2024-25

The Finance Bill, 2024, does not propose any change in the tax structure as the final budget will be tabled in July after the new government assumes office post the general elections in April-May.

Debt taxation impact: Axis Mutual Fund, ABSL MF withdraw NFOs

The withdrawals of the schemes came as investor focus shifted to existing debt funds after the government introduced changes to the mutual fund taxation in the Finance Bill.

Personal Finance: Finance bill amendments cast a burden on investors and the capital market

Removal of indexation benefits, higher taxes in addition to high transaction costs will inflict pain on investors, besides making it tougher to raise debt for longer duration

Hybrid mutual funds rev up to be the next big wave. But, do they suit everyone?

Hybrid schemes, with total AUM of Rs 4.87 trillion, are the second-lowest open-ended mutual fund category after Solution Oriented Schemes. Compared to this, Growth/Equity Oriented Schemes command an AUM of Rs 15.01 trillion

Debt taxation impact: Edelweiss, Mirae, Franklin MFs open overseas funds for lump sum subscription

Investors should look at their asset allocation, and if there’s a need to buy more international funds, only then should they invest. Taxation shouldn’t be the only reason to invest, experts say

Finance Bill amendments: A story in memes

The Finance Bill, which contains proposals related to taxation and government spending, was passed with several amendments on March 24.

Debt MF changes negative for MFs, marginally positive for life insurers: CLSA

With the amendments, there will be no tax arbitrage across debt instruments, whether they are bank deposits, debt MFs or life insurance savings products.

Live: Debt Mutual Funds Lose LTCG Taxation Benefit; Decoding The Impact | Finance Bill 2023

In a major blow, a proposal to remove long-term tax benefits on debt mutual fund investments was passed in the Parliament as part of amendments to the Finance Bill. This applies to the investments made on or after April 1, 2023. The indexation advantage of debt MFs will be lost. Investments in bonds, gold, and international funds have an indexation advantage. Gains on debt funds, gold funds, and international funds held for more than 3 years are currently taxed at 20% with indexation. Watch Latha Venkatesh and Nandita Khemka discuss the Debt MF Amendment Proposal and its implications.

Lok Sabha passes finance bill 2023 amid din. Here are the highlights

As per amendments to the Finance Bill, STT on the sale of options has been hiked to Rs 2,100 on a turnover of Rs 1 crore against an earlier levy of Rs 1,700, which amounts to a 23.5 percent hike

Second leg of Budget session from March 13; government says priority to pass Finance Bill

The opposition parties will meet on Monday morning to evolve their strategy in both Houses of Parliament after protests by them on the Hindenburg-Adani issue overshadowed most of the first half of the Budget session.

'Angel Tax' provisions in Finance Bill will not impact startups: DPIIT Secy

Startups which are registered with the Department for Promotion of Industry and Internal Trade do not come under the purview, Anurag Jain, the secretary in the department said while speaking at the IVCA Conclave.

FinMin may move amendments to Fin Bill today; seeks to tighten crypto tax rules

This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA.

Nirmala Sitharaman to introduce Finance Bill in Lok Sabha today

The bill aims to outlaw publishing of transaction-level information submitted to the customs department by businesses.