Finance Bill

$70 billion in data centre investments, tax breaks tied to local infra, jobs, says Sitharaman

The tax holiday until 2047 is available only when the foreign cloud provider utilises data centre services located in India, says Sitharaman as the Lok Sabha passes the finance bill 2026

Higher I-T appeal thresholds, wider window to update returns as Lok Sabha passes finance bill 2026

Appeal limits hiked up to Rs 5 crore, updated return window extended to 48 months to reduce litigation, ease compliance

Payment industry disappointed with Rs 2,000 crore budget subsidy for UPI and RuPay debit card

The UPI transaction value growth has already dropped to 13 percent even though volume growth remains robust at around 28 percent

Finance Bill 2026 likely to carry key GST reforms for quicker registration, 90% automatic refunds

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.