Taxpayers, CAs challenge I-T notices on rebate claims before appellate body
The I-T department had allowed a 15-day window in January for taxpayers who were denied a tax rebate on STCG in July 2024 to revise their tax returns, but CAs say such claims were not entertained during ITR processing.
New income tax rules: A guide to Budget ’25 tax changes that kick in from April 1
The new, minimal-exemptions tax regime is set to be the favoured choice of most taxpayers in 2025-26, thanks to the raft of announcements in this year's budget.
Income tax cuts, RBI's repo rate reduction and more: Here's how April will impact your wallets
With a host of financial changes set to take effect in April here's a quick guide to the developments that are bound to affect your wallets.
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
Karnataka transport department collects Rs 40.2 crore in taxes, fines from other-state vehicles
Transport department officials said they have decided to intensify the crackdown on vehicles registered outside Karnataka but plying without proper tax payments and permits.
India Scraps 6% ‘Google Tax’ | How It Impacts Advertisers & Tech Giants | MC Explains
India is removing the 6% ‘Google Tax’ on foreign digital services starting April 1, 2025. Why was it introduced? Why is it being scrapped now? And how will businesses be affected? Watch this explainer for all the details!
Listed share acquisitions: Govt weighs relief to shield deals from tax volatility
Companies contend that the existing tax rules fail to account for stock price fluctuations between deal signing and execution
March 31 tax planning deadline: A last-minute guide to reducing your income tax outgo
Do not pick 80C instruments in a hurry to claim tax breaks ahead of March 31 — ascertain whether they can add value to your long-term financial plan. With the rejig of tax slabs in this year's Budget, be careful in committing to long-term instruments
Income-tax Bill's clause to empower tax authority to access digital space represents evolution, not revolution
The Income-tax Bill 2025 grants tax officers power to access digital spaces, including social media and bank accounts, to combat tax evasion, with safeguards to protect privacy and ensure compliance while enhancing taxation fairness and equity
Final Call: Pay your advance tax instalment by March 15 to avoid penalties
Those with an estimated tax liability of over Rs 10,000 in a financial year are required to pay advance tax during the year.
How tax sops can help women enter the workforce and stay there
Inclusive and equitable tax policies will not only improve the lot of women employees and entrepreneurs, but also facilitate their participation in policy formation
Finance Commission’s workings need a greater degree of transparency
India’s federal structure is under stress on several grounds, particularly tax devolution between Centre and states, and among states. Finance Commissions play a critical role in the devolution process. However, a drawback in their approach has been the absence of an adequate level of transparency on the underlying reasons for significant changes in devolution formulae
Tax planning: Claiming tax rebates on children’s school fees
Tax-savers: Parents can individually claim tax deductions under section 80C on the tuition fee component in their children's school fees. However, any donation made to the school or expenses paid towards extra-curricular activities will not be eligible.
Here's why a shift in wealth-creation strategy is needed under new tax regime
With increased financial flexibility comes greater responsibility. Will taxpayers continue to make wise investments even when there are no tax-saving incentives or spend more since they can afford it?
Looking for tax-savers ahead of March 31? Check out these small saving schemes that offer 80C deductions
Public Provident Fund, Sukanya Samriddhi Account and National Savings Certificates are some of the small-saving schemes eligible for Section 80C deductions under the old tax regime
India needs 1.2-1.5 tax buoyancy to achieve 6.5-7% growth: EY
The report also said that the government may need to strengthen revenue mobilisation, particularly by increasing the tax-to-GDP ratio from the estimated 12 per cent in FY26 (Budget Estimates) to 14 per cent by FY31
Here's how the new Income Tax Bill will change the rules for taxpayers
This ambitious reform seeks to modernise India’s tax framework, enhance compliance, and streamline existing laws by eliminating redundant provisions and consolidating multiple sections
Google agrees to pay Italy $340 million to settle tax evasion investigation
Milan prosecutors had opened an investigation against Google for failure to pay taxes on earnings in Italy from 2015-2019.
Tax planning for 2025: How to maximise your savings before March 31 deadline
Treat tax planning as an ongoing process rather than a one-time activity to avoid last-minute jitters for saving on taxes. Plan early and plan efficiently to ensure you can claim all eligible deductions and maximise your savings.
New Income Tax Bill: No changes in capital gains tax structure, but language simplified
Under the new Income Tax Bill, 2025, Clauses 196, 197, 198 will deal with capital gains, and cryptocurrency has now formally be included as a taxable capital asset.
The Income Tax Bill 2025: A milestone in simplification
Over six decades of amending the income tax law has made it an unwieldy legislation, increasing the incidence of litigation. The new income tax bill tabled in Parliament on February 13 tries to cut through the complexity and offer stakeholders a simpler legislation.
Tax Reform for the Future: Understanding the changes in the Income Tax Bill 2025
By trimming word count by 40-50% and eliminating confusing phrases, the new Income Tax Bill makes itself more accessible to the common tax payer. It also aligns with global best practices
New Income Tax Bill: Section 80C tax-saving deductions now under clause 123
The new Income Tax Bill, tabled today in the Lok Sabha, retains all the deductions and exemptions but under new section numbers
New Income Tax Bill: Expect simplified rules, digital focus, and reduced litigation
The proposed I-T Bill would introduce the concept of ‘tax year’ to replace the financial year and is likely to be 622 pages long with 536 sections. However, it is unlikely to introduce drastic changes, say experts.
