Tax

A growing mismatch between insolvency and tax laws is raising uncertainty for companies, with tax authorities denying loss carry-forward benefits despite approved resolution plans

Tax body clarifies that SEZ goods cleared to DTA and re-exported will qualify as imports for duty drawback, aiming to ensure uniformity and reduce disputes

Gifting mutual funds to children has become a smart way for Indian parents to build long-term wealth for their kids. But with demat requirements and tax rules in place,

Employees whose cost to company includes these components may find the old regime more beneficial this year

India received the highest number of regressive tax recommendations from the International Monetary Fund (IMF) between 2022 and 2024, according to an analysis by Oxfam. The analysis, released ahead of the IMF and World Bank spring meetings in Washington, has flagged that the global body is applying "double standard" by giving largely progressive advice to wealthy countries while suggesting regressive measures for others that are "likely to exacerbate inequality". The report said 59 per cent of the IMF's tax advice to low- and lower-middle-income countries was regressive, while 52 per cent of its recommendations to high-income countries were progressive. A regressive tax refers to a uniform taxation system which burdens those in lower income groups more than high earners. In contrast, a tax levied in proportion to one's income is termed progressive. Oxfam examined 1,049 tax recommendations made by the IMF to 125 countries between 2022 and 2024 and found that only 30 recommendations,

Income Tax Return (ITR) forms for Assessment Year 2026–27 (AY27) have been notified, alongside updates to the compliance mechanism and verification rules.

Economist Michael Devereux calls for moving beyond incremental reforms, arguing current global tax rules are complex, ineffective, and ill-suited to taxing multinationals

₹1/GB data tax could fetch ₹30,000 crore but raise mobile bills by up to 20%, says IIFL; proposal may face pushback over regressive impact

The reimposed windfall export taxes on diesel and aviation turbine fuel (ATF) will not apply to Reliance Industries Ltd's SEZ refinery due to judicial rulings, a senior official said on Thursday. Effective March 26, the government revised fuel levies, reintroducing export duties of Rs 21.50 per litre on diesel and Rs 29.50 per litre on ATF, while keeping petrol exports exempt. The move coincided with a Rs 10 per litre cut in excise duty on petrol and diesel. Initially, it was not clear if exports from Reliance's special economic zone (SEZ) refinery - one of the largest contributors to India's refined product exports - would retain exemptions similar to those under the 2022 windfall tax regime. "As per judicial prouncements on this issue, the special additional excise duty and additional excise duty are not applicable on SEZ refineries," Jainendra Singh Kandhari, Joint Secretary in the Tax Research Unit (TRU-1) of the Department of Revenue, said at a media briefing. The government .

CBDT clarifies GAAR provisions to exempt pre-2017 investments from scrutiny, aiming to boost investor confidence and ensure tax certainty

The smartphone is now part of basic economic infrastructure. A farmer in Vidarbha uses his phone to check mandi prices before selling his produce

Union Budget-driven changes introduce new Income Tax Act, GST 2.0 rationalisation, and compliance reforms aimed at simplifying taxation and boosting transparency

CBIC Chairman Vivek Chaturvedi on Friday said the government will review the special additional excise duty or windfall tax on diesel and ATF every fortnight. The move to levy special additional excise duty (SAED) is to ensure domestic availability of diesel and ATF, Chaturvedi said, while briefing the media. The revenue gain from SAED is estimated at Rs 1,500 crore in the first fortnight, he added. The government on Thursday imposed an export duty of Rs 21.5 per litre on diesel and Rs 29.5 per litre on aviation turbine fuel (ATF) to discourage exports and improve domestic supply. The SAED is a levy first introduced in July 2022 to curb windfall gains by refiners following Russia's invasion of Ukraine. It was withdrawn in December 2024. Besides, the government has slashed excise duty on petrol and diesel by Rs 10 per litre each, a move aimed at shielding domestic consumers from a surge in global oil prices triggered by the Middle East conflict. Revenue loss due to the excise duty

Amendments raise start-up tax threshold, remove arrest provisions and introduce safeguards in reassessment, aiming to ease compliance and reduce litigation

New Income-tax Rules, 2026 introduce a single registration form and cut record retention to six years, reducing compliance burden for charitable trusts and non-profits

Taxpayers must be able to distinguish between matters where the old tax law still applies and those where the new one does

Net direct tax collection for FY26 as of March 17 grew 7.19 per cent to ₹22.80 trillion, driven by higher corporate and non-corporate taxes

Companies must disclose exposure to Pillar Two income taxes under revised AS 22, while small and medium-sized firms are exempt from the new requirements

Under the Income-tax Act, residential status is primarily determined by the number of days an individual spends in India during a financial year

Incorrect assessment of status and failure to fulfil tax-related obligations can have serious consequences