Page 16 - Monika Yadav

Claiming false deductions? I-T dept steps up scrutiny, warns of penalty

The warnings come as the government has given taxpayers more time to file their returns - the deadline is now September 15. But experts say this extra time comes with stricter checks

Lok Sabha select committee proposes 285 changes to Income Tax Bill, 2025

The Income Tax Bill, 2025, will replace the Income Tax Act, 1961. The government aims to implement the new Income Tax law from April 1, 2026

Fraud crackdown: 40,000 taxpayers withdraw bogus claims of ₹1,045 crore

I-T dept said move came after a series of outreach efforts, including SMS alerts, emails, and physical programmes, were made across various locations, nudging taxpayers towards voluntary compliance

India-US trade talks moving fast as fresh deadline nears: Piyush Goyal

India and US negotiators are in Washington for intense discussions, with the interim trade pact facing a critical deadline and pressure from the US on tariff concessions

Refunds account for 17.6% of India's gross tax collections in FY25

The time taken by the income-tax department to process refunds has dropped sharply

India's net direct tax receipts down 1.3%, corporate taxes slip 3.7%

Tax experts broadly attributed the decrease in the net direct tax kitty to the spike in refunds but noted there were other factors at play as well

Income Tax department releases ITR-2, ITR-3 excel utilities for AY26

This enhanced integration aims to simplify compliance for taxpayers and reduce errors in return filing

'No tax notice to Srikanth Shinde, scrutiny part of routine process'

Govt sources clarify that Srikanth Shinde, son of Maharashtra Deputy CM, has not received an income tax notice. The scrutiny was part of a routine selection

CBIC may free up importers' IGST credits to address payment issues

Short payments of IGST on imports are usually discovered during internal audits or regulatory checks, and tend to arise due to valuation differences, classification errors, or other discrepancie

June e-way bills 2.6% lower than May, indicating possible GST moderation

Intra-state e-way bills stood at 78.85 million in June, while inter-state e-way bills were at 40.60 million during the month

CBDT sets Cost Inflation Index at 376 for FY26 for capital gains

The new CII will apply to FY26 capital gains computations and benefit taxpayers selling land or buildings acquired before July 23, 2024 who opt for indexation

Net GST receipt growth slipped sharply to 3.3% in June: Govt data

June's net revenues from the indirect tax, based on transactions carried out in May, were also impacted by the back of sharp 28.4 per cent rise in total refunds to ₹25,491 crore

PwC bats for 3-tier GST rate structure to cut disputes, simplify tax regime

Marking eight years of GST, PwC recommends streamlining tax slabs, removing compensation cess, and aligning India's tax regime with OECD neutrality principles

Govt aims to clear SVB backlog in two years with bulk entry processing

The revamped framework aims to reduce paperwork and resolve valuation issues without lengthy disputes

US Senate lowers proposed remittance tax to 1%, spares bank transfers

India is the largest recipient of remittances from the United States. In 2023-24, India received $32.9 billion from the US alone, accounting for 27.7 per cent of its total inward remittances

Centre extends CBDT chief Ravi Agrawal's tenure by 1 year till June 2026

Ravi Agrawal, a 1988-batch officer of the Indian Revenue Service, was initially appointed as CBDT Chairman

'Appeals in DGGI-led multi-state cases must be filed where CAA is posted'

The clarification resolves confusion in multi-state GST cases by stating appeals must be filed in the jurisdiction of the Common Adjudicating Authority's posting

FinMin may restore dividend deductions for 22% corporate tax regime

Under the existing tax regime, domestic companies are taxed at three different rates depending on their chosen structure

FM flags tax appeals backlog, tells CBDT to fast-track resolution

Sitharaman asks tax department to resolve 5.7 lakh pending appeals, improve grievance redressal and refunds, and adopt a more taxpayer-centric approach

Net direct tax collection drops by 1.39% to Rs 4.58 trillion so far in FY26

This was on the back of higher refunds, income tax relaxation provided to salaried individuals and the impact of increased capital expenditure by companies