Page 3 - Monika Yadav

FY26 marks sweeping tax overhaul with new income tax law, GST reforms

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

FM Nirmala Sitharaman scotches rumours of lockdown like Pakistan

"...The government is taking burden, making sure oil marketing companies (OMCs) will ensure buying more and doing supply, and keeping the supply uninterrupted," she said

West Asia conflict: Govt steps in to shield OMCs via big duty cuts

Move to cost exchequer ₹1.3 trn in FY27; export duty reimposed

Finance Bill 2026 cleared; limit buyback tax to domestic entities

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

GST reforms have boosted economy, says FM Sitharaman in Lok Sabha

Sitharaman says rise in auto sales, tractors and cement output shows GST rate cuts supported demand, even as concerns remain over uneven price transmission

E-way bill system reform to ease logistics, push trust-based compliance

Economic Survey 2025-26 outlines a shift in the GST e-way bill system from enforcement to a trust-based, technology-driven framework aimed at improving logistics efficiency and easing compliance

Govt collects ₹9,516 crore tax on undisclosed foreign assets in 3 years

Parliament informed that tax collections under the Black Money Act rose sharply, while probes into global leaks have led to over ₹41,000 crore in tax and penalty demand

No formal study on GST rate rationalisation's inflation impact: Govt

Government says no formal study has assessed GST rate rationalisation's inflation impact; GST revenue rose 8.1% in February, with rural consumption showing strong gains

New Income-Tax rules: Registration to become simpler for charitable trusts

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

New I-T rules notified; new Act to ease compliance, cut litigation, says FM

New rules expand HRA benefits to more cities, clarify EV taxation, tighten reporting norms and streamline transfer pricing and foreign tax credit processes

New I-T Act to ease compliance for small taxpayers: FM Nirmala Sitharaman

Finance Minister says expanded presumptive taxation and simplified provisions under the new law will reduce compliance burden and litigation for small businesses and professionals

GST cuts cooled prices of durables, not of essentials: NIPFP Study

Study finds weak tax pass-through in food and household goods, while consumer durables such as cars and air conditioners show clearer price declines

HCs tighten scrutiny of GST enforcement actions amid due process concerns

High courts are tightening scrutiny of GST enforcement actions, emphasising due process and procedural fairness in cases involving registration suspensions and bank account attachments

Parliamentary committee flags rising delays in income tax refunds

Finance panel notes rising delays in income tax refunds beyond the 90-day norm and flags a surge in outstanding direct tax arrears

Extended stay of Indians back from W Asia may trigger tax implications

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

New I-T Act to roll out on April 1 with only 54 forms for smooth transition

India will roll out the new Income-tax Act, 2025 from April 1 with 54 forms operational initially, while the rest will be introduced in phases during FY27

Telangana High Court reserves order on Fino Bank MD arrest in GST case

Telangana High Court reserves verdict on plea by Fino Payments Bank MD Rishi Gupta challenging his arrest in an alleged ₹10,000 crore GST evasion case linked to merchant transactions

HC quashes ₹1 cr cash seizure by GST officers, says law does not permit it

Bombay High Court quashes ₹1 crore cash seizure by GST officers, holding that the CGST Act allows seizure of goods and documents but does not authorise authorities to seize cash

E-way bill generation rose 18.8% in February to third-highest tally

An e-way bill is an electronically generated document mandated under the GST regime for the movement of goods valued at more than Rs 50,000

I-T dept detects ₹408 crore sales suppression; surveys restaurants

Based on the findings, the department conducted surveys on March 8 across 62 restaurants in 46 cities across 22 states