Page 9 - Monika Yadav

'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

Fifth edition of Time Release Study shows faster import clearance at ports

Finance Minister Nirmala Sitharaman releases CBIC's NTRS report showing average cargo release times improved at ports and airports, though delays rose at inland depots

GST evasion detection hits all-time high of ₹2.23 trillion in FY25

FM Nirmala Sitharaman urges faster probe closures and easier registrations

Draft Income tax Bill, 2025: LLPs likely to retain LTCG benefits

Govt likely to fix key omission regarding AMT

FATF condemns Pahalgam attack, to release terror financing report soon

This is the third time FATF has explicitly condemned a terrorist incident, following earlier statements in 2015 and 2019

Govt plans to amend refund provision in new Income Tax Bill, 2025

Section 433 of the new IT Bill, 2025, states that a refund must be claimed by filing a return - regardless of whether it is belated

FM to meet GST and income tax officers to resolve field-level issues

The meetings aim to review ground-level implementation of tax policies, resolve bottlenecks in taxpayer services, and improve ease of doing business

CBDT sends emails over undisclosed crypto income in latest NUDGE drive

CBDT emails thousands of taxpayers urging them to review and update ITRs for under-reported crypto income as part of a NUDGE campaign targeting VDA discrepancies