Tax

Global corporation tax system has become complex, ineffective: Devereux

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

Govt plan to levy data tax may earn nearly ₹30K cr in revenue: IIFL Capital

₹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

No windfall tax on diesel, ATF exports from Reliance SEZ refinery

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 .

Tiger Global ruling concerns: CBDT exempts pre-FY18 investments from Gaar

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

Priced out of India's digital revolution: Taxes weigh on smartphone demand

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

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

Govt to review windfall tax on export of diesel, ATF fortnightly: CBIC

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

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

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 tax law from April 1: What it means for income, filing, and compliance

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

FY26 advance tax collection up 6.42% at ₹11.13 trn, shows I-T data

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

MCA aligns accounting standards with OECD's Pillar Two Model Rules

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

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

Stranded due to West Asia conflict? It may affect your tax residency status

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

Excise policy changes across states positive for listed liquor majors

Instead of steep hikes, states are relying on licence fee increases, reserve price revisions, and recalibration of tax

SC refuses to examine challenge to IT Act's digital search provisions

SC refused to examine a plea challenging Income Tax Act provisions permitting digital access during search operations, calling the concerns speculative and allowing withdrawal of the petition

Exim Matters: Rodtep rates cut as remissions rise amid flat export growth

Govt halves Rodtep benefits to rein in rising payouts amid stagnant exports, tighter Budget allocations, while exempting agriculture and pushing exporters to improve compliance with annual returns

Net GST revenue collection up 7.9% at ₹1.61 trillion in February

In absolute numbers, the net GST revenue is the third highest in the last six months after January at ₹1.70 trn and October at ₹1.69 trn

Draft I-T forms seek tenant-landlord disclosure for claiming tax deduction

The government has come out with draft income tax forms that seek disclosure of tenant-landlord relationship for claiming I-T deductions and increased responsibility of auditors and companies for tax credit claims on foreign income. The draft forms also propose to entrust auditors with greater responsibility for checking PAN duplication and tax liability arising out of adverse audit observation. The new Income Tax Act, 2025, which replaces the six-decade-old law, will come into effect from April 1, 2026. The government has circulated draft Rules and Forms for stakeholder consultation. The final Rules and Forms will be notified next month. The new Form 124 requires disclosure of a relationship, if any, between a tenant (assessee) and a landlord, which tax experts said could act as a meaningful deterrent against fictitious or inflated rental claims, as it introduces transparency at the first point of reporting itself. An assessee claiming House Rent Allowance (HRA) is required to su

Govt amends tax treaty with France, revises dividend tax structure

The government said it has also modified how it taxes dividend income, replacing the existing flat 10 per cent rate ‌with a split structure