Page 2 - Tax

Stakeholders seek further tax reforms, higher standard deduction in Budget

With many income tax incentives already expired or approaching sunset, 34% of respondents said they expected the government to bring back a manufacturing-linked lower tax rate regime

Union Budget 2026: What is disinvestment and why it matters in the Budget 2026 | Budget expectations

The government needs money. But does it always have to raise taxes? In this episode of Budget Basics, we break down disinvestment, what it really means, how it works inside the Union Budget,

What is tax buoyancy and how does it shape the Budget? | Union Budget 2026

In this episode of Budget Basics, we decode tax buoyancy, a small term with big budget impact. What does it really mean? Why does the government track it so closely? And why should you care?

Budget in Charts: Who bears the tax burden?

Who actually bears the tax burden in India? This video breaks down direct vs indirect taxes, tracks tax collection trends from FY19 to FY25, and explains what the numbers reveal

From Azadi to Tiger: A paradigm shift in India's treaty landscape

SC's Tiger Global ruling marks a shift in India's tax jurisprudence, unsettling treaty certainty, expanding anti-avoidance scrutiny and raising concerns over predictability for foreign investors

Strong start to year but deregulation holds key to competitiveness

From the finance ministry came a mix of revenue-raising and trade-defence actions. Taxes on tobacco products will increase from the beginning of next month

ITC sheds $7 billion as tax hike on tobacco products triggers rating cuts

ITC shares slump as steep excise duty hike on cigarettes wipes out over $7 billion in market value and triggers a spate of brokerage downgrades

Tobacco Institute urges review of tax hike on cigarettes, tobacco products

The Tobacco Institute of India calls on the government to reconsider the steep excise and GST hike on tobacco, warning of hardships for farmers, MSMEs, retailers and a surge in illicit trade

Punjab govt extends tax dues settlement scheme deadline till March 31

The Punjab government has extended the deadline for the one-time settlement scheme for outstanding tax dues till March 31, providing relief to traders and industry, Finance Minister Harpal Singh Cheema said on Thursday. The scheme, launched on October 1, was earlier set to end on December 31. Cheema said the extension was approved after representations from various stakeholders, including the GST Practitioners Association of Punjab, citing heavy compliance pressure and practical difficulties faced by taxpayers. So far, 6,348 applications have been received under the one-time settlement (OTS) scheme, reflecting strong participation from the trading community, he said. The government noted that overlapping tax deadlines towards the end of 2025 and delays in service of VAT assessment orders made it difficult for many businesses to assess their exact liabilities within the original timeline. The OTS scheme aims to resolve pre-GST disputes under the laws for VAT and Central Sales Tax b

Why is Centre bringing back excise on tobacco after GST cess ends

The government said that tobacco products will continue to attract GST but will also be subject to additional excise duty on top of that tax from February 1

I-T dept flags inaccuracies in returns, allows revised returns up to Dec 31

The notices have been issued under Section 142(1) of the Income-tax Act, which empowers the department to seek information or documents during assessment proceedings

ICSI flags glitches, timeouts on MCA 3.0 portal as filing deadline nears

ICSI has flagged slowdowns, timeouts and outages on the MCA 21 version 3 portal; government sources say some issues stem from awareness gaps as fixes continue

Foreign firms can't claim full head office expense deduction in India: SC

Tax experts said the ruling brings finality to the treatment of inter-office expenses for foreign banks and other multinational enterprises with Indian branches

Uttar Pradesh govt logs ₹35,000 cr excise revenue, 55% of annual target

The annual target of the state excise department is ₹63,000 cr in revenue; in the first eight months, the state has logged nearly 55% of this target at ₹35,144 cr

States should improve tax base, prevent revenue leakages: MoS finance

States have been provided financial assistance of Rs 4,24,227 crore since 2020-21 under the Scheme of Special Assistance to States for Capital Expenditure and Investment

India 'strong champion' for global tax transparency, says OECD official

India is a "strong champion" in implementing transparency measures against offshore tax evasion and its recent campaign asking taxpayers to correctly report their undisclosed foreign assets has led to disclosure of properties worth more than Rs 29,000 crore, a top OECD official has said. Head of the Organisation for Economic Cooperation and Development (OECD) Secretariat Zayda Manatta told PTI in an interview that these "notable" outcomes were a result of India's "commitment" to global tax transparency and automatic exchange of information standards. Manatta was here recently for the OECD annual plenary meeting of the 'Global Forum on Transparency and Exchange of Information for Tax Purposes' hosted by New Delhi between December 2 and 4. The France headquartered OECD is a globally recognised body that works for economic and social policy promotion. The Global Forum had 172 countries as its members. "India is a strong champion in tax transparency and has been supporting the work of

Why India's Cities can't crack property tax even after digital push

Cities are experimenting with online portals, waivers and service linkages, yet India's property tax collections remain weak, undermining municipal finances even as urban responsibilities keep rising

LS clears bill to impose cess on pan masala units for health, security

The Lok Sabha on Friday passed a bill to levy a cess on manufacturing units of pan masala, and utilise the fund for strengthening national security and improving public health. Replying to the debate on the Health Security se National Security Cess Bill, 2025, Finance Minister Nirmala Sitharaman said the cess will be shared with the states, as public health is a state subject. The bill was later passed by voice vote by the Lok Sabha. The bill seeks to augment the resources for meeting expenditure on national security and for public health by levying a cess on the machines installed or other processes undertaken to manufacture pan masala and similar goods. The purpose of the bill is to create a "dedicated and predictable resource stream" for two domains of national importance -- health and national security, she said. Sitharaman said pan masala will be taxed at the maximum 40 per cent rate under Goods and Services Tax (GST) based on its consumption, and there will be no impact of t

Vivek Chaturvedi appointed CBIC chairman, to take charge on December 1

Chaturvedi's service record shows that his deepest and longest experience lies in the Directorate of Revenue Intelligence (DRI)

Swiss wealth tax proposal to test public appetite for redistribution

Around 2,500 taxpayers in Switzerland have assets worth more than 50 million francs, according to Swiss tax authorities, with a total wealth of about 500 billion francs