Page 5 - Tax

Traders likely to keep input tax credit on old stocks in GST revamp

The GST Council is also likely to update the tax administration system to ensure a smooth transition and shield businesses from additional costs

New Income Tax Bill does not entail too many changes in tax planning

It will, however, make income tax laws easier to comprehend and adhere to for the lay taxpayer

Sebi proposes standard code for smooth transfer of securities to heirs

Capital markets regulator Sebi on Tuesday proposed the introduction of a standard reason code to streamline the transfer of securities from nominees to legal heirs and ensure appropriate tax treatment for such transactions. In a consultation paper, Sebi suggested introducing a specific reason code 'TLH' (Transmission to Legal Heirs) to be used by registrars, depositories and other reporting entities while intimating the Central Board of Direct Taxes about such transmissions. The move seeks to enable proper application of the provisions of the Income Tax Act, 1961. Currently, transmission of securities from nominee to legal heir of the original holder, some transactions are being treated as normal sale of securities. This has resulted in capital gains tax being levied on nominees, even though clause (iii) of Section 47 of the Act does not consider such transmissions as "transfers" for tax purposes, Sebi said. The regulator noted that the nominee merely acts as a trustee for the ben

India's GCCs too big to bill lightly: Backend hubs face tax claims

The big question: Are these companies paying their fair share of taxes in India? That question has triggered a series of tax disputes between foreign firms and Indian authorities

Tax arrears worth ₹54.53 trillion pending as on June 30: Govt tells RS

Total direct and indirect tax arrears stood at over Rs 54.53 lakh crore as of June 30, Parliament was informed on Tuesday. In a written reply to a question in the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said, "The total amount of tax arrears pending as on June 2025, under indirect taxes is over Rs 7.01 lakh crore and under direct taxes is over Rs 47.52 lakh crore." Cumulatively, direct and indirect tax arrears stood at Rs 54.53 lakh crore as of June 30. Of the total indirect tax arrears, over Rs 2.66 lakh crore pertain to those where pending taxes in individual cases is above Rs 10 crore as of June 2025. In case of direct taxes, tax arrears above Rs 10 crore as on June 2025 totalled about Rs 35.48 lakh crore. Further, of the Rs 7.01 lakh crore pending tax arrears under indirect tax, over Rs 3.71 lakh crore is pending due to litigation at various stages. Similarly, for direct taxes out of total Rs 47.52 lakh crore arrears due, an amount of over Rs 31.26 lakh cr

Donald Trump's tax law to add $3.4 trillion to US deficits, says CBO

The CBO score for the law, released Monday, reflects a $4.5 trillion decrease in revenues and a $1.1 trillion decline in spending through 2034, relative to a current-law baseline

2006 Mumbai train blasts, Income Tax Bill 2025, Bangladesh jet crash, & more top #newsinamin

Nineteen years after the 2006 Mumbai train blasts that killed 189 and injured over 800, the Bombay High Court today acquitted all 12 men convicted by a lower court.

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

Sideshow to spotlight: FoFs weren't in the script, now they own the stage

₹15.6K cr floods in as tax reset, fund blitz, and asset bounce rewrite the playbook in Q1

Hotels, restaurants may go on token strike in Maha over tax hikes: AHAR

The hotel body says hikes in VAT, licence fees and excise duty have made it difficult for small businesses to survive and warns the moves may hurt tourism and state revenue

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

Tax dept's AI tool 'not meant' for resolving political donation disputes

TaxAssist should be used in 'simple cases' and professional advice in complex taxation matters is irreplaceable

US House Republicans move Trump's major tax-cut bill toward final vote

During a marathon overnight session, lawmakers cleared a final procedural hurdle needed to begin debate on the bill in a 219-213 vote at around 3:30 a.m. ET (0730 GMT)

Punjab registers record 44% growth in net GST collections in June

Punjab registered a record 44.44 per cent growth in net goods and services tax collections at Rs 2,379.90 crore in June 2025, said Finance Minister Harpal Singh Cheema on Tuesday. Addressing the media here, Cheema said Punjab outpaced the national average in GST collection growth, firmly positioning itself among the top-performing states in tax mobilization despite facing national and geopolitical challenges, including border-related tensions. The net GST collection last month stood at Rs 2,379.90 crore, reflecting a revenue growth of Rs 732.21 crore over the Rs 1,647.69 crore collected in June 2024. This follows the monthly net growth trends of 15.35 per cent in April and 24.59 per cent in May. The net GST collection during the first quarter of 2025-26 reached Rs 6,830.40 crore, even amidst the military conflict between India and Pakistan in May, compared to Rs 5,377.75 crore in the first quarter of 2024-25. This represents a growth rate more than four times the 6.41 per cent gro

Canada will scrap tax that prompted Trump to suspend trade talks

The government said on Sunday night that it would cancel its tax on American technology companies, handing a victory to the Trump administration

Tata Steel gets show cause notice worth ₹1,007 cr over input tax credit

Tata Steel receives ₹1,007 crore GST notice for alleged input tax credit irregularities from FY19 to FY23; company says ₹514 crore already paid

Rise in personal income tax collections encouraging, sustainability suspect

Sustained growth in PIT would depend on sustained expansion in taxable economic activity, one that generates employment to support salary income and contributes to business income as well

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

Undisclosed crypto income: Respond to taxman's notice, file revised return

Underreporting or misreporting crypto income can lead to penalties ranging from 50 to 200%, even imprisonment of up to seven years

Smart moves for ITR filing: Do’s & don’ts you can’t skip New tax

It’s that time of the year again. Yes, we’re talking about Income Tax Returns. Whether you're a salaried employee, a freelancer, or running a business, filing your ITR correctly and on time is a must.