Page 7 - Tax

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.

Net GST revenue grows 20.4% to Rs 1.7 trn on import taxes: Govt data

Sequentially, there was a nearly 17 per cent drop in net GST collections compared to April 2025, which stood at Rs 2.09 trillion

Mind the tax gap: India's is smaller than peers', but comparisons mislead

Many of the studies in the latter approach combine data from all types of countries to obtain an estimate of potential revenue

India to submit adaptation plan to UNFCCC in few months: Bhupender Yadav

To strengthen efforts to address climate-related risks and enhance India's climate resilience, the government recently released a draft framework for a climate finance taxonomy

Samsung India executives seek to quash $81 million penalty over tax evasion

The Indian tax authority in January found Samsung and its executives evaded tariffs by misclassifying imports of key mobile tower equipment from 2018 to 2021

Income Tax return filing deadline extended | What it means for you | ITR filing 2025-26 | Taxpayers

The Income Tax Department has extended the due date to file income tax return for FY 2024-25 (AY 2025-26) from July 31, 2025, to September 15, 2025. Know what it means for you!