Page 7 - Tax

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!

Taxing time for migrants: US' remittance tax furthers Trump's agenda

The rationale for imposing the tax is ostensibly to protect dollar outflows. The US remains the world's top remittance sender. In 2023, some $85.7 billion was remitted by migrants living in the US

Tax change, gold rally power FoF AUM past Rs 1 trillion in April

Fund of funds cross ₹1 trillion AUM in April 2025 for the first time, driven by tax reforms, gold's stellar returns, and launch of several new mutual fund offerings

Section 54F exemption: Observe timelines for selling asset, buying another

Recent judgement emphasises that co-ownership of multiple floors in the same building does not disqualify taxpayer for this exemption under Section 54F

Centre denying Kerala its rightful share in tax devolution: CM Vijayan

Kerala Chief Minister Pinarayi Vijayan on Friday slammed the Centre, accusing it of denying the State its rightful entitlement in the tax devolution.

Datanomics: Remittance tax in Donald Trump's 'Big, Beautiful Bill'

A provision in Trump's new 'Beautiful Bill' suggests a 5% excise tax on all outward remittances by non-US citizens, raising the cost of transfers to countries like India

Draft climate finance taxonomy framework aims to enhance green funding

The framework aims to enhance funding for climate-friendly technologies and develop research frameworks across sectors like power, mobility, agriculture, and water management

China lowers minimum amount for tax refunds for tourists to boost spending

China announced a lower threshold for tax refunds for foreign tourists among a series of policies on Sunday to boost consumption as its economy comes under pressure during a trade war between Beijing and Washington. Travellers can apply for a tax refund if they spend 200 yuan (about $27) at the same store on the same day and meet other requirements starting Sunday, according to a joint statement by the Ministry of Commerce and other authorities. Previously, the minimum amount was 500 yuan (about $69). The upper limit for their tax rebate in cash also has been doubled to 20,000 yuan ($2,745). The government will expand the coverage of tax refund shops and streamline the procedures. Officials encourage some regions to set up refund points for travellers to get rebates immediately after their purchases in areas highly concentrated with tourists, the statement said. China's Vice Minister of Commerce Sheng Qiuping told reporters in a news conference that inbound tourist consumption ...

Direct tax mop up for 2024-25 fiscal hits target; record refunds issued

The provisional net direct tax collection for the 2024-25 financial year has met the set target, growing 13.57 per cent to over Rs 22.26 lakh crore with the income tax department issuing the highest-ever amount of refunds ever delivered, official data showed Friday. The government set a target of Rs 22,07,000 crore for the direct tax administration as per the budget receipt of July 2024 and revised it to Rs 22,37,000 crore during the budget presented this February. Direct taxes include revenue collected by the Union government under the corporate taxes and non-corporate taxes category (earlier personal income tax). The non-corporate taxes category includes taxes paid by individuals, firms, Hindu Undivided Families (HUFs), local authorities, artificial juridical persons etc. According to official data, the provisional gross (before adjusting for refunds) direct tax collection for the 2024-25 fiscal that ended March 31 stood at Rs 27.02 lakh crore, a growth of 15.59 per cent, when ...

1% TCS on luxury goods: FAQs, items covered under it & what experts say

'It could be counterproductive. PAN details were already required for purchases above Rs 2 lakh. TCS may discourage consumers, hurt GST collections from formal retailers, while benefiting grey market'