Page 2 - Taxation

An account of AI disruption in finance as technology reshapes work

OVER 50% of Indian accountants worry they are unable to develop skills due to frequently changing technology, according to a survey

IATA calls for greater clarity on India's complex aviation tax system

Global airlines' grouping IATA on Tuesday said there needs to be greater certainty in India's taxation system, which is very complex. India is one of the world's fastest growing civil aviation markets and airlines are expanding their fleets and networks to meet the rising demand. IATA Director General Willie Walsh said the rate of growth in the Indian aviation market will be higher than China. Against the backdrop of foreign airlines getting tax notices in recent times, Walsh said the taxation system in India is complex and there needs to be "greater uncertainty". The International Air Transport Association (IATA) represents over 350 airlines globally.

Start early, choose right ITR form: Tax guide for professionals

Professionals must select the correct ITR form and assess whether presumptive taxation or regular provisions suit their income, expenses and documentation requirements

Bombay HC grants interim relief in GST dispute over development rights

Bombay High Court restrains GST authorities from acting on 18 per cent tax demand for development rights, saying TDR may qualify as sale of land exempt from GST

Net direct tax mopup in FY25 hit Rs 22.26 trillion, shows govt data

This was marginally short of revised target; highest-ever refunds issued

Centre notifies rules for GST Appellate Tribunal to make it operational

Authorised representatives, including lawyers and tax professionals, must submit a power of attorney before representing clients

Raising millionaire tax would push the wealthy to leave US: Donald Trump

Trump's remarks are likely to pour cold water on discussions about creating a new 40 per cent tax bracket for people earning $1 million or more

CAIT seeks luxury tax on quick commerce, roll-out of e-commerce rules

Proposal to be part of recommendations to govt; move aimed at protecting kirana retailers

India's richest report only a fraction of their wealth, says a new study

They are not just underreporting income; they are reshaping what the income tax system perceives, says study

Govt sets April 30 deadline for filing declarations under Vivad se Vishwas

The scheme offers taxpayers the opportunity to settle disputed tax demands by paying the full disputed amount while availing a waiver on interest and penalties

CBDT signs record 174 APAs in FY25, including India's 1st multilateral APA

An APA helps taxpayers and tax authorities agree on how to price transactions between related companies in different countries

Backlog baggage: Staff shortage delays advance pricing agreement process

Presently, there are five APA teams in the country with two teams in Delhi and one team each in Mumbai, Bengaluru and Gurgaon

Income-Tax Bill expands scope of AMT, increasing tax burden on LLPs

Special treatment of LTCG is proposed to be removed

Net direct tax collections rise 13% to Rs 21.3 trn till March 16 of FY25

Advance tax collections jump 14.6% during the period

Mauritius seeks new Chagos deal with UK in shared interests of India

Mauritius is pressing for amendments to its trade agreement, including Double Taxation Avoidance Convention (DTAC) with India, Foreign and Trade Minister Dhananjay Ramful said. In an interview with PTI Videos at his office in Port Louis, he underscored the need to revisit the Comprehensive Economic Cooperation and Partnership Agreement (CECPA) to restore Mauritius' position as a preferred investment conduit, as foreign direct investment (FDI) inflows from the island nation to India have declined sharply since the treaty's revision in 2016. Amendment in DTAC is still under discussion. Two issues, I think, need to be sorted out. From what I've been told, once this is sorted out, then they will sign the protocol, he explained, hinting at unresolved sticking points in the negotiations. The minister announced that a second session of the joint committee will convene soon to revisit both the CECPA and the DTAC, aiming to address trade imbalances and taxation issues. We have signed the ..

UP govt tax revenue may rise 16% in FY26, indicating economic growth

The 16 per cent increase in the state's estimated tax revenue is higher than the growth of 11 per cent estimated by the Centre in the Union Budget FY26

MCD announces house tax waiver for those who clear their 2024-25 dues

Senior AAP leader and Rajya Sabha MP Sanjay Singh on Monday announced that the Municipal Corporation of Delhi (MCD) has introduced a house tax waiver. He said that those who clear their 2024-25 house tax dues will have all previous pending taxes waived off. The announcement was made on Monday during a press conference addressed by the AAP leader, MCD Mayor Mahesh Khinchi, Deputy Mayor Ravinder Bhardwaj and Leader of the House Mukesh Goel. Additionally, homeowners of properties between 100 and 500 square yards will receive a 50 per cent tax waiver, while those with houses under 100 square yards will be completely exempt from house tax. Commercial properties in rehabilitation areas will also benefit from tax exemptions, and residents of 1,300 housing apartments, who previously did not receive any concessions, will now get a 25 per cent tax reduction. Mayor Mahesh Khinchi emphasised that this move aligns with AAP's commitment to public welfare. "What AAP promised, we have delivered.

Tripura has started using AI to identify tax evaders, says CM Manik Saha

Tripura Chief Minister Manik Saha on Saturday said the state has been using artificial intelligence (AI) to identify tax evaders and will take action against them. While addressing GST 'Jaagrookta Abhiyan' at Prajna Bhavan, the chief minister said the tax collection plays a key role in accelerating development in the northeastern state. "Of the state's annual budget of Rs 27,800 crore in the 2024-25 financial year, its own revenue stands at Rs 3,700 crore. Only Rs 10,000 crore remained after meeting the non-plan expenditure- salary, pension, loan and interest of loan. The state needs to pay 25 per cent of its own revenue (Rs 3,700 crore) to Tripura Tribal Areas Autonomous District Council (TTAADC) and 10 per cent to Urban Local Bodies (ULBs)," he said. Emphasising on more tax collection by preventing evasion, the chief minister said the development depends on the tax collection. "If there is more tax, there will be more development. The government is taking all possible steps to ..

Foreign companies' tax burden hits record low in India, shows CMIE data

Corporation tax cuts, GST reforms, compliance measures behind decline in tax outgo

Efficient tax system: A clear income-tax law will help all stakeholders

Although the government has been working on improving the experience of taxpayers, such as with the introduction of the Faceless Assessment Scheme, the new Bill aims to take the process forward