Page 3 - Taxation

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

Proposed TCS threshold hike on LRS expected to boost outbound travel

The revision, which will be effective from April 1, 2025, is expected to boost travel and foreign exchange segments, provide additional benefits to students, and improve tax compliance

Income Tax dept not an adversarial entity, but participative: CBDT chief

CBDT chairman Ravi Agrawal said the tax administration is committed to 'fostering stability and simplifying business operations' in India

Give suggestions on new income tax bill: CBDT chief asks industry

Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal on Monday asked industry players to give their suggestions on the new income tax bill, which will be tabled in Parliament this week. The new income tax bill, which will replace the six decade old Income Tax act, 1961, has been drafted within six months and efforts have been made to simplify the language to make tax compliance easier for taxpayers and make it easier to read and understand. Agrawal said that the new bill has been drafted in such a way that it meets international standards. Also, the new law has been made concise, as old provisions have been removed, making it less bulky. He asked the industry to give their suggestions once the new bill is introduced and assured them that the suggestions would be looked into. With regard to updated I-T returns (ITR-U), Agrawal said in the last three years about 90 lakh such returns were filed. Around Rs 8,500 crore additional revenues were garnered. Finance Minister Nirmala ...

Budget 2025 FAQs: Key tax, insurance and investment changes explained

Budget 2025 brings key tax, insurance, and investment changes. From ULIP taxation to NPS benefits and Kisan Credit Card updates, here's a breakdown of FAQs to help you understand the new provisions

Bank unions' Budget wishlist: Scrap tax on profits of cooperative banks

Asks for refinancing Rs 2 trn for non-recovery of farm loans

India, Oman agree to amend tax treaty to promote greater cooperation

DTAA is signed between nations to avoid double taxation and prevent fiscal evasion as far as taxes on income is concerned

CBIC notifies rules for entities to get temporary GST identification number

Entities that are not required to get a GST registration but are required to make a tax payment under the GST Act provision can now obtain a Temporary Identification Number (TIN). The Central Board of Indirect Taxes and Customs (CBIC) has notified an amendment to GST rules to issue TIN to entities that are not required to register under the GST Act but need to make payments under some specific provision. Under Goods and Services Tax (GST) rules, registration is mandatory for businesses with an annual turnover of Rs 40 lakh and Rs 20 lakh in the manufacturing and services sectors, respectively. "Where a person is not liable to registration under the Act but is required to make any payment under the provision of the Act, the proper officer may grant the said person a temporary identification number," CBIC said while introducing Rule 16A in Central GST Rules. The decision to issue TIN to entities that are otherwise not required a GST registration was taken by the GST council in its ..

Faceless tax assessments: Benefits, challenges, solutions for improvement

How can govt improve upon the faceless tax assessment system

Tata Steel files curative petition in SC over tax on mineral land

Tata Steel has captive mines in Jharkhand and Odisha

Income-Tax department recovers Rs 1,070 crore from wrongful claims

The taxpayers filed updated income tax returns (ITRs) for assessment years from FY23 to FY25 after doing the corrections

Delhi High Court exempts electricity commissions' fees from GST

The judgment came in response to show cause notices (SCNs) issued by tax authorities demanding GST on regulatory fees under the Central GST (CGST) Act, 2017, and the Integrated GST (IGST) Act, 2017