Page 2 - Taxes

Delhi HC restrains GST department from coercive action against CCI

HC grants interim relief to CCI in tax demand case, citing earlier ruling favouring regulators; GST department directed to respond by July-end

Green taxonomy: More resources will flow to climate-friendly projects

The draft taxonomy, launched with the aim of directing capital flows towards sustainable and climate-aligned activities, is thus a welcome development

Monitor top advance tax payers, check fake claims: CBDT to I-T dept

The CBDT has directed income-tax officials to "closely" monitor top advance tax payers and identify bogus claims of exemptions and deductions as part of the strategy to improve direct tax collections during the current financial year. Official sources told PTI that the Central Board of Direct Taxes, the policy-making body for the department, had recently issued the central action plan (CAP) for 2025-26 that acts as the guiding light to steer 'key performance areas' for the department vis-a-vis revenue collection work. The Union government has set a target of Rs 25.20 lakh crore for the I-T department under the direct taxes head for the current fiscal, as per the Budget estimates presented in February. The sum consists of Rs 10,82,000 crore under the corporate tax head, Rs 13,60,000 crore under non-corporate taxes that includes personal income tax and others, and Rs 78,000 crore from securities transaction tax (STT). The net direct tax collection for the 2024-25 FY narrowly missed t

Samsung India fights $520 mn tax demand, points to Reliance practice

Samsung becomes the second major foreign company in recent months to challenge an Indian tax demand

Centre appoints four senior IRS officers as members of CBDT board

The Appointments Committee of the Cabinet has approved the appointment of four senior Indian Revenue Service (IRS) officers as Members of the Central Board of Direct Taxes (CBDT), according to an official order issued yesterday.The newly appointed Members include Pankaj Kumar Mishra, who was serving as Member (Finance) of the Atomic Energy Commission, and Sanjay Bahadur, who held the position of Principal Director General of Income Tax (Training) in Delhi. L. Rajasekhar Reddy, who was the Principal Chief Commissioner of Income Tax (TDS) for Chennai, Tamil Nadu & Puducherry Regions and Ms. G. Aparna Rao, who was functioning as the Principal Chief Commissioner of Income Tax-1 for Bengaluru, Karnataka & Goa Regions, were also appointed as Members of the CBDT.All four appointees belong to the 1989 batch of the Indian Revenue Service (Income Tax).The appointments fill the vacant positions in the CBDT, which is the apex body responsible for administering direct tax laws in ...

Will money in hand from tax breaks in FY26 make its way to realty buys?

Realty majors hopeful of mid-level housing revival; But experts say education, savings may take priority

No tax demand after resolution plan approval, says Supreme Court

A corporate debtor, under IBC, is a company or LLP that owes a debt to any person. A successful resolution applicant is a person or entity whose resolution plan is approved by lenders and NCLT

Why India's tax office needs to win over taxpayers, and not tyrannise them

For investment and growth to take off, taxes need to be reliable, uniform and predictable

Centre to cut states' share of federal taxes from 41% to 40% from 2026

The panel, headed by economist Arvind Panagariya, will submit its recommendations by October 31 to be implemented from fiscal year 2026-27. The recommendations are binding

Budget 2025: Exchequer takes bigger hit from tax giveaways to individuals

Fiscal expert and former director at the NIPFP Govinda Rao attributes higher revenue forgone for individuals to the concessions available under the old tax regime

STT collection estimates: Building castles in the air on shifting sands

To secure fiscal targets, sustaining STT growth remains a high-wire act in a windy market

Charting a new growth path: New tax regime eases middle-class burden

Share of middle class in income tax increased till 2023-24 while TDS has been rationalised by reducing the number of rates and adjusting threshold limits

Policy stability, rational taxes tops Budget wishlist of gaming companies

A stable policy that spurs investments and job creation, alongside a more rational and progressive taxation regime, tops the Budget wishlist of online gaming companies, according to E-Gaming Federation Anuraag Saxena. His comments assume significance as the Directorate General of GST Intelligence's (DGGI) tax demands totalling Rs 1.12 lakh crore against online gaming companies, over the past many months, spooked the industry, although the Supreme Court's recent stay on showcause notices issued by GST authorities has provided a breather. Saxena said a slew of measures suggested by the industry can "turbocharge" the sector. The online gaming industry is also keen on playing a bigger role in participating in initiatives that involve and educate people about various government schemes through online educational games. "We need policy clarity and policy stability, which is what both domestic investors and foreign investors look for," Saxena said. The e-gaming industry is also pitching

IBA seeks blanket corporate tax holidays for compressed biogas production

Indian Biogas Association (IBA) has urged the finance ministry to create blanket corporate tax holidays for compressed biogas (CBG) production in the forthcoming General Budget to attract investment in the sector to promote this renewable energy source. Earlier this month, in a letter to Finance Minister Nirmala Sitharaman, IBA said that this will act as an incentive for businesses, which are willing to invest in and scale up CBG production, contributing to cleaner energy generation. "It is proposed that the government create blanket corporate tax holidays for CBG production. In particular, a complete tax waiver should be introduced for CBG producers, which provides tax relief in the initial years of operation," the industry body said. The finance minister is slated to present the Budget in Parliament on February 1. It pointed out that in FY2024-25, with around 100 functional commercial CBG plants in India at their full capacity utilisation, the total CBG sales were approximately R

Government extends deadline for belated and revised tax returns to Jan 15

July 31st was the last date for all the individual taxpayers to file their return for FY24 who do not have audit obligations

Oil and gas producers call for tax reforms in the upcoming Budget

Seek relief from state levies, Customs duties, pitch for single window clearance system

French economist Thomas Piketty for emulation of 20th-century wealth tax

India abolished wealth tax in 2015, holding that it had become burdensome to the administration without substantial collections

16 member countries urge to include vapes in EU's tobacco tax law

Initiative, led by Netherlands, has support of Croatia, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Latvia, Slovakia, Spain, Belgium, Bulgaria, Ireland, Slovenia and Portugal

West Bengal govt urges 50% tax devolution in submission to 16th FC

The 16th Finance Commission has been consulting states since mid-February before making recommendations on the states' share in central taxes

Amnesty scheme for customs, easier taxes on India Inc's Budget wishlist

An amnesty scheme for customs, reduction in tax rates for individuals and Limited Liability Partnership firms, easier tax compliance, fast tracking of faceless appeals and a dedicated dispute resolution mechanism top India Inc's wishlist for the next Budget submitted to the government. Representatives from all four key industry bodies, CII, FICCI, ASSOCHAM and PHDCCI, have put forth detailed recommendations with regard to the Budget, to be presented on February 1, 2025, in separate meetings held with top Finance Ministry officials. Industry body FICCI sought the introduction of an "Amnesty Scheme under Customs" as a one-time settlement scheme to clear past dues, arguing that it will help the industry to reduce the baggage of litigation. Similarly, Assocham has also pitched for the introduction of a comprehensive Tax Amnesty Scheme under Customs. "A one-time settlement scheme to clear past litigations can be considered by the Government, on the lines similar to Sabka Vishwas Legacy