Finance : Secondary SGB buyers must now pay 12.5% LTCG tax, unlike primary holders. The change reshapes returns and investment strategies in...
Income Tax : Establishes that higher tax burdens on promoters under the new regime require companies to reassess payout strategies. The takeawa...
Finance : The Supreme Court has allowed taxpayers to challenge retrospective amendments validating JAO reassessment actions. It stayed ongoi...
Income Tax : The issue arose from taxing buybacks as dividends, causing higher tax burden and unusable capital losses. The reform restores capi...
Income Tax : The Supreme Court has admitted a case to resolve conflicting interpretations of due dates for PF/ESI contributions. The ruling wil...
Income Tax : The amendments focus on reassessment timelines, electronic communication, and procedural clarity. The changes aim to reduce litiga...
Income Tax : The Government introduced reforms to simplify tax dispute resolution, including broader immunity provisions and expanded scope for...
Income Tax : A focused session breaks down recent Budget amendments affecting NRI taxation. It highlights how changes impact income, investment...
CA, CS, CMA : Budget 2026 prioritises easing compliance, reducing penalties, and cutting litigation rather than raising tax rates. The reforms a...
Custom Duty : New baggage rules and processing regulations are notified, replacing earlier frameworks and aligning customs procedures for passen...
Goods and Services Tax : Discover the key amendments in the Finance (No. 2) Bill, 2024, affecting CGST, IGST, UTGST, and Cess Act, including tax exemptions...
Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...
Income Tax : U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has ...
Income Tax : CBDT updated DIN rules to align with new provisions introduced under the Finance Act, 2026. The circular mandates DIN for most tax...
Income Tax : The Finance Act, 2026 prescribes income-tax rates, surcharge, and cess for the assessment year 2026–27. It establishes the legal...
Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026. The rescission is ...
Excise Duty : The government has extended key excise provisions and introduced a specific duty structure for CNG blended with biogas. The key ta...
Excise Duty : The government has reduced the effective National Calamity Contingent Duty on specified tobacco products. The key takeaway is a ca...
The Union Finance Minister Shri Pranab Mukherjee said that food inflation has come down on the negative side in the last two consecutive weeks. The annual rate of inflation (year on year) for December 2011 has declined to 7.47% as against 9.11 % in November 2011 and 9.45% in December 2010. The Finance Minister Shri Mukherjee was addressing the representatives of Trade Union Groups as part of the ongoing Pre-Budget Consultations exercise for the year 2012-13.
In respect of 2 % interest subvention, banks are required to submit their claims on a half-yearly basis as at September 30, 2011 and March 31, 2012, of which, the latter needs to be accompanied by a Statutory Auditor’s certificate certifying the claims for subvention for the entire year ended March 31, 2012 as true and correct. Any remaining claim pertaining to the disbursements made during the year 2011-12 and not included in the claim for March 31, 2012, may be consolidated separately and marked as an ‘Additional Claim’ and submitted latest by April 30, 2013, duly audited by Statutory Auditors certifying the correctness.
The Union Budget will be presented after the completion of elections in five states, but the government has not yet decided the final date of presentation, Finance Minister Pranab Mukherjee said today.
Buoyed by better-than-expected performance on government finances’ front in 2010-11, the Centre on Thursday said it will keep a tab on public expenditure to ensure that Budget targets for this fiscal too are achieved. Efforts to get the economy on the path of fiscal prudence are on track… The government is committed to achieve the fiscal targets, an official statement quoting finance minister Pranab Mukherjee at a meeting of Consultative Committee held on Wednesday said.
The May issue of the Bulletin issue carries six special articles: (i) Developments in India’s BoP during Third Quarter of 2010-11: Trade, Invisibles and Capital Account, (ii) Union Budget 2011-12: An Assessment (iii) Railway Budget 2011-12: An Assessment (iv) Finances of State Governments – 2010-11: Highlights (v) Survey of India’s Foreign Liabilities & Assets for the Mutual Fund Companies (2006-2009) (vi) Survey of Small Borrowal Accounts, 2008. Highlights of the special articles
he Central Board of Direct Taxes (CBDT) will save an estimated Rs 4,400 crore in interest payout in the current year by preponing tax refunds and clearing the backlog. “We will save Rs 4,400 crore in the current year for preparing the refunds and clearing the backlog of the refunds,” chairman CBDT Sudhir Chandra said.
Finance Act, 2011[8 OF 2011] An Act to give effect to the financial proposals of the Central Government for the financial year 2011-2012. Download Finance Act, 2011 [8 of 2011] Assented by the President on 8-4-2011
Point of taxation- Transition rule- The Point of Taxation Rules effective from 1 April 2011 determining point of tax will not apply where- provision of service is complete prior to 1 April 2011; Or invoice is issued prior to 1 April 2011 An option has been provided to the tax payer to continue to pay service tax on receipt of payment where – provision of service is complete on or before 30 June 2011; or invoice is issued on or before 30 June 2011
The government is considering to roll back 10 per cent excise duty on branded garments, due to large scale protest by industry bodies in many parts of the country, including West Bengal, which goes to polls next month. “The excise duty on readymade garments is being opposed heavily, especially in West Bengal. It might be rolled back ,” a Finance Ministry official told PTI.
Perhaps, for the first time in Indian history, we have a situation that the Union Budget is presented and passed by both the houses of the Parliament in less than a month. Not only this, that too in the current financial year itself. Thanks to virtually no debate in the house even on crucial proposals impacting economy and growth of nation and thanks to the democratic country we are. Simply because there are elections in few states in May / June, we had to cut short the economic agenda of Parliament and made budget a not so important event.
