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Excise Duty : The government has withdrawn an earlier central excise exemption notification with effect from 2 February 2026.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...
New Delhi, Feb 24 (IANS) The Lok Sabha Tuesday approved 2-percent cuts in excise duty and service tax proposed by External Affairs Minister Pranab Mukherjee, who said resilience of the India economy which grew by an average of 9 percent annually in the last three years will help it overcome the current crisis.
Pranab Mukherjee, the stand-in Prime Minister and Finance Minister of India, delivered the Interim Budget speech in the Lok Sabha on Monday 16.02.2009. Though, He did not announce any major sops for ailing industries or changes in tax structure and stuck to highlighting the achievements of the United Progressive Alliance (UPA) government.
A delegation of the Public Finance Committee of the Institute of Chartered Accountants of India (Icai) led by chairman, Mr Subodh Kumar Agrawal called on state finance minister Mr Prafulla Chandra Ghadei and offered free consultancy service to the state government. The consultancy service, free of cost, given to the Union government, state government and […]
Railway Minister Lalu Prasad presented the interim Railway Budget for 2009-10 in Parliament on Friday, saying the Railways have scaled new heights. Highlights of Lalu’s speech in Parliament: Reduction in passenger fares of ordinary passenger trains by Re 1 for fares costing up to Rs fifty per passenger for journey above ten kms. Fares of […]
The forthcoming interim budget could hold some pleasant surprises. Policymakers are examining all options, including tax cuts, aimed at giving a boost to the slowing economy and relief to industry to prevent job cuts. The Constitution does not restrain an outgoing government from announcing tax measures in an interim budget, ahead of general elections. “Constitutionally, […]
“The Indian stock market today has the potential to lift all boats across the entire social spectrum of the country and this potential needs to be exploited to the fullest if the government wants to realise the dream of reducing the poverty rate to single digit.”
The government is likely to revise downwards indirect tax collections target for the current financial year by at least Rs 20,000 crore (Rs 200 billion), because of cut in industrial production due to the global economic slowdown and duty sops.
It is strange that while reducing peak rate of excise duty from 14% to 10%, central government did not reduce the peak rate of service tax from 12% to 10% or 8%. After the reduction of excise duty with effect from 7-12-2008, now the rate of excise duty on packaged software will be 8% whereas rate of service tax on customized software will be 12%. [See excise notification no. 49/2006 CE dated 30/12/2006 as amended by notification no. 58/2008 CE dated 07/12/2008]
Government has focussed its attention on countering the impact of the global recession on India’s economic growth. On the monetary side, the RBI has sought to pump sufficient liquidity into the banking system to enable bank credit to meet the expanded requirements of the economy keeping in mind the contraction in credit from non-bank sources. Banks have been provided adequate liquidity through a series of reductions in the CRR and additional flexibility in meeting the SLR requirement.
Companies and individuals who do not reveal their Permanent Account Number (PAN) while receiving income from any source will be liable to pay tax deducted at source (TDS) at the maximum marginal rate of 30 per cent (plus surcharge and education cess). Under the Income Tax Act, 1961, any income payable to the assessee is liable for TDS by the person or entity making the payment. TDS rate ranges from 1 per cent to 30 per cent depending on the nature of income. The Central Board of Direct Taxes is considering changes to the Act to this effect.
