Explains how the new tax regime under Section 115BAC impacts higher-income salaried taxpayers, analysing the 25% slab, loss of deductions, marginal tax effect, and whether salary hikes still lead to real take-home growth.
The High Court ruled that penalty proceedings arising from search and initiated in assessment are governed by appeal-linked limitation rules. A penalty passed within six months from receipt of the tribunal order was held valid.
The Tribunal upheld deletion of disallowance where the tax authority failed to produce direct evidence linking the taxpayer to any refund of alleged bogus political donations.
A tax bar body has sought reduction of GSTAT appeal and application fees, citing affordability concerns. The key takeaway is that high costs may defeat the purpose of a statutory appellate forum.
The Budget projects steady growth with fiscal discipline while introducing structural tax reforms. The key takeaway is stability in rates alongside simplification and long-term competitiveness.
The competition regulator found a prima facie case that large-scale cancellations followed by higher fares may amount to abuse of dominance. A detailed investigation has been ordered to examine unfair pricing and restriction of services.
The Court held that once late fees are imposed for delayed filing of returns under Section 47, a general penalty under Section 125 cannot be added. The ruling clarifies the mutually exclusive application of these penalty provisions.
Officers say compressed timelines are being enforced despite persistent ITBA issues and staff shortages. The key takeaway is a call for realistic deadlines or statutory extensions to protect assessment quality.
The Budget introduces extended timelines, updated-return flexibility, and fewer prosecutions. The key takeaway is a shift from punishment to voluntary compliance.
The government outlined year-wise collections and utilisation of major cesses and surcharges, confirming they are credited to the Consolidated Fund and used for designated development and welfare purposes.
