EY's Budget 2026 Wishlist: TDS Reform, Tax Clarity
As India awaits Union Budget 2026 on Feb 1, EY highlights key reforms needed: simplifying TDS, smooth new tax law rollout, and clarity for investors. Read the full analysis.
Category : GST & Taxation
Tripura HC: ITC Denial for Supplier's Default Unfair
Tripura High Court rules that honest taxpayers cannot be denied Input Tax Credit if their supplier fails to deposit GST. Landmark judgment protects bona fide transactions from penalty. Read the full analysis.
EY India Recommends PLI for AI, Space, Robotics in Budget
EY India proposes extending the PLI scheme to AI, space, and robotics. The firm also calls for tax certainty and a customs dispute resolution mechanism in the upcoming FY27 Budget to boost investor confidence.
New Income-tax Act 2025 Replaces 1961 Law, Aims to Cut Litigation
India's new Income-tax Act, 2025, replaces the 1961 law with a simplified framework. Experts call for Budget 2026 to ensure smooth transition, rationalize TDS, and boost manufacturing. Read key reforms.
Budget 2025: Experts Urge No Major Tax Law Changes
Ahead of Budget 2025, tax expert Dinesh Kanabar advises against substantive changes to the new Income-tax Act 2025, calling for focus on TDS simplification, R&D incentives, and dispute resolution.
Google Founders Shift Entity from California Before Tax Deadline
Sergey Brin and Larry Page move T-Rex LLC to Delaware as California mulls a 5% billionaire tax. The proposed levy could trigger a capital exodus, warn experts. Read the full story.
40,000 Prayagraj homes face action for unpaid property tax
Prayagraj Municipal Corporation identifies 40,000 properties with 3-year tax dues. Notices issued; failure to pay may lead to property attachment, water cut. Act now to avoid penalties.
Centre tells HC: Classifying air purifiers as medical devices will restrict market
The Centre opposes a PIL to classify air purifiers as medical devices for a lower 5% GST, arguing it will increase compliance and restrict supply. The Delhi High Court urges rate reconsideration amid pollution.
I-T Dept Recovers Rs 84 Lakh TDS from Maharashtra Firm
Income Tax Department's survey uncovers Rs 20 crore interest payment without TDS deduction by a cotton trading company in Chhatrapati Sambhajinagar, leading to recovery of Rs 84 lakh. Learn about TDS compliance.
Outdated Tax Rules Burden India's Home Buyers
Falling interest rates fuel home buying, but outdated tax caps on deductions, deferred relief on pre-construction interest, and lapsed benefits create a financial strain. Experts demand urgent reforms.
Customs Duty Amnesty Scheme Eyed for 2026-27 Budget
The government may introduce a customs duty amnesty scheme in Budget 2026-27 to resolve Rs 1.52 lakh crore in litigation. Read about the plan to slash duty slabs and fix FTA-related inverted duty structures.
SC exempts off-road industrial equipment from road tax
In a landmark judgment, the Supreme Court ruled that heavy construction and industrial equipment used within premises are not liable for road tax, providing major relief to sectors like cement and mining. Read the full details.
India's Tobacco Tax Reform: Economics Over Morality
India's new tobacco tax policy prioritises economic rationale, addressing healthcare costs and lost productivity. Read the analysis of this critical public health and fiscal decision.
GST Reductions to Lift FMCG Margins in Q4 FY26: Report
Recent GST rate cuts on key inputs like edible oil and packaging will lower costs for FMCG firms, boosting margins by 200-400 basis points in Q4 FY26, says a CRISIL report.
Congress Leader, Bizman Held in Rs 50+ Crore GST Fraud
Hyderabad DGGI arrests Congress's Balkonda in-charge Muthyala Sunil Kumar & Bengaluru's N Chethan in separate GST fraud cases totaling over Rs 50 crore. Details on the scams and bail.
Income Tax Dept Joins RBI in Warning Against Crypto Risks
India's income tax department warns Parliament about crypto's anonymity and tax evasion risks, joining RBI's opposition. Learn about the regulatory challenges.
MC seals WWICS over tax dues, halts after Rs 4 lakh payment
Municipal Corporation's enforcement drive targets major defaulters like WWICS, leading to panic and swift tax recovery. Officials aim to exceed Rs 55 crore target by March 31. Read more.
Eternal Gets ₹3.69 Crore GST Penalty Notice
Zomato's parent company Eternal faces a ₹3.69 crore GST penalty from West Bengal tax authorities for the 2019-20 period. The firm plans to appeal the order. Details inside.
How to Claim TCS Refund on Car Purchase Over ₹10 Lakh
Purchased a car above ₹10 lakh and paid 1% TCS? You can claim a refund. Learn eligibility, required documents like Form 27D, and the step-by-step process to get your money back via ITR filing.
Larry Page Moves Business Out of California Before Wealth Tax
Google co-founder Larry Page relocates key business entities from California to Delaware, ahead of a proposed state wealth tax that could cost him over $12 billion. Read about the tech exodus.
Nagpur: Rs 1,300 Cr Undisclosed in 2 Co-op Banks
Income Tax Department uncovers Rs 1,300 crore unreported deposits in Nagpur cooperative banks. Total undisclosed funds now at Rs 9,000 crore. Read the full investigation details.
Two held in Bijnor for Rs 103 crore hawala, GST fraud
Bareilly police arrest two men for a massive Rs 103 crore hawala & GST fraud network targeting artisans. Shell firms, mule accounts used. Details inside.
NRI Tax Burden: Calls for Reform Ahead of Budget 2026
Ahead of Budget 2026, experts urge India to simplify tax compliance for NRIs & foreign investors facing archaic filing rules & TRC hurdles. Read more.
SC: No Customs Duty on SEZ Electricity, Adani Power Wins Major Case
Supreme Court rules in favour of Adani Power, says government cannot tax SEZ electricity as 'foreign import'. Full refund of duties ordered. Read the full analysis.
Karnataka Expands Stamp Duty Relief on Gift Deeds
Karnataka government expands stamp duty exemption on gift deeds among family members to include commercial and industrial properties, boosting real estate transactions. Learn the new rules and benefits.
Salaried Taxpayers Flagged for Mismatched ITR Claims
Income Tax Department alerts salaried taxpayers over mismatched deductions in ITR and Form 16. Experts advise submitting proofs to employers to avoid scrutiny and delays in refunds. Learn key steps to stay compliant.
Bareilly: Rs 24 Crore Hawala, GST Fraud Racket Busted
Bareilly police crack a major GST fraud and hawala racket involving Rs 24 crore. Two key operatives arrested. Details on the sophisticated scam and ongoing investigation here.
AIMIM, BJP Clash Over GST in Telangana Assembly
A war of words erupted in the Telangana Assembly over the GST Amendment Bill. AIMIM's Akbaruddin Owaisi boycotted, citing economic ruin, while BJP defended the tax regime. Read the full debate.
145+ Nations Agree on Updated Global Minimum Tax Deal
More than 145 countries have solidified a revised global minimum tax agreement, incorporating US concerns. This landmark deal aims to curb corporate tax avoidance worldwide. Read the full details here.
Retirement Tax Burden Grows for India's Salaried Employees
Recent tax amendments on PF, NPS, and superannuation funds create financial anxiety for India's middle class. Explore the impact and calls for reform.
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