Tax Experts Warn Against Higher Surcharge in Budget
Tax experts caution government against raising income tax surcharge or reintroducing wealth tax in Budget 2026-27, warning of capital flight and impact on investment. Read the full analysis.
Category : GST & Taxation
New Income Tax Act 2025: Single 'Tax Year' From April 1
The new Simplified Income Tax Act, 2025, comes into force on April 1, 2026, replacing the old assessment year system with a single 'tax year'. Learn how this major tax reform simplifies compliance for Indian taxpayers.
New Income Tax Act 2025 Effective From April 1
The new Income Tax Act 2025 comes into force on April 1, 2025. Understand the key changes in tax slabs, deductions, and compliance for the upcoming financial year.
Fertilizer Body Seeks 5% GST, Faster Refunds in Budget
Ahead of the Union Budget, the Indian Micro-Fertilizers Manufacturers Association pushes for uniform 5% GST on all fertilizers, quicker refunds, and a single national license to boost the sector.
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States raise GST revenue loss, fiscal powers at pre-budget meet
State finance ministers highlighted revenue losses from GST rationalisation and erosion of fiscal powers in a meeting with FM Sitharaman. They sought 50-year loans and equitable funding for schemes.
Income Tax Act 2025 Replaces 1961 Law from April 1
The Income Tax Act, 2025, replaces the 64-year-old law from April 1. It simplifies rules, reduces litigation, and incorporates Budget 2026-27 changes. Read the full explainer.
ITAT denies Flipkart's Binny Bansal non-resident tax claim
The Bengaluru ITAT dismissed Flipkart co-founder Binny Bansal's claim for India-Singapore tax treaty benefits, ruling him a resident for tax purposes. Read the full details of the 189-page order.
Hyderabad Firm MD Held in ₹5.83 Crore GST Fraud Case
DGGI Visakhapatnam arrests Hyderabad telecom firm's MD for ₹5.83 crore fraudulent Input Tax Credit using fake invoices. Read the full investigation details.
Two Delhi men held for Rs 25 crore GST evasion in Agra
Two men from Delhi arrested for a massive GST fraud scheme involving fake firms and tax evasion of Rs 25 crore. Police recover phones, laptop, and documents. Read the full investigation details.
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Karnataka Seeks 50% Share in Tobacco, Pan Masala Duty
Karnataka Finance Minister Byre Gowda urges the Centre for a 50% share in tax revenue from tobacco and pan masala, citing fiscal pressures from GST, urbanization, and climate shocks. Read more.
Vehicle Sales Boom in Jharkhand After GST Reduction
Jharkhand witnesses a dramatic rise in vehicle sales post-GST cut. Two-wheeler sales jump 97.73% in Oct 2025 vs 2024. Dealers expand hiring as state revenue grows. Full report inside.
Karnataka Seeks Centre Help Over Rs 9,000 Cr GST Shortfall
Karnataka Minister Krishna Byre Gowda urges the Centre to address the state's 'shrinking fiscal space' due to a massive GST revenue shortfall, ahead of the Union Budget. Details inside.
Legal Battle Over 18% GST on Air Purifiers in Delhi HC
Delhi High Court deliberates if air purifiers are luxury goods or medical necessity. Experts debate GST, Right to Life, and regulatory hurdles. Will toxic air force a tax rethink?
Sitapur Police Bust GST Fraud Gang, Arrest 7 Members
Sitapur police arrested 7 members of an inter-district gang for massive GST evasion. Raid recovered Rs 8 lakh cash, digital devices, forged documents. Read the full details.
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Tax Dept Tightens Compliance with 'Nudge' Campaign
India's income tax department launches a 'Nudge' campaign to boost honest reporting as direct tax growth slows to 8%. Learn about the new compliance focus and collection targets.
Govt to act on air purifier GST cut after panel report
The Centre assured Delhi HC it will process a parliamentary panel's recommendation to slash GST on air purifiers, but argued judicial intervention in tax matters is unconstitutional. The next hearing is on March 19.
Chandigarh MC Sends Bulk Notices to Property Tax Defaulters
Chandigarh Municipal Corporation intensifies property tax recovery, targeting residential & commercial defaulters. Officials aim to maximise revenue before fiscal year-end in March.
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.
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.
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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.
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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.
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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.
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