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A major change is set to take place in India’s tax regime. Today, the government will present the revised Income Tax Bill, 2025, replacing the earlier draft withdrawn last week after experts pointed out multiple drafting errors and ambiguities. The same version can revise the way income is taxed, deductions are claimed, and compliance is […]
The Orissa High Court has granted conditional relief to an assessee who submitted a delayed GST appeal. The court ordered the petitioner to pay 10 per cent of the disputed tax within a week to pursue the case. The applicant Chandrakanta Parida has submitted a plea after the regulatory limitation under section 107 of the […]
A Non-Resident Indian (NRI) residing in the US is facing an unexpected ordeal after selling his Pune property for ₹2 crore, despite complying with all regulations. The issue emerges when the buyer deposits 20% TDS on the sale via the wrong form. NRIs’ records of tax have come into discrepancy from this mistake, as well […]
A writ appeal filed by a gas cylinder and stove distributor has been partly allowed by the Madras High Court, which set aside the condition imposed by a single judge to pay 15% of the disputed tax amount. Dhanapal Eswari, a distributor of gas cylinders and stoves, couldn’t file her Income Tax Return for Assessment […]
For Indian taxpayers looking to utilise the GST Amnesty Scheme before the June 30, 2025, deadline, the GSTN has clarified the conditions. According to Section 128A, a full waiver of pending interest and penalty is applicable only if the eligible taxpayer has already paid the disputed tax amount on or before March 31, 2025. On […]
Finance Minister Nirmala Sitharaman said that the government can ‘realistically’ achieve personal income tax collection targets even after proposing a huge tax relief while responding to the debate on the budget in the Lok Sabha. The House passed the Finance Bill 2025, the piece of legislation that furnishes legal backing to the tax proposals and […]
Circular No. 02/2025, has been issued by the Central Board of Direct Taxes (CBDT) extending the due date for filing Form No. 56F under the Income-tax Act, 1961. The same extension furnishes relief for taxpayers and stakeholders facing contentions in timely submission of the report of the accountant needed u/s 10AA(8) and Section 10A(5) of […]
Goods and Services Tax (GST) has been praised by the Finance Ministry which marked 7 years of its incorporation and mentioned that the same has drawn relief to the households via diminishing the taxes on significant items such as household appliances and mobile phones. Established on July 1, 2017, GST replaced around 17 local taxes […]
The Central Board of Direct Taxes (CBDT) has furnished relief to the assessees who obtained the tax demand notices for the reason that they deducted less TDS compared to the taxpayers whose PAN had become inoperative. Multiple TDS deductors and collectors, TCS respectively, had obtained the income tax demand notices requesting them to deposit the […]
