Trade bodies in Karnataka welcomed the state's assurance to not pursue old GST arrears on exempted services, but NGOs and schools remain wary as tax notices for donations and co-curricular activities continue to raise alarm.
Finance Minister Nirmala Sitharaman directs CBDT to withdraw low-value tax appeals under new thresholds within 3 months, targeting resolution of Rs 10 lakh crore in disputed tax demands and improving taxpayer trust.
Income Tax Bill, 2025 aims to simplify compliance with no change in tax rates. Baijayant Panda highlights 50% word count reduction, easier language, and 566 suggestions from the Select Committee report.
Finance Ministry rejects MCA's proposal to exempt IBC loan waivers from income tax under the Income Tax Bill, 2025, citing policy and judicial precedent. Experts warn this could discourage resolution applicants and hurt asset recoveries.
CBDT approves IQRAA International Hospital & Research Centre, Kozhikode for scientific research under Section 35(1)(ii) of the Income-tax Act. Valid for AY 2026-27 to AY 2030-31
The Centre has cleared all provisionally admissible GST compensation dues for states and UTs, except Arunachal Pradesh and Manipur. A new mechanism to replace the abolished compensation cess is under review by a Group of Ministers.
CBDT has granted approval to Gitarthganga, Ahmedabad (PAN: AAATG1334K), as a recognized institution for conducting Social Science or Statistical Research under Section 35(1)(iii) of the Income Tax Act, 1961.
India collected Rs 437 crore in crypto taxes in FY24, up 62% from FY23. Govt boosts compliance with TDS, data analytics and taxpayer alerts
Income Tax Bill, 2025: Finance Ministry rejects proposal to ease TDS norms on crypto trades. Industry flags risk of offshore migration.
The Finance Ministry informed Parliament that Rs 35,105 crore in tax and penalties have been raised under the Black Money Act, 2015, but only Rs 338 crore has been recovered so far.
Input Tax Credit, GST refunds and Recovery of refunds- Roadblocks and way outs
GST LIVE Certification Course - 43rd Weekdays Batch(With Govt Certificate)