CAclubindia News

Finance Ministry Says No to IBC Loan Waiver Exemption in Income Tax Bill 2025

25 July 2025 at 09:08

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.

Posted in Income Tax | 1389 Views

CBDT Grants Section 35 Approval to IQRAA Hospital for Scientific Research Contributions

25 July 2025 at 09:00

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

Posted in Income Tax | 90 Views

GST Compensation: Centre Settles Dues for All States Except Arunachal & Manipur

25 July 2025 at 08:50

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.

Posted in GST | 1440 Views

CBDT Approves Gitarthganga for Tax Deduction under Section 35 for Social Science Research

25 July 2025 at 08:44

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.

Posted in Income Tax | 63 Views

India Collects Rs 437 Crore in Crypto Taxes in FY24

24 July 2025 at 09:33

India collected Rs 437 crore in crypto taxes in FY24, up 62% from FY23. Govt boosts compliance with TDS, data analytics and taxpayer alerts

Posted in Income Tax | 1218 Views

No Relief for Crypto: Finance Ministry Upholds 1% TDS in New Income Tax Bill

24 July 2025 at 09:26

Income Tax Bill, 2025: Finance Ministry rejects proposal to ease TDS norms on crypto trades. Industry flags risk of offshore migration.

Posted in Income Tax | 1281 Views

Black Money Act: Govt Raises Rs 35,105 Crore in Tax Demands, Recovers Only Rs 338 Crore

24 July 2025 at 09:16

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.

Posted in Income Tax | 1191 Views

1 in 5 GST Taxpayers is a Woman, Says SBI Report

24 July 2025 at 09:04

SBI research report reveals that women now make up 20% of GST-registered taxpayers, 15% of income tax filers, and hold 40% of bank deposits, underscoring their growing role in India's formal economy.

Posted in GST | 1536 Views

Gameskraft Case: Supreme Court Hears Final Arguments on 28% GST on Casinos and Online Gaming

24 July 2025 at 08:52

The Supreme Court resumed hearings on the legality of 28% GST on online gaming and casinos, with senior advocates challenging Rule 31A and the taxation of face value of bets as ultra vires the CGST Act.

Posted in GST | 534 Views

Centre Waived Rs 99,000 Crore in Corporate Taxes in FY24: Govt Tells Rajya Sabha

24 July 2025 at 08:50

The Centre waived Rs 98,999 crore in corporate tax revenue in FY 2023-24, continuing its policy of incentivizing businesses through lower tax rates and deductions, Minister of State for Finance Pankaj Chaudhary informed Parliament.

Posted in Income Tax | 264 Views