The Institute of Cost Accountants of India (ICMAI) will hold its council meeting on August 24 in Mahabalipuram, Tamil Nadu to decide its next course of action after cost accountants (CMAs) were excluded from conducting tax audits and left out of the definition of “accountant” in the new Income Tax Bill, a source close to […]
The Finance Ministry has issued a corrigendum to the Income Tax Bill, 2025, clarifying the interest applicable on short payment of advance tax. The amendment specifies a 3 per cent interest rate on such shortfalls, bringing the clause in line with provisions under the Income Tax Act, 1961. The amendment specifies a 3 per cent […]
India’s net collection of direct taxes so far this fiscal year fell nearly 4% from a year earlier, as tax cuts, large refunds and an extended deadline to file returns weighed. Government officials said there was no cause for worry as they expect collections to pick up from next month and meet the projections for […]
The year-on-year contraction is largely attributed to a combination of timing and structural factors. | Photo Credit: Andrii Yalanskyi Decline in non-corporate tax collection coupled with higher refund impacted net direct tax collections which recorded a negative growth of around 4 per cent at ₹6.64 lakh crore between April 1 and August 11, data from […]
Finance Minister Nirmala Sitharaman presented the updated version of the I-T bill to Parliament. The New Income Tax Bill has been passed by the Parliament, marking a significant reform to modernise the longstanding income tax legislation for both individuals and corporations. The New Income Tax Bill 2025 aims to simplify tax procedures and reduce compliance […]
The Income Tax Bill, once enacted, will replace the archaic 6-decade-old income tax law | Photo Credit: ANI The finance ministry on Tuesday notified a corrigendum to the Income Tax Bill with regard to interest to be charged on short payment of advance tax by a taxpayer. The corrigendum, which provides for 3 per cent […]
NEW DELHI -India’s net direct tax collections dropped 4% year-on-year to 6.64 trillion rupees ($75.79 billion) from April 1 to Aug 11, the government on Tuesday. Direct taxes, which include corporate and personal tax, fell nearly 2% year-on-year to 7.99 trillion rupees on a gross basis during the period, the statement from the income tax […]
Net direct tax collection dipped 3.95 per cent to ₹6.64 lakh crore so far this fiscal, mainly on account on higher refunds, according to government data released on Tuesday. Direct tax includes taxes on income paid by companies, individuals, and by professionals, and other entities. Net corporate tax collection stood at about ₹2.29 lakh crore, […]
New Delhi, The number of input tax credit (ITC) fraud cases detected by Central GST formations in the last three years has more than doubled from 7,231 in 2022-23 involving an amount of Rs 24,140 crore to 15,283 cases in 2024-25 involving a sum of Rs 58,772 crore, the Parliament was informed on Monday. The […]
Tax Concept with New Indian Currency – 3D Rendered Image | Photo Credit: Muralinath The Lok Sabha on Monday approved, without any discussion, a Bill designed to update and simplify India’s taxation system, replacing legislation that had been in effect for over 60 years. The Bill includes a revised structure, provisions for digital taxation, systems […]
