Creative Bharat
The Institute of Chartered Accountants of India (ICAI) on Tuesday notified guidelines that limit the number of tax audits that an accounting firm partner can take up in a year to 60. The new guidelines will take effect from April 2026. As per the extant guidelines, while a single chartered accountant operating independently can undertake […]
US-China trade deal: The situation with China remains the most significant unresolved matter. (AI image) US-China trade deal talks: Following discussions in Stockholm, China’s chief trade representative announced on Tuesday that China and the United States have decided to maintain their existing tariff arrangements, extending the pause.The latest negotiations between Chinese and US trade representatives […]
The Central Board of Direct Taxes (CBDT) has relaxed the time limit for processing income tax returns filed electronically that were incorrectly invalidated by the CPC-Bengaluru due to technical reasons. The CBDT, in circular issued Monday, directed that returns of income filed electronically up to March 31, 2024, which were erroneously invalidated, shall now be […]
File photo: Union minister Piyush Goyal (Picture credit: PTI) Union commerce and industry minister Piyush Goyal on Saturday said the European Union’s Carbon Border Adjustment Mechanism (CBAM) is likely to harm European industries more than its intended targets, including India. “There is a lot of opposition to CBAM in the EU also. EU’s infrastructure will […]
From January 1, 2027, the UK is scheduled to fully implement its CBAM that will impose a carbon price on imports of specified goods, reflecting the carbon emissions embedded in their production. | Photo Credit: WANAN YOSSINGKUM The India-UK FTA does not formally incorporate measures to help India deal with the UK’s proposed carbon tax […]
Experts believe this ruling provides a clear conceptual framework for determining PE thresholds In a landmark decision with significant implications for the taxability of multinational corporations in India, the Supreme Court on Thursday ruled that Hyatt International Southwest Asia is liable to pay income tax in India, affirming its status as having a fixed place […]
India was unable to secure a carve-out from the UK’s upcoming carbon tax regime under the newly signed Free Trade Agreement (FTA), a shortcoming that could hurt Indian exports of carbon-intensive products such as steel and aluminium from 2027, according to think tank Global Trade Research Initiative (GTRI).The UK government plans to implement its Carbon […]
India was unable to secure an exemption from the UK’s carbon tax in the free trade agreement, signed on Thursday, a move that will impact India’s carbon-intensive exports to Britain, think tank GTRI said on Friday. The UK government in December 2023 decided to implement its Carbon Border Adjustment Mechanism (CBAM) starting 2027. By not […]
New Delhi, The use of simplified language in the new Income Tax Bill, 2025 marks a significant shift in making the provisions easier to understand, reducing the potential for misinterpretation and enhancing taxpayer-centricity and compliance, according to Finance Minister Nirmala Sitharaman. Urging the I-T Department to accelerate disposal of disputed tax demands pending before faceless […]
The Central Board of Direct Taxes (CBDT) aims to step up its crackdown on evasion through the greater use of data analytics and artificial intelligence (AI) to identify discrepancies in the reporting of income, chairman Ravi Agrawal said in an interview. This is in preparation for the new income tax law that’s set to be […]
