TAXATION


Moneylife Digital Team 01 April 2025
The Trump administration in the US has announced a 25% tariff on imports of automobiles and some components to protect its industry, supply chains and national security. However, given India’s relatively small share in exporting vehicles and components to the US, the 25% tariff on imports by...

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Moneylife Digital Team 01 April 2025
In a significant ruling, the Mumbai bench of the income-tax appellate tribunal (ITAT) recently held that income additions cannot be made solely based on a statement given by a builder's accountant. The decision reinforces the principle that unverified third-party statements cannot be the sole...

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Globally, share buybacks are an extremely popular mechanism for companies to return capital to shareholders, right-size their balance sheets and signal confidence in their financial health. For example, Apple has done buybacks worth US$430bn (billion) over the past five years, boosting its...

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Moneylife Digital Team 27 March 2025
The Union ministry of finance (MoF) has clarified that income-tax (I-T) officials will not have direct access to personal emails, social media accounts and bank details of taxpayers. However, in cases of search and seizure operations, authorised officers may gain access to electronic records if...

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Moneylife Digital Team 25 March 2025
In a significant ruling, the Mumbai bench of the income tax appellate tribunal (ITAT) provided relief to Anil Dattaram Pitale concerning the taxability of a new, bigger-sized flat received in a redevelopment project. The tribunal set aside the addition made under section 56(2)(x) of the...

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Moneylife Digital Team 18 March 2025
The Indian government’s tax coffers appear robust as direct tax collections for the financial year 2024–25 surged by 13.13% to reach Rs21.27 lakh crore as of 16 March 2025. This significant rise comes, despite muted growth in corporate advance tax collections during the fourth quarter,...

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Moneylife Digital Team 10 March 2025
Tax professionals have voiced growing concerns over the massive backlog of 549,042 income-tax (I-T) appeals that remain pending before the commissioner of income-tax (appeals) (CIT-A) and the national faceless appeal centre (NFAC), with some of these appeals languishing for over five years....

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The corporate boards in the recent weeks are feeling nervous where no goods and services tax (GST) demand of any substantial sum has been received by the company!    GST demand is an affirmation that an entity is carrying on a bona fide business, that it is not a zombie or a fake, like,...

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Moneylife Digital Team 28 February 2025
India's insurance sector is bracing for a protracted legal confrontation with tax authorities after the goods and services tax (GST) adjudicating authority (AA) recently confirmed a Rs2,400 crore demand against HDFC Life Insurance. This ruling could establish a precedent that might push the...

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Sahyaja MS (Bar  and   Bench) 18 February 2025
The Volkswagen group on Monday told the Bombay High Court that the 1.4 billion tax dispute with the Indian Customs authorities is a "life and death" battle for the company's operations in India.   Senior Advocate Arvind Datar, appearing for Volkswagen, said that Customs' decision to classify...

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Moneylife Digital Team 18 February 2025
In a significant ruling, the Bombay High Court (HC) upheld the taxation of income derived from the sale of land that was not used for agricultural purposes. The judgement was delivered in the case of Prashant Jaipal Reddy vs income tax officer (ITO), reinforcing the principle that land must be...

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Sponsored Post 18 February 2025
The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduced several key changes to the income tax union budget 2025 structure that have caught the attention of salaried individuals across India. Typically, budget announcements bring mixed feelings, with some gaining...

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Moneylife Digital Team 13 February 2025
In a significant step towards tax reform, Union finance minister (FM) Nirmala Sitharaman on Thursday introduced the Income Tax Bill, 2025, in the Lok Sabha. The Bill aims to streamline and simplify tax provisions, making them easier to understand and reducing the potential for legal disputes....

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Tax and fiscal practitioners, who have observed the annual Budget presentations over half a century, recognise the fact that the euphoria emanating from the event evaporates into ether in a matter of about 36-48 hours, almost the same time it takes for the excitement that comes with the Indian...

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Moneylife Digital Team 06 February 2025
InterGlobe Aviation Ltd (IndiGo) says it has fined Rs115.86 crore by goods and service tax (GST) authorities from Delhi and Chennai.    In a regulatory filing, IndiGo says the penalty of Rs113.02 crore has been levied by the additional commissioner of central GST from Delhi on services...

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Moneylife Digital Team 01 February 2025
While revising the income-tax (I-T) slabs for individual taxpayers, Union finance minister (FM) Nirmala Sitharaman announced that, under the new tax regime, for income of up to Rs12 lakh, there will be no tax. The limit for salaried taxpayers will be Rs12.75 lakh with a standard deduction of...

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Moneylife Digital Team 01 February 2025
The Union Budget 2025-26, presented by finance minister Nirmala Sitharaman introduces significant changes to the customs tariff structure and indirect taxation to support domestic manufacturing, boost exports and facilitate trade. The government aims to reduce the inverted duty structure,...

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Dr Brajesh Kumar Tiwari 31 January 2025
Finance minister (FM) Nirmala Sitharaman will present her eighth consecutive Union Budget on 1 February 2025. This will be the first full Budget of the National Democratic Alliance (NDA)-3 government for the financial year (FY)25-26.    Broadly, there are two categories of taxes: direct and...

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Earlier this month, Tata Steel Ltd informed the stock exchanges of moving a curative petition against the nine-judge constitutional bench decision of the Supreme Court in July 2024 holding that the state governments have power to levy tax on mineral rights.    Earlier in September 2024, the...

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Sponsored Post 31 January 2025
As we approach the financial year 2025, tax-saving investments continue to be a priority for individuals looking to maximise their income while growing their wealth. Among various options, Equity-Linked Savings Schemes (ELSS) stand out as one of the most effective tax-saving instruments under...

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