TAXATION


Moneylife Digital Team 05 August 2025
The income-tax (I-T) department is probing whether global proprietary trading giant Jane Street has violated India’s Place of Effective Management (POEM) rules, a tax framework aimed at curbing offshore control of Indian entities, amid allegations the firm is not cooperating with investigators,...

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Moneylife Digital Team 04 August 2025
The directorate of enforcement (ED) has arrested Viresh Gangaram Joshi, former chief dealer and fund manager of Axis Mutual Fund (Axis MF), in connection with a massive front-running scam that allegedly generated over Rs200 crore in illicit profits between 2018 and 2021. The arrest follows...

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KBS Sidhu 01 August 2025
The 25% jolt: Can Indo-US trade weather Trump’s new tariff storm?   President Donald Trump on 30 July 2025 declared that every good entering the United States from India will face a 25% ‘reciprocal’ tariff, plus an unspecified penalty, from 1 August 2025. In a Truth Social post, he wrote in...

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Chandramouli Mohan 29 July 2025
The story so far: A regulatory tightrope walk For years, banks in India routinely imposed penal interest ranging from 1% to 3% on loans and advances. This charge kicked in if borrowers delayed repaying instalments, interest, or EMIs (equated monthly instalments), or failed to meet the terms...

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Moneylife Digital Team 23 July 2025
As India marks eight years since the rollout of the goods and services tax (GST), a new report by the State Bank of India (SBI) Research has sounded a cautionary note on the unintended fallout of aggressive tax scrutiny, particularly on small traders. While acknowledging GST’s contribution to...

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Moneylife Digital Team 23 July 2025
In a significant ruling aimed at protecting bona-fide investors, the Mumbai bench of income tax appellate tribunal (ITAT) has struck down a tax addition of over Rs4 crore made by the assessing officer (AO) against a non-resident Indian (NRI) investor, Balram Chainrai, who had incurred...

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Moneylife Digital Team 23 July 2025
In a major crackdown on cross-border commercial fraud, the directorate of revenue intelligence (DRI) has unearthed a sprawling multi-crore luxury furniture import racket involving massive customs duty evasion, forged documentation and a web of shell companies across jurisdictions such as Dubai...

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Moneylife Digital Team 15 July 2025
In one of the biggest recent crackdowns on tax fraud, the income-tax (I-T) department has launched a nationwide verification and enforcement operation targeting fraudulent claims of deductions and exemptions in income-tax returns (ITRs). The move follows an extensive data-driven investigation...

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Moneylife Digital Team 07 July 2025
US president Donald Trump has issued a sharp warning to countries supporting the BRICS alliance, threatening an additional 10% on those he claims are aligning with the bloc’s 'anti-American policies.' The move escalates tensions as the 17th BRICS Summit takes place in Brazil, where the...

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Sponsored Post 27 June 2025
Fixed Deposits (FDs) remain one of the most preferred investment options for senior citizens in India, thanks to their safety, predictable returns, and simple operation. Many financial institutions offer preferential FD rates for senior citizens, allowing retirees to earn higher interest. Among...

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Moneylife Digital Team 24 June 2025
On 23 June 2025, Union finance minister (FM) Nirmala Sitharaman chaired a high-level conclave of principal chief commissioners of income tax (PrCCsIT) in the national capital, with a strong emphasis on accelerating tax refunds, enhancing grievance redressal and cutting down litigation...

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Moneylife Digital Team 20 June 2025
In a significant ruling favouring the taxpayer, the Nagpur bench of the income tax appellate tribunal (ITAT) has quashed the reassessment order passed against Rupesh Laldas Dhakate for the assessment year (AY) 2017–18. The tribunal held that the income tax (I-T) department lacked jurisdiction...

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Moneylife Digital Team 16 June 2025
In a major blow to noted Chennai-based restaurateur M Mahadevan, the Chennai bench of the income tax appellate tribunal (ITAT) has ruled that the entrepreneur engaged in a 'colourable device' to avoid taxes on long-term capital gains (LTCG) amounting to Rs2.94 crore. Simultaneously, the...

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Moneylife Digital Team 05 June 2025
The Mumbai bench of the income-tax appellate tribunal (ITAT) has delivered a significant ruling in favour of Percival Joseph Pereira, a non-resident senior citizen and overseas citizen of India (OCI) residing in Australia, by deleting a tax demand of Rs65.57 crore and a penalty of Rs20.10 crore...

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SN Thyagarajan (Bar  and   Bench) 02 June 2025
The Allahabad High Court on May 29 dismissed Patanjali Ayurved Ltd's challenge to a 273.5-crore Goods and Service Tax (GST) penalty.    The Bench comprising Justices Shekhar B Saraf and Vipin Chandra Dixit rejected Patanjali's argument that such penalties constitute criminal liability and can...

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Moneylife Digital Team 29 May 2025
In a major legal blow to US president Donald Trump, a federal court has struck down his controversial 'liberation day' import tariffs, ruling that he exceeded the powers granted to him under federal law. The ruling from the US Court of International Trade in Manhattan held that president...

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Moneylife Digital Team 27 May 2025
The central board of direct taxes (CBDT) has extended the due date for filing income-tax returns (ITRs) for assessment year (AY)25–26. The original deadline of 31 July 2025 has now been pushed to 15 September 2025, the board says in a release.   It says, "This extension will provide more time...

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Last week, US president Donald Trump fired a salvo against Apple’s Tim Cook—demanding that iPhones be made in America, not India. This marks a fresh escalation in his 'America First' crusade. The outburst, laced with characteristic bluster, came despite Mr Cook’s earlier pledge of US$500bn...

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Sponsored Post 21 May 2025
Filing an income tax return can feel intimidating, especially for those who are new to the process or worried about missing deadlines. However, understanding the steps, forms, and calculations involved can make it much easier. This guide breaks down income tax filing in India, explains the...

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Moneylife Digital Team 19 May 2025
In a significant ruling, the Mumbai bench of the income-tax appellate tribunal (ITAT) upheld the legitimacy of cash deposits made by Aries Agro Ltd during the demonetisation period, dismissing the tax department’s appeal against the company. The tribunal found that the deposits were backed by...

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