TAXATION


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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Moneylife Digital Team 30 January 2025
Setting aside the addition of entire purchase and sales transactions with a sub-broker as cash credits under Section 68 of the Income Tax (I-T) Act by the assessing officer (AO), the Mumbai bench of I-T appellate tribunal (ITAT) says only the profit disclosed could be considered as undisclosed...

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Moneylife Digital Team 29 January 2025
The income-tax (I-T) department on Tuesday conducted search operations at the office of IIFL group and premises linked to 360 ONE WAM Ltd, formerly known as IIFL Wealth and Asset Management, and its founder, managing director and chief executive officer (MD&CEO), Karan Bhagat, say media...

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Sahyaja MS (Bar  and   Bench) 27 January 2025
The Bombay High Court on Friday cleared the path for eligible taxpayers to claim the rebate under Section 87A of the Income Tax Act, 1961 for the assessment year 2024-25 and beyond, months after a software update restricted such claims on the online platform for filing tax returns (The Chamber...

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Moneylife Digital Team 24 January 2025
Expressing reservations about the speed at which the assessment officer (AO) re-opened assessment proceedings after four years and passed an assessment order without furnishing the reasons, the Bombay High Court (HC) quashed the proceedings initiated against a taxpayer.    In an order last...

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SN Thyagarajan (Bar  and   Bench) 10 January 2025
The Supreme Court on Friday stayed Goods and Services Tax (GST) proceedings against 49 online gaming companies over retrospective demand notices issued to them on full face value of bets placed through their portals. (Gameskraft v. GST)   A Bench of Justices JB Pardiwala and R Mahadevan...

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Sponsored Post 08 January 2025
Retirement is meant to be the golden phase of life when you can finally take a break from work and pursue interests close to your heart. However, would it turn out that way if financial worries loom over your silver years?   Proper retirement planning is crucial to truly maximising your...

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Moneylife Digital Team 07 January 2025
Coming down heavily on the jurisdictional assessing officer (JAO) and principal commissioner of income-tax (PCIT) for gross non-application of mind and totally irrelevant remarks alien to the case, causing serious prejudice to the petitioner and leading the petitioner to knock on the doors of...

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Moneylife Digital Team 27 December 2024
In a significant decision, the GST council clarified during its 55th meeting on 21 December 2024, that penal charges imposed by banks and financial institutions will no longer attract goods and services tax (GST). This clarification has resolved months of confusion that arose when banks began...

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Moneylife Digital Team 23 December 2024
In a significant development at the 55th GST council meeting held in Jaisalmer (Rajasthan) concluded with several significant tax framework modifications while the much-anticipated decision on restructuring GST rates for insurance products has been postponed, sparking discussions about...

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Moneylife Digital Team 13 December 2024
Switzerland has withdrawn the most favourite nation (MFN) status granted to India following an adverse court ruling against Nestlé for the avoidance of double taxation concerning taxes on income. This move will result in adverse tax implications for Indian companies operating in the European...

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Moneylife Digital Team 12 December 2024
Upholding a taxpayer's right to offset short-term capital losses (STCL) against long-term capital gains (LTCG) for reducing tax liability, the Mumbai bench of the income-tax appellate tribunal (ITAT) rejected the claim of tax evasion by the income-tax (I-T) department. The ruling provides a...

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Moneylife Digital Team 12 December 2024
Rapping the assessment officer (AO) of the income-tax (I-T) department for relying on information sourced from a Google search and local newspaper reports to make an addition under Section 68 of the I-T Act, the Mumbai bench of the income-tax appellate tribunal (ITAT) dismissed the appeal filed...

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Moneylife Digital Team 04 December 2024
The central board of indirect taxes and customs (CBIC) has rejected media reports regarding the group of ministers (GoM) recommendations on goods and services tax (GST) rate changes on various goods and services saying that such reports are premature and speculative. CBIC says that GST council...

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