The Income Tax Department has clarified that income from the transfer of investments made before April 1, 2017, is excluded from the scope of the General Anti-Avoidance Rules (GAAR), addressing industry concerns about retrospective application.
However, from April 1, 2026, transactional forms such as tax deducted at source statements, remittances, Form 60, and Form 15G/15H would operate under the new simplified framework.
Net direct tax collection grew about 8.82 per cent to over Rs 18.38 lakh crore in the current fiscal till January 11 due to slower refunds and better corporate tax mop-up.
Net direct tax collection grew 8 per cent to over Rs 17.04 lakh crore this fiscal till December 17 on slower refunds and higher advance taxes from corporates, the income tax department data showed on Friday.
Ahead of the Union Budget 2026-27, Indian business houses have urged the government to make demergers tax-neutral, particularly in cases involving transfer of investments in associate companies with 25 per cent or more shareholding, under the new Income Tax Act. This may possibly help some companies planning to go public, according to a source.
'Tax cases are technical in nature... Many high courts do not have a tax bench, which also contributes to the delay.'
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
'There is a clear relationship between the Char Dham road widening and these landslides.' 'The situation has further worsened with the massive influx of tourists whose number are running into several lakhs per month.' 'No parameters have been laid down to control tourist inflow and the result is that the Char Dham yatra has seen a sharp escalation in accidents and loss of lives.'
Former Supreme Court judge Justice Rohinton Nariman has warned that events similar to the Jallianwala Bagh massacre could occur if the 'basic structure' doctrine of the Constitution is diluted. In his new book, 'The Basic Structure Doctrine: Protector of Constitutional Integrity,' Nariman argues that the 1973 Kesavananda Bharati judgment, which established the doctrine, is essential for protecting fundamental rights and preventing constitutional amendments that could lead to such tragedies. Nariman's concerns are echoed by Supreme Court judge Justice K V Viswanathan, who applauds the book for its "chilling clarity" and underscores the importance of the Kesavananda Bharati ruling. The book provides a detailed analysis of the doctrine and its implications, highlighting the robustness of the Kesavananda Bharati judgment and the lack of a compelling alternative theory.
Robert Con Davis-Undiano, executive director of international magazine World Literature Today, said: "The world will quickly discover the excellence of Rohinton Mistry's luminous fiction that the Neustadt jury acknowledged with this choice. Giving the award to Mistry is inspired."
Film folk took to social media to share adorable pictures and messages for her daddies on #HappyFathersDay.
Eighteen months after his appointment as Solicitor General of India, senior advocate Rohinton Nariman has resigned from the post amid speculation that the decision came over his differences with the law ministry.
Senior advocate Rohinton Nariman is all set to be appointed as the new Solicitor General of India, the second senior most law officer of the country, in place of Gopal Subramanium, who quit recently.
During Emergency Indira Gandhi acquired absolute power. Lakhs of political opponents, students, activists were arrested.
Net direct tax collection grew 21 per cent to over Rs 4.62 lakh crore so far this fiscal, on higher advance tax payment by corporates.
Nariman received the Padma Bhushan in January 1991 and in 2007, he was awarded the Padma Vibhushan.
The net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday. "The provisional figures of Direct Tax collections up to January 10, 2024, continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. Direct Tax collection, net of refunds, stood at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
Away from the courtroom and legal circles, Nariman was a familiar figure for residents of Hauz Khas who would see him walk regularly, even in the cold winter months of December and January.
We remember some of Nitin Chandrakant Desai most influential works.
'Whatever duties I have to dispense off as a Speaker I will do the needful in accordance with the provisions of the law.'
What is the independence of the judiciary if independent and fearless judges are not being appointed, SC judge Rohinton Fali Nariman said.
'The Speaker has to act in an impartial way and in accordance with what the Supreme Court has laid out in its judgment.'
Thakur also said that more destruction, damage and bloodshed in this world has taken place on the account of religious beliefs.
Supreme Court judge Justice Rohinton Fali Nariman on Monday recused himself from hearing liquor baron Vijay Mallya's petition against the confiscation of his properties by the Enforcement Directorate.
On Thursday, the Constitution Bench of Chief Justice Dipak Misra, along with Justices Rohinton Nariman, AM Khanwilkar, DY Chandrachud and Indu Malhotra declared as unconstitutional the penal provision on adultery, saying it was manifestly arbitrary and dents the individuality of women. Here are highlights from their judgments.
The Centre is considering a gradual phasing out of certain direct tax exemptions meant for corporate and personal tax payers. This is among the tax proposals being discussed for the upcoming Union Budget 2022-23. A top policymaker said that according to the government's internal assessment, the percentage of corporates and individuals shifting to the new exemption-less tax regime has been very encouraging, and the Budget-makers expect many more to make the switch in the coming years. The person also said the finance ministry is exploring the option of rationalising the capital gains tax rates.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Rajesh Karkera journeys in monsoon rains and through verdant countryside to the little-explored pristine Lonar lake in eastern Maharashtra.
Rajesh Karkera journeys through verdant countryside to the little-explored pristine Lonar lake in eastern Maharashtra.
'The cases have not reduced because the prosecution has found some other way to stop people from using their right to free speech.'
"Day in day out there exists a misconception in the minds of people that judges stay in big bungalows, work only 10 AM to 4 PM and enjoy their holidays. Such a narrative is untrue," Chief Justice N V Ramana said on Thursday while paying glowing tributes to Justice Rohinton Fali Nariman on his superannuation after over seven years at the Supreme Court bench.
The government on Monday told the Supreme Court that a high-level committee in its report has suggested that alternative alignment other than mythological Ram Sethu for Sethusamudram project was not economically and ecologically feasible.
Upset since appointment of Rohinton Nariman as the solicitor general of India last July from outside the hierarchy, Additional Solicitor General Mohan Parasaran has turned down the government's offer to renew his contract.
Without issuing notice to the Centre, a bench of justices R M Lodha and A R Dave asked the petitioner to serve the copy of the petition to Attorney General G E Vahanvati or Solicitor General Rohinton Nariman saying it needs some necessary clarification on the issue.
Philip Roth, the most decorated living American novelist, today won the prestigious Man Booker International Prize, beating off competition from 12 other contenders, including India-born Canadian writer Rohinton Mistry.
Aspiring poet and photographer, the Shiv Sena scion justifies opposing Rohinton Mistry's book and describes his simple political worldview
For years it has been evident that fibre and DTH would give tough competition to cable in India where regulatory overload has mutilated an already warped industry structure. OTT added fuel to the fire. From Rs 27,000 crore in 2010, cable's share of subscription revenues is now estimated at Rs 13,000 crore.
'My belief that I could protect the Himalayas was shattered.'
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
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