While the new income tax law replaces the Income Tax Act, 1961 and omits 13 offences, 35 actions and omissions continue to attract criminal liability under 13 provisions.
Less than 10 days are left for filing of nomination papers for the first phase of the Bihar polls.
Both NDA and INDIA are racing to woo marginalised groups with Assembly polls fast approaching.
Germany has almost 60,000 Indian students 'which makes them already today the largest group of international students in Germany'.
'This is not a case of tax evasion but the result of long-standing ambiguities in GST rules and unawareness.'
The CBDT is investigating Jane Street for possibly misusing the India-Singapore tax treaty.
Experts believe it would be far-fetched to believe that Riyadh would support Pakistan militarily in any conflict with India, which has robust strategic and economic relations with Saudi Arabia.
Recalling or relabelling medicines already in the supply chain before September 22 will not be mandatory, the finance ministry said on Tuesday, issuing a fresh set of frequently asked questions (FAQs) to address industry concerns following the announcement of goods and services tax (GST) revisions.
Opposition-ruled states warn of steep annual losses; Centre assures higher consumption will offset revenue hit.
'In case a particular industry has not passed on the benefits and if we receive complaints, we will take up the matter with the industry body concerned.'
New Delhi 'will have to take a call which supply source suits us the best,' the finance minister said, pointing out that crude oil accounts for the bulk of India's foreign exchange spend.
The contrast with the old Income-Tax Act is stark. The 1961 law ran into 512,000 words; the 2025 one pares that down to 259,000. Chapters have been cut from 47 to 23, while sections have reduced from 819 to 536. One of the clearest changes is terminological. The confusing twin concepts of 'assessment year' and 'previous year' have been scrapped.
'...so cases that arose under the existing Act will be adjudicated under the old provisions.' 'Care has been taken to ensure that the new I-T Act does not give rise to interpretational issues.'
India's net revenues from the Goods and Services Tax (GST) rose at a three-month high pace of 10.7 per cent in August even as growth in gross collections slowed to 6.5 per cent from 7.5 per cent in the previous month, thanks to a nearly 20 per cent decline in refunds to taxpayers during the month.
State governments have requested the Centre for export incentives, lifting of import duty in the case of cotton for the textile sector and GST exemptions.
One flyer read: 'More Indians in 5 years, than Greeks and Italians in 100', adding, 'This isn't a slight cultural change, it's a replacement plain and simple'.
New Delhi, while opting not to retaliate yet to the American tariffs, has in recent weeks sought to reinforce its friendship with Moscow, and recalibrate its ties with Beijing rather than surrender to Washington's diktats.
'States should be compensated for the revenue loss for at least five years or beyond till the revenue stabilises.'
'Whatever is necessary for life and is not made in your country, we will import it from outside.'
Japan is expected to increase its investment target in India from the earlier 5 trillion yen ($34 billion) to almost 10 trillion yen.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances