'The state governments of Gujarat, Maharashtra and Tamil Nadu will be encouraged to consider measures of their own as the employment and economy in such export-oriented states will be affected.'
'If a charitable or religious trust sells a capital asset -- such as land, buildings, shares -- and makes a capital gain, it can avoid paying tax on that gain if it reinvests the proceeds in another capital asset for its charitable purposes.'
'There is no retrospective changing of the law, only its simplification.'
'With new technology and stricter checks, cheating on taxes is just not worth it anymore.'
India is seeking either an exemption or a longer timeline on the pharmaceutical tariffs, expected to kick in by July 31.
'As a result of delays, the desired reliefs are not coming for taxpayers.'
The time taken by the income-tax department to process refunds has dropped sharply from 93 days in 2013.
'The government, if it deems fit, will incorporate the changes in the Bill, take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha.'
Taxpayers have been advised to file accurate particulars of their income and contact details, and not to fall prey to agents or intermediaries promising undue refunds.
India's net direct tax collections contracted 1.3 per cent to about 5.63 trillion as of July 10, with corporate taxes dropping 3.7 per cent and non-corporate taxes recording a fractional 0.04 per cent contraction, Income Tax department data released on Friday revealed.
Taxpayers required to file ITR-2 or ITR-3 can now download the Excel utilities from the I-T department's e-filing portal, fill in their details offline.
Very sensitive items -- such as apples, which carry political weight and are closely tied to farmer interests in states like Himachal Pradesh and Uttarakhand -- may face restricted concessions.
'The original provision will be restored. AMT is meant only for those claiming deductions, not for firms earning regular income like capital gains,' a senior government official said.
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
'Experts and stakeholders have raised concern over the refund provision in the draft Bill. That was a drafting error, which will be rectified,' a government official said.
India has decided to submit a dossier at the upcoming Financial Action Task Force (FATF) meeting, calling for Pakistan to be placed back on the grey list of the global money laundering and terrorist financing watchdog.
The revised ceiling will be within the Rs 10 lakh mark.
Re-entry into the list could have far-reaching consequences for Pakistan, including diminished foreign investment, increased borrowing costs, and tighter scrutiny from global financial institutions.
The 31st meeting of the Goods and Services Tax (GST) Council, held in December 2018, deferred a decision to reduce the GST rate for cement from 28 per cent to 18 per cent. This was despite recognising that cement - along with automobile parts - remained among the few mass-consumption items still taxed at the highest slab, which was originally meant for luxury and sin goods.
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