With the Union Budget three months away, major industry chambers have submitted to the government proposals on common taxes, seeking simpler compliance and a quicker resolution of tax disputes.
As the new Income Tax (I-T) Act, 2025 moves towards implementation from April 1, 2026, the finance ministry is reviewing and simplifying the compliance forms used by charitable institutions. Debjyoti Das, principal chief commissioner of income tax (exemption), said the new Act has already reorganised exemption provisions into a clearer and more coherent structure, and the accompanying procedures and forms are now being examined.
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.
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
It is being suggested that apps, such as WhatsApp and Telegram, should share their APIs with each other to ensure there is interoperability, just as it exists across email services.
Finance Minister Nirmala Sitharaman on Tuesday met top officials of the finance and corporate affairs ministries to review the implementation of various announcements of the Union Budget FY24. "The finance minister underlined the importance of continuous assessment of progress to ensure that various announcements are implemented in a time-bound manner," the finance ministry said in a tweet. Sitharaman also discussed in detail various issues on the digital competition laws with Rajeev Chandrashekhar, the minister of state for entrepreneurship, skill development, electronics and technology.
Edtech company Byju's parent Think & Learn will challenge the National Company Law Tribunal's (NCLT's) order on insolvency proceedings and may approach the National Company Law Appellate Tribunal (NCLAT) in the next few days, a source claimed. With the NCLT appointing Pankaj Srivastava as the interim resolution professional (IRP), time is running out for Byju's as the committee of creditors (CoC) begins to be formed.
The proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020, that are envisioned to protect consumer interests, may further compound the impact of multiplicity of regulations on the e-commerce sector, the Indo-American Chamber of Commerce (IACC) had told the ministry of consumer affairs. IACC, the apex bilateral chamber for Indo-US business, had told the government that the proposed amendments would increase compliance liabilities that risk severely impairing the growth of the sector.
'Power is always transitory, and you should be the same person whether you have it or not,' the head of the number one law firm in India tells Pavan Lall.
Companies were consulting law firms and consultants to understand the Bill.
The time the companies have to get ready for GST is 6 to 12 months.
Filing with inadequate disclosure of assets will be liable for prosecution
Mahindra & Mahindra chairman emeritus Keshub Mahindra passed away this morning in Mumbai due to old age. Mahindra, 99, breathed his last this morning at home peacefully, said a person close to the family. After joining the company in 1947, he became the chairman in 1963.
'We need to encourage the next generation of farmers to continue in farming'
Concluding the three-part series, Paranjoy Guha Thakurta says that the black money law is likely to fail because of the ineptness of India's investigative and enforcement agencies.
Businesses that either take local communities for granted or see them as an obstacle to be 'managed' are skating on thin ice.
"So you will not have anything better... democracy loving, capitalist respecting environment... in India," Sitharaman said at the event hosted by the Federation of Indian Chambers of Commerce and Industry in association with the US India Strategic and Partnership Forum.
'It is feared that AI can predict the outcome of a case once it is launched.' 'It knows the law, precedents and judicial thinking better.' 'If AI becomes too common, clients will start using the software to measure the chance of success of their cases,' says M J Antony.
Bharti Airtel Chairman Sunil Bharti Mittal said India has lost one of the finest political leaders and a legal luminary.
Business leaders, among others, ask govt to let go of fiscal target, seek stimulus, and direct cash transfer.
The government has set a direct tax collection target of Rs 13.35 trillion, which includes Rs 7.66 trillion from corporation tax and Rs 5.69 trillion from personal income tax.
The government should devise more stringent norms to check corporate fraud in the country, a joint study released by industry chamber Assocham and consultancy firm Ernst and Young said.
'Coupled with e-filing procedures it would really enhance the ability of the judiciary to provide speedier justice.'
While India has to curtail its side, those who do business in India have to be more conscious that they should be less part of the problems and more part of the solution, the business magnate said.
'Birla only made representations to then PM for coal blocks allocation.'
Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect $1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal but are open for talks to settle the issue, their counsel said. "The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. "Their flimsy allegations of fraud will never stand up in courts outside of India," said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders.
Adani group stocks have taken a beating on the bourses after Hindenburg Research made a litany of allegations, including fraudulent transactions and share price manipulation at the Gautam Adani-led group. The group has maintained it complies with all laws and disclosure requirements.
The government has unleashed a slew of reforms to attract greater investments including higher foreign direct investment in defence and opening up the railways infrastructure sector, relaxed labour laws, launched campaigns like the Make in India for re-invigorating manufacturing, Clean India and Digital India, among others.
Covering 37 different legislations such as the Partnership Act of 1932, Insolvency and Bankruptcy Code, and laws on environmental protection, consumer protection and labour interests, the recommendations have been shared with Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
Sharad Pawar reckons that the NCP has value as a united, going concern, not as a gaggle of leaders in search of followers, notes Shreekant Sambrani.
The 'Make in India' vision cannot survive in the long-term without concrete measures to build a concurrent 'Create in India' movement.
Contributions made to public funded universities, IITs, national laboratories and autonomous bodies engaged in conducting research in science, technology, engineering and medicine has now been recognised as part of CSR by the government.
Finance Minister Nirmala Sitharaman on Monday assured the industry that momentum of economic reforms will continue to make India a hotspot of global investment. India has turned the crisis created by COVID-19 pandemic into an opportunity to push the economic reforms, which remained pending for decades, she said while addressing the National MNC's Conference 2020 organised by industry chamber CII.
However, Jaitley's son-in-law had earlier issued a statement stating that his law firm had returned the retainership the moment they came to know that the company was involved in a scam.
Farmers gathered at several national highways, key roads and some railway tracks in Punjab and Haryana on Friday morning as part of their nationwide protest against the Centre's new agri laws.
'This solid verdict would further strengthen his resolve to drive forward the economic agenda to ensure that the fruits of the economic momentum continue to reach the poor, so visible during the last five years.'
In a major relief to thousands of Indian IT professionals, a federal judge in the US on Thursday blocked the enforcement of a temporary visa ban by the Trump administration on a large number of work permits, including the most sought after H-1B visas, ruling that the president exceeded his constitutional authority.
27-year-old Poojan Sahil who created the song can't be happier at its acceptance and success. The video of the song has almost 2.7 lakh views on YouTube in less than a week and is being widely shared across social media platforms.
Farmer leaders on Monday started their day-long hunger strike against the Centre's new farm laws and said protests will be held at all district headquarters later in the day, even as more people are expected to join the ongoing agitation at Delhi border points.
