The SC has gone a step further to state that even if one were to not apply the codified GAAR provisions, the judicial GAAR would continue to apply, point out Pranav Sayta and Bhargav Selarka.
This Budget positions India's taxation ideology as not merely a revenue source but as a strategic catalyst for growth, inclusion and long-term confidence.
Building on last year's clearance of 172K cases, I-T department is pushing for faster appeal disposals, penalty reforms and system-driven processes to curb litigation and boost tax certainty.
The Supreme Court has said that selling land or property is not a service under the Finance Act, 1994, so such sales cannot be charged with service tax.
Nearly two-thirds of external commercial borrowings (ECBs) raised so far in the ongoing financial year (2025-26/FY26) have been routed through Gujarat International Finance Tec-City (GIFT City), a sharp jump from the 36 per cent recorded in 2024-25.
The proposals outlined in Budget 2026-27 represent a carefully crafted, multi-year strategy designed to strengthen India's big bets on the path to Viksit Bharat 2047, says Sameer Gupta.
'When I met the prime minister, he asked me, "Dr Ganguly, what do you do with people in your company who lie to you?"' 'I said, "Prime Minister, we counsel them and give them a gentle warning. If they lie again, they are sacked".' '"This is my problem,'" Rajiv responded. "I can't sack people in government".' A revealing excerpt from former Hindustan Lever Chairman Dr Ashok S Ganguly's We Are Our Future: Reflections On Life.
The 2026-27 Budget, seeking to harmonise the government's imperative to grant certainty while ensuring a rational tax policy, had several notable announcements to usher in halcyon days, says Mukesh Butani.
'Global uncertainty is something which definitely occupies the minds of officials when we are preparing for the Budget.'
The Budget emerges as a measured, credible and forward-looking policy document that reinforces India's commitment to remaining a stable, reform-oriented economy amid an increasingly fragmented global landscape, says A Balasubramanian.
After the last Budget's announcement of a major tax relief for those earning an annual salary of less than Rs 12 lakh, there is not much that individuals can look forward to in the forthcoming Budget, points out A K Bhattacharya.
Analysts have sharply reduced cigarette maker ITC's earning estimates for the next two years, fearing a significant dent in the company's profitability and margins. This is owing to a steep hike in excise duty on tobacco by the government.
The most common mistake is investing without assessing suitability and long-term implications.
The International Financial Services Centres Authority (IFSCA) has cleared a series of regulatory relaxations to ease operations for fund managers in GIFT City, along with a revamped framework for global in-house centres (GICs) and capital market intermediaries.
InterGlobe Aviation, the operator of IndiGo, has approached the Delhi high court seeking a refund of over Rs 900 crore it claims to have paid as Customs duty on aircraft engines and parts re-imported into India after overseas repairs. The petition came up for hearing on Friday before a bench of Justices Prathiba M Singh and Shail Jain.
'Only four or five original companies remain; the rest have been replaced every decade as sectors evolve or leadership shifts.' 'Companies that fail to adapt -- like many textile mills from the 1970s and shipping firms from the 1980s -- disappear.' 'Benchmark indices reward those who reinvent themselves in line with economic demands.'
The change in the government's engagement with the economy's need for reforms is more nuanced than how analysts have so far perceived it, points out A K Bhattacharya.
'When you think of cross-border payments, the first things that come to mind are risk, compliance, taxation, speed, and cost.'
Understanding severance pay isn't just for those who are losing their jobs
'Tax cases are technical in nature... Many high courts do not have a tax bench, which also contributes to the delay.'
'Don't look at Russia only as a place to earn quickly and then leave.' 'Try to build experience in serious companies, skills and certifications that will serve you anywhere in the world.'
After issuing notices to hotels across the country for allegedly underpaying goods and services tax (GST) on restaurant services, the revenue department has now widened its scrutiny by seeking information from online travel platforms.
Amid the impending rejig in the goods and services tax (GST) rates, an association representing the country's beverages industry has appealed to the Centre to not classify aerated beverages as sin/demerit good and bring it under the 18 per cent slab while citing their "mass consumption" as a reason.
Do not panic on receiving a notice. Verify if your work falls under professions notified in Section 44AA(1).
The US remains the largest market for IT outsourcing, and for Indian giants TCS, Infosys and Wipro, it contributes around 40 per cent of their top line.
These changes certainly bring India's GST a lot closer to what an ideal GST would look like, points out Karan Bhasin.
The Monsoon session of Parliament saw the passage of several key bills in both the Lok Sabha and Rajya Sabha, despite repeated disruptions and adjournments.
'Amazon, Meta, Google, Microsoft have large operations in India and rely on smooth trade and data flows.' 'Restrictions could raise their costs, limit AI chip exports, and complicate their India strategies.'
'High taxes have kept away art collectors who will now embrace the new GST.'
Kundra, accused of diverting a loan amount, has been asked to appear before EOW officials on September 15.
Businessman Raj Kundra, husband of Bollywood actor Shilpa Shetty, has been summoned by the Economic Offenses Wing (EOW) of the Mumbai Police in connection with an alleged Rs 60 crore cheating case.
rediffGURU T S Khurana answers readers' personal income tax queries
The central government has proposed just two tax rates of 5 per cent and 18 per cent in the revamped Goods and Services Tax (GST), slated to replace the current indirect tax regime by Diwali this year, highly placed sources said.
'It must become faceless, just as the entire direct tax assessment system has already become fully online, without any human intervention in the normal course,' recommends A K Bhattacharya.
Opposition-ruled states warn of steep annual losses; Centre assures higher consumption will offset revenue hit.
...on par with oil, power, and defence, and to restrict its storage under foreign control.
Electric vehicle (EV) manufacturers breathed a sigh of relief after the GST Council on Wednesday night retained the concessional 5 per cent rate on EVs, though they now face competition from small petrol and diesel cars, which will attract a lower 18 per cent levy.
Victory wrested from regime that only listens when forced, the TMC said on GST exemption on insurance.
Non-resident Indians (NRIs) haven't gone big on the Indian stock market story despite the post-pandemic boom. While domestic participation through mutual funds (MFs) and dematerialised accounts has soared, NRI participation figures show limited signs of a similar rise.
The Lookout Circular was issued by the city police's economic offences wing as the couple makes frequent international trips
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