An Income-Tax Department internal committee reviewing the old direct tax law to pave the way for a new one has "largely" received suggestions for "simplifying" the language, better "structuring" the provisions and enlarging the ambit of schemes like presumptive taxation, CBDT chairman Ravi Agrawal said Sunday. Speaking to PTI during a post-Budget interview at his North Block office, Agrawal said the panel also "studied" the deliberations and processes of countries like the UK, Australia and some others where a similar tax law simplification exercise was undertaken.
'We have created massive infrastructure in the past six years.'
The industry employs about 10 million workforce.
Full exemption for all health insurance premiums and reinsurance or a reduction in the GST rate from 18% to 5% on health insurance services is likely.
According to a police officer, the fire started in the office of the Commissioner in room number 325 on the third floor of the building. He said many of the employees were outside the building as it was lunchtime, otherwise, the casualty could have been more.
Businesses across the country may soon be required to issue electronic invoices, or e-invoices, directly to consumers for the sale of goods and services. The Goods and Services Tax (GST) Council, in its forthcoming meeting on Monday, is expected to discuss extending the e-invoicing mandate to cover business-to-consumer (B2C) transactions. Currently, e-invoicing is compulsory for businesses with a turnover of Rs 5 crore and above, but only for their business-to-business (B2B) transactions.
The income tax department on Wednesday conducted a survey operation at Hinduja Global Solutions, an entity of the Hinduja Group, in Mumbai and some other cities, official sources said.
The wife of a deputy commissioner of GST in Ghaziabad, who allegedly committed suicide, has claimed that her husband was under "immense work pressure" and denied that he had stage four cancer. The incident took place on Monday when Sanjay Singh (59) jumped from the 15th floor of a building. Singh's wife, Aparna Singh, told reporters that he was a "victim of the system." His cousin, Dhananjay Singh, confirmed that Singh had been diagnosed with prostate cancer at an early stage and had been cured.
Digipin promises to revolutionise location-based services in India with safeguards.
On his 200th birth anniversary, Utkarsh Mishra traces the life, thought, and legacy of Dadabhai Naoroji, the Grand Old Man of India.
While recalling the order, the bench agreed to the contention of the law officer that there was a "breach of principle of natural justice" as the government department was not accorded the hearing.
Elon Musk's Starlink has got licence for satcom services in India, according to sources.
The Bombay high court has passed an ex-parte interim order restraining several entities from operating websites etc claiming to provide PAN card services on behalf of the government-owned UTI Infrastructure Technology and Services Limited (UTIITSL) and noted such an act poses a "national level threat". A single bench of Justice Bharati Dangre, in its order of January 12, said the Union government has made it mandatory for PAN card holders to link the same to their Aadhar Card, which is an acceptable proof of identification. Therefore, any potential misuse of the licence/ authorization to issue PAN cards would be highly detrimental not only to the interest of the company but also to national interest, the HC said.
Indian ace tennis star Sania Mirza has been summoned by the service tax department in connection with alleged non-payment or evasion of dues.
Scammers sometimes misuse personal information collected during tax preparation, leading to identity theft or unauthorised financial transactions.
The Service Tax Department here has impounded an aircraft of the grounded Kingfisher Airlines for defaulting tax dues amounting to Rs 63 crore (Rs 630 million), officials said on Tuesday.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
The indirect tax department on Thursday hinted that Vijay Mallya, owner of the grounded Kingfisher Airlines, may face prosecution in a service tax evasion case.
Here's what you must know about the new rule, its implications, and whether it affects taxpayers' rights and privacy.
By acting now, you can step into 2025 with your finances in order and without unnecessary penalties.
The Enforcement Directorate on Friday detained Bahubali Shah, one of the owners of the leading Gujarati newspaper Gujarat Samachar, following a raid on their premises in Ahmedabad, sources said.
About 1.2 trillion tax evasion cases have been detected and as many as 59,000 entities identified for verification in order to ascertain whether they are fake.
Targets should avoid panicking and hang up. 'Disconnecting stops the scammers from building psychological pressure.'
The Central Board of Excise & Customs will develop the process over the next few months.
As RBI governor, Sanjay Malhotra will have to give the highest priority to the interest of the economy while deciding on the growth-inflation trade off at Mint Street.
The preliminary processing of tax returns is already undertaken with the help of technology. There is now greater scope of using more technology to reduce the human interface even further, notes A K Bhattacharya.
A trends study conducted by India's Financial Intelligence Unit (FIU) has expressed suspicion that cryptocurrency is being used across the country in serious criminal acts like terrorist financing, fuelling secessionist activities, cybercrime, narcotics trafficking, illegal betting and gambling. The report, which was based on suspicious transaction reports and operational analysis, shared these trends and credible intelligence with law enforcement agencies.
A video and inquiry report have raised questions about the Delhi Fire Services' claim that no cash was found at the official residence of Delhi High Court judge Justice Yashwant Varma during a fire incident on March 14. The video, which has gone viral on social media, shows fire fighters dousing flames on articles that appear to include half-burnt Indian currency notes. The Delhi High Court Chief Justice has initiated an in-house inquiry against Justice Varma and the Supreme Court has proposed his transfer to the Allahabad High Court.
Amid the Budget preparation, the revenue department is assessing the feasibility of further adjustments to maximise benefits for salaried individuals.
Data since 2005 show that the five years with the highest rainfall saw average market returns of 8.98 per cent, while the five driest years returned 25.7 per cent on average.
The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
First things first: For those wondering if they need to reapply, the answer is no.
The Indian government has appointed Finance Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI). Pandey, a 1987-batch IAS officer, will replace Madhabi Puri Buch, whose three-year tenure ends on February 28. Pandey's appointment comes at a time when the markets are experiencing bear pressure due to withdrawals by foreign institutional investors (FIIs). Pandey has extensive experience in the finance ministry, having served as the longest-serving secretary in the Department of Investment and Public Asset Management (DIPAM) and the Department of Public Enterprises (DPE). He also played a key role in the framing of the 2025-26 Budget and the drafting of the new Income Tax Bill. Pandey's appointment is for an initial period of three years.
The scale of illegal gambling and betting in India is staggering, with 1.6 billion visits recorded between October and December 2024 across four analysed platforms -- Parimatch, Stake, 1xBet, and Battery Bet.
Taking possession without an OC can lead to legal complications, denial of utilities such as water and electricity, hurdles in availing home loans or reselling the property, and even eviction.
Some of his directives had the Supreme Court judges disclose their assets whereas the row over the discovery of cash from a sitting judge's official residence paved way for inquiry.
The Central revenue department is inquiring into the payment of service tax by the event management firm which had organised the controversial Thinkfest on behalf of the Tehelka magazine.
Meru Cabs, one of the first radio taxi services in the country, is contesting service tax notices sent to it since 2010 in the Bombay High Court.
The bank made a Rs 67 crore net profit, up 21% from the previous year. Its deposits grew 8%, the loan book 10%. Net bad loans dropped from 7.53% to 6.07%. So why was the banker, who headed the bank, not promoted?
Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit.
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