Besides wrong selection of ITR form, many professionals claim deductions they are ineligible for.
Service tax waived for online train ticket booking till Dec 31
The best course for the government at this time would be to tighten the seat belt a little more, without compromising on its investments in creating better infrastructure and giving a push to privatisation, points out A K Bhattacharya.
Customs duty cannot be levied on electricity supplied from a special economic zone (SEZ) to the domestic market, ruled the Supreme Court on Monday while upholding Adani Power's appeal against a 2019 judgment of the Gujarat high court. The 2019 judgment had denied relief to Adani Power from Customs duty on electricity supplied from its Mundra SEZ unit to the domestic tariff area (DTA).
'Foreign capital will continue to come directly into India, but companies have realised that GIFT City is a more cost-efficient way of channelling funds.'
The department found that Microsoft India's Gurgoan unit carried out marketing activities for its India operations and not for the Singapore unit as it had claimed in its reply to a show cause notice served by the department earlier. Microsoft officials, however, said they have not received any official communication from the tax department in this regard.
The July-September quarter (Q2) performance of consumer electricals and durables major Havells India in 2025-26 (FY26) was broadly in line with Street estimates. While the top line was supported by robust growth in the wire and cable, switchgear, and lighting segments, the consumer durables segment restricted overall gains.
The Board of Control for Cricket in India, is locked in a legal battle with the Service Tax (ST) department, which has demanded an amount of Rs 536 crore (approx) as taxes on cricket board's earnings from royalty and media rights in the last one decade.
Industry body Assocham on Monday said service tax is likely to fetch Rs 60,000 crore (Rs 600 billion) by 2010 if government doubles the existing service tax list of 72 items.
Ahead of the passage of the Finance Bill in Parliament, Civil Aviation Minister Ajit Singh is understood to have shot off a letter to the Finance Ministry protesting the proposal on the grounds that the move would not only hit passengers but spell more trouble for the airlines which were already reeling under severe financial stress.
Amendments to RBI Act likely soon
The core dilemma remains: Why provide further stimulus to an economy that is already booming at an 8 per cent growth rate? asks Rajeswari Sengupta.
In a furious post on his blog, senior Bharatiya Janata Party leader Arun Jaitley on Tuesday slammed the Congress for allegedly using the Excise Department to impose a tax on the mammoth rallies addressed by the saffron party's prime ministerial candidate Narendra Modi.
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.
No one appeared for Mallya and Kingfisher Airlines on Friday.
India's top cement producers delivered a solid July-September quarter (Q2) in 2025-26 (FY26), lifted by firmer prices, higher sales volumes, and a favourable base. Seasonal weakness and maintenance outages did dent sequential performance, but the overall picture remained positive - and the road ahead looks steady.
Shiv Sena (UBT) and MNS release a joint manifesto for Mumbai civic polls, promising free power, allowances for domestic helps, and property tax waivers.
Indian-origin steel magnate Lakshmi N Mittal, until now based in Britain and a regular on the country's richest billionaires tally, has decided to quit the UK as the Labour Party-led government's feared tax shake-up for the super-rich nears, according to a UK media report on Sunday.
Central Board of Excise and Customs chairman V Sridhar has also said the realty sector would not attract 10 per cent service tax in effect.
Budget likely to list tax-exempt items as finance ministry, states agree
Electric passenger vehicle (PV) retail sales jumped more than twofold in September with Tata Motors (TaMo) leading the pack having over 6,000 registrations and a 40 per cent market share.
Noting that recent uncertainties created by global tariffs have not impacted the Indian economy severely, Anuradha Thakur, secretary, Department of Economic Affairs, said the central government is hopeful that the recent goods and services tax (GST) rationalisation will ignite the much needed animal spirits in the financial sector.
Trent reported decent margins in the second quarter (July-September) of 2025-26 (Q2FY26) but growth moderated. Same store growth was low single-digits. Trent's revenue growth decelerated in Q2FY26 at 17 per cent year-on-year (Y-o-Y) while area additions were offset by decline in revenue per square foot (sq ft).
In the mid-1990s, when the shares of listed companies first began to be held in electronic form, they accounted for less than 1 per cent of the stocks bought and sold on the stock exchanges. This climbed to 99.5 per cent by 2001.
Kingfisher has said it is in talks with foreign carriers for bringing in FDI, a move that is expected help it overcome financial troubles.
Understanding severance pay isn't just for those who are losing their jobs
The government has exempted a number of goods like food grains, fertilisers and farm inputs from paying service tax for transportation through railways and waterways.
The GoM of state ministers on GST rate rationalisation on Thursday accepted the Centre's proposal to move to a two-slab structure of 5 and 18 per cent. Bihar Deputy Chief Minister and convenor of rate rationalisation GoM Samrat Choudhary said the six-member state ministerial panel has also accepted the proposal of removing the 12 and 28 per cent slabs.
'We are seeing a lot of people with helmets visiting our showrooms.'
The Central Board of Excise and Customs (CBEC) has started tightening the noose around tax evaders. This year, the department intends to profile banking and financial services, port services and business auxiliary services to pinpoint taxability of various components to enforce compliance. More services will be profiled in subsequent years.
The stock of automotive (auto) components major Bharat Forge has risen 14.6 per cent over the past month. Despite ongoing demand challenges, strong operating performance in the July-September quarter (Q3) of 2025-26 (FY26), a diversified revenue base, and expectations of a gradual recovery have lifted sentiment.
Eighteen new-age technology firms went public during the year, a near triple increase from the five firms that debuted in 2023 and 38 per cent more than 2024's tally of 13.
As the service tax department is probing the evasion of service tax on bulk discounts offered by the print media to advertising agencies
'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.'
Though levy of service tax on domestic air travel is negative, given the rebound in air travel, the players can fully pass on the impact to customers through hike in fares
India's mergers and acquisitions (M&A) activity cooled in the second quarter of 2025-26 (Q2FY26), with deal value falling to $26.26 billion from $29.04 billion a year ago, according to Bloomberg data.
'As a result of delays, the desired reliefs are not coming for taxpayers.'
'Growth will definitely continue to come most from the sub-four-metre SUV segment, primarily because that is where the heart of economy and affordability is. Naturally, that will keep pushing the share of that segment (in overall PV sales) higher.'
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