As per norms, the returns have to be filed online on www.aces.gov.in.
The contrast with the old Income-Tax Act is stark. The 1961 law ran into 512,000 words; the 2025 one pares that down to 259,000. Chapters have been cut from 47 to 23, while sections have reduced from 819 to 536. One of the clearest changes is terminological. The confusing twin concepts of 'assessment year' and 'previous year' have been scrapped.
The World Bank on Tuesday raised India's growth forecast for the current fiscal to 6.5 per cent from 6.3 per cent estimated earlier, and said the country is expected to remain fastest-growing major economy, underpinned by continued strength in consumption growth.
The government is finalising a major GST overhaul with automated refunds, pre-filled returns, and analytics-based scrutiny to simplify compliance and boost liquidity for MSMEs.
Total disputed liability of Mallya with respect to service tax to the tune of Rs 535 cr
The government on Saturday came out with the modalities of the constitutional amendments to enable states to collect and appropriate service taxes, a Bill for which would be introduced in the Budget session of Parliament next year.
Following Axis Max Life Insurance's second-quarter results for 2025-26, Sumit Madan, managing director and chief executive officer of the company, speaks to Aathira Varier and Subrata Panda/Business Standard about growth aspirations, strategies to offset the impact of the input tax credit (ITC) withdrawal, reverse merger plans, and more.
The recent Foreign Trade Policy announcement to waive service tax for exporters had the backing of the Prime Minister, Commerce Ministry sources said on Tuesday.
Analysts point out that exporters outside SEZs enjoy Cenvat credit against service tax paid on a host of services subscribed to while engaging in export-related activities. In addition, the department of revenue recently permitted service tax exemption on seven services used by exporters.
Shiv Sena (UBT) and MNS release a joint manifesto for Mumbai civic polls, promising free power, allowances for domestic helps, and property tax waivers.
Each year, the service tax regulations are tweaked in order to make the tax levy more effective
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.
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.
Interest, penalty and other consequences will be waived.
More services such as ATM operations are proposed to be brought within the service tax net.
The government should exempt micro-insurance from payment of service tax to make products cheaper and encourage penetration of insurance services in low income rural and social sectors, a UN report has suggested.
The Central excise department slapped a notice on King's XI Punjab cricketer Yuvraj Singh seeking payment of service tax to the tune of Rs 1.15 crore raised on his income from two seasons of Indian Premier League (IPL) and endorsements.
Can lead to imprisonment up to seven years.
Quoting an incorrect PAN during property registration can invite penalties and prosecution.
'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.'
India's manufacturing sector activity strengthened in October, buoyed by Goods and Services Tax relief, productivity gains and tech investment, even as international sales rose at a weaker pace, a monthly survey said on Monday.
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.
At present, the service tax rate stands at 12 per cent. Added to this is a 2 per cent education cess, bringing the incidence to 12.24 per cent.
Festivals also contribute to the rise in overall automobile retail sales, says dealers association.
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.
The Tamil Film Producers Council (TFPC) has resolved to implement a revenue-sharing model for big-budget films, requiring actors and technicians to share profits and losses. The move aims to address financial pressures from declining theatrical and OTT revenues. The TFPC also mandated staggered OTT release windows and formed a committee to ensure access to theaters for smaller films.
The penalty can be a maximum 50 per cent of the tax.
A courier company owner was arrested for allegedly evading service tax of about Rs 70 lakh
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