Tax

Southern states seek fair tax devolution, freeze Lok Sabha strength at 543

At the Southern Zonal Council meeting, states sought protection for their fiscal and political interests while discussing infrastructure and economic integration across the region

US tax court strikes down digital ad tax, orders refunds to Apple, Google

A Maryland state tax court has struck down the state's first-in-the-nation tax on digital advertising and ordered state officials to repay the tax money already collected from big tech firms. The Maryland Tax Court said the tax violates the federal Internet Tax Freedom Act as well as the First Amendment and the commerce and due process clauses of the US Constitution. The legal fight has been watched by other states that are considering taxes for online advertisements. Maryland estimated the tax, approved in 2021, could raise about USD 250 million a year to help pay for a sweeping K-12 education measure. In Friday's decision, the tax court ordered the state to repay the tax money already collected by Apple, Google and Peacock TV. The law taxed revenue that large companies make on digital advertisements shown in Maryland. Companies making more than USD 100 million in global annual gross revenues were taxed at a 2.5 per cent rate. The rate increased for companies with larger revenues,

Exim matters: Buyer's failure to pay should not undo export tax rebates

Export tax remissions should not be recovered when genuine foreign buyers default, as the goods have already left India and the underlying duties and taxes have been borne

GST implementation boosted states' tax revenue, buoyancy: Ind-Ra

India Ratings says simplified taxation, stronger compliance and a wider taxpayer base have lifted states' tax collections and buoyancy since GST rollout

No assessment on whether higher tobacco taxes hurt farmers' incomes: Govt

The government told Parliament it has no assessment on whether higher tobacco taxes hurt farmers' incomes, while citing higher exports, better prices for FCV growers and anti-tax evasion measures

9 months on, GST next-gen reforms: Lower rates, larger base, higher revenue

The authors argue GST rate rationalisation has broadened the tax base, improved compliance and refunds, and boosted consumption, though its full impact will take longer to assess

Filing your ITR 2026? 5 key things to know before July 31 deadline

With the July 31 deadline to file Income Tax Returns approaching, taxpayers should complete a few key checks before filing.

India raises windfall tax on diesel and ATF exports amid oil surge

India has increased windfall taxes on diesel and aviation turbine fuel exports as global oil prices rise following the escalation of the US-Iran conflict

IFSCA panel proposes mortgage Reits, tax parity and dual listing

Report supports development of securitisation markets, norms for regulatory parity

E-way bill generation rises 14.5% in June to fourth-highest monthly level

E-way bill generation under the GST regime rose 14.5 per cent year-on-year to 136.77 million in June, signalling resilient goods movement, domestic trade activity and tax compliance

Income Tax Return 2026: Don’t miss these July tax deadlines

Filing your Income Tax Return? Don't miss the important tax deadlines this July. From the July 31 ITR deadline to TDS, TCS and other key compliance dates, here's everything taxpayers need to know to a

Errors freelancers and gig workers must avoid while filing tax returns

Choose the correct income-tax return (ITR) form, reconcile tax deducted at source (TDS) with Form 26AS and the Annual Information Statement (AIS), and keep records ready before claiming deductions

Andersen Global partners with JMP Advisors to strengthen presence in India

Multinational tax and advisory firm Andersen Global has strengthened its presence in India through a collaboration agreement with tax and regulatory advisory firm JMP Advisors. The partnership is aimed at enhancing Andersen Global's capabilities in one of the world's fastest-growing major economies, a joint statement said. The collaboration will enable the global advisory firm to expand its tax, regulatory, transaction advisory and business consulting services in India, while providing multinational clients with access to local expertise and cross-border advisory solutions, it said. JMP Advisors, founded by tax expert Jairaj Purandare, advises domestic and international clients on a wide range of matters, including international and domestic taxation, transfer pricing, foreign investment advisory, cross-border structuring, transaction support, succession planning and regulatory compliance. The firm serves multinational corporations, private equity and venture capital-backed compani

Old vs new tax regimes: What is the difference, what are the benefits

A taxpayer can switch between the two regimes while filing the returns but cannot go back to the other one till the year ends after making a selection

Salaried employees and taxes: Paperwork and declarations explained

Declare less than you expect to invest: It's easier to claim a refund later than to pay extra TDS

RBI injects ₹72,300 crore as advance tax outflows squeeze liquidity

Surplus liquidity fell to ₹23,881.21 crore on June 16 from ₹1.51 trillion a day earlier; overnight rates trade above repo rate

LTCG scrapped for FIIs: Why India just made government bonds tax-free for foreign investors

Why has India made government bonds virtually tax-free for foreign investors? In this video, we explain the Centre's latest tax amendment that removes taxes on interest income

Could your income tax return face complete scrutiny under CBDT's new rules?

The CBDT has identified six categories of taxpayers for mandatory complete scrutiny in FY27. Understanding the triggers can help taxpayers stay prepared

Why you should not rely solely on AIS data for filing tax return

Information contained in AIS should be cross-checked against data in various statements of financial transactions

Understand legal and financial risks before becoming a joint account holder

Use joint accounts only where shared access is genuinely needed; do your due diligence before joining