Tax

Amendments raise start-up tax threshold, remove arrest provisions and introduce safeguards in reassessment, aiming to ease compliance and reduce litigation

New Income-tax Rules, 2026 introduce a single registration form and cut record retention to six years, reducing compliance burden for charitable trusts and non-profits

Taxpayers must be able to distinguish between matters where the old tax law still applies and those where the new one does

Net direct tax collection for FY26 as of March 17 grew 7.19 per cent to ₹22.80 trillion, driven by higher corporate and non-corporate taxes

Companies must disclose exposure to Pillar Two income taxes under revised AS 22, while small and medium-sized firms are exempt from the new requirements

Under the Income-tax Act, residential status is primarily determined by the number of days an individual spends in India during a financial year

Incorrect assessment of status and failure to fulfil tax-related obligations can have serious consequences

Instead of steep hikes, states are relying on licence fee increases, reserve price revisions, and recalibration of tax

SC refused to examine a plea challenging Income Tax Act provisions permitting digital access during search operations, calling the concerns speculative and allowing withdrawal of the petition

Govt halves Rodtep benefits to rein in rising payouts amid stagnant exports, tighter Budget allocations, while exempting agriculture and pushing exporters to improve compliance with annual returns

In absolute numbers, the net GST revenue is the third highest in the last six months after January at ₹1.70 trn and October at ₹1.69 trn

The government has come out with draft income tax forms that seek disclosure of tenant-landlord relationship for claiming I-T deductions and increased responsibility of auditors and companies for tax credit claims on foreign income. The draft forms also propose to entrust auditors with greater responsibility for checking PAN duplication and tax liability arising out of adverse audit observation. The new Income Tax Act, 2025, which replaces the six-decade-old law, will come into effect from April 1, 2026. The government has circulated draft Rules and Forms for stakeholder consultation. The final Rules and Forms will be notified next month. The new Form 124 requires disclosure of a relationship, if any, between a tenant (assessee) and a landlord, which tax experts said could act as a meaningful deterrent against fictitious or inflated rental claims, as it introduces transparency at the first point of reporting itself. An assessee claiming House Rent Allowance (HRA) is required to su

The government said it has also modified how it taxes dividend income, replacing the existing flat 10 per cent rate ‌with a split structure

In this session, Richa Sawhney, Partner – Tax, Grant Thornton Bharat talks about the new tax rules, business implications and gives tips to students aspiring to be in tax advisory roles

Under threat of retaliation from the US, G7 leaders pre-negotiated the new terms in June, and Inclusive Framework members rubber-stamped them last month to avoid picking another fight with Mr Trump

The United States has quietly updated its fact sheet on the interim India-US trade framework, removing references to pulses and digital services taxes

Net direct tax collections grow 9.4% to Rs 19.43 trillion till February 10 in FY26, aided by moderation in refunds, CBDT provisional data shows

Earnings in focus amid lacklustre capacity utilisation, and poor pick-up in sales for the latest available FY25 data

Tobacco Board, under the administrative control of the Department of Commerce, has written a letter to Finance Minister Nirmala Sitharaman highlighting the adverse impact of the unprecedented increase in excise duties on cigarettes on the industry, as well as on millions of farmers and workers. The excise hike effective February 1 has resulted in a price increase of up to 60 per cent in real terms. Steep tax increases heightened risk of accelerated illicit cigarette trade, which has emerged globally as a serious economic and governance challenge. The unregulated market deprives governments of substantial tax revenues, undermines legitimate businesses, fuels organised criminal networks, and poses risks to public health and security. "Considering the urgent industry situation and the significant impact on the farming community, I request you to intervene and revise the excessive duty rates on tobacco products," Tobacco Board Chairman Yashwanth Kumar Chidipothu said in a letter dated

As many as 88 per cent of individual taxpayers have moved to the new tax regime and the government is not thinking of bringing in a sunset clause for filing income tax returns under the old regime, CBDT Chairman Ravi Agrawal said on Wednesday. He said selecting a particular tax regime is the choice of the taxpayers, but the response to the new regime has been "very good". "I can tell you that when ITR 1, 2, 3 and 4 are taken together (income tax return forms used by individuals), about 88 per cent of people have moved to the new tax regime. "And insofar as presumptive tax cases, about 97 per cent of the taxpayers have moved to the new tax regime. For corporates, about 60 per cent of the income is now being reflected in the new tax regime," Agrawal told PTI during a post-Budget interview. We believe, he said, with the new MAT (minimum alternate tax) provisions coming in the FY27 Budget, "it will also persuade people to move to the new tax regime". MAT, meant only for companies, is