Nearly two-thirds of external commercial borrowings (ECBs) raised so far in the ongoing financial year (2025-26/FY26) have been routed through Gujarat International Finance Tec-City (GIFT City), a sharp jump from the 36 per cent recorded in 2024-25.
The Supreme Court has said that selling land or property is not a service under the Finance Act, 1994, so such sales cannot be charged with service tax.
'Tax cases are technical in nature... Many high courts do not have a tax bench, which also contributes to the delay.'
One of the most exploited provisions is Section 10(13A), which permits exemption on HRA.
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
Submitting a late return helps you stay compliant with tax regulations and avoid legal issues.
'If an individual makes significant financial investments, she should stick to the old regime.' 'If the individual prefers straightforward computation without any tax benefits, the new regime would be suitable.'
Many seniors mistakenly believe they need not file returns if tax is deducted at source (TDS) on income received. This is incorrect.
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
Foreign portfolio investors (FPIs) from Mauritius may face higher scrutiny after the amendment in the India-Mauritius tax treaty introduced a principle purpose test (PPT) to prevent treaty abuse by taxpayers. The Mauritius government had in February decided to amend the double taxation avoidance agreement (DTAA) with India to align with the Organisation for Economic Co-operation and Development's proposal on base erosion and profit shifting. Although the agreement between India and Mauritius was signed on March 7, the protocol of the amendment was made public for the first time on Wednesday, said legal experts.
The choice of tax regime dictates how your income will be taxed. If you don't make the right pick, you might end up losing money.
Taxpayers with old, outstanding taxes will benefit from the CBDT's new scheme.
Understanding tax residency rules and maintaining proper documentation is imperative to ensure smooth tax compliance.
Justice D G R Patnaik passed the order while hearing a criminal miscellaneous petition filed by Swaraj Thackeray alias Raj Thackeray for quashing the complaint petition filed by Sudhir Kumar Pappu, an advocate at Jamshedpur.
The Vivaad se Vishwas scheme is a replica of the Sabka Vishwas (Legacy Dispute Regulation) Scheme, 2019 (SVLDRS) for indirect tax litigation. The hope is that this would unlock revenue blocked in long-drawn litigation at various forums. Sources in the department say the total value at stake in these disputes would be Rs 5-6 trillion.
Also, a dedicated cell, headed by a member of the Central Board for Direct Taxes (CBDT), will be set up to address concerns faced by start-ups.
The new scheme came into effect on Thursday. However, even after a scrutiny assessment, appeals will continue to be done through personal representation.
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