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The income tax appellate tribunal's (ITAT) Mumbai bench has held that the absence of a formal gift deed cannot, by itself, justify treating a property purchase as an 'unexplained investment' when the source of funds is clearly identifiable. Under I-T laws, if income or an asse...
India's gross Goods and Services Tax (GST) collections moderated to Rs 1.94 lakh crore in May 2026 from a record Rs 2.42 lakh crore in April, though revenues remained 3.2% higher than the Rs 1.88 lakh crore collected in the same month last year, according to official data rele...
India]: The Confederation of All India Traders (CAIT) on Sunday called for further simplification of the Goods and Services Tax (GST) regime, arguing that while tax collections have risen sharply since its introduction in 2017, compliance challenges at the ground level continu...
A Mumbai taxpayer who declared annual income of just Rs 6.30 lakh found himself facing a tax addition after the Income Tax Department noticed that he had paid credit card bills worth Rs 27.65 lakh in a year, including nearly Rs 14 lakh in cash.The tax department treated the ca...
The Income Tax Department has begun the phased rollout of online filing and Excel utilities for ITR-1, ITR-2 and ITR-4 on the e-filing portal for Assessment Year (AY) 2026-27. With the utilities now available, taxpayers can start filing income tax returns for Financial Year (F...
Goldman Sachs' expects merger and acquisition volumes for the industry this year are on course to approach a 2021 record, with corporate activity driving dealmaking, its president John Waldron said on Thursday."We're on track to be near the record, if not breaching the record...
The newly enacted Income-tax Act, 2025 (ITA 2025), is largely intended to simplify and reorganise tax provisions rather than materially alter the taxation framework for capital gains and losses.Accordingly, investors carrying forward losses from shares and mutual funds are not...
In a judgment with profound implications for the gaming industry, the Supreme Court on Wednesday upheld the constitutional validity of the Centre’s retrospective levy of 28% Goods and Services Tax (GST) on the full face value of bets placed on online gaming platforms, in...
Thanks to the Liberalised Remittance Scheme (LRS), Indian residents can remit up to USD 2,50,000 each financial year. As a result, more and more Indian investors are opening brokerage accounts in the USA to invest in stocks listed on the NYSE and NASDAQ.This trend has really g...
In a peculiar case, income-tax officials during reassessment considered the entire income reflected in Form 26AS as taxable in the hands of a Mumbai based taxpayer. However, no credit was given for tax that had been deducted at source (TDS).The Mumbai bench of the Income Tax A...
A key provision in the newly notified Income-tax Rules, 2026 — effective April 1 — has brought back focus on the powers of tax officers to estimate a taxpayer’s income in certain situations.Under Rule 9 of the new rules, the Assessing Officer (AO) can step in...
In a big move to encourage deep-tech startups, the Andhra Pradesh government is set to create an "angel fund" to help startups in AI, deep tech, electronics, quantum technologies and advanced manufacturing.The state is launching a dedicated seed fund, in collaboration with Sma...
The Income Tax Department on May 27, 2025 enabled ITR-2 online filing and excel utility for A.Y. 2026-27 on the e-Filing ITR portal. This means students, pensioners, salaried and others who are not required to undergo an income tax audit can now start filing their ITR You can...
Union Finance Minister Nirmala Sitharaman on Monday said the government is willing to listen to concerns raised by stock market investors regarding the tax system, including issues related to Long-Term Capital Gains (LTCG) and Short-Term Capital Gains (STCG) taxation.Speaking...
Wrong Permanent Account Number (PAN) entries, duplicate transactions and double counting in joint accounts are emerging as key issues in the Income-tax Department's Annual Information Statement (AIS), often resulting in mismatches, scrutiny notices and difficulties in filing r...
Union Commerce and Industry Minister Piyush Goyal on Monday said India and Canada are working to conclude negotiations for the proposed Comprehensive Economic Partnership Agreement (CEPA) by the end of this year, as both countries seek to reset bilateral ties and significantly...
For three decades, economic development followed a relatively predictable script: integrate into globalisation, industrialise through exports, attract foreign capital and move steadily up the value chain. That script is now breaking down. The age of frictionless globalisation...
The Indian rupee ended Monday’s trade on a positive note, as the currency appreciated sharply, returning to the 95 territory against the greenback, and hitting a two-week high. This was aided by growing optimism over a potential peace deal between US and Iran, which help...
India’s consumption story may no longer be best understood through supermarket sales or traditional household baskets. According to Kotak Mutual Fund’s latest study, consumption patterns now require looking beyond volume growth. Ticketed live events have climbed, p...
A series of hikes in petrol and diesel prices at the retail level has triggered concerns over rising inflation, with economists estimating an addition of around 30 basis points to the near-term outlook. However, they are yet to revise their inflation outlooks for the full fina...
Nvidia CEO Jensen Huang said on Saturday that his forecast of a $200 billion market for CPUs includes China, signalling Nvidia still sees significant long-term demand in the market amid ongoing U.S.-China technology tensions.Central processing units have taken centre stage as...
A string of startup shutdowns and strategic pivots in the artificial intelligence space is prompting venture capital (VC) firms to become more selective, with investors increasingly moving away from generic AI offerings and focusing instead on businesses with stronger differen...
The new Income Tax Act, 2025 and Income Tax Rules, 2026 have introduced significant changes relating to PAN quoting, PAN usage and Form 60 (now re-engineered as Form 97). With these new regulations, the requirement to quote PAN for specific transactions has either been elimina...
As part of the ongoing efforts towards strengthening data quality, traceability, and operational efficiency in the E-Way Bill (EWB) system, certain functional enhancements are proposed to be introduced in the EWB portal.The advisory covers the following proposed changes:a)Mand...