NEW DELHI: Union Finance Minister Nirmala Sitharaman was all set to introduce revised Income Tax Bill 2025 in the Lok Sabha on Monday.

NEW DELHI: Parliament was informed on Monday that the Central Board of Direct Taxes regularly receives detailed financial data under global tax cooperation frameworks, including the Automatic Exchange of Information (AEOI) with over 100 jurisdictions including Switzerland, which it uses to verify ITRs filed by Indian taxpayers.

NEW DELHI: The Finance Act, 2025, has provided substantial relief under the new tax regime with new slabs and tax rate, the Parliament was informed on Monday.

NEW DELHI: The Income Tax Department on Wednesday informed that it has enabled online filing of income tax return (ITR) form number 3 (ITR-3). Taxpayers who have business income, income from share trading (such as futures and options), or even investments in unlisted shares can now file ITR-3 through the e-filing ITR portal.

NEW DELHI: The government has raised a tax demand of Rs 21,719 crore as a result of assessments completed under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (during July 1, 2015 to March 31, 2025), the Parliament was informed on Tuesday.

NEW DELHI: The use of simplified language in the new Income Tax Bill, 2025 marks a significant shift in making the provisions easier to understand, reducing the potential for misinterpretation and enhancing taxpayer-centricity and compliance, according to Finance Minister Nirmala Sitharaman.

MUMBAI: Veteran actor-filmmaker Anupam Kher has expressed gratitude to the Chief Minister of Madhya Pradesh Mohan Yadav for watching his latest release “Tanvi The Great” and declaring the film tax-free in the state.

PHAGWARA: In a citizen-centric move under the One Time Settlement (OTS) Policy-2025, the Punjab Government has fixed July 31 as the last date for depositing pending property tax with full exemption on penalty and interest. To facilitate this, special tax collection camps are being organized at the Municipal Corporation Office, Phagwara.

CHANDIGARH: The Punjab Legislative Assembly today unanimously passed the Punjab State Development Tax (Amendment) Bill, 2025, and the Punjab Appropriation Acts (Repeal) Bill, 2025, presented by the Punjab Finance Minister, Advocate Harpal Singh Cheema.

NEW DELHI: The Finance Ministry announced on Friday that the tax benefits available under the National Pension Scheme (NPS) will apply mutatis mutandis to the Unified Pension Scheme (UPS), as it is an option under the former.

WASHINGTON: A day before the US Independence Day, President Donald Trump, on Thursday, secured a massive political victory as Congress narrowly cleared his flagship tax and spending bill, advancing his second-term agenda with enhanced funding for his anti-immigration policies.

CHANDIGARH: Punjab Finance, Excise, and Taxation Minister Advocate Harpal Singh Cheema today carried out a surprise inspection of the head office of the Excise and Taxation Department in Patiala. The Minister arrived at the department immediately after lunch, accompanied by Excise Commissioner Jatinder Jorwal, and inspected various branches of the office.

NEW DELHI: The Central Board of Indirect Taxes and Customs (CBIC) kicked off a nationwide ‘GST Pakhwada’ on Monday which will continue till June 30, as part of the upcoming GST Day celebrations on July 1.

LIMASSOL: Highlighting India's rapid economic growth and vast potential at the India-Cyprus CEO Forum, Prime Minister Narendra Modi has said that India has become the fifth-largest economy in the world today and is now on the path to becoming the third largest global economy soon.

NEW DELHI: The last 11 years have seen steady reforms introduced by the Government to make life easier and more dignified for the middle class, with steps ranging from tax relief that leaves more money in their hands to pension schemes that promise security in the old age, according to an official statement issued on Thursday.

AHMEDABAD: The Adani Group's total contribution to the exchequer increased by 29 per cent to Rs 74,945 crore in fiscal year 2025, from Rs 58,104 crore in FY24, through its portfolio of listed entities, it announced on Thursday.

NEW DELHI: Union Finance Minister Nirmala Sitharaman on Saturday highlighted that it was the duty of tax department officials to serve taxpayers and they should undertake this task with “transparency and integrity.”

PHAGWARA: In a major relief to property tax defaulters, the Punjab Government has announced a one-time waiver on interest and penalties for pending property tax dues. Citizens can now clear their arrears without any additional financial burden, provided payments are made by July 31.

WASHINGTON: The Republican-controlled US House of Representatives has narrowly passed a sweeping tax and spending bill, despite prior warnings from budget groups that the legislation would significantly increase federal debt.

AMARAVATI: The Andhra Pradesh government has granted property tax exemption to houses owned by Indian Defence personnel within the gram panchayat limits in the state.

CHANDIGARH: Punjab Chief Minister Bhagwant Singh Mann on Saturday vehemently pleaded the case of state for special package and tax heaven as it always faced the brunt of war from across the border.

NEW YORK: US President Donald Trump has said that Harvard University would lose its tax-exempt status, repeating his intent to enlist the Internal Revenue Service (IRS) in his feud with the university and upend its finances.

NEW DELHI: The Central Board of Direct Taxes (CBDT) has notified the income tax return forms ITR-1 and ITR-4 for the financial year 2024-25 and the assessment year 2025-26.

CHANDIGARH: The Shiromani Akali Dal (SAD) today said the Bharatiya Janata Party (BJP) was trying to befool the people of the union territory by resorting to cheap gimmicks instead of prevailing upon the union home ministry to withdraw the steep hike in property tax.

CHANDIGARH: Senior Congress leader,Former Union Minister and Chandigarh MP Manish Tewari today demanded withdrawal of the exorbitant hike in the house tax and collector rates for registering property in Chandigarh.

CHANDIGARH: Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema on Wednesday handed over appointment letters to two Excise and Taxation Inspectors and two Clerks in the Excise and Taxation Department, reinforcing the department’s crucial role in revenue collection.

PHAGWARA: National Highways Authorities of India have announced to increase toll tax at all Toll Plazas of Highways from Tuesday ie April 1.

NEW DELHI: The Income Tax Department has raised a demand of Rs 2,209.17 crore, including interest, against Yes Bank Ltd, according to a stock exchange filing by the private sector bank.

NEW DELHI: The objective of a taxi service based on cooperative model is to ensure democratic management by active participation of all members, and to ensure that maximum profit earned by such cooperative taxi society is distributed equitably among the taxi drivers who will be members of that society, the government has said.

CHANDIGARH: With no new taxes in 2025-26, but silent on giving monthly Rs 1,000 per month to women as promised before the 2022 Assembly polls, the AAP government in Punjab on Wednesday presented a Rs 2.36-lakh crore budget.

CHANDIGARH: Punjab Finance, Planning, Excise and Taxation Minister, Advocate Harpal Singh Cheema, has issued a directive to maximize taxpayer participation in the GST amnesty scheme introduced for non-fraud cases. The Minister emphasized the importance of proactive engagement through comprehensive public awareness campaigns, utilizing traditional advertising and social media platforms to inform eligible taxpayers about the scheme's benefits.

NEW DELHI: India's direct tax collections recorded a robust 16.2 per cent growth to Rs 25.86 lakh crore during April 1, 2024 - March 16, 2025 of the current financial year compared to the same period of the previous financial year, according to latest figures compiled by the Income Tax Department.

SHIMLA: The Himachal Pradesh government is introducing FASTag-based entry tax collection at all 55 toll barriers in the state in a phased manner to streamline entry tax payments and reduce waiting time for commuters entering the state, an official said on Sunday.

AHMEDABAD: The Adani Group's total global tax and other contributions to the exchequer amounted to Rs 58,104.4 crore for the financial year 2023-24, showcasing a significant increase from the previous year's Rs 46,610.2 crore through its portfolio of listed entities, the company said on Sunday.

LONDON: British Chancellor Rishi Sunak's wife Akshata Murty has said she will pay UK taxes on her overseas income, following a row over her non-domicile status, the BBC reported.

LONDON: British Chancellor Rishi Sunak's wife Akshata Murty has said she will pay UK taxes on her overseas income, following a row over her non-domicile status, the BBC reported.

ANKARA: Turkish President Recep Tayyip Erdogan has announced value-added tax (VAT) cuts on several products to fight inflation.

NEW DELHI: The government must replace the Income Tax Act by the Direct Tax Code as it claims that it has dumped all old legacies, former Finance Minister P. Chidambaram said on Monday.

CHANDIGARH: Punjab Transport Minister S. Laljit Singh Bhullar, on Monday, directed the defaulter bus operators to submit tax at the earliest failing which could invite cancellation of permits and their buses will not be included in the new time table of buses.

NEW DELHI: The Supreme Court on Wednesday held that state legislatures are competent to levy tax on the lotteries run by other state governments or the central government on their territory.

NEW DELHI: Russian President Vladimir Putin on Wednesday signed a law that exempts individuals from value added tax (VAT) on the purchase of gold.

BHOPAL: The Madhya Pradesh government on Wednesday presented the annual budget of Rs 2,79,237 crore for the financial year 2022-23 focusing on infrastructure development and employment generation.

NEW DELHI: An estimation of decadal tax buoyancy (total tax revenue and other individual tax revenues) using double log model reveals that tax buoyancy of total tax revenue and income tax and corporation tax has declined in the current decade (2010-11 to 2019-20) compared to the last decade (2000-01 to 2009-10), the SBI said in a research report.

NOIDA: The Income Tax Department which conducted search operations at the premises of a former IPS officer's residence here in Sector 50, has recovered Rs 5.77 crore in cash.

NEW DELHI: Among the various factors which may have led to a big increase in corporate tax collection, improved profitability of the corporates, formalisation of the economy and improved compliance due to tax reforms are noteworthy, the Economic Survey for 2021-22 noted.

‘How to save tax’ is a common question that arises when doing financial planning. It may have a dual purpose if done correctly: it can help people reach their financial objectives while also saving them money on taxes. Most people are unaware that there are several sorts of tax-saving investments available in the market. Furthermore, with growing medical expenditures, everyone needs adequate insurance or medical coverage. Other than tax-saving insurance policies, this dual advantage is uncommon among tax-saving products.

NEW DELHI:The Mumbai Income Tax team, which is conducting raids at the premises of Uttar Pradesh businessmen Pushapraj Pampi Jain, Anup Jain, Mahavir Prasad, Faizan Malik and Malik Mian, have collected a lot of evidence against them and are examining the balance sheets of FY 2016-2021.

BENGALURU:Bruhat Bengaluru Mahanagara Palike (BBMP), the civic agency of Bengaluru, is seriously considering replicating the Mumbai model of making two doses of vaccination compulsory for those who travel by autos, taxis and public transport.

NEW DELHI:The Income Tax department on Friday conducted raids at 50 premises belonging to Samajwadi Party MLC Pushapraj Jain (Pammi Jain), who also deals in the perfumery compounds business, and another businessman Babu Mian in Uttar Pradesh's Kannauj.

NEW DELHI:Citing Covid-induced inflation as the reason, Delhi Deputy Chief Minister Manish Sisodia has urged the Centre to increase the national capital's share in the central tax, as it has been getting only Rs 325 crore for the last 21 years and said it is unfair to the Union Territory.

NEW DELHI: Delhi Deputy Chief Minister Manish Sisodia will raise the demand to withdraw the increased tax on textiles from earlier 5 per cent to the proposed 12 per cent in the GST (Goods and Services Tax) Council meeting on Friday.

Income tax saving is a dream for the taxpayers that help them save money for themselves though in the legal manner. Ever since the government started imposing tax, individuals have tried their best to find tax saving investment options. The money saved via investment options can be used to generate income otherwise. It can aid in growing the financial asset of the company. But making income tax saving possible is not everyone’s cup of tea. Not every individual is aware of how they can save portions of their hard earned income. 

NEW DELHI: The Income Tax Department on Saturday raided the premises of senior Samajwadi Party national secretary and spokesperson leader Rajiv Rai in Mau district of Uttar Pradesh

CHANDIGARH: With the aim to improve the state of tanneries of Jalandhar, Punjab Industry Minister Gurkirat Singh Kotli today announced to waive off double tax levied on them and non construction charges from wet plots.

TOKYO: The Japanese government has approved a tax plan for the fiscal year 2022, which focused on encouraging businesses to raise wages through tax incentives so as to boost household incomes and help lift consumption dampened by the Covid-19 pandemic.

MUMBAI: Continuing its drive against tax evasion, the CGST Mumbai Central Commissionerate has busted a racket of generating fake Input Tax Credit (ITC) notes worth Rs 35 crore and nabbed the kingpin of the scam, an official said here on Wednesday.

CHANDIGARH: The Goods and Services Tax (GST) cash collection in November, 2021 grew by 32 per cent to Rs 1845-crore in Punjab- the second highest since the Central tax regime came into force. This collection is second only to that in April, 2021 but also the growth rate experienced is third highest in the country across the major States after Odisha and Kerala.

An overlap on games of skill and games of chance could be the key towards a uniform tax rate for India’s nascent online gaming industry.

CHANDIGARH: Taking swift action against tax offenders, Punjab Transport Department has cancelled as many as 125 Bus Permits, including 31 owned by former Deputy Chief Minister Sukhbir Singh Badal and his family members for evasion of motor vehicle taxes.

PANAJI: Taxi and auto drivers from Delhi get 70 per cent of the credit for the formation of the Aam Aadmi Party (AAP) government in the national capital Chief Minister Arvind Kejriwal said on Wednesday.

CHANDIGARH: Income Tax department today morning raided the residence and offices of SAD MLA from Dakha. More than 60 personnel of Income Tax department reached village Ayali 6 AM today.

NEW DELHI:The Income Tax Department carried out search and seizure operations on two groups, one engaged in real estate and hospitality sector and the other, a tools and equipment manufacturing group at Gurugram.

NEW DELHI: Based upon specific intelligence, officers of the Anti Evasion Branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have unearthed a case of availment/utilisation and passing on of inadmissible input tax credit (ITC), through bogus GST invoices without actual movement of goods, of about Rs 34 crore.

AMRITSAR: Taking a decision in the public interest, the Punjab Government has given a golden opportunity to the Office Municipal Council to pay the arrears of property tax under the One Time Settlement Scheme.

NEW DELHI: Advisor to Pakistan Prime Minister Imran Khan on finance, Shaukat Tarin, has said that income tax and GST will have to be paid by everyone, Geo News reported.

CHANDIGARH:Clearing the air on the allegations of injustice by private bus operators, Punjab Transport Minister Mr. Amarinder Singh Raja Warring today clarified that the state government was recovering taxes only for the year 2021 from the private bus operators and no injustice is being done with private players.

NEW DELHI:  The officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East, carried out the detailed analysis and unearthed a network of fictitious exporters who were availing and utilizing fake Input Tax Credit (ITC) of Rs 134 crore under the Goods and Services Tax (GST) with an intent to claim IGST refund fraudulently.

CHANDIGARH:Continuing checking operations, the flying squads of the Punjab Transport Department today impounded 10 buses of tax evading private operators in five districts.

GURDASPUR: The Transport Department, Gurdaspur today in a major operation in the district seized 25 buses belonging to large private companies operating without tax and without time.

CHANDIGARH: Keeping a constant vigil on tax evaders, the Enforcement wing of Punjab GST Department has imposed penalty of Rs. 10.44 Crore during the month of April 2021.

CHANDIGARH: The Punjab Subordinate Services Selection Board, Punjab has issued an advertisement to fill 168 vacancies of Excise and Taxation Inspector, Senior Industrial Promotion Officer and Block Level Extension Officer.

CHANDIGARH: Aiming to curb the menace of corruption among the society, the Punjab Vigilance Bureau today nabbed a private person for offering Rs. 50000 to Addl Commissioner state tax (ACST) in lieu of exempting GST on tobacco products.

CHANDIGARH: In the ongoing fight against Corona Virus, the Punjab government has appointed two nodal officers to facilitate the individuals/ organizations in getting tax exemption on any Covid relief to be imported into the state from abroad.

CHANDIGARH: The Aam Aadmi Party (AAP) demanded from the Union government and the Punjab government to waive the debts of the traders as all trades had come to a standstill due to the lockdown following the Covid-19 pandemic. In a joint statement on Wednesday,

NEW DELHI: In a paradox of sorts, tax collections have significantly improved in the past few months despite the ongoing Covid-19 pandemic and its impact on the economy.

NEW DELHI: The Central Bureau of Investigation has arrested two Inspectors working at the Investigation Unit of Income Tax Department, Ballard Pier, Mumbai for accepting bribe of Rs.15 Lakh from the complainant.

NEW DELHI: United States Treasury Secretary Janet Yellen has argued for a global minimum corporate tax rate.
Wall Street Journal reported that President Biden's proposal to raise the corporate tax rate to 28 per cent from 21 per cent would push the US from the middle of the pack among major economies to near the top.

NEW DELHI: A CBI court on Tuesday sentenced Ashutosh Verma, the then Deputy Director (Investigation) of the Income Tax and two others to one year rigorous imprisonment with Rs one lakh fine each.

NEW DELHI: Contributions made by home-owners of a cooperative housing society (CHS) towards a sinking fund meant for future upkeep of the society will be subject to the goods and services tax (GST).

WASHINGTON: US Treasury Secretary Janet Yellen on Monday called for a global minimum tax rate on corporations that would provide a more level playing field for all countries.

WASHINGTON: US President Joe Biden is considering an increase in the corporate income tax rate, as one of the tax proposals to offset the cost of the upcoming long-term investment plans, Treasury Secretary Janet Yellen said.

NEW DELHI: The government has put yet another ceiling on tax-free contribution made to provident funds. Replying to the debate on Budget 2021-22, Finance Minister Nirmala Sitharaman said that a ceiling of Rs 5 lakh per annum would be applied in those cases where there is no contribution towards provident fund (PF) by the employer.

NEW DELHI: Considering the sharp hike in prices of petrol and diesel, Union Minister of State for Finance, Anurag Thakur, on Monday suggested the states to think about reducing taxes on petroleum products.

CHANDIGARH:There is no proposal to increase the tax on private vehicles (Personalized Motor Vehicles) in Punjab and the tax rates, which were notified on February 12, 2021, are still applicable in the state.

NEW DELHI:The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, arrested Ravinder Kumar (aka Ravinder Garg), resident of New Delhi, on charges of creating and operating fictitious firms on forged documents.

BENGALURU:The Karnataka Budget for ensuing fiscal 2021-22 has not proposed increase in state tax on petrol or diesel to avoid financial burden on the people, said Chief Minister B.S. Yediyurappa on Monday.

NEW DELHI: Consumers can be spared from a rally in retail prices of petrol and diesel if the two auto fuels are brought under the GST regime, but lack of political will and hesitancy to let go a major source of revenue for governments is keeping the product prices one of the highest in the world, economists at SBI said on Thursday.

BENGALURU: The Enforcement Directorate (ED) has attached assets valued at Rs 79.70 lakh of income-tax official Abhishek Tripathi and his family on charges of money laundering, an official said on Thursday.

NEW DELHI:The Central Board of Direct Taxes will provide relief to NRIs, foreign visitors facing double taxation for overstaying in India due to lockdown and suspension of international flights during current financial year (FY21).

NEW DELHI: The share of cess and surcharge in gross tax revenue has nearly doubled to 19.9 per cent in FY21, from 10.4 per cent in FY12.
This has resulted in the decline in the central transfer to states, including non-finance commission transfers. Such transfers from the Centre to states has declined to 48.6 per cent in FY20 from 53.4 per cent in FY12, said a report by India Ratings.

CHANDIGARH:In a bid to bring far more efficiency, and streamline the functioning of Excise & Taxation, Town & Country Planning, Medical Education & Research and Rural Development and Panchayats, the Punjab Cabinet on Monday approved the restructuring plans of these four departments.

NEW DELHI: Government is all set to walk away with the highest level of excise duty collection from the petroleum sector this year, even as fuel consumers continue to face persistent increase in petrol and diesel prices that has taken the retail prices to historic high levels across the country.

LUCKNOW: The Yogi Adityanath government in Uttar Pradesh has said that there is no proposal to reduce tax on petrol and diesel as revenue is needed to ensure betterment of health services and other development works due to the Covid-19 pandemic.

MUMBAI: The proposed US capital gains tax will drive in more FII inflows into India as well as other emerging markets, analysts predicted on Wednesday.

CHANDIGARH: To simplify the procedure for realization of motor vehicle tax and its refund where applicable, the Punjab Cabinet led by Chief Minister Captain Amarinder Singh on Wednesday gave approval to amend Section 3 and Schedule of the Punjab Motor Vehicle Taxation Act, 1924 (Amended).

NEW DELHI: Fuel prices have started to pinch consumers harder as petrol has become costlier by nearly 3.75 per cent and diesel about 4.5 per cent in the last 17 days, since the announcement of the new agriculture infrastructure and development cess in Budget 2021-22.

NEW DELHI: Amid rising fuel prices, the Congress on Tuesday demanded immediate withdrawal of taxes on the petroleum products, and alleged that in the last over six years the government has earned more than Rs 20 lakh crore through taxes even as a common man suffers.

NEW DELHI: Members of clubs, including sporting bodies and professional institutions will now have to fully comply with tax regulations and pay GST for any goods and service they receive from facilities to which they themselves are members or constituents.

SAN FRANCISCO: Tesla CEO Elon Musk in a new interview revealed that he approached the Joe Biden administration about implementing a carbon tax in the US, but he was told the idea was essentially "too politically difficult."

CHANDIGARH: Chandigarh Tax Bar Association today organized a study circle session on ' Budget 2021' at Sales Tax Bar Room, Sector 17, Chandigarh. Mr. Parveen Aneja , President, Chandigarh Tax Bar Association graced the occasion while General Secretary, Sanjeev Khurana conducted the proceedings of the session. The session was attended by around 50 Senior Members of the Association and Income Tax Lawyers.

NEW DELHI: The government was pushed into putting restrictions on tax free interest earnings on employees' contribution to various provident funds in this year's Budget after a scrutiny of accounts revealed that certain high networth individuals (HNIs) were using the saving scheme to pump money running into hundreds of crores to escape paying taxes and get assured returns.

NEW DELHI: The levies on petrol and diesel will once again provide lion's share of the new agriculture infrastructure and development cess introduced by the government in Budget 2021-22.

NEW DELHI: The ongoing farmers' protest had an impact on the Union Budget as Finance Minister Nirmala Sitharaman announced a cess for agriculture infrastructure and development, instead of a Covid cess, said Ved Jain, a specialist in direct taxes and former president, The Institute of Chartered Accountants of India.

CHANDIGRH: The Punjab Cabinet led by Chief Minister Captain Amarinder Singh on Monday approved the Punjab Excise Policy 2021-22 with a projected target to mop up Rs.7002 crores through excise revenues as against the current year’s revenue of Rs.5794 crore, showing an increase of 20%.