CORPORATE TAX REVENUE INDIA

Form panel to tackle pending tax appeals: Parliamentary panel

A parliamentary committee urged the revenue department to form an expert panel for resolving litigation, with 621,000 tax appeals worth ?29.79 lakh crore pending across courts. The panel noted manpower shortages and high litigation costs, stressing urgency. It also recommended segregating Personal Income Tax data, highlighting that current figures include substantial business income.

IBBI makes detailed disclosure of carry-forward losses in insolvency process mandatory

The IBBI has mandated that insolvency professionals must include the quantum of carry-forward losses under the Income Tax Act, 1961 in the information memorandum during the insolvency process. This requirement aims to provide potential resolution applicants with a clearer understanding of the corporate debtor's financial position.

Rework the CSR framework to incorporate a sliding scale of contributions and tax breaks

Indian companies contributed nearly ?30,000 cr to CSR in 2022-23, focusing on education and healthcare. There's a need for a more equitable CSR model, linking contributions to profitability and promoting national imperatives over personal interests. Strategic tax breaks could drive genuine corporate engagement in social causes.

Bill to hike motor vehicles tax tabled in Maharashtra assembly

A bill to amend the Maharashtra Motor Vehicles Act 1958, aimed at increasing vehicle tax for additional revenue, was tabled in the assembly. The bill includes a 1% tax hike on CNG/LPG vehicles, 6% on EVs over Rs 30 lakh, and 7% on construction and light goods vehicles.

Uber India logs 41% rise in operating revenue at Rs 3,762 crore; loss narrows 71%

Improvement in ride-hailing services and growth in support and service operations helped slash losses from Rs 311 crore to Rs 89 crore. Over the past five to six years, Uber has focused heavily on the mobility segment. In FY24, its ride-hailing revenue in India rose by 19% to Rs 806 crore, up from Rs 678 crore last year.

Income tax offences: To avoid jail term when can you use income tax compounding provisions; CBDT issues new FAQ

Income tax: The Central board of Direct Taxes (CBDT) has released new FAQs on compounding of offences. Under these provisions if you have any pending income tax case and want to settle this then you may apply for compounding of offences and get the case dropped. This can also help you avoid jail term if the tax department has imposed any criminal case.

From compliance to strategy: The evolving role of tax functions in Indian businesses

India's private sector is in better position to invest, compared with decade ago: Crisil Intelligence

India's private sector is better positioned for investments due to improved financial health and reduced debt levels, driven by low capex and government initiatives. While domestic demand is set to recover, global uncertainties pose challenges. Nonetheless, measures to boost consumption and lower interest rates are expected to gradually increase corporate investments.

Aluminium industry seeks extension of benefits under RoDTEP for export units

The Aluminium Association of India (AAI) has appealed to the government to extend the RoDTEP Scheme for aluminium-producing units in SEZs. With nearly 45% of aluminium exports coming from these units, the AAI warns that failure to extend the scheme could harm global competitiveness, lead to job losses, and hinder domestic growth amidst ongoing trade uncertainties.

This tax-free perquisite value for salaried employee will see a positive change in New Tax Bill 2025

Tax free perquisite: Experts say due to a tweak in language of the new tax bill, 2025 now tax free perquisite may include employee commuting costs through reimbursements, or transportation through employer owned/operated vehicles, and many more. Shalini Jain, Tax Partner, EY India says, "This could potentially reduce administrative burdens and make it easier for both employers and employees to comply with tax regulations."

DOGE's IRS takeover: Internal Revenue Service thrown into turmoil at height of tax season; here's what's happening

DOGE’s takeover of the IRS has thrown the tax season into turmoil, with massive layoffs, leadership changes, and concerns over taxpayer data security. Nearly 45,000 IRS employees are set to lose their jobs, and legal experts warn of privacy risks as DOGE pushes for access to sensitive records. The IRS’s top lawyer has already been demoted, sparking controversy. As tax deadlines loom, both taxpayers and government officials are questioning the impact of these drastic changes. Will the IRS recover, or is this the start of a major transformation?

India’s macro challenges need solutions, but political urgency is missing

In India, macroeconomic policy faces significant challenges due to structural weaknesses, including high dependence on agriculture and a low share of manufacturing in GDP. Fiscal policy struggles with revenue shortfalls and constrained spending, while monetary policy lacks coherence and credibility. An urgent, coherent economic strategy is needed.

Expenditure on salaries, pensions of employees to be highest in Himachal budget 2025-26

Himachal Pradesh's 2025-26 budget allocates a significant portion to salaries and pensions, with 45% combined expenditure. Developmental works account for 24% of the budget, while interest and debt repayments add up to 22%. Revenue expenditure is projected at Rs 48,733.04 crore, with a substantial fiscal deficit expected.

Most unicorn founders not natives, Pai says, urging CM not to create illiberal environment

Venture capitalist Mohandas Pai cautions Karnataka's chief minister Siddaramaiah against creating an illiberal environment that could stifle Bengaluru's growth. He highlights high taxes and infrastructural issues as primary concerns. Pai emphasizes the urgent need for economic reforms and responsible governance to ensure the city's prosperity.

Net direct tax collection till March 16 up 13.13% to 21.26 lakh

India's net direct tax collections have reached Rs 21.26 lakh crore by March 15, up 13.13% year on year. Boosted by advance tax collections of Rs 10.44 lakh crore, the collections will comfortably meet the revised target of Rs 22.37 lakh crore for the current fiscal year.

India's direct tax collections rise 16.2% to Rs 25.9 lakh crore as of March 16

India's direct tax collections have grown by 16.15% year-on-year, reaching Rs 25.86 lakh crore in FY 2024-25. The growth is driven by higher corporate and non-corporate tax revenues, with corporate tax collections at Rs 12.40 lakh crore and non-corporate tax collections at Rs 12.90 crore.

Sovereign Gold Bond: Final redemption of SGB 2016-17 Series IV; investors to make 193% profit at maturity; check details

The Reserve Bank of India has announced the final redemption rate for the Sovereign Gold Bond 2016-17 Series IV, which matures today. The final redemption price is Rs 8,634 per gram based on the simple average closing gold price for the three business days.

Allchem Lifescience files IPO papers with Sebi; aims to raise Rs 190-cr via fresh issue

Drug maker Allchem Lifescience has filed preliminary papers with markets regulator Sebi seeking its approval to raise funds through an initial public offering (IPO). The Gujarat-based company's proposed IPO comprises fresh issue of equity shares aggregating up to Rs 190 crore and an offer for sale (OFS) of 71.55 lakh equity shares by promoters, according to the draft red herring prospectus (DRHP).

CBDT clarifies exemptions from principal purpose test in double taxation avoidance agreements

India's Central Board of Direct Taxes (CBDT) has clarified that exemptions from the Principal Purpose Test (PPT) under some tax treaties won't hinder domestic anti-abuse rules. This move reassures investors that past investments won't be reevaluated, ensuring consistency in tax law interpretation while preventing treaty abuse.

NRI status and tax: Job search abroad part of non-resident stay, rules Mumbai ITAT

The Income-tax Appellate Tribunal in Mumbai ruled that days spent abroad for job searching count towards non-resident status if time in India is less than 182 days. This decision favors M Gulati, whose overseas income of Rs 1.2 crore was initially taxed. The ITAT clarified rules for non-resident tax status, providing clarity for individuals seeking employment abroad.

Central taxes as a proportion of total revenue receipts have reduced significantly: Tamil Nadu Finance Minister

Tamil Nadu Finance Minister Thangam Thennarasu highlighted the significant reduction in central transfers from the Union Government during the state budget presentation for 2025-26. This reduction has strained state finances, with funds being withheld and minimal releases for disaster relief. Despite this, the state government is increasing its own revenues and allocating funds for development projects.

Yes Bank goes live with GST payment facility

Yes Bank has launched a GST payment facility, enhancing its digital banking services. The facility allows businesses to meet tax obligations quickly and securely via the bank's internet banking platforms or branch network. Taxpayers can generate GST challans on the GST portal and complete payments through Yes Bank’s NetBanking or over-the-counter options, receiving real-time confirmations.

Safe harbour regime is a big hurdle in GCC growth path, say experts

Experts urge reforms in India’s transfer pricing laws to boost Global Capability Centres (GCCs). They recommend a flexible safe harbour regime, tax incentives, single-window clearances, and talent development to enhance India’s competitiveness and attract more GCC investments.