Tax
Latest news, explainers and analysis on Tax. Tracking 9 stories on Arth Vani.
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Latest on Tax
BreakingICSI Seeks MCA Annual Filing Due Date Extension to Dec 2026 Without Extra Fees
The Institute of Company Secretaries of India (ICSI) has formally requested the Ministry of Corporate Affairs (MCA) to extend the annual filing due date for companies until December 31, 2026. This request specifically asks for the extension to be granted without imposing any additional fees on businesses, aiming to ease compliance burdens for Indian companies.
Centre & States to Draft New Rules for Existing GST Arrest Cases
The Central government and various state governments are set to collaborate on drafting new rules specifically for existing arrest cases under the Goods and Services Tax (GST) regime. This initiative aims to formalize and clarify procedures for individuals already facing arrest-related situations under GST laws, as reported by The Economic Times.
BreakingIndian Middle Class Grapples with Rising Costs: Tax, EMIs, Education, Health Create Strain
India's middle-income households are facing increasing financial pressure from multiple fronts, including income tax, rising EMIs, escalating school fees, and significant healthcare expenses. This combination of essential costs is squeezing disposable income and hindering saving capabilities for many families.
BreakingSC: Electricity Subsidies for Operational Costs Are Taxable Revenue Receipts
The Supreme Court has ruled that electricity subsidies provided to businesses specifically to reduce their operational costs must be treated as taxable revenue receipts. This clarifies the tax treatment of such subsidies, distinguishing them from capital subsidies.
BreakingITAT Mumbai Deletes ₹67.4 Lakh Tax Addition on Ancestral Jewellery, Rejects ₹12 Lakh HUF Brokerage Claim
The Income Tax Appellate Tribunal (ITAT) in Mumbai recently overturned a tax department's addition of ₹67.4 lakh on ancestral jewellery, accepting old records as proof. However, the same tribunal rejected a taxpayer's claim for ₹12 lakh related to Hindu Undivided Family (HUF) brokerage. This ruling highlights the critical importance of robust documentation for both inherited assets and expense claims in Income Tax Returns (ITR).
BreakingITAT Rules on Ancestral Jewellery: Woman's ₹67.4 Lakh Declaration Accepted After Tax Additions
The Income Tax Appellate Tribunal (ITAT) has provided significant clarity regarding the declaration of ancestral jewellery in Income Tax Returns (ITR). This ruling came in a case where a woman had declared ancestral jewellery worth ₹67.4 lakh, which initially led to additions by the tax department before the matter reached the ITAT for resolution.
BreakingGST Rate Rejig Reportedly Aids Consumer Upgrades, Specifics Awaited
A recent headline from The Times of India indicates a Goods and Services Tax (GST) rate rejig is helping consumers upgrade their purchases. However, the provided source material lacks specific details on which products are affected, the exact rate changes, or the effective dates of this development.
BreakingWoman Inherits ₹98 Lakh Bonds, Faces Tax on 30 Years of Unreported Interest
A 63-year-old woman inherited US savings bonds worth $118,000 (approximately ₹98 lakhs) from her late father, only to discover a substantial tax liability on 30 years of interest he never reported. This situation underscores the critical importance for inheritors to understand the tax implications of inherited assets and ensure financial transparency.
BreakingBengaluru Man Wins ITAT Case Over ₹2.33 Crore Online Gaming Tax Demand
A Bengaluru resident successfully challenged an income tax demand of ₹2.33 crore on his online gaming winnings at the Income Tax Appellate Tribunal (ITAT). The ITAT ruled in his favour, providing relief from the significant tax assessment. This outcome highlights the ongoing scrutiny and evolving interpretations surrounding the taxation of online gaming income in India.
Tax figures shown are indicative estimates for education only and depend on your specific situation. Consult a qualified tax professional or the Income-Tax Department before acting.