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DIRECT TAX TO GDP RATIO
Reimagining tax compliance through trustIn 2025, the Income Tax Act sets the stage for a new paradigm in tax compliance within India. This legislation prioritizes transparent dial...- Property seller accepts Rs 5.52 lakh cash from buyer, faces income tax penalty; ITAT Cuttack grants relief due to this technical reasonIn a notable case, Mr. Choudhury was penalized by the Income Tax Department for accepting cash during a property sale. His Chartered Accoun...
- India's 'achievable' FY27 direct tax target faces a make-or-break second halfIndia's budgeted direct tax collection target for this fiscal year is Rs 26.97 lakh crore. Current collections are at approximately 53 perc...
- AI to stay dominant force behind US business investment in 2027, Goldman saysGoldman Sachs forecasts that artificial intelligence-related spending will reach approximately $1.4 trillion by the end of 2027. This spend...
- India's net direct tax mopup rises 11.76%India's net direct tax collections have risen 11.76% year-on-year to ₹14.42 lakh crore as of November 10. This growth is largely due to inc...
- India's net direct tax collections rise 11.8% to Rs 14.42 lakh crore from April 1 to Nov 10India's net direct tax collections recorded an increase of 11.76% to reach Rs 14.42 lakh crore. Gross direct tax collections rose by 14.02%...
- Capital gains on debt funds and bonds updated: What are changes for Tax Year 2026?For many investors, debt products like debt mutual funds, debentures, listed and unlisted bonds, market linked debentures still hold utmost...
- Budget 2027-28: PHDCCI urges govt to scrap LTCG tax on equities, cut STCG tax to 10%PHD Chamber of Commerce and Industry has made recommendations for the Union Budget 2027-28. They have proposed abolishing long-term capital...
- Cement trader deposits Rs 14.74 lakh during demonetisation, gets tax notice over Rs 5.72 lakh unexplained cash; wins case in ITAT CuttackMr. Patra, a cement trader from Balasore, encountered problems with the Income Tax Department over cash deposits that were deemed unexplain...
- SEBI's new direct mutual fund rule kicks in from November 1. What changes for investors and should you switch?SEBI has mandated mutual fund houses to make direct plans the default choice on digital platforms starting 1 November. While direct plans o...
- Rs 48 lakh in cash received from the sale of two properties, paid capital gains tax but received an income tax notice; taxpayer wins the case in ITAT Cuttack for this reasonMr. Purushottam residing in Kabisurya Nagar, encountered a penalty for accepting cash payments linked to his property sales. He sold two pr...
- Rs 8.02 lakh leave encashment tax exemption denied: Retired employee wins case in ITAT SuratRetiree Mr. Patel from Bharuch, Gujarat, sought a complete tax exemption on Rs 8.02 lakh of leave encashment. Initially, his company certif...
- Farmer bought land at less than stamp duty value, got income tax notice; How DVO report helped him win Rs 18.24 lakh tax dispute in ITAT SuratMr. Desai, encountered difficulties with the Income Tax Department after purchasing land for a price less than the stamp duty value. The In...
- Budget 2027–28: ASSOCHAM calls for tax reforms to boost investment, manufacturing, ease of doing business and tax certaintyASSOCHAM has called for a series of Direct and Indirect Tax reforms in the Union Budget 2027–28 to boost investment, strengthen domestic ma...
- Insurance agent deposits Rs 35 lakh cash collected from policyholders in his bank account, gets tax notice; he fights and wins in ITAT JaipurPolicyholders gave Rs 35 lakh cash as insurance premiums which agent deposited in his bank a/c; Income Tax Dept sent agent notice for unexp...
- Son gets income tax notice for Rs 33.23 lakh in property investment and cash; he gets relief in ITAT Jaipur for this reasonMother sold 642 grams gold jewellery, gifts the amount to son via notarised gift deed, son buys property and deposits cash in bank but gets...
- Explained: Why Sebi wants mutual fund investors to switch to direct plansSebi has directed mutual fund houses to make direct plans the default option on digital platforms. This change will take effect from Novemb...
- Fiscal deficit likely to exceed FY27 target by up to Rs 1.2 lakh croreIndia's fiscal deficit for the year 2026-27 is projected to exceed the budgeted target by a significant amount. The anticipated deficit may...
- India likely to meet FY27 fiscal deficit target despite spending pressures: Goldman SachsThe Centre appears on track to meet the fiscal deficit target set for FY27. Strong corporate tax collections are offsetting some revenue pr...
- With G-sec yields rising, countries have no alternative but to increase their bullion holdingsIn India yield on T-year G secs has increased by 0.4 percentage points over the same period. Unfortunately, governments are confronting the...
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