CAclubindia News
Income Tax Bill 2025 Cuts Word Count by 50%, No Change in Tax Rates: Baijayant Panda
25 July 2025 at 09:17Income Tax Bill, 2025 aims to simplify compliance with no change in tax rates. Baijayant Panda highlights 50% word count reduction, easier language, and 566 suggestions from the Select Committee report.
Finance Ministry Says No to IBC Loan Waiver Exemption in Income Tax Bill 2025
25 July 2025 at 09:08Finance Ministry rejects MCA's proposal to exempt IBC loan waivers from income tax under the Income Tax Bill, 2025, citing policy and judicial precedent. Experts warn this could discourage resolution applicants and hurt asset recoveries.
CBDT Grants Section 35 Approval to IQRAA Hospital for Scientific Research Contributions
25 July 2025 at 09:00CBDT approves IQRAA International Hospital & Research Centre, Kozhikode for scientific research under Section 35(1)(ii) of the Income-tax Act. Valid for AY 2026-27 to AY 2030-31
GST Compensation: Centre Settles Dues for All States Except Arunachal & Manipur
25 July 2025 at 08:50The Centre has cleared all provisionally admissible GST compensation dues for states and UTs, except Arunachal Pradesh and Manipur. A new mechanism to replace the abolished compensation cess is under review by a Group of Ministers.
CBDT Approves Gitarthganga for Tax Deduction under Section 35 for Social Science Research
25 July 2025 at 08:44CBDT has granted approval to Gitarthganga, Ahmedabad (PAN: AAATG1334K), as a recognized institution for conducting Social Science or Statistical Research under Section 35(1)(iii) of the Income Tax Act, 1961.
India Collects Rs 437 Crore in Crypto Taxes in FY24
24 July 2025 at 09:33India collected Rs 437 crore in crypto taxes in FY24, up 62% from FY23. Govt boosts compliance with TDS, data analytics and taxpayer alerts
No Relief for Crypto: Finance Ministry Upholds 1% TDS in New Income Tax Bill
24 July 2025 at 09:26Income Tax Bill, 2025: Finance Ministry rejects proposal to ease TDS norms on crypto trades. Industry flags risk of offshore migration.
Black Money Act: Govt Raises Rs 35,105 Crore in Tax Demands, Recovers Only Rs 338 Crore
24 July 2025 at 09:16The Finance Ministry informed Parliament that Rs 35,105 crore in tax and penalties have been raised under the Black Money Act, 2015, but only Rs 338 crore has been recovered so far.
1 in 5 GST Taxpayers is a Woman, Says SBI Report
24 July 2025 at 09:04SBI research report reveals that women now make up 20% of GST-registered taxpayers, 15% of income tax filers, and hold 40% of bank deposits, underscoring their growing role in India's formal economy.
Gameskraft Case: Supreme Court Hears Final Arguments on 28% GST on Casinos and Online Gaming
24 July 2025 at 08:52The Supreme Court resumed hearings on the legality of 28% GST on online gaming and casinos, with senior advocates challenging Rule 31A and the taxation of face value of bets as ultra vires the CGST Act.
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