Month: January 2025

Income Tax in Media

Budget 2025 income tax new versus old regime: Top 7 expectations of taxpayers from FN Sitharaman

byAdmin

The announcement of new income tax regime in India’s Union Budget 2020 was a progressive step by the Hon’ble Finance Minister Sitharaman towards simplification and moving away from administratively heavy tax exemption regime. This paved the way for taxpayers to pay income tax at a reduced slab rate in exchange for most of the exemptions and deductions otherwise available under the old income tax regime.

GST ArticleHigh Court

High Court remands back matter relating to levy of GST on transfer/assignment of Leasehold rights directing Department to consider Gujarat HC Judgment

byCA Bimal Jain

The Hon’ble Bombay High Court in the case of Panacea Biotec Limited Vs Union of India & Ors set aside the SCN issued and order passed relating to levy of GST on the transaction relating to assignment of leasehold rights by a lessee to third party for on account of non-consideration of reply at the time of passing of order.

Income Tax Notification

Notification no. 11/2025 dated 27.01.2025- Income tax

byAdmin

CBDT issued notification no. 11/2025 dated 27.01.2025 whereby the Central Government approves ‘Shri Chaitanya Health and Care Trust’ for its unit ‘Bhaktivedanta Hospital & Research Institute’, Thane, Maharashtra, for ‘Scientific Research’ under the category of ‘University, college or other institution’ for the purposes of section 35(1)(ii) of the Income-tax Act, 1961 read with rules 5C and 5E of the Income-tax Rules, 1962.