DGFT
DGFT Notif. 24/2025-26 dt 11.08.2025
DGFT issued Notification No. 24/2025-26 dated 11.08.2025 regarding Port restriction on import of certain goods from Bangladesh to India under ITC (HS), 2022 Schedule 1 (Import Policy)
GST
Banks recommend new GST slab of Rs 1 crore to curb merchants ditching digital payments
The department of financial services (DFS), in the last few months, has sought comments on the existing Goods and Services Tax (GST) slab for filing the tax returns from banks, the Reserve Bank of India and the National Payments Corporation of India with some lenders suggesting higher annual turnover threshold for merchants, according to three banking sources aware of the matter.
Tax evasion complaints: Excise, central GST teams raid top salons in Chandigarh
The excise department and central GST teams on Friday raided over a dozen prominent salons in Sectors 8, 9, 26, and 35 after multiple complaints of goods and services tax (GST) evasion surfaced.
Karnataka witnesses 5-fold jump in GST tax evasion at Rs 39,577 cr in FY25
Central GST officers in Karnataka detected tax evasion of Rs 39,577 crore in 2024-25 fiscal year, an over 5-fold jump from the year-ago period, Parliament was informed on Monday.
GST Intelligence asks Google to take down 6 gambling websites over tax evasion claims
The Director General of GST Intelligence (DGCI) under the Department of Revenue has sent a take-down notice to Google, flagging six online gaming and gambling entities for not registering in the country and failing to pay Integrated Goods and Services Tax (IGST).
Gameskraft GST SC Day 31 hearing: SC concludes oral hearings after 90+ hours, reserves judgement
The Supreme Court today concluded hearings in the Gameskraft batch of GST cases after 31 days of substantive arguments spanning more than 90 hours. Judgment is now reserved, with parties allowed two weeks to file their final written submissions. Matters relating to the challenge to Rule 31A of the GST Rules by turf clubs and challenge to Rule 31C by casino operators have been de-tagged and will be heard separately.
Income tax
Notification no. 127/2025 dated 01.08.2025- Income tax
CBDT issued notification no. 127/2025 dated 01.08.2025 to provide exemption u/s 10(46) to “Haryana State Pollution Control Board”, in respect of the following specified income arising to that Board, namely:-
Notification no. 128/2025 dated 01.08.2025- Income tax
CBDT issued notification no. 128/2025 dated 01.08.2025 to provide Exemption u/s 10(46) of the Income tax Act, 1961 to , ‘All India Council for Technical Education’, New Delhi, in respect of the following specified income arising to that Council, namely:-
Notification no. 129/2025 dated 01.08.2025- Income tax
CBDT issued notification no. 129/2025 dated 01.08.2025 to provide Exemption u/s 10(46) of the Income tax Act, 1961 to ‘West Bengal Municipal Development Fund Trust’, in respect of the following specified income arising to that Trust, namely:-
Notification no. 130/2025 dated 07.08.2025- Income tax
CBDT issued notification no. 130/2025 dated 07.08.2025 to provide Exemption u/s 10(46A)(b) to “Uttarakhand Pollution Control Board”
The Lok Sabha Select Committee recommended correcting a drafting error regarding how interest is calculated for shortfalls in advance tax payments. The revised Income Tax Bill 2025 that was introduced in the parliament yesterday (August 11, 2025) had a drafting error that stated: ”the assessee shall be liable to pay simple interest at the rate of 1% for every month or part of a month, for the period….”.
Chartered Accountant Abhas Halakhandi, writing on X (formerly known as Twitter) has recently brought attention to a concern regarding the denial of the Section 87A tax rebate to eligible taxpayers.
Lok Sabha passes new Income Tax Bill amid din without debate
New Income Tax Bill 2025: The Income Tax Bill was passed by the Lok Sabha amid din on Monday, after Finance Minister Nirmala Sitharaman introduced a revised version, incorporating most of the recommendations made by the Select Committee headed by Baijayant Panda.
Lok Sabha passes income tax and taxation laws amendment bills amid opposition protests
In a brief but consequential sitting on Monday, the Lok Sabha passed two major financial legislations – the Income-Tax Bill, 2025 and the Taxation Laws (Amendment) Bill, 2025 – amid loud protests by opposition members over the Special Intensive Revision (SIR) of electoral rolls.
Latest version of new tax bill, 2025 clarifies two key laws on income from house property
Clause 22 of the latest version of the New Income Tax Bill, 2025 has clarified two key laws relating to taxation of income from house property. The first clarification is regarding standard deduction of 30% from the annual value of a residential house property. The second clarification is about availability of tax deduction for pre-construction interest for home loan taken for construction of a house.
ITR Filing 2025: How tax rules differ for freelancers and salaried individuals
ITR Filing 2025: As the ITR 2025 filing season is approaching, many freelancers and consultants are uncertain about how their income is taxed differently from salaried employees.
Income Tax: Top 10 things first time taxpayers must keep in mind while filing ITR
Income-tax returns: From what documents are required, to which forms is the one to fill, and what is the last date of filing — we look at the top 10 important things to remember for first time taxpayers filing their income tax returns (ITR).
Gold will not be tariffed, says Trump amid chaos that shook the bullion markets
United States President Donald Trump on Monday said that gold imports will not face additional tariffs, days after confusion flared on whether his recent duty hikes applied to certain gold bars, threatening to upend global trade of the precious metal.
FinMin notifies corrigendum to I-T Bill on interest for advance tax short-payment
The finance ministry on Tuesday notified a corrigendum to the Income Tax Bill with regard to interest to be charged on short payment of advance tax by a taxpayer.
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