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Old vs New Tax Regime: Which One to Choose While Filing ITR

Team Taxscan

Introduction Indian taxpayers have the option of adopting either the old or the new income tax regime during their returns filing since the year...

Taxation of AOP: ITAT Allows Normal Tax Rates for Charitable Trust, Sets Aside CIT(A)’s Order [Read...

Income Tax Bill 2025: Proposed Changes in Salary, Pension, and Gratuity Deductions [Read Bill]

Determinate Beneficiaries to be Taxed as “Individual”, Not as “Association Of Persons” at Marginal...

54th GST Council Meeting: Changes/Clarifications in GST Rates of Goods

No Refund of Unutilized ITC for Non-Edible Neem Oil and Neem Cake: AAR [Read Order]

The Uttar Pradesh Authority for Advance Ruling ( AAR ) has ruled that there will be no refund of unutilized Input Tax Credit ( ITC ) for non-edible neem oil and neem cake due to the disparity in tax...

AAR - Authority for Advance Ruling - ITC - Input Tax Credit - Tax on Neem Oil - TAXSCAN

Interim Budget 2024: Outstanding Direct Tax Demands withdrawn up to ₹ 25,000 pertaining to Period up to FY 2009-10

In the Interim Budget 2024, the Central Government withdrew Outstanding direct tax demands up to ₹ 25,000 pertaining to period up to FY 2009-10. “I propose to withdraw such outstanding direct tax...

interim Budget 2024 - Budget 2024 - Outstanding Direct Tax - Direct Tax - taxscan

Government Slashes Windfall Tax on Crude Petroleum by to 1,300 per Tonne [Read Order]

The Central Government has dropped the windfall tax on crude petroleum by Rs, 1.,300 per tonne to Rs. 5000 per tonne. The reduction in the windfall tax from Rs 6,300 to Rs 5,000 per tonne represents...

Windfall Tax - Crude Petroleum - Central Government - windfall tax on crude petroleum - TAXSCAN

Toyota Pushes for 21% Tax Cut on Hybrid Vehicles, Emphasising Environmental Benefits

Toyota Motor is actively involved in lobbying the government, calling for a significant tax reduction on hybrid vehicles, according to a Reuters report. The company is pushing for a substantial 21...

Toyota Pushes -Tax Cut - Hybrid Vehicles-Emphasising- Environmental Benefits-TAXSCAN

Karnataka Elections and Tamil Nadu Ministerial Council Shuffles Impact GST Council, Decision on Online Gaming may face Delays

The recent Assembly election in Karnataka and the Ministerial council shuffle in Tamil Nadu have necessitated the reconstitution of at least three Ministerial panels responsible for recommending...

Revenue Secretary Tarun Bajaj Hints Major Revamp in Income Tax Law

In a significant move that will have a huge impact on the taxpayers of the country, outgoing revenue secretary Tarun Bajaj told Tuesday that the government is considering tax reforms as an unfinished...

GST Council Meet Day 1: Tax Exemption for Certain Items Approved, Sources

The GST Council on Tuesday reportedly approved the changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious...