Tata Steel received an income tax order on Friday which increases its FY 2019 taxable amount, pertaining to the merger of Bhushan Steel with the Tata Group company back in 2019. Bhushan Steel has been renamed as Tata Steel BSL Limited, the company stated.
Sleuths of the Enforcement Directorate (ED) and the Income Tax (IT) Department conducted a search-survey operation at more than 20 places in Rajasthan on Friday.
Finance Minister Nirmala Sitharaman’s recent tabling of the Income Tax Bill, 2025, marks a significant shift in India’s tax landscape.
The World Development Report (WDR) 2024 titled “The MiddleIncome Trap” reported that about 108 middle-income countries are hovering around this status for the last sixty years and despite multiple possibilities to introduce tried and true technology improvements, all are in the middle-income trap.
The government’s new Income Tax Bill promises to streamline taxation with simpler language and fewer sections.
The Revenue Secretary further stated that the efforts of the government will continue to provide a hassle-free, simple, and collaborative approach towards the implementation of taxes.
As a result of these changes, the finance minister said, a salaried employee in the new tax regime stands to save up to Rs 17,500.
The Supreme Court on Friday said that it will hear on July 22 a batch of petitions seeking a probe by a Special Investigation Team (SIT) into the alleged instances of quid pro quo arrangements between corporates and political parties through Electoral Bonds donations.
The Directorate of Enforcement (ED) Mumbai has provisionally attached assets worth Rs 14.02 crore of five accused under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in the case of an Income Tax Refund fraud of Rs. 263 crore.
Ministers in the Madhya Pradesh government would now be responsible for paying their income tax themselves, as the state government will no longer provide any financial assistance to them for this purpose.
