Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Finance Bill 2025 provides "unprecedented tax relief" with income tax rebate increased to Rs 12 lakh per annum (Rs 12.75 lakh for salaried class after standard deduction), resulting in Rs 1 lakh crore tax foregone in FY26. Finance Minister confirmed the 13.14% projected growth in personal income tax collection is "realistic" and "based on solid data." The Bill also includes "marginal relief" for taxpayers whose income slightly exceeds Rs 12 lakh. Additionally, the Budget rationalizes customs tariff structure, reducing industrial goods tariff rates from 21 to 8, aiming to boost domestic production and export competitiveness by lowering duties on raw materials and inputs. The government has also restored the March 2008 position on pension fixing as recommended by the Sixth Central Pay Commission.
Finance Bill 2025 provides "unprecedented tax relief" with income tax rebate increased to Rs 12 lakh per annum (Rs 12.75 lakh for salaried class after standard deduction), resulting in Rs 1 lakh crore tax foregone in FY26. Finance Minister confirmed the 13.14% projected growth in personal income tax collection is "realistic" and "based on solid data." The Bill also includes "marginal relief" for taxpayers whose income slightly exceeds Rs 12 lakh. Additionally, the Budget rationalizes customs tariff structure, reducing industrial goods tariff rates from 21 to 8, aiming to boost domestic production and export competitiveness by lowering duties on raw materials and inputs. The government has also restored the March 2008 position on pension fixing as recommended by the Sixth Central Pay Commission.
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