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Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
A parliamentary committee reviewing the new Income Tax Bill, 2025, recommended allowing individual taxpayers to claim TDS refunds by filing returns after the due date without penalty and exempting anonymous donations to religious-cum-charitable trusts from taxation. The committee opposed taxing receipts of non-profit organizations, advocating instead for taxing only net income. It highlighted the adverse impact of the Bill's proposed 30% tax on anonymous donations to registered NPOs, urging reinstatement of provisions similar to the existing law that exempts such donations to trusts with mixed religious and charitable purposes. Additionally, the committee recommended removing the mandatory timely filing requirement for refund claims to prevent penalizing small taxpayers who are below the taxable income threshold but have had tax deducted at source.
A parliamentary committee reviewing the new Income Tax Bill, 2025, recommended allowing individual taxpayers to claim TDS refunds by filing returns after the due date without penalty and exempting anonymous donations to religious-cum-charitable trusts from taxation. The committee opposed taxing receipts of non-profit organizations, advocating instead for taxing only net income. It highlighted the adverse impact of the Bill's proposed 30% tax on anonymous donations to registered NPOs, urging reinstatement of provisions similar to the existing law that exempts such donations to trusts with mixed religious and charitable purposes. Additionally, the committee recommended removing the mandatory timely filing requirement for refund claims to prevent penalizing small taxpayers who are below the taxable income threshold but have had tax deducted at source.
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