Latest news with #IncomeTaxAct
Time of India
an hour ago
- Business
- Time of India
New Income Tax bill halves word count, eases compliance: Chairman of the Finance Select Committee, Baijayant Jay Panda
BJP Member of Parliament and Chairman of the Finance Select Committee , Baijayant Jay Panda on Tuesday reflected upon the ongoing simplification of India's tax laws, stated that the newly proposed Income Tax Bill aims to make compliance easier for taxpayers without altering tax policies or rates. Speaking about the legislative overhaul, Panda said the new draft bill reduces the word count of the Income Tax Act by nearly 50 per cent, from around 5 lakh words to 2.5 lakh. "Under PM Modi, a lot of the very obsolete laws have been overhauled over the last 11 years. In line with this, Finance Minister Nirmala Sitharaman had said last year that the Income Tax is also going to be overhauled for simplification," he said. Explore courses from Top Institutes in Please select course: Select a Course Category Technology Public Policy Degree Digital Marketing others Operations Management Design Thinking Project Management Leadership PGDM Management CXO MBA healthcare Data Science Data Science Artificial Intelligence MCA Cybersecurity Others Healthcare Data Analytics Finance Product Management Skills you'll gain: Duration: 12 Weeks MIT xPRO CERT-MIT XPRO Building AI Prod India Starts on undefined Get Details "The Ministry had worked on it and presented to Parliament few months ago - a simple version of New Income Tax Bill where the word count has been reduced by 50 per cent, from 5 lakh-odd words to about 2.5 lakh simple formulae and tables have been given so that it becomes simpler," he further added. Panda also highlighted the motive behind this move. "Our mandate was not to change the tax policy or to change the tax rates, it was to make sure that the Act becomes simple," Panda clarified. Panda presented the report of the Select Committee on the new Income-Tax Bill in Lok Sabha on Monday with its recommendations. Live Events Recently, the report of the parliamentary panel on the new Income-Tax Bill was presented in Lok Sabha. In its report, the panel has suggested important changes to tighten definitions, remove ambiguities, and align the new law with existing frameworks. The panel examined the Income-Tax Bill 2025, which seeks to simplify the language and structure of the Income Tax Act 1961 and submitted its report. The Income-Tax Bill, 2025, was tabled in Parliament in February and was referred to the Select Committee for a detailed examination. The Committee, in its 4,584-page report, identified several drafting corrections based on stakeholder suggestions, which they believe are essential for clarity and unambiguous interpretation of the new bill. The parliamentary panel has made a total of 566 suggestions/recommendations in its report.
New Straits Times
2 hours ago
- Business
- New Straits Times
Najib's bankruptcy case adjourned to Sept 8 over disorganised submissions
KUALA LUMPUR: Datuk Seri Najib Razak's bid to stay bankruptcy proceedings was postponed after the High Court raised concerns over disorganised and incomplete submissions by his legal team. Judicial commissioner Suhendran Sockanathan @ Saheran Abdullah also instructed Najib's lawyer Muhammad Farhan Shafee to refile a consolidated set of submissions after finding that key issues were either missing or scattered across documents. Farhan had earlier argued that the Inland Revenue Board's (IRB) RM1.69 billion tax claim against Najib was tied to funds allegedly received from 1Malaysia Development Bhd (1MDB), which were still the subject of ongoing criminal and civil proceedings. He submitted that there were unresolved legal issues surrounding whether the alleged proceeds of criminal activity could be taxed under Section 4 of the Income Tax Act 1967. "The IRB has treated the sums received through the appellant's personal accounts, alleged to have originated from 1MDB, as income. "These amounts do not fall within the scope of Section 4 of the Income Tax Act. Furthermore, provisions under the Anti-Money Laundering Act are also involved," he said during the proceeding today. Farhan also told the court that these matters were pending before the Special Commissioners of Income Tax, and a final ruling had yet to be made. He also raised the issue of potential double recovery by the government, saying there were attempts to penalise his client under both criminal and tax laws using the same facts. However, the court pressed Farhan repeatedly for clarity, pointing out that these central arguments were either not included in the written submissions or only briefly referenced in affidavits. "None of this is (arguments) in your submissions, you know? "At the moment, you are all over the place. "I do not want to have bits here and bits there... it is too cumbersome," Saheran said. Farhan then suggested that the court grant a short date to allow his team to update and streamline their submissions. He acknowledged that their arguments had not been presented in a structured manner and expressed his willingness to return to court with a more comprehensive and organised set of submissions. Saheran: I think yes... Farhan, I think you need to focus a bit more. Farhan: Sure. Saheran: Update the submissions and get it to us... I do not want this to be sitting on my docket. For a long period of time. How long will it take? Farhan: We can file it within the week. Saheran: Take two weeks... but do it properly. Senior federal counsel Norhisham Ahmad, who appeared for IRB, also supported the call for clearer submissions, adding that many of the appellant's arguments had not been raised in their original filings. The court then fixed Sept 8 to hear the case. Najib is appealing against two bankruptcy notices stemming from additional tax assessments amounting to RM1.46 billion, which have now ballooned with penalties and interest to RM1.69 billion. The former prime minister maintains that the tax assessments are flawed and should not proceed while related matters are being litigated in other courts. On June 25, 2019, the government, through IRB, filed the suit against Najib asking him to settle the unpaid tax with interest at five per cent, a year from the date of judgment, as well as costs and other relief deemed fit by the court. The government claimed that Najib had failed to pay his income tax from 2011 to 2017 within the stipulated 30-day period after assessment notices were issued by the IRB.
Scroll.in
5 hours ago
- Business
- Scroll.in
I-T tribunal rejects Congress' plea for tax break on Rs 199 crore income
The Income Tax Appellate Tribunal on Monday dismissed an appeal by the Congress seeking tax exemption on an income of Rs 199 crore for the assessment year 2018-'19, Live Law reported. The tribunal rejected the party's claim under Section 13A of the 1961 Income Tax Act, observing that the Congress had filed its tax returns late and violated rules related to cash donation limits. A bench of Judicial Member Satbeer Singh Godara and Accountant Member M Balaganesh ruled: 'The assessee's return filed on [February 2, 2019] is not within the 'due' date to make it eligible for the impugned exemption.' The deadline for filing the income tax return for 2018-'19 was December 31, 2018. Its tax tiling for the year also did not provide details about contributions worth Rs 14.4 lakh out of the total donations worth Rs 142.8 crore it had received that year. Due to its non-compliance with the provisions to claim exemption, the Income Tax Department had issued notices to the Congress in September 2019, January 2020 and March 2020, demanding a tax of Rs 94.4 crore on an assessed income of Rs 199.1 crores for 2018-'19. The assessment order dated July 6, 2021, had denied the entire exemption claim, making the full receipt amount taxable. The Congress challenged the assessment order in August 2021 and applied for a stay on the recovery of the amount demanded by the Income Tax Department in October 2021. Later that month, an assessment officer disposed of the application, directing the Congress to pay 20% of its outstanding tax liability, failing which it would be treated as a defaulter. However, the Congress did not pay the 20% tax amount, leading the Income Tax Department to issue a letter in January 2023 to the Congress requiring the party to deposit and liquidate its tax liability. The Congress challenged this before the Commissioner of Income Tax (Appeals), the Income Tax Appellate Tribunal and the Delhi High Court, being denied relief at every forum. The High Court had criticised the Congress for 'badly' handling the matter and said that somebody from the Congress' office 'went off to sleep' from 2021. In April 2024, less than three weeks before polling began in the Lok Sabha elections, the Congress received tax notices for seven other assessment years. Are political parties exempt from income tax? Under Section 13A of the 1961 Income Tax Act, registered political parties will be exempt from paying tax on the income they receive provided they fulfil certain conditions. The party must maintain a book of accounts recording its income. It must maintain a record of the names and addresses of each person who contributes a sum over Rs 20,000 to it. The party's accounts must be audited by a chartered accountant. It must only accept contributions over Rs 20,000 via cheque, demand draft, electronic clearing system or other prescribed electronic modes. To claim an exemption, the treasurer of the party must submit a report listing all donations over Rs 20,000 received by the party in a financial year to the Election Commission by the due date for filing income tax returns. The provision also requires parties to file a tax return for the previous year. If any of these conditions are not satisfied, the party will not be able to claim income tax relief, according to Section 13A of the Income Tax Act and Section 29C of the 1951 Representation of the People Act.
Toronto Star
15 hours ago
- Business
- Toronto Star
Mullen Group Ltd. Announces Declaration of Monthly Dividend
OKOTOKS, Alberta, July 22, 2025 (GLOBE NEWSWIRE) — (TSX: MTL) The Board of Directors of Mullen Group Ltd. ('Mullen Group', 'We', 'Our' and/or the 'Corporation') announced today that it has declared a monthly dividend of $0.07 per Common Share payable to the holders of record of Common Shares at the close of business on July 31, 2025. The dividend will be paid on August 15, 2025. For Canadian resident shareholders, this dividend is designated as an 'eligible dividend' for purposes of the enhanced dividend tax credit rules contained in the Income Tax Act (Canada) and any corresponding provincial and territorial tax legislation.
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Business Standard
16 hours ago
- Business
- Business Standard
Bet value doesn't qualify as income under I-T Act: Egaming firms to SC
The bet money placed by users in online real-money games (RMG) is neither accrued nor received by casinos and, therefore, should not be considered as income under the Income Tax Act, RMG intermediaries told the Supreme Court on Tuesday. As per the Income Tax Act, a consideration is defined by law as any sum or value that is either received or recoverable from a user or a client in return for a service that has either been provided or will be provided. Since online RMGs do not accrue or receive the monies deposited by users for themselves, it cannot be considered taxable income, the counsel for the companies told the Court. He further explained that when people play against the casinos, they settle with the winners and losers and then take whatever is left as surplus. "We are not valuing the bet but the right to win. It's a different concept from bet far as the face value of the bet is concerned, it belongs to the winner," he said. The court will continue hearing online RMGs' arguments until Friday. In the last hearing, the companies had argued that the GST provisions before October 2023 were inadequate to impose a 28 per cent tax on online gaming operators in the manner attempted by the authorities. The government's reliance on Rule 31A of the GST Rules (value of supply in case of lottery, betting, gambling, and horse racing), introduced in 2018, was challenged because it lacked statutory authority under the Central GST (CGST) Act, the companies had said. On Tuesday, online RMGs also contended that attempts to tax actionable claims like betting and gambling as 'goods' by amending the Goods Rate Notification were flawed. Until October 1, 2023, there was no entry for actionable claims in the Customs Tariff Schedule, making their classification as goods unsustainable under GST. The petitioners (online gaming companies) explained to the court the distinction between platform fees, on which GST is already paid, and prize pool contributions made by players, which are held in trust and returned to winners. They claimed that prize pool contributions do not constitute consideration and thus cannot be taxed under GST. In the case of online games, they argued that these games are played against each player, with the online gaming operator merely providing platform services, and that the platform operator, as the supplier of platform services, has discharged GST during the relevant period at the specified rate. The division bench of Justices J B Pardiwala and R Mahadevan is hearing the case, which deals with the absence of clear taxing provisions to enforce tax collection before the October 2023 overhaul. The case, with an estimated financial impact of Rs 2.5 trillion, is one of the biggest tax battles in India's history. The matter will continue on Wednesday.
