TAX COLLECTED AT SOURCE
Trump announces China will supply rare earths, US to now allow Chinese students
Donald Trump announced a rare earths supply deal with China, pending President Xi’s nod. China will supply magnets and rare earths upfront, while the U.S. will allow Chinese students access to its universities. Trump said the U.S. will impose 55% tariffs, compared to China’s 10%, and called the bilateral relationship “excellent.”
Trump's tariffs could pay for his tax cuts -- but it likely wouldn't be much of a bargain
President Trump's proposed tariffs, intended to offset budget deficits from the One Big Beautiful Bill's tax cuts, face strong criticism. Economists warn that these tariffs, while potentially generating revenue, could destabilize the economy, raise consumer costs, and invite retaliatory measures from other countries. Experts highlight the tariffs' unreliability and their disproportionate impact on lower-income households.
GST return filing to be blocked 3 years after original due date starting July
The GSTN announced that from July 2025, taxpayers will be barred from filing monthly and annual GST returns after three years of the original due date. This change, stemming from the Finance Act, 2023, impacts various GST returns, including GSTR-1 and GSTR-3B. Taxpayers are urged to reconcile records and file pending returns promptly to avoid complications.
How Indian export businesses are using AI to stay ahead on global tax rules
Indian organisations are increasingly adopting AI and ML for tax compliance, aligning with the Digital India initiative. This shift aims to streamline operations and navigate complex international trade regulations, including US sales tax and EU VAT.
Is parametric insurance the next big thing in insurance?
As climate, technology, and disaster risks intensify, parametric insurance offers a fast, data-driven alternative to traditional models. From agriculture to travel, SMEs to energy, its predefined triggers ensure swift pay-outs and financial stability. This evolving model enhances resilience, making risk management smarter, faster, and more future-ready.
Form 16 changes: Higher standard deduction for these taxpayers, and other changes in Form 16 for FY 2024-25 (AY 2025-26)
Form 16 TDS Certificates ITR filing: Due to the income tax changes made in the FY 2024-25 (AY 2025-26), Form 16 will show certain changes this year. It will primarily show the following three changes for certain taxpayers. Read on to know more about the changes and how they will impact ITR filing for salaried employees.
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What is LRS or RBI’s Liberalised Remittance Scheme?
The Reserve Bank of India provides the Liberalised Remittance Scheme. Indian residents can send money abroad. Individuals can remit up to $2,50,000 annually. This is without special permission from the RBI. The scheme is for education, travel, investments, and more. Tax is applicable depending on the purpose of remittance.
Filing ITR for FY2024-25? Mistakes in HRA claims, capital gains tax calculation are among 7 errors to avoid
Taxpayers stand to benefit from a 45-day extension for filing returns due to significant ITR form changes in Budget 2024. However, errors can crop up despite online filing improvements, ranging from incorrect forms to misreporting income. Avoiding these mistakes, like neglecting AIS/Form 26AS reconciliation or HRA claim errors, is crucial to prevent penalties and ensure accurate tax computation.
GST collections jump 16.4% yoy to Rs 2.01 lk cr in May, fall from record high in April
India's Goods and Services Tax collection reached Rs 2.01 lakh crore in May 2025. The Ministry of Finance data shows a 16.4 per cent increase from May 2024. GST from imports rose by 25.2 per cent. Domestic transactions saw a 13.7 per cent increase. After refunds, net GST revenue for May was Rs 1,73,841 crore.
When will salaried employees get Form 16 to file income tax return for FY 2024-25 (AY 2025-26)?
Last date to get Form 16: Form 16 is a TDS Certificate, which is received by the employee from the employer. This TDS certificate makes the process of ITR filing easier for the salaried taxpayers. The deadline to file income tax return for the FY 2024-25 has been extended by the Income Tax Department to September 15, 2025. When will a salaried employee receive their Form 16 from the employer?
MeitY forms panel to create national framework for GCCs
The Indian government is actively fostering the growth of Global Capability Centres (GCCs) by establishing an industry-led panel. This initiative aims to create a national framework, as announced in the federal budget, to guide states in promoting GCCs, particularly in tier 2 cities. The committee, comprising industry bodies and advisory firms, will focus on talent availability, infrastructure enhancement, and innovation.
From Hyderabad to Abu Dhabi: How Hub71 Is fuelling a new era of cross-border innovation
Strengthening cross-border innovation with India and the global startup community is a key focus for Abu Dhabi’s Hub71, says Deputy CEO Ahmad Alwan.
Whom the remittance toll bells? Indian diaspora feels the heat of new US tax
The US House passed the 'One, Big, Beautiful Bill' (OBBB), imposing a 3.5% excise tax on remittances from the US, impacting Indian Americans who send significant funds to India. This tax could affect $1.6 billion in remittances, potentially discouraging investments and impacting India's economy, which relies heavily on these inflows. Concerns arise about fairness and potential shifts to informal channels.
CEOs mind their language to avoid landing on Trump's radar
Amidst escalating trade tensions and tariffs imposed by President Trump, CEOs navigate a delicate communication landscape. Companies grapple with conveying the financial impacts of these policies to investors without provoking presidential ire. Executives are advised to use euphemisms and let CFOs address tariff concerns, highlighting the challenges of transparency in the current political climate.
Property deals over Rs 30 lakh? Karnataka Sub-registrar to inform income tax department at registration
Karnataka's Stamps and Registration Department directs sub-registrars to collect Specified Financial Transaction statements. This applies to property deals exceeding Rs 30 lakh. The Income Tax Department raised concerns about missing statements. Sub-registrars must gather PAN, address, and transaction details. Registration documents will be withheld for non-compliance. Authorities are considering integrating SSFT submission into the Kaveri-2.0 program.
Trump's new tax remittance plan could drain billions of dollars from Indian Economy
India risks losing a key remittance lifeline as the US, under Donald Trump, tightens immigration policies and proposes a 5% tax on money transfers by non-citizens. Remittances, vital for India's economy, totalled $120 billion last year, with the US contributing $32 billion. The tax could cost Indians in the US $1.6 billion and reduce inflows by up to $18 billion.
EPF changes in 2025: New form to transfer EPF account, instant UAN activation, other announcements made by EPFO that you need to know
EPFO has recently announced several important updates aimed at making Provident Fund (PF) operations more efficient, transparent, and user-friendly.
Operation Sindoor: How homegrown deftech mount a near-impregnable air defence
The standout air defence weapon, Akash, a short-range surface-to-air missile, shielded vulnerable installations and cities. It's entirely configured on mobile platforms, making it very versatile. Similarly, deployment of an array of UAVs, a hybrid constellation of homegrown and foreign drones, boosted India's offensive repertoire.
US-China trade war: From dishes to television — Will prices of household items imported from China rise?
US President Donald Trump is likely to speak with his Chinese counterpart, Xi Jinping, this weekend. This comes as American consumers remain concerned about the looming price hikes on imports from various parts of the world, especially China.
Income tax on gifted property: NRI step-brother to pay zero income tax on Rs 7.5 crore property
The ITAT Mumbai ruled that a gift from a stepsister to her stepbrother is exempt from income tax, overturning the tax department's addition of Rs 7.88 crore (Rs 7.5 crore property+38 lakh stamp duty) to the stepbrother's ITR. The tribunal considered stepsiblings as relatives based on affinity and common sense. This decision provides clarity on tax implications for gifts within step-families. Read below to know more.
US slashes 'de minimis' tariff on small China parcels to 54%
The United States is set to ease trade tensions with China by reducing the "de minimis" tariff on low-value goods, benefiting e-commerce giants like Shein and Temu. Effective May 14, 2025, the tariff will decrease to 54% from 120% for items under $800, with a $100 flat fee option.
A shipping change might help small businesses if not for Trump's trade wars
Donald Trump's administration ended a duty-free loophole for Chinese goods. This impacted small businesses in the United States. Companies like InRoad Toys faced challenges from cheaper competitors like Temu and Shein. While some businesses hoped for relief, Trump's tariffs created new problems.
Cheap parcels from China will no longer be duty-free. Here's what it means for buyers and sellers
The Trump administration's termination of the de minimis rule on low-value imports from China is set to cause higher prices and delivery delays for consumers. Businesses reliant on Chinese sourcing must adapt, while U.S. manufacturers may benefit from reduced competition.
GST collections rise 12.6% to an all-time high of Rs 2.37 lakh crore in April
India's GST collections reached a record high of Rs 2.37 lakh crore in April, marking a 12.6% surge. This follows a consistent upward trend, with collections rising by 9.9% in March and 9.1% in February. The government had projected an 11% increase in GST revenue for the year, estimating collections at Rs 11.78 lakh crore.
Urban Company founders sell Rs 780 crore worth of shares through multiple pre-IPO secondary deals
Founders used a portion of the Rs 780 crore raised through secondary share sales to fully pay for shares allotted to them in a 2019 rights issue. These shares were initially issued on a partly paid-up basis and required full payment ahead of the IPO.
Lavish holidays? Get details ready for new ITR form
The Central Board of Direct Taxes is updating income tax return forms. This aims to address income underreporting. The new forms will seek more details on exemptions and expenditures. This includes information on expensive holidays. The goal is to identify discrepancies between income and spending. The department plans to incorporate some changes this assessment year.
Too much focus on luxe buys isn't chic
To curb income tax evasion, India has expanded the list of high-value purchases subject to a 1% TCS, targeting underreported income among the wealthy. While this aims to boost revenue and address economic inequity, there's a risk it could dampen luxury consumption and push sales into informal channels.
New 1% TCS: Know the list of specified goods, threshold, effective date and more as CBDT releases FAQ
TCS on luxury goods: The Income Tax Department releases some frequently asked questions (FAQs) on which are the list of specified goods on which tax collected at source (TCS) needs to be paid by the buyer to the seller. Read below to know the full list of goods on which TCS will be levied from April 22, 2025.
Several new items come under TCS as I-T widens tax net
The govt is broadening its tax base by implementing a 1% TCS on luxury items exceeding Rs 10 lakh, effective immediately. This initiative targets underreported income and aims to track high-value transactions in categories like watches, handbags, and art. The move enhances scrutiny of both buyers and sellers, addressing concerns about tax evasion and smuggled goods.
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