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New Income Tax Rules Simplify Compliance For Salaried Why in the News ? The government has notified the Income-tax Rules 2026 under the Income-tax Act 2025, introducing simplified procedures, revised deductions, and new compliance norms similar to environmental clearances in project approvals. The changes aim to ease tax filing while offering greater flexibility between the …
Read MoreOECD FINALISES PACT ON GLOBAL MINIMUM TAX Why in the News? Global agreement: The Organisation for Economic Co-operation and Development (OECD) finalised a pact on the 15% global minimum corporate tax, addressing concerns similar to those raised in environmental clearance processes. US carve-out: The deal exempts US-based multinationals from additional foreign taxes under the framework, …
Read MoreUnderstand the main features of GST implementation, including concurrent taxation, input tax credit, compensation to states, GST Council, and destination-based taxation. Essential for GS Paper 3, this topic covers India’s biggest indirect tax reform and its economic impact.
Read MoreSyllabus: GS-3-Inequality in India and its impact Focus : Top of Form The article explores the ethical imperative of reducing inequality and advocates for progressive taxation, focusing on wealth and inheritance taxes. It discusses the consequences of high inequality, rationale for progressive taxation, taxation models, economic impact, and policy recommendations to address socio-economic disparities in …
Read MoreWhy in the news? India-Mauritius tax treaty amended to prevent tax evasion, impacting investments; concerns raised over treatment of past investments. source:reseauvoltaire Understanding India-Mauritius Tax Treaty Amendment: India has signed a protocol amending the Double Taxation Avoidance Agreement (DTAA) with Mauritius to prevent tax evasion or avoidance. The amended pact includes the Principal Purpose Test …
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