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Only tax evaders should fear invasive tax probes

July 28, 2025

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Mint Bangalore

India's broadly welcome Income Tax bill has raised some concern over digital privacy. We should tighten the operating framework under Section 247 to reassure earnest taxpayers

When finance minister Nirmala Sitharaman announced during her 2025-26 Budget speech that the government was planning to overhaul the existing Income Tax Act and introduce a new tax bill, there was a round of applause from all taxpayers. The old Act had become cumbersome, difficult to navigate and abstruse across many parts, leading to differing interpretations and irreconcilable disputes. "The new bill will be clear and direct in text," promised the finance minister, "[… ] close to half of the present law, in terms of both chapters and words." This commitment was roundly welcomed, given the difficulties taxpayers and tax authorities faced in dealing with confusing provisions. The revision's basic aim was to simplify the law's language and retire redundant parts, while retaining the extant tax rates, definitions and framework for offences and penalties.

المزيد من القصص من Mint Bangalore

Mint Bangalore

Mint Bangalore

China used to be a cash cow for western companies. Now it’s a test lab.

For Western companies in China, a new reality has set in: The easy money is gone and competition is only getting fiercer.

time to read

1 mins

December 01, 2025

Mint Bangalore

Mint Bangalore

Why MF distributors haven't grown as fast as MF assets

may not be substantial. More than banning upfront, what possibly was more damaging to the product was the lowering of TERs. Asa country, our financial footprint isstill at the foothills given our potential. ‘Thismove wasmuch ahead of itstime.”

time to read

2 mins

December 01, 2025

Mint Bangalore

Mint Bangalore

India mulls food equipment QCO as China imports soar

China accounts for 41% of India's $843 million worth food-processing equipment imports

time to read

2 mins

December 01, 2025

Mint Bangalore

No, our election booth level officers aren't dying of stress

A dangerous thing the Indian news media does is attribute reasons for suicide.

time to read

4 mins

December 01, 2025

Mint Bangalore

Let's be a bit more selective in using the word 'reforms'

Everybody should take a beat and think before uttering the word ‘reforms’ the next time. Glib usage, frequently in the wrong context, threatens to rob the word of its import.

time to read

3 mins

December 01, 2025

Mint Bangalore

Smart GDP growth casts shadow over December rate cut

The Reserve Bank of India’s (RBI's) Monetary Policy Committee (MPC) is widely expected to keep the policy rate unchanged on 5 December, even as a sizable minority of economists argues that the space created by softening inflation and moderating nominal growth warrants another rate cut.

time to read

1 min

December 01, 2025

Mint Bangalore

BEHIND THE GLOSSY REPORT: THE MAKE BELIEVE ESG WORLD

Recently, the Sebi chairperson made a distinction that should make every company board squirm, Speaking at the “Gatekeepers of Governance’ summit, Tuhin Kanta Pandey separated “compliance” from “governance” in a way that was both elegant and damning.

time to read

2 mins

December 01, 2025

Mint Bangalore

Mint Bangalore

Selling home to repay loan? Know the tax hit

I had availed an education loan against my residential property. If I now happen to sell the property and use the proceeds to clear the loan, what will be the tax implications I should be mindful about before going ahead with the transaction? The outstanding loan amount is ₹1.5 crore and the likely sale price of the property is also around ₹1.5 crore. I had purchased said the property in 2003 for ₹20 lakh.

time to read

2 mins

December 01, 2025

Mint Bangalore

EC extends electoral roll revision by a week to II Dec; final list on 14 Feb

The Election Commission on Sunday extended by one week the entire schedule of the ongoing special intensive revision (SIR) of electoral rolls in nine states and three Union territories amid allegations by opposition parties that the “tight timelines” were creating problems for people and ground-level poll officials.

time to read

2 mins

December 01, 2025

Mint Bangalore

GDP growth of 8% plus: How to sustain this pace

Last quarter's economic expansion has cheered India but the challenge is to sustain a brisk rate for years to come. For private investment to chip in, revive infrastructure partnerships

time to read

2 mins

December 01, 2025

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