Income Tax 12 October 2026
India Tax Updates: GST Reforms, Court Rulings, and FD Rates
Recent developments in India's tax landscape include proposed GST reforms aimed at faster refunds and revised input tax credit rules effective from 2027, multiple high court decisions affecting property tax demands and reassessments, a judicial review of gift tax exemptions for same‑sex partners, and new insights on fixed‑deposit returns after tax. These updates affect businesses, taxpayers, and investors across the country, highlighting shifting compliance requirements and financial planning considerations.
GST reforms 2027: The council proposes faster refunds and changes to input tax credit under the CGST Act. Read more
- Bombay HC vs BMC: Court seeks BMC reply on a ₹23.71 cr tax demand for metro land. Details
- Gujarat HC: Quashes a time‑barred Section 148 reassessment for AY 2014‑15. Full story
- New job tax guide: Explains old vs new tax regimes for employees. Article
- Calcutta HC: Stays a ₹6.21 cr GST demand under section 74. Info
- Karnataka HC: Considers if same‑sex partners can claim gift tax exemption like spouses. Read
- Business Standard editorial: Discusses shift from enforcement to trust in tax collection. View
- ITAT: Grants taxpayer fresh assessment after condoning delay. See
- ITAT on Section 80G: Sends renewal application for fresh review per CBDT circular. Link
- Bank FD rates Oct 2026: Shows pre‑ and post‑tax returns across major banks. Check rates
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