Recommendations of 53rd GST Council Meeting on June 22, 2024 in New Delhi The 53rd GST Council Meeting, chaired by Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, convened in New Delhi on June 22, 2024. The meeting …
Filing your Income Tax Return (ITR) correctly is crucial for salaried individuals. Here’s a detailed guide to help you navigate the ITR-1 filing process for FY 2023-24. 1. Eligibility to File ITR-1 for AY 2024-25: Who Can File: Resident individuals …
One major proposal under consideration is the reduction of primary GST rates from four to three. This could involve merging the 12% and 18% rates into a new 15% rate or combining the 5% and 12% rates into an 8% …
F&O trading involves derivative instruments based on an underlying asset, such as equity shares, commodities, or currencies. A recent report suggests that the government is considering reclassifying profits from futures and options (F&O) trading from ‘business income’ to ‘speculative income’ …
In this 53rd GST council meeting, the central government is likely to consider quashing retrospective tax for the Indian online gaming industry. In a significant development, the GST Council is set to introduce a new GST return form, GSTR-1A, during …
Sources suggest that reducing personal income tax in the budget could spur consumption and increase savings among the middle class. In a bid to boost consumption, the Indian government is considering a reduction in income tax rates in the budget …
The economic agenda of the Budget aims to accelerate reforms, positioning India as a USD 5-trillion economy in the near future and transforming the nation into a ‘Developed India’ by 2047. PTI reports that the Union Budget for the fiscal …
A threshold will be established to determine which minor offences to decriminalise. In a landmark move aimed at boosting the ease of doing business, the Indian government is likely to decriminalise minor income tax offences within the next 100 days. …
Key Issues and Agenda of 53rd GST Council Meeting Scheduled on June 22 at New Delhi. Union Finance Minister Nirmala Sitharaman is set to chair the much-anticipated 53rd GST Council meeting on June 22 in New Delhi, a day after …
Understanding Advance Tax: Due Dates, Calculation, Interest Charged & More Advance tax is a system of paying income tax in instalments throughout the financial year, instead of paying a lump sum at the end. These payments are made according to …
The Income Tax (I-T) department is on track to complete reassessments for 170,000 notices by March 2025. These reassessment notices, issued between March 2021 and March 2024, pertain to undisclosed income from past assessment years. The Central Board of Direct …
With this latest instalment, the total amount of tax devolution to states stands at Rs. 2,79,500 crore for the current fiscal year as of June 10, 2024. Tax Devolution by Centre to States: In a significant financial move, the Centre …
GSTN Advisory No. 500 Dated 7th June 2024 The Goods and Services Tax Network (GSTN) has announced an important update through its Advisory No. 500, dated June 7, 2024. This advisory informs manufacturers of Pan Masala and Tobacco products about …
CBDT Notification No. 50/2024 Dated 6 June 2024 In a significant update, the Central Board of Direct Taxes (CBDT) has issued Notification No. 50/2024 on June 6, 2024. This notification revises the jurisdiction of the Directorate of Income Tax (Intelligence …
A seven-member committee, led by Suresh Kumar Khanna (Finance Minister of Uttar Pradesh), is currently working on the GST rate rationalisation for 1,200 categories of goods and all services, excluding those on the negative list. GST Rate Rationalization: With a …
IATA Country Director for India highlighted that 10 foreign airlines are currently under investigation. The Global airlines’ association, International Air Transport Association (IATA), has expressed significant concerns regarding an ongoing investigation by an Indian agency into certain GST-related charges against …
CBIC has issued detailed instructions for cases where early recovery is required The Central Board of Indirect Taxes and Customs (CBIC) has announced new guidelines allowing Principal Commissioners or Commissioner-level officers to initiate GST dues recovery before the standard three-month …
Income Tax Scrutiny: Criteria behind Selection of ITRs for scrutiny I-T Scrutiny: The Income Tax Department recently released guidelines outlining how they will select tax returns for scrutiny in the financial year 2024-25. These guidelines offer taxpayers greater transparency, helping …
GST Collection in May 2024 In May 2024, the gross GST collection in India reached a remarkable ₹1.73 lakh crore, representing a robust 10% year-on-year increase. This growth is primarily fueled by a 15.3% rise in domestic transactions, while imports …
The merger of GSTN and DG (Systems) would create a seamless flow of taxpayer data within a single integrated setup (GSTN), as opposed to the current two-pronged approach for detecting tax fraud. Merger of GSTN with DG(Systems): The Central Board …