Amendment in GST: Insertion of New Section 122A Prescribing Penalty, Seizure & Confiscation for Non-Registration of Machines by Tobacco Product manufacturers In a significant amendment to combat revenue leakage in the tobacco products manufacturing sector, the Finance Bill 2024 has …
Income Tax Exemption Deadline for Three Crucial Sectors Extended up-to 31 March 2025 I-T Exemption Extended in 3 Crucial Areas: In the latest budget announcement for 2024, the Indian government has chosen to maintain existing tax rates while extending income …
Massive ITC Fraud Detected by DGGI: 1700 Cases with Rs. 18000 Crores of ITC Evasion Detected this Year & 98 Arrested DGGI Unveils Massive ITC Fraud: According to a recent press release of Ministry of Finance on 3 February 2024, …
GST Council may Consider Nationwide Rollout of Biometric Authentication for registration – Statement of CBIC Chief Biometric Authentication: The Goods and Services Tax (GST) Council is contemplating the implementation of biometric based Aadhaar authentication across India for individuals seeking GST …
CBDT Press Release about Release of Almost all ITR Forms for FY 2023-24 In a recent press release on February 2, 2024, the Central Board of Direct Taxes (CBDT) has officially announced the release of all Income Tax Return (ITR) …
Summary of Tax Related Announcements in the Interim Budget 2024 Explore the latest tax-related updates from the Union Budget 2024-2025, presented by Finance and Corporate Affairs Minister Smt Nirmala Sitharaman. This summary delves into the significant tax measures announced on …
Highlights of Interim Budget 2024: Income Tax & GST Finance Minister Nirmala Sitharaman unveiled the Interim Budget 2024 on February 1, 2024, outlining the financial landscape for the upcoming fiscal year starting April 1, 2024. As widely anticipated, there were …
Income Tax Slabs & Rates Applicable to Individuals in FY 2023-24 (AY 2024-25) For the financial year 2023-24, the default tax regime is the New Tax Regime, offering individuals a lower rate of taxation under section 115BAC. However, those individuals …
GST Officer Caught Red-Handed in a Sting Operation by Anti-Corruption Bureau (ACB) In a major development, Anti-Corruption Bureau (ACB) officials in Srikakulam district successfully apprehended a GST officer, N. Kishore Kumar, while accepting a bribe of Rs. 1 lakh from …
Amendment in CBIC Notification 2/2017-Central Tax Dt. 19 June 2017 In a significant move, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification 5/2024 on Dated 30th January 2024, exercising powers under the Central Goods and Services …
Income Tax Exemptions Applicable to Salaried Individuals in FY 2023-24 Salaried individuals often seek ways to optimize their income and minimize tax liabilities. Understanding the array of income tax exemptions and deductions available is crucial for achieving this financial objective. …
A Comprehensive List of Relief Measures Expected from Budget 2024 As we gear up for the interim budget announcement on February 1, 2024, by Union Minister Nirmala Sitharaman, taxpayers eagerly await potential amendments that could impact their financial landscape. Although …
Income Tax (First Amendment) Rules 2024: CBDT Notification 16/2024 CBDT Notification 16/2024, issued on January 24, 2024, marks a significant update from the Central Board of Direct Taxes. This notification brings forth changes to the Income Tax Return (ITR) Form …
Customs & GST Officers Need to Stop Using Public Email IDs & to Use gov.in/nic.in Email IDs for all Official Communication from 01.02.2024 Direction to Stop using Public Email IDs for Official Communications: In a recent move to bolster cybersecurity, …
Tentative CBI Probe on Officials involved in Alleged Compromised Investigations: A Step to Combat Tax Evasion CBI Probe on Officials: In the ongoing battle against tax evasion, concerns have been raised over substantial losses incurred by the government due to …
Bombay HC Granted Bail to Individual Accused of 144 Cr GST Evasion In a recent development, the Bombay High Court has granted a bail on 25 January 2024 to an individual accused of evading Rs. 144 crores in Goods and …
Computation of Income from House Property as per I-T Act Income from House Property: According to Section 22 of the Income Tax Act, the annual value of house property, including any buildings or associated lands owned by the taxpayer, is …
Adjustments and Compliance Requirements on Issue of Credit Notes under GST In the realm of Goods and Services Tax (GST), managing credit-note efficiently is crucial for both suppliers and recipients. This article delves into the treatment of credit-notes under GST, …
CBIC Chairman Advises that SCNs Should be Based on a Thorough Examination of Facts and Relevant Documents The Central Board of Indirect Taxes & Customs (CBIC) is urging caution among its officers to avoid the reckless issuance of show cause …
Unconventional but Effective Tax Saving Tips for Salaried Individuals Applicable for the FY 2023-24 (AY 2024-25) Optimizing your tax saving is crucial, especially for individuals falling under tax bracket. Strategic planning well in advance is key to navigating the complexities …