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Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal sought the industry players to provide their recommendations on the new income tax bill which will be tabled in the Parliament this week. The updated income tax bill shall substitute the 6-decade-old Income Tax Act, 1961, which has been created in 6 months and measures have

The Karnataka High Court rejected to quash the prosecution started via the income tax department against the taxpayer who has intently failed to file his income tax return (ITR) within the said time for the Assessment years 2012- 13 to 2015-16 and thereby committed the alleged offence. A single judge, Justice S Vishwajith Shetty dismissed

Amid high expectations for tax relief, FM Nirmala Sitharaman has presented her record eighth Union Budget 2025 in Parliament. As the first full budget of the third Narendra Modi government, she becomes the only Finance Minister to present the Union Budget eight consecutive times. The removal of higher TDS and TCS rates for non-filers of

Punjab Finance, Planning, Excise and Taxation Minister Harpal Singh Cheema said that the state had recorded an 11.87% increase in net Goods and Services Tax (GST) collection up to January in the existing fiscal year, exceeding the national average of 10 per cent. Punjab has reported a significant increase in its revenue, with excise taxes

MCA21 records 80.26 lakh form filings between April 2024 to January 2025 driving Ease of Doing Business with enhanced digital solutions On the newly developed MCA21 V3 platform, 53.08 lakh forms have been filed from April 1, 2024 to January 27, 2025 which is up from 47.72 lakh in the previous year MCA 21 has

The Union Minister for Finance and Corporate Affairs, Smt Nirmala Sitharaman in the Parliament addresses the Union Budget 2025-26. Amendments to the GST laws have been proposed under the budget to ensure trade facilitation. These proposed changes are- An updated clause has been provided to furnish the definition of Unique Identification marking to execute the

Net goods and services tax (GST) of ?1.71 trillion in January has been collected by the Centre and states, the highest in nine months. As per the official data, the collection is 10.9% higher from ?1.54 trillion in the year-ago period. In April FY25, the net collection stood at ?1.92 trillion. Last month the gross

Union Finance Minister Nirmala Sitharaman presented the Union budget 2025-26 before the parliament dated February 1st at 11 AM. The 2025 budget landscape mainly focuses on taxation. The efforts of the Central government show that they are promoting the new tax regime (NTR). The major motive of the budget is to improve the spending power

Extending The Time-Limit To File The Updated Return Sub-section (8A) of section 139 of the Act, relates to furnishing of updated return. As per the present provisions, an updated return can be filed upto 24 months from the end of the relevant assessment year. The facility of updated return has promoted voluntary compliance against payment

Finance Minister Nirmala Sitharaman on Saturday announced significant income tax cuts for the middle class and unveiled a blueprint for next generation reforms for Viksit Bharat as she treaded a fine line between fiscal prudence and providing a thrust to growth. Individuals earning up to Rs 12 lakh in a year will not have to