The CBDT vide its order under section 119, dated 16.10.2023 and 01.12.2023, directed that all validly filed returns up to Assessment Year 2020-21 bearing refund claims, which could be processed by 31-01-2024. The matter has been re-considered by the board, and it has been decided...
The Central Board of Direct Taxes (“CBDT”) vide Notification No. 16/2024 dated January 24, 2024 notified the Income Tax Return (“ITR”) Forms ITR-2, ITR-3 and ITR-5 for the Assessment Year (“A.Y.”) 2024-25 with effect from April 01, 2024....
Finance Minister Nirmala Sitharaman unveiled the interim budget for 2024-25, with a focus on development across all sectors and inclusivity. The capital expenditure target for FY25 is set at Rs 11.1 lakh crore, marking an 11.1% increase. The government aims to transform the country into...
The Interim Budget 2024-2025 was unveiled by Finance Minister Nirmala Sitharaman on Thursday amid a challenging economic climate, including inflation and potential GDP growth slowdown in FY25. The budget, presented in Parliament, aims to expand upon the progress made in previous budgets and the vision...
Finance Minister Nirmala Sitharaman is gearing up to present a Vote-on-Account or Interim Budget for 2024. Despite signaling a lack of "spectacular announcements," real estate stakeholders remain hopeful that some of their key demands may be addressed. These demands include an increase in the home...
The Central Board of Direct Taxes (“CBDT”) vide Notification No. 16/2024 dated January 24, 2024 notified the Income Tax Return (“ITR”) Form ITR-6 (For Companies other than companies claiming exemption under section 11) for the Assessment Year (“A.Y.”) 2024-25 with effect from April 01, 2024....
Businesses will be required to submit valid bank account details to GST authorities within 30 days of grant of GST registration to avoid suspension, the GST Network has said....
The Andhra Pradesh High Court has held that no exemption from payment of compensation cess under the Goods and Services Tax (GST) is available on import of goods by units in Special Economic Zones (SEZs)....
Direct tax receipts will likely show a robust performance for the third year in a row post-pandemic, giving enough space to the Centre to keep the fiscal deficit within the targeted limit....
The Income Tax Department is likely to file an appeal in the Supreme Court (SC) against a Delhi High Court (HC) ruling which declared any IT...
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