The Union government's expenditure on explicit subsidies, including those for food, fertiliser, and LPG, is anticipated to decrease by 21% to Rs 4.13 trillion in the current fiscal year, down from Rs 5.24 trillion in FY23. However, for the fiscal year 2024-25, the interim budget...
In a recent development, the Rajasthan GST Department has released a Notification on February 08, 2024, unveiling the eagerly awaited Amnesty Scheme-2024. This initiative aims to grant substantial benefits to dealers and individuals by providing concessions on taxes and simplifying the resolution of outstanding demands...
The provisional figures for Direct Tax collections highlight robust growth, with collections up to February 10, 2024, reaching Rs. 18.38 lakh crore. This represents a significant increase of 17.30% compared to the same period last year. Net collections, after refunds, stand at Rs. 15.60 lakh...
In a bid to offset some of the impact on their margins hit by the 28% Goods and Services Tax (GST), over four months after it came into effect on October 1, the online gaming industry is looking to innovate and even incentivise users....
The Ministry of Micro, Small and Medium Enterprises implements various schemes and programmes aimed at support and development of MSME Sector in the country in areas of credit support, new enterprise development, formalization, technological assistance, infrastructure development, skill development and training and market assistance to...
By the end of March, the Income Tax department is poised to issue demand notices totaling Rs 25,000 crore to numerous insurance companies. A senior government official disclosed that the notices are related to higher commissions paid and deductions claimed by these companies for the...
Previously, according to the SEBI Master Circular for InvITs dated July 06, 2023, institutional placements of InvITs were required to be conducted at a price not lower than the average of the weekly high and low closing prices of units on the stock exchange two...
The Ministry of Corporate Affairs (MCA) has extended the deadline for filing Form BEN-2 and Form 4D for Limited Liability Partnerships (LLPs) without incurring additional fees until May 15, 2024. ...
The Institute of Chartered Accountants of India (ICAI) released a handbook on Commonly Found Errors in Reporting Practices (January 2024 edition)....
Streamlining Tax Processes for Businesses: To simplify tax procedures for businesses, the income tax department has relaxed criteria for presumptive taxation under Section 44AD of the Income Tax Act, 1961. This includes the introduction of a new column in ITR forms 5 and 6 for...
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