Income Tax (I-T) department has wrapped up its extensive investigation into insurance companies, exposing a staggering tax evasion totaling over Rs 15,000 crore.
The interplay between taxation and economic development is a complex and dynamic phenomenon that often mirrors the broader financial landscape of a nation. A recent report released by the Finance Ministry sheds light on a compelling aspect of this relationship – the equilibrium between Goods & Services Tax (GST) and personal income tax in terms […]
In a recent announcement, the Institute of Chartered Accountants of India (ICAI) has provided a significant relaxation for students under the Old Scheme of Education and Training, aimed at addressing challenges posed by the implementation of the New Scheme of Education and Training, including the Conversion (Transition) Scheme. The relaxation pertains to three categories of […]
Recap of the Monsoon Session of Parliament 2023: 23 Bills passed, major legislative changes, productivity rates, and key highlights.
Explore the implications of recent debarments by the National Financial Reporting Authority (NFRA) on Chartered Accountants and firms in India. Understand NFRA’s functions, duties, and its role in ensuring accountability and maintaining financial reporting standards. Stay informed about the penalties imposed and their significance in fostering transparency and credibility in the Indian financial reporting ecosystem.
Explore transformative Bhartiya Nyaya Sanhita, Nagarik Suraksha Sanhita, and Sakshya Bill of 2023 that herald a new era in India’s legal landscape. Discover the comprehensive changes and advancements in these bills, as they replace colonial-era laws, prioritize victim rights, embrace technology, and ensure timely justice.
Discover India’s eCourts Mission Mode Project, transforming the judiciary through digitalization. Virtual hearings, case databases, and more redefine court proceedings for the digital era.
Direct tax collections for F.Y. 2023-24 up to August 10 show steady growth. Gross collections at Rs. 6.53 lakh crore, a 15.73% increase over last year. Net collections stand at Rs. 5.84 lakh crore, up by 17.33%. Refunds of Rs. 0.69 lakh crore issued, indicating efficient tax administration and positive fiscal outlook.
Learn about India’s innovative approach to resolve consumer disputes by utilizing the Consumer Welfare Fund to cover mediator fees. Enhancing consumer welfare through cost-effective mediation.
Read how CBDT’s Notification No. 58/2023 amends Income-tax Rules, extending Safe Harbour rules to AY 2023-24. Insights from Ministry of Finance, New Delhi.
