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Insertion of section 74A: One more positive effort of government to reduce the litigation and incentivizing the taxpayer

Goods and Services Tax : New Section 74A in CGST Act 2017 simplifies tax determination and penalties for FY 2024-25 onwards, ensuring fair treatment for fr...

July 24, 2024 252 Views 0 comment Print

Penalizing Genuine Taxpayer in the name of simplification of GST: Budget 2024

Goods and Services Tax : Explore how Budget 2024's new Section 74A in the GST Act affects genuine taxpayers, increasing compliance time and potential inter...

July 24, 2024 264 Views 0 comment Print

Decoding of Newly Inserted Section 74A in CGST Act, 2017

Goods and Services Tax : Discover the key updates under Section 74A of the CGST Act, 2017, including thresholds, penalties, and procedural changes for tax ...

July 24, 2024 243 Views 0 comment Print

Union Budget 2024 Highlights and Tax Reforms

Finance : Union Budget 2024 brings key changes in tax rates, benefits for salaried employees, increased expenditure across sectors, and new ...

July 24, 2024 366 Views 0 comment Print

Analysis of changes proposed in TDS in Union Budget 2024-2025

Income Tax : Explore the proposed changes in TDS regulations in the Union Budget 2024-25, impacting sections 271H, 200, 197, and more. Understa...

July 24, 2024 5424 Views 0 comment Print

Latest News

ICAI Welcomes Union Budget 2024-25: Key Highlights

Income Tax : ICAI applauds Budget 2024-25 for its focus on employment, skilling, MSMEs, and the middle class. Discover key tax reforms and econ...

July 24, 2024 90 Views 0 comment Print

Section 80G Amendment: National Sports Fund Update

Corporate Law : Finance Bill 2024 updates Section 80G to reflect "National Sports Development Fund" and changes approval procedures for charities....

July 24, 2024 60 Views 0 comment Print

Section 194F Amendment: TDS Omission for Mutual Fund Unit Repurchases

Income Tax : Explore the amendment to Section 194F removing TDS on Mutual Fund and UTI unit repurchases, effective from October 2024 under the ...

July 24, 2024 114 Views 0 comment Print

Assessment, Reassessment & Re-computation Time-Limits amended: Budget 2024

Income Tax : Budget 2024 proposes amendments to section 153 and section 139 of Income Tax Act to address procedural difficulties and streamline...

July 24, 2024 156 Views 0 comment Print

Budget 2024: Credit of TCS/TDS Allowed in Salary Tax Calculation

Income Tax : Learn about the proposed amendments to Section 192 of the Income-tax Act, allowing salaried employees to claim credit for TCS and ...

July 24, 2024 3537 Views 0 comment Print

Latest Judiciary

Plea in Madras HC on Penalty on CAs for Filing Wrong Information- Section 271J

Income Tax : A petition has been filed in the Madras High Court challenging the section 271J of the Income Tax Act inserted vide Finance Act 2...

May 9, 2017 4911 Views 2 comments Print

In all cases where additional evidence is admitted, the CIT (A) should be considered to have exercised his powers u/s 250(4) is not acceptable

Income Tax : U/s 250(4), the CIT (A) has the power to direct enquiry and call for evidence from the assessee. Under Rule 46A, the assessee has ...

March 18, 2012 2264 Views 0 comment Print

Latest Notifications

Customs Tariff Amendment Rules 2024: CVD & Injury Determination

Custom Duty : Notification No. 51/2024-Customs (N.T.) introduces New Shippers Review in countervailing duty rules, effective from 24th July 2024...

July 23, 2024 150 Views 0 comment Print

Notification No. 39/2024-Customs Extends Re-import Period

Custom Duty : Notification No. 39/2024-Customs amends No. 45/2017-Customs to extend re-import period from 3 to 5 years, effective from 24th July...

July 23, 2024 186 Views 0 comment Print

CBIC amends 32 Custom duty notifications to extend their validity

Custom Duty : Government of India amends 32 Customs notifications and extends the re-export period for certain foreign-origin goods under Notifi...

July 23, 2024 114 Views 0 comment Print

Amendment to Export Duty on Raw Hides & Leather: Notification No. 37/2024-Customs

Custom Duty : Notification No. 37/2024-Customs revises export duties on raw hides, skins, and leather, effective from 24th July 2024. Updated ra...

July 23, 2024 105 Views 0 comment Print

Exemption of BCD & SWS on Critical Minerals: Notification No. 36/2024-Customs

Custom Duty : Notification No. 36/2024-Customs exempts BCD and SWS on critical minerals like graphite, cobalt, and lithium, effective from 24th ...

July 23, 2024 177 Views 0 comment Print

Budget may have roadmap for new private banks

February 3, 2011 471 Views 0 comment Print

India is considering allowing new private sector banks, including those by industrial houses, and a roadmap for the same could be announced in the Union Budget to be presented later this month.While the formal and final guidelines regarding who should be allowed to set up new banks and what should be the terms and conditions would be announced by the Reserve Bank of India (RBI), a roadmap could be announced in the Budget speech on February 28 by Finance Minister Pranab Mukherjee, sources said.

FM Holds Pre Budget Consultations with Economists

January 18, 2011 357 Views 0 comment Print

Union Finance Minister Shri Pranab Mukherjee held a meeting with noted economists to get their inputs for General Budget 2011-12, here today. This was the fifth meeting in the series of pre-Budget consultations held by Finance Minister with the stake

IDFC infrastructure looking to come out with a retail bond issue in next fiscal

January 17, 2011 375 Views 0 comment Print

State-run Infrastructure Development Finance Corporation (IDFC) today said it is looking to come out with a retail bond issue in the next fiscal. IDFC’s second tranche of retail bond issue to raise over Rs 2,900 crore opened today. The issue closes on February 4. The company has already raised Rs 471 crore in the first tranche in September.

Budget 2010-11 to look into problems on Cenvat credit

November 26, 2010 495 Views 0 comment Print

The government today said the Union Budget for next fiscal would look into the various problems being faced by companies under their Central Value Added Tax (Cenvat) credit claims. Cenvat rate is currently fixed at 10 per cent and companies get credi

Union Budget- Suggestions from the Industry and Trade Associations for Budget 2011-12 regarding changes in direct and indirect taxe

November 25, 2010 968 Views 0 comment Print

Union Budget- Suggestions from the Industry and Trade Associations for Budget 2011-12 regarding changes in direct and indirect taxes PRESS NOTE [F.NO.334/5/2010-TRU], DATED 22-11-2010 In the context of formulating the proposals for the Union Budget of 2011-12, the Ministry of Finance would like to be benefited by the suggestions and views of your Association. You may […]

Finance Minister Releases First Budget Manual of Union Government

September 29, 2010 297 Views 0 comment Print

Union Finance Minister Shri Pranab Mukherjee released the first Budget Manual of the Union Government, here today. Releasing the Manual, the Finance Minister said that the Union Budget has evolved over the past six decades to reflect the strength of

Summary of Service Tax Notification No. 24/2010 to 35/2010 dated June 22, 2010

July 2, 2010 3440 Views 0 comment Print

The Central Government has issued various notifications regarding levy of Service Tax and exemptions therefrom, to be effective from July 1, 2010 (except as specified herein below). The details of the same are as under:

Service tax on Promotion of ‘brand’ of goods, services, events, business entity etc.

May 16, 2010 3094 Views 0 comment Print

Finance Bill 2010 inserted clause (zzzzq) in Section 65(105) of the Act so as to define taxable service as “ service provided or to be provided to any person, by any other person, through a business entity or otherwise, under a contract for promotion or marketing of a brand of goods, service, event or endorsement of name, including a trade name, logo or house mark of a business entity by appearing in advertisement and promotional event or carrying out any promotional activity for such goods, service or event.”

8 News services under the service tax net from 8th May 2010

May 14, 2010 774 Views 0 comment Print

The Union finance minister had introduced the Finance Bill, 2010 in the Lok Sabha on February 26, 2010 and proposed to tax 8 new services. On May 8, 2010, the President gave her consent to the Finance Bill and thus the Finance Act, 1994 (14 of 2010) has come into effect from that date. SERVICE TAX IS BEING IMPOSED ON THE FOLLOWING SPECIFIED SERVICES:

FM’s opening speech at consideration of Finance Bill-2010

April 29, 2010 351 Views 0 comment Print

I have already informed the House that the Government is firmly committed to the goal of comprehensive tax reform through the introduction of the Direct Taxes Code (DTC) as well as the Goods and Services Tax (GST). I am happy to inform the Hon’ble Members that, in the case of DTC, the process of consultation with the stakeholders for revising the first draft is almost over.

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