Income Tax : Explore the significant changes in capital gains taxation proposed in Budget 2024, including revised tax rates, holding periods, a...
Income Tax : Learn about Section 194T introduced in Finance Bill 2024, covering TDS on payments to partners, its implications, and potential c...
Income Tax : Budget 2024 introduces significant amendments in trust-related provisions under the Income Tax Act, including registration timelin...
Income Tax : Explore the latest tax provisions affecting mutual fund income, including recent changes in capital gains taxation and classificat...
Company Law : Tax implications of the Finance Bill 2024 on share buybacks. Key changes, examples, and their impact on shareholders' tax liabilit...
Income Tax : Key amendments to the Finance (No.2) Bill, 2024, include changes in tax rates, capital gains, customs duties, and excise laws, eff...
CA, CS, CMA : ICAI President's August 2024 message highlights India's economic growth, recent exam results, and the Union Budget's role in achie...
Goods and Services Tax : Discover the major amendments in GST, excise, and customs duties introduced in Budget 2024, including changes in CGST, IGST, and C...
Income Tax : Finance Bill 2024 proposes an amendment to Section 55 of the Income Tax Act to clarify the computation of cost of acquisition for ...
Income Tax : Budget 2024 extends the scope for lower deduction/collection certificates under Sections 197 and 206C, effective from October 2024...
Goods and Services Tax : Discover the key amendments in the Finance (No. 2) Bill, 2024, affecting CGST, IGST, UTGST, and Cess Act, including tax exemptions...
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...
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 ...
Income Tax : Explore the Finance Bill 2024, detailing income tax rates, surcharges, and provisions for various taxpayers, including individuals...
Goods and Services Tax : Govt. sets October 1, 2024, for Finance Act 2024, Section 13; April 1, 2025, for Sections 11 and 12, under Notification No. 16/202...
Custom Duty : Notification No. 51/2024-Customs (N.T.) introduces New Shippers Review in countervailing duty rules, effective from 24th July 2024...
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...
Custom Duty : Government of India amends 32 Customs notifications and extends the re-export period for certain foreign-origin goods under Notifi...
Highlights of Union Budget 2023-24: New tax regime to become the default, no tax on income up to Rs 7 lakh, increase in tax rebate from Rs 5 lakhs, 16% increase in NCCD on certain cigarettes, 45% of tax refunds processed within 24 hours.
List of Budget documents presented to Parliament includes Budget 2023 Speech, Annual Financial Statement, Demands for Grants, Finance Bill
MAJOR ANNOUNCEMENTS IN PERSONAL INCOME TAX TO SUBSTANTIALLY BENEFIT THE MIDDLE CLASS PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT PAY INCOME TAX IN NEW TAX REGIME TAX EXEMPTION LIMIT INCREASED TO RS. 3 LAKH CHANGE IN TAX STRUCTURE: NUMBER OF SLABS REDUCED TO FIVE SALARIED CLASS AND PENSIONERS TO GAIN ON EXTENSION […]
Ministry of Finance DIRECT TAX PROPOSALS AIMED AT REDUCING COMPLIANCE BURDEN, PROMOTING ENTREPRENEURIAL SPIRIT & PROVIDING TAX RELIEF TO CITIZENS NEXT-GENERATION COMMON IT RETURN FORM FOR TAX PAYER CONVENIENCE TO BE ROLLED OUT LIMITS OF PRESUMPTIVE TAXATION ENHANCED TO Rs 3 CRORE FOR MICRO ENTERPRISES AND Rs 75 LAKH FOR PROFESSIONALS WITH CASH PAYMENTS LESS […]
BASIC CUSTOMS DUTY RATES ON GOODS, OTHER THAN TEXTILES AND AGRICULTURE, REDUCED FROM 21 TO 13 CUSTOM DUTY EXEMPTED ON IMPORT OF CAPITAL GOODS AND MACHINERY FOR MANUFACTURE OF LITHIUM-ION CELLS FOR BATTERIES USED IN ELECTRIC VEHICLES EXEMPTION IN CUSTOM DUTY ON VARIOUS PARTS OF IT & ELECTRONICS INVERSION OF DUTY STRUCTURE RECTIFIED FOR ELECTRIC […]
Budget 2023-24 proposed to revise National Calamity Contingent Duty (NCCD) on specified cigarettes upwards by about 16 percent.
Smt. Sitharaman said that this Budget hopes to build on the foundation laid in the previous Budget, and the blueprint drawn for India@100, which envisions a prosperous and inclusive India, where the fruits of development reach all regions and citizens, especially our youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes.
Memorandum Explaining the Provisions in Finance Bill, 2023 released by Finance ministry explains proposed Changes in Income Tax, GST, Customs & Excise.
Finance Minister has introduced the Finance Bill, 2023 in Lok Sabha today, that is 1st February, 2023. Amendments have been proposed through clauses 123 and 124 of the Bill to the Customs Act, 1962, through clauses 125, 126 and 127 of the Bill to the Customs Tariff Act, 1975 and through clause 153 of the Bill to section 136 of the Finance Act, 2001.
Nirmala Sitharaman, Minister of Finance has presented Union Budget 2023-24 today and focused on Socio economic welfare measures, Ease of compliance, Widening and deepening of tax base/Anti-Avoidance, Improving compliance and Tax administration and Rationalisation of Provisions. AS INTRODUCED IN LOK SABHA ON 1ST FEBRUARY, 2023 Bill No. 17 of 2023 THE FINANCE BILL, 2023 A BILL […]
