India's income taxpayer base has crossed 10 crore, nearly doubling in the last decade. Tax buoyancy rose to over 2 in FY24, indicating strong tax revenue growth aligned with GDP.
India's personal income tax collection rose by 294% over a decade, reaching Rs 10.45 lakh crore in FY24, while corporate tax collections grew by 112%. Tax compliance, return filings, and India's tax-to-GDP ratio also improved.
Explore key insights from the Handbook on Judicial Matters, including guidelines for filing appeals in the ITAT, High Court, NCLT and NCLAT, along with prosecution procedures and more.
Direct taxes surged to 6.64% of GDP in FY24, with collections rising by 17.82%, outpacing nominal GDP growth. Personal income tax collections also surpassed corporation tax for the second year in a row.
Company Secretaries to Sign E-form MGT-7 for Up to 75 Companies
ICAI has released a comprehensive Standard Operating Procedure (SOP) to guide police and other law enforcement agencies during investigations, searches, seizures, interrogations, detentions and arrests of CAs.
India's direct tax collections have seen an unprecedented surge of 182% in the decade under Prime Minister Narendra Modi's leadership, crossing ₹19.60 trillion in the fiscal year 2023-24.
The Group of Ministers (GoM) on GST Compensation Cess, led by Minister of State for Finance Pankaj Chaudhary, convened on October 16 to explore the potential merger of the compensation cess into the broader Goods and Services Tax (GST) framework.
In a shocking incident from Jamnagar, a local accountant has been accused of scamming a factory owner by fraudulently reactivating a defunct GST number.
The Central Board of Direct Taxes (CBDT) has announced revised TDS rates for the financial year 2024-25, applicable for the assessment year 2025-26.
Online GST Course - Master the Fundamentals of GST with Practical Insights
CAclubindia
