The Central Board of Direct Taxes (CBDT) issued Circular No. 15/2024 on November 4, 2024, defining monetary thresholds for income tax authorities regarding the waiver or reduction of interest under Section 220(2) of the Income-tax Act, 1961.
The Income Tax Department has received a significant response from stakeholders, amassing 6,500 suggestions over the past month for the comprehensive review of the Income Tax Act, 1961.
The Goods and Services Tax (GST) portal has now activated Form DRC-03A, enabling taxpayers to adjust or set off voluntary payments against an order of demand.
Gujarat has solidified its position as one of India’s top contributors to income tax, with a remarkable cumulative collection of ₹3.46 lakh crore over the past five years, according to a recent report by the State Bank of India.
In a significant crackdown, the Central Bureau of Investigation (CBI) has arrested five senior officials from the Central Goods and Services Tax (CGST) department in connection with an alleged ₹50 lakh bribery case, registered on September 5
The GST framework has introduced new guidelines regarding the handling of records on the Invoice Matching System (IMS) dashboard, aiming to improve clarity and streamline the GSTR-2B reconciliation process.
The Central Board of Indirect Taxes and Customs (CBIC) has released Instruction No. 27/2024-Customs, dated November 1, 2024, to guide Customs field formations on handling tax evasion investigations while promoting ease of doing business.
In a significant operation, Lokayukta police have arrested a commercial tax officer from Division-5 in Koramangala, Bengaluru, for allegedly accepting a bribe. ..
India is adopting a cautious stance on implementing the OECD-led Pillar 2 tax regime, which mandates a 15% minimum corporate tax rate for multinational enterprises (MNEs) with global revenues exceeding €750 million.
India's fiscal deficit for the first half of FY25 (H1FY25) was reported at ₹4.7 trillion, or 29.4% of the full-year Budget Estimate (BE) of ₹16.16 trillion, as per data from the Controller General of Accounts (CGA).
Online GST Course - Master the Fundamentals of GST with Practical Insights
CAclubindia
