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Draft Bank Branch Auditors' Panel (MEF) for 2024-25 Now Live
31 January 2025 at 09:15The Professional Development Committee of the Institute of Chartered Accountants of India (ICAI) is pleased to announce that the Draft Bank Branch Auditors' Panel (MEF) for the year 2024-25 has been published on the official ICAI website.
Real Estate Sector Seeks Affordable Housing Limit Hike, Tax Benefits in Budget 2025
31 January 2025 at 09:13The Indian real estate sector has urged the government to enhance the monetary cap for affordable housing from the current Rs 45 lakh to at least Rs 75 lakh or even Rs 1 crore, citing rising construction costs and inflation.
Finance Bill 2025 May Amend CGST Act to Introduce Track and Trace Mechanism for High-Evasion Goods
31 January 2025 at 09:13The upcoming Finance Bill 2025 may include a significant amendment to the Central Goods and Services Tax (CGST) Act, 2017, introducing a Track and Trace Mechanism aimed at curbing tax evasion in high-risk commodities.
Bombay HC Directs IT Dept to Restore Section 87A Tax Rebate in ITR Utility
30 January 2025 at 09:24In a significant ruling on January 24, 2025, the Bombay High Court held that the Income Tax Department (ITD) acted arbitrarily by modifying the ITR utility software to deny Section 87A tax rebate claims on special rate incomes post-July 5, 2024.
Union Budget 2025: Senior Citizens Expect Higher Tax Exemptions and Better Savings Scheme Returns
30 January 2025 at 09:20With the Union Budget 2025 set to be presented by Finance Minister Nirmala Sitharaman on February 1, senior citizens are eagerly anticipating potential tax relief measures and improved interest rates on savings schemes.
GSTN Update: Taxpayers Can Opt for Composition Scheme for FY 2025-26 from 4th Feb to 31st March 2025
30 January 2025 at 09:17The Goods and Services Tax Network (GSTN) has announced that taxpayers can opt for the Composition Scheme for the financial year 2025-26 by filing Form CMP-02 on the GST Portal.
CBDT Declares Key Income Tax IT Systems as 'Protected Systems' Under IT Act, 2000
30 January 2025 at 09:16The Ministry of Finance has issued a notification under the Information Technology Act, 2000, designating key IT systems of the Directorate of Income Tax (Systems), and Central Board of Direct Taxes (CBDT) as Protected Systems.
55th GST Council Meeting: Key Clarifications and Regularizations Announced
29 January 2025 at 09:11The 55th GST Council meeting, held on December 21, 2024, in Jaisalmer, has introduced crucial clarifications and regularizations to streamline tax compliance and provide relief to various sectors.
GST Clarification on Co-Insurance and Reinsurance Commission
29 January 2025 at 09:11The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 244/01/2025-GST on January 28, 2025, clarifying the GST treatment on co-insurance and reinsurance transactions, based on the 53rd GST Council meeting held on June 22, 2024
Union Budget 2025: GST on Health Supplements May Drop from 18% to 5%
29 January 2025 at 09:11As expectations mount, reports suggest that the Narendra Modi government may consider slashing income tax rates for individuals earning up to ₹15 lakh per annum.
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