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CBIC Issues Clarifications on GST Rates and Classifications Following 55th GST Council Meeting
15 February 2025 at 07:58CBIC has issued Circular No. 247/04/2025-GST dated February 14, 2025, clarifying GST rates and classifications based on the recommendations of the 55th GST Council meeting held on December 21, 2024
New Income Tax Bill 2025 Retains Virtual Digital Asset Scope
15 February 2025 at 07:32The new Income Tax Bill, 2025, introduced in Parliament by Finance Minister Nirmala Sitharaman on Thursday, has not altered the scope of "virtual digital assets" (VDAs) but has incorporated the definition proposed in the Finance Bill, 2025.
New Income Tax Bill Retains Old Regime, Aims for Simpler Tax Laws
15 February 2025 at 07:32The much-anticipated new Income Tax Bill has put an end to speculation regarding the abolition of the old tax regime, confirming that it will continue to coexist with the new regime.
Income Tax Dept Launches Utility to Compare 1961 Act with Income Tax Bill 2025
15 February 2025 at 07:32The Income Tax Department of India has introduced a new utility tool designed to assist taxpayers in navigating the transition from the existing Income-tax Act, 1961, to the proposed Income-tax Bill, 2025.
Income Tax Bill 2025: Section 80C Deductions Shifted to Clause 123
15 February 2025 at 07:32Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill in the Lok Sabha on February 13, 2024, marking a major step towards overhauling India's tax laws.
New Income Tax Bill Aims for Clarity and Simplification, Says FM Nirmala Sitharaman
15 February 2025 at 07:32Finance Minister Nirmala Sitharaman on Thursday dismissed claims that the new Income Tax Bill is merely a mechanical revision of the existing law.
FM Sitharaman Rebuts Raghav Chadha on Tax Relief for Incomes Above Rs 12 Lakh
14 February 2025 at 10:15Finance Minister Nirmala Sitharaman on Thursday countered Aam Aadmi Party (AAP) MP Raghav Chadha's criticism of the Union Budget 2024-25, dismissing his claim that the middle class is excessively taxed.
CBDT Grants Tax Exemption to Punjab Real Estate Regulatory Authority Under Section 10(46A)
14 February 2025 at 08:48CBDT under the Ministry of Finance, has issued Notification No. 16/2025 on February 12, 2025, granting tax exemption to the Real Estate Regulatory Authority (RERA), Punjab under Section 10(46A) of the Income-tax Act, 1961.
Two GST Officials Suspended Over Rs 7 Lakh Extortion Allegations
14 February 2025 at 08:46In a major crackdown on corruption within the Central Goods and Services Tax (GST) department, two officials have been suspended for allegedly extorting ₹7 lakh from traders in Chhattisgarh under the guise of GST irregularities.
Kerala to Introduce Faceless Adjudication in SGST Department to Enhance Transparency
14 February 2025 at 08:43Finance Minister K.N. Balagopal on Wednesday announced the implementation of 'faceless adjudication' in the taxpayer services and audit wings of the State Goods and Services Tax (SGST) department.
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