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
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.
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.
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.
CBDT has issued Notification No. 115/2024, dated October 16, 2024, exempting the Reserve Bank of India (RBI) from the requirement of tax collection at source (TCS) under Section 206C(1F) of the Income Tax Act, 1961
CBDT has issued Revised Guidelines for Compounding of offences under the Income-tax Act, 1961(the 'Act') on 17.10.2024.
The Central Board of Direct Taxes (CBDT) has released updated Time-Series data up to FY 2023-24.
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