CAclubindia News

Income Tax Bill 2025: Section 80C Deductions Shifted to Clause 123

15 February 2025 at 07:32

Finance 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.

Posted in Income Tax | 2931 Views

New Income Tax Bill Aims for Clarity and Simplification, Says FM Nirmala Sitharaman

15 February 2025 at 07:32

Finance Minister Nirmala Sitharaman on Thursday dismissed claims that the new Income Tax Bill is merely a mechanical revision of the existing law.

Posted in Income Tax | 228 Views

FM Sitharaman Rebuts Raghav Chadha on Tax Relief for Incomes Above Rs 12 Lakh

14 February 2025 at 10:15

Finance 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.

Posted in Income Tax | 1 comments | 3531 Views

CBDT Grants Tax Exemption to Punjab Real Estate Regulatory Authority Under Section 10(46A)

14 February 2025 at 08:48

CBDT 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.

Posted in Income Tax | 417 Views

Two GST Officials Suspended Over Rs 7 Lakh Extortion Allegations

14 February 2025 at 08:46

In 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.

Posted in GST | 795 Views

Kerala to Introduce Faceless Adjudication in SGST Department to Enhance Transparency

14 February 2025 at 08:43

Finance 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.

Posted in GST | 462 Views

Income Tax Bill 2025 Tabled in Parliament: Aims to Simplify IT Act, 1961

14 February 2025 at 08:32

Income-tax Bill, 2025, tabled in Parliament towards achieving comprehensive simplification of the Income-tax Act, 1961

Posted in Income Tax | 2541 Views

GST Rates Drop from 15.8% to 11.3% Since Implementation: FM Nirmala Sitharaman

13 February 2025 at 08:56

FM Nirmala Sitharaman informed the Rajya Sabha on Tuesday that the average indirect tax under the GST has significantly reduced since its rollout.

Posted in GST | 522 Views

GSTN Issues Advisory for GST Registration Process Under Rule 8 of CGST Rules, 2017

13 February 2025 at 08:47

The GST Network (GSTN) has introduced new measures for GST registration, reinforcing compliance with Rule 8 of the CGST Rules, 2017.

Posted in GST | 10464 Views

ITR Filings Surge to 83.9 Million in FY25, Up 4% from Last Year

13 February 2025 at 08:46

The total number of income tax returns (ITRs) filed in FY25 reached a record 83.9 million by December 31, 2024, marking a 4% increase from the previous year, according to government data.

Posted in Income Tax | 243 Views