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CBDT Sets New Limits for Interest Waiver under IT Act Section 220(2)
06 November 2024 at 06:41The 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.
Income Tax Department Receives 6500 Stakeholder Suggestions for Overhaul of IT Act, 1961
05 November 2024 at 07:04The 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.
GST Portal Activates Form DRC-03A for Voluntary Payment Adjustments
05 November 2024 at 07:03The 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 Among Top 5 in Income Tax Contributions, Collects Rs 3.46 Lakh Crore
05 November 2024 at 07:01Gujarat 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.
CBI Arrests 5 Senior CGST Officers Over Rs 50 Lakh Bribery Case Following Allegations of Misconduct
05 November 2024 at 07:00In 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
GST IMS Dashboard: New Guidelines for 'Deemed Acceptance' and Record Handling
04 November 2024 at 08:46The 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.
CBIC Issues New Guidelines to Balance Tax Evasion Investigations with Ease of Doing Business in Import and Export
04 November 2024 at 08:44The 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.
Commercial Tax Officer Arrested in Bengaluru for Bribery and Forged Identity Documents
04 November 2024 at 08:41In a significant operation, Lokayukta police have arrested a commercial tax officer from Division-5 in Koramangala, Bengaluru, for allegedly accepting a bribe. ..
Govt Likely to Delay Pillar-2 Tax Rules Citing Limited Revenue Benefit
02 November 2024 at 08:59India 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 April-September 2024 Marks 29.4% of FY25 Target
02 November 2024 at 08:54India'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).
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