The Finance Ministry is accelerating efforts to review and simplify the Income Tax Act, 1961, with a target completion date of January 2025, ahead of the Union Budget in February, sources familiar with the matter revealed.
In a significant financial development, public sector lender Indian Overseas Bank (IOB) announced on Thursday, September 19, that it has received an order from the Income Tax Department confirming a refund of ₹123.87 crore.
For the period from April to September 2024, gross direct tax collections have reached Rs 12.01 lakh crore, a significant rise from Rs 9.88 lakh crore collected during the same period in 2023.
The recent passing of 26-year-old Anna Sebastian Perayil, a newly hired Chartered Accountant at Ernst & Young (EY) in Pune, has ignited a widespread discussion on social media about the prevalence of toxic work environments in India.
The National Financial Reporting Authority (NFRA) has issued revised Standards on Auditing (SA 600) for public consultation, aiming to strengthen group audits in response to deficiencies highlighted in several corporate fraud cases.
Online food delivery platform Zomato has received a GST demand order totaling Rs 17.7 crore from the Assistant Commissioner of Revenue, West Bengal.
Union Finance Minister Smt. Nirmala Sitharaman launches NPS Vatsalya in New Delhi
In accordance with the latest circular from the Income Tax Department, it has raised the minimum threshold for filing appeals to the Income Tax Appellate Tribunal (ITAT) and the High Courts and Supreme Court.
The Central Board of Direct Taxes (CBDT) has issued Instruction No. 2/2024 on September 09, 2024, revising the Standard Operating Procedure (SOP) for handling internal audit objections in tax assessments.
On September 16th, Monday, Union Finance Minister Nirmala Sitharaman said that the Narendra Modi government is keen on the process of rationalising the GST rates to make them hassle-free and there is also the likelihood of a reduction of rates.
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