CAclubindia News

Budget 2025: Govt Plans to Phase Out Old Tax Regime

20 January 2025 at 08:48

In the upcoming Budget for FY26, Finance Minister Nirmala Sitharaman is expected to announce a roadmap for the gradual phasing out of the old personal income tax regime over the next few years.

Posted in Union Budget | 13992 Views

Income Tax Department Uncovers Rs 1070 Crore in Wrongful Claims by 90,000 Salaried Individuals

20 January 2025 at 08:48

As of December 31, 2024, approximately 90,000 salaried individuals from both public sector undertakings (PSUs) and the private sector have voluntarily withdrawn incorrect tax deductions totalling Rs 1,070 crore.

Posted in Income Tax | 17604 Views

Govt Considers Personal Tax Relief in Budget 2025 to Boost Consumption

20 January 2025 at 08:48

As the Union Budget 2025 approaches, growing expectations suggest that the government is actively considering personal tax relief measures aimed at boosting consumption and accelerating economic recovery.

Posted in Union Budget | 2199 Views

EV Industry Seeks GST Cut on Batteries & Infrastructure Status for Charging Stations in Upcoming Budget

20 January 2025 at 08:48

The Electric Vehicle (EV) industry is calling on the government to slash the GST on EV batteries from the current 18% to 5%, aligning it with the GST rate applied to electric vehicles.

Posted in Union Budget | 852 Views

DGGI Busts Rs 11 Crore GST Input Tax Credit Fraud

20 January 2025 at 08:48

In a significant breakthrough, the Directorate General of GST Intelligence (DGGI), Bhubaneswar Zone, has unearthed a massive GST fraud involving bogus input tax credit (ITC) transactions worth Rs 11 crore.

Posted in GST | 23493 Views

Budget 2025: New Income Tax Law and Expectations

20 January 2025 at 08:48

The upcoming Budget 2025 session of Parliament is set to witness the introduction of a brand-new Income Tax Bill, aimed at simplifying the decades-old Income Tax Act of 1961. A

Posted in Union Budget | 4053 Views

Income Tax Department Releases Updated Utility Excel-Based & JSON Schema for ITR-1 to ITR-7

18 January 2025 at 07:55

In a significant update aimed at streamlining the Income Tax Return (ITR) filing process, the Income Tax Department has released an updated version of the Excel-based Utility and JSON Schema for ITR forms 1 to 7. ITR 1For individuals being a resident

Posted in Income Tax | 912 Views

US-India Tax Forum Proposes Key Tax Reforms Ahead of Union Budget 2025

18 January 2025 at 07:55

Ahead of the Union Budget 2025, the US-India Tax Forum, under the US-India Strategic Partnership Forum (USISPF), has put forth recommendations aimed at simplifying India's tax framework and boosting investor confidence.

Posted in GST | 678 Views

CBIC Clarifies GST Rules on Pre-Packaged Goods and Gene Therapy

18 January 2025 at 07:55

In a significant update, the Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 02/2025-Central Tax (Rate) on January 16, 2025, amending the Central Goods and Services Tax Act, 2017 (CGST Act).

Posted in GST | 2157 Views

CBIC Amends Customs Duty Exemptions for LRSAM Equipment

18 January 2025 at 07:54

In a move to strengthen India's defense capabilities, the Central Government has issued Notification G.S.R. 64(E), making further amendments to the Notification No. 19/2019-Customs, dated July 6, 2019.

Posted in GST | 678 Views