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Bombay HC Directs IT Dept to Restore Section 87A Tax Rebate in ITR Utility
30 January 2025 at 09:24In a significant ruling on January 24, 2025, the Bombay High Court held that the Income Tax Department (ITD) acted arbitrarily by modifying the ITR utility software to deny Section 87A tax rebate claims on special rate incomes post-July 5, 2024.
Union Budget 2025: Senior Citizens Expect Higher Tax Exemptions and Better Savings Scheme Returns
30 January 2025 at 09:20With the Union Budget 2025 set to be presented by Finance Minister Nirmala Sitharaman on February 1, senior citizens are eagerly anticipating potential tax relief measures and improved interest rates on savings schemes.
GSTN Update: Taxpayers Can Opt for Composition Scheme for FY 2025-26 from 4th Feb to 31st March 2025
30 January 2025 at 09:17The Goods and Services Tax Network (GSTN) has announced that taxpayers can opt for the Composition Scheme for the financial year 2025-26 by filing Form CMP-02 on the GST Portal.
CBDT Declares Key Income Tax IT Systems as 'Protected Systems' Under IT Act, 2000
30 January 2025 at 09:16The Ministry of Finance has issued a notification under the Information Technology Act, 2000, designating key IT systems of the Directorate of Income Tax (Systems), and Central Board of Direct Taxes (CBDT) as Protected Systems.
55th GST Council Meeting: Key Clarifications and Regularizations Announced
29 January 2025 at 09:11The 55th GST Council meeting, held on December 21, 2024, in Jaisalmer, has introduced crucial clarifications and regularizations to streamline tax compliance and provide relief to various sectors.
GST Clarification on Co-Insurance and Reinsurance Commission
29 January 2025 at 09:11The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 244/01/2025-GST on January 28, 2025, clarifying the GST treatment on co-insurance and reinsurance transactions, based on the 53rd GST Council meeting held on June 22, 2024
Union Budget 2025: GST on Health Supplements May Drop from 18% to 5%
29 January 2025 at 09:11As expectations mount, reports suggest that the Narendra Modi government may consider slashing income tax rates for individuals earning up to ₹15 lakh per annum.
Budget 2025-26: Mild Personal Tax Cuts, Concessional Corporate Tax Scheme Likely to Boost Growth
29 January 2025 at 09:04The upcoming Union Budget 2025-26 is expected to bring mild reductions in personal income tax rates to spur consumption, alongside a concessional corporate tax regime for manufacturing hubs and foreign direct investments (FDIs)
Kerala GST Department Issues Circular to Streamline Notices Under Sections 73 and 74
29 January 2025 at 08:50In a bid to ensure uniformity and ease of implementation, the Kerala GST Department has issued Circular No. 3/2025-Kerala SGST dated January 20, 2025.
Income Tax Rules 2025: Changes to Regulations for IFSC Finance Companies
29 January 2025 at 08:50In a significant move to streamline tax administration and align with global financial regulations, the Central Board of Direct Taxes (CBDT) issued Notification No. 10/2025 on January 27, 2025.
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