The Union Budget 2025 is expected to bring significant changes to India's income tax framework, with the long-awaited implementation of the Direct Tax Code (DTC) marking a major step toward overhauling the country's direct tax system.
Finance Minister Nirmala Sitharaman has suggested that a reduction in the GST on life and health insurance premiums could lead to lower costs for policyholders.
In the fiscal year 2023-24, approximately 70-75% of GST revenues were generated from the 18% tax slab, while the 12% slab contributed just 5-6% of the total collection.
Central tax officials have uncovered goods and services tax (GST) evasion amounting to ₹824.14 crore across 17 cryptocurrency exchanges, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha on December 2.
A special Central Bureau of Investigation (CBI) court in Ahmedabad on Friday convicted two income tax practitioners, Suresh Prajapati and Shobhna Prajapati, for fraudulently obtaining TDS refunds using false or forged certificates.
In a coordinated operation, multiple teams comprising around 170 Income Tax (I-T) officials launched extensive searches on three interconnected real estate firms on Friday morning.
The auditing landscape in India has seen significant improvement over the past three to four years, according to Ajay Bhushan Prasad Pandey, Chairperson of the National Financial Reporting Authority (NFRA).
98.08% of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned
In a significant development, the CBDT has issued Notification No. 123/2024, dated Nov 28, 2024, exempting specific foreign representations and international organizations from the provisions of Section 194N of the IT Act, 1961.
IntroductionIn October 2024, Unified Payments Interface (UPI) achieved a historic milestone by processing 16.58 billion financial transactions in a single month, underscoring its pivotal role in India's digital transformation.
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