In a groundbreaking achievement, the Income-tax Department has marked a historic milestone by receiving over 8 crore Income Tax Returns (ITRs) for the Assessment Year 2023-24, setting a new record and surpassing all previous filing statistics.Unveili
The Ministry of Finance has recently announced revisions to the interest rates on various Small Savings Schemes for the fourth quarter of the financial year 2023-24. These changes, set to take effect from January 1, 2024, and extend through March 31,
ICICI Bank Challenges ₹24.37 Crore Demand Notice with ₹2.43 Crore Penalty in Tamil Nadu. Kotak Mahindra Bank Faces ₹57.20 Lakh Demand Notice with ₹5.1 Lakh Penalty in Odisha
In a recent development, the Goods and Services Tax (GST) Council has taken a significant step by extending the deadline for tax officials to pursue and recover outstanding tax dues from businesses for the financial years 2019 (FY19) and 2020 (FY20).
Advisory: Date extension for reporting opening balance for ITC reversal1. In order to facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, a new ledger namely Electronic Credi
The Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Ministry of Finance, has achieved significant milestones in enhancing the efficiency and integrity of the Goods and Services Tax (GST) system.
Vide CBDT Circular No. 20/2023 dated 28.12.2023 guidelines have been issued for removal of difficulties and clarity has been provided on various issues pertaining to applicability of section 194-O
The Income Tax Department has harnessed the power of data analytics and advanced technology to recover an impressive ₹36,000 crore from outstanding tax demands in the current fiscal year.
In the year 2023, the Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, has taken many citizen-centric initiatives throughout the year.
Mahindra & Mahindra Ltd has disclosed that it is facing a penalty of over Rs 56 lakh for a procedural lapse related to the transfer of Input Service Distributor (ISD) credit from the pre-GST to the GST regime.
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