Markets regulator Sebi on Friday issued guidelines to revamp the nomination process for mutual fund folios and demat accounts to enhance transparency and minimise unclaimed assets in the securities market. The new norms will come into effect from March 1 and cover a range of measures for investor...

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Category : SEBI | Comments : 0 | Hits : 813

Advisory on Extension of Due Date w.r.t GSTR 1 and GSTR 3B Jan 10th, 2025 Dear Taxpayer, Due Date for filling of GSTR-1 and GSTR-3B have been extended by two days. For details refer to Notification No. 01/2025 – (CT) dt. 10th January, 2025 and Notification N...

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Category : GST | Comments : 0 | Hits : 819

SC stays GST notices worth over Rs 1 lakh crore against Online Gaming firms for tax fraud   NEW DELHI: The Supreme Court on Friday stayed showcause notices issued by GST authorities worth over Rs 1 lakh crore to online gaming companies and casinos over alleged tax evasion. A bench of Justi...

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Category : GST | Comments : 0 | Hits : 858

Snag in system: Govt extends monthly GST return, payment deadline NEW DELHI: The government on Friday extended the deadline for filing monthly GST sales return form GSTR-1 and GST payment by 2 days after taxpayers reported technical glitches in the GSTN system. As per a notification by the Cen...

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Category : GST | Comments : 0 | Hits : 843

Updated Return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person An Updated return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or sub-section (5), for an assessment yea...

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Category : Income Tax | Comments : 0 | Hits : 682

Cash transactions may attract up to 100% penalty by Income Tax Department Penalty on cash transactions: Recently in a brochure the Income Tax Department has said that taxpayers should avoid using cash for their daily transactions as in certain specified cases penalty for an amount equal to the ca...

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Category : Income Tax | Comments : 0 | Hits : 526

GST Registered Taxpayers can claim Pending Input Tax Credit GSTR-3B: Now GST registered taxpayers can claim pending input tax credit relating to past years namely financial year 2017-18, 18-19, 19-20 and 20-21 by filing an online rectification application. GSTN said, "A functionality has now...

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Category : GST | Comments : 0 | Hits : 602

Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A Jan 9th, 2025 After successful implementation of Phase-I & Phase-II now Phase-III regarding Table 12 of GSTR-1 & 1A is being implemented, from return period January 2025. In this phase m...

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Category : GST | Comments : 0 | Hits : 619

As per the notification issued on January 7, the 24 appointees will serve a tenure of five years beginning from the date they assume the charge or until they attain the age of sixty-five years. Out of the 24 appointees, 11 are judicial members and 13 are technical members. The ne...

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Category : General | Comments : 0 | Hits : 3260

Indian Govt Plan to Simplify its Income Tax filling rules in Budget Budget 2025 Income Tax Filing: India plans to simplify income tax filing rules to make it less tedious for taxpayers and reduce disputes. The changes being discussed include using formulas and tables, and reducing additional form...

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Category : Income Tax | Comments : 0 | Hits : 445

Big relief for GST taxpayers with multiple GST shows cause notices running in multiple districts Kerala Goods and services tax notice: Now taxpayers get relief from multiple GST notices pertaining to similar issue as these multiple notices will now be heard by a common adjudicating authority. Exp...

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Category : GST | Comments : 0 | Hits : 427

Paytm shares fall over 7% after NPCI data shows no UPI market share gains in December Despite receiving approval to add customers in October, Paytm's share of the UPI market has nearly halved, falling from 10 percent at the start of 2024 to just 5.5 percent by the end of the year, said analys...

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Category : Shares & Stock | Comments : 0 | Hits : 584

RBI guideline for banks & Fin institutions on customer credit information   The Reserve Bank of India (RBI) issued directions consolidating various guidelines for banks and financial institutions on reporting customer credit information. As per the directions, credit information companies...

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Category : RBI | Comments : 0 | Hits : 744

If Economic growth Slips then India's fiscal deficit seen rising to 4.98% India’s fiscal deficit calculations for FY25 might be impacted by a lower-than-expected economic growth forecast of 9.6%. Lower nominal GDP could result in a slight increase in the fiscal deficit ratio to 4.98%. H...

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Category : Budget | Comments : 0 | Hits : 451

Budget 2025-26 should prioritise giving tax relief by raising income tax exemption to Rs. 5 lakh   Union Budget: EY India proposes personal tax relief and the deferment of TDS on PF interest rate in the upcoming union budget 2025-26. They recommend simplifying the tax system, reducing litigat...

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Category : Budget | Comments : 0 | Hits : 427

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Rajasthan Jan 8th, 2025 Dear Taxpayers, This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the fol...

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Category : GST | Comments : 0 | Hits : 624

Jan 7th, 2025 The Central Government, on the recommendations of the 54th GST Council, had issued Notification No. 22/2024 – CT dated 08.10.2024 and notified that any registered person against whom any order confirming demand for wrong availment of ITC, on account of contravention ...

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Category : GST | Comments : 0 | Hits : 491

Budget should focus on tax simplification, reduction in personal I-T: EY NEW DELHI: The Budget is expected to focus on boosting private capex, tax simplification and reduction in personal income tax, particularly for the lower-income groups, to stimulate demand, EY India said. The Union Budget...

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Category : Budget | Comments : 0 | Hits : 501

Rupee Plunges 13 paise to settle at new record low of 85.87 against US Dollar MUMBAI: The rupee extended its slide for the second straight session and declined 13 paise to hit a fresh record low of 85.87 (provisional) against the US dollar on Wednesday amid higher crude oil prices and stronger Am...

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Category : Finance | Comments : 0 | Hits : 422

Salaried Employees Have to Submit Investment & Expenditure Proofs to Avoid Full TDS on Salary TDS on salary: The income tax rules have changed in recent years. Due to this, not all salaried employees now have to submit investment and expenditure proofs to avoid full tax on salary. Employers h...

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Category : TDS | Comments : 0 | Hits : 459

Finmin to hold meeting with MFI players on Wed NEW DELHI: Finance Ministry will hold a meeting with microfinance institutions (MFIs) on Wednesday amid rising bad loans and delinquencies across all types of lenders in the sector. According to sources, the Department of Financial Services Secret...

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Category : Finance | Comments : 0 | Hits : 366

Gems, jewellery Sector Urges Govt to Reduce GST to 1% in upcoming Budget   MUMBAI: The gems and jewellery sector has urged the government for a reduction in goods and services tax (GST) to 1 per cent on revenue equivalence ratio to ease the cost burden on the industry in the upcoming Budget. ...

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Category : Budget | Comments : 0 | Hits : 348

RBI releases Draft Formats of Financial Statements of Co-operative Banks In terms of Section 29, read with Section 56 of the Banking Regulation Act, 1949, co-operative banks are required to prepare a balance sheet and profit and loss account as on the last working day of the year in the Forms set...

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Category : Income Tax | Comments : 0 | Hits : 460

India economy to grow 6.4 pc in 2024-25, slowest in 4 years: Govt data NEW DELHI: India's economic growth rate is estimated to slip to a four-year low of 6.4 per cent in 2024-25, mainly on account of poor showing by the manufacturing and services sector, according to government data released ...

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Category : Finance | Comments : 0 | Hits : 366

Pre-Budget Consultation meetings 2025-26 conclude in New Delhi, today   The Pre-Budget consultations chaired by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman for the forthcoming Union Budget 2025-26 concluded in New Delhi, today. The consultations were held o...

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Category : Budget | Comments : 0 | Hits : 427

Budget 2025 Proposals, Expectations on tax slabs, estimates for corporate tax, excise duty may be difficult   Union Budget Expectations LIVE: The Union Budget for 2025-26 will be presented by Finance Minister Nirmala Sitharaman on February 1, 2025. Budget announcements will gain importance as...

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Category : Budget | Comments : 0 | Hits : 323

RSS Union Urge to Finance Minister for Exempt income-tax up to ?10 lakh Union Budget 2025: RSS-affiliated unions proposed several measures during their pre-budget consultations with Finance Minister Nirmala Sitharaman. They suggested raising the tax-exempt income to ?10 lakh, expanding MGNREGA to...

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Category : Income Tax | Comments : 0 | Hits : 357

ITR forms updated to allow 87A tax rebate claims, but there's a catch Income tax rebate u/s 87A: Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The Income Tax Department has now updated the excel utility to allow 87A ...

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Category : Income Tax | Comments : 0 | Hits : 425

Capital markets regulator Sebi on Monday said it has eased norms for the settlement of client funds in trading accounts that have remained inactive for 30 days. The revised norms will be effective immediately and are part of the markets watchdog's ongoing efforts to simplify procedures for ma...

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Category : SEBI | Comments : 0 | Hits : 429

RBI Issued Master Direction consolidating instructions on credit information of customers   The RBI has issued a master direction consolidating instructions for banks and financial institutions on credit information reporting. Credit Information Companies must alert customers when their Credi...

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Category : RBI | Comments : 0 | Hits : 605