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6.68% Of Population Filed Income Tax Return In 2023-24 Fiscal
Posted Date : 17-Dec-2024 , 06:40:22 pm | Posted By CASANSAAR

 6.68% Of Population Filed Income Tax Return In 2023-24 Fiscal India witnessed a rise in income tax return filings for the 2023-24 fiscal year, with over 8.09 crore returns submitted, compared to 7.40 crore the previous year. However, this represents only 6.68% of the population. Interesti...

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Category : Income Tax | Comments : 0 | Hits : 315

Tax Panel May Consider Lowering GST On Online Food Delivery Fees
Posted Date : 17-Dec-2024 , 06:36:15 pm | Posted By CASANSAAR

Tax Panel May Consider Lowering GST On Online Food Delivery Fees The GST Council, chaired by India’s finance minister, may reduce the tax on food delivery charges by e-commerce platforms from 18% to 5%, effective January 1, 2024, according to sources. However, food delivery platforms like...

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Category : GST | Comments : 0 | Hits : 293

CBDT launches Electronic Campaign to address income & transaction mismatches for FY 2023-24 & FY 2021-22
Posted Date : 17-Dec-2024 , 06:28:35 pm | Posted By CASANSAAR

CBDT launches Electronic Campaign to Address Income & Transaction Mismatches for FY 2023-24 & FY 2021-22 The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the Annual ...

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Category : CBDT | Comments : 0 | Hits : 312

CBDT launches Campaign to intimate taxpayers on mismatch in ITR filed and AIS
Posted Date : 17-Dec-2024 , 06:15:32 pm | Posted By CASANSAAR

CBDT launches Campaign to intimate taxpayers on mismatch in ITR filed and AIS The Income Tax Department is reaching out to taxpayers and non-filers via SMS and email regarding mismatches between their reported transactions in the Annual Information Statement (AIS) and their Income Tax Returns (...

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Category : Income Tax | Comments : 0 | Hits : 259

UAE launches world
Posted Date : 17-Dec-2024 , 04:59:58 am | Posted By CASANSAAR

In an effort to boost tourism, the United Arab Emirates (UAE) on Monday, December 16, announced the launch of a new value-added tax (VAT) refund system for e-commerce purchases for tourists during their stay in the country, which is considered the world’s first of its kind. This new system ...

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Category : VAT | Comments : 0 | Hits : 404

SEBI sets new benchmarks with comprehensive norms for Secretarial Auditors
Posted Date : 16-Dec-2024 , 05:00:57 pm | Posted By CASANSAAR

Market regulator SEBI has revised its Listing Obligations and Disclosure Requirements (LODR) Regulations to introduce detailed norms governing the appointment, re-appointment, and removal of secretarial auditors in listed entities. Only a peer reviewed company secretary or firm of Company Secreta...

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Category : SEBI | Comments : 0 | Hits : 573

Income Tax Dept Recovers Rs 37000 Cr from Individuals Not Filing Returns Despite Taxable Income
Posted Date : 16-Dec-2024 , 05:00:47 pm | Posted By CASANSAAR

Income Tax Department Recovers Rs 37, 000 Cr from Individuals Not Filing Returns Despite Taxable Income   Income Tax Department’s extensive crackdown! Over the past 20 months, the Income Tax Department has collected Rs 37,000 crore from individuals who had taxable income but fai...

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Category : Income Tax | Comments : 0 | Hits : 299

Banks Struggle to Meet Sebi's Cybersecurity Deadline Amid New Regulations
Posted Date : 16-Dec-2024 , 02:55:06 pm | Posted By CASANSAAR

Banks Struggle to Meet Sebi's Cybersecurity Deadline Amid New Regulations Banks are struggling to meet SEBI's January 1st deadline for implementing a new cybersecurity framework. The extensive regulations require frequent audits, robust disaster recovery plans, and data storage within Ind...

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Category : Bank | Comments : 0 | Hits : 295

Finance ministry following a calibrated disinvestment strategy
Posted Date : 16-Dec-2024 , 02:45:04 pm | Posted By CASANSAAR

Finance ministry following a calibrated disinvestment strategy India's finance ministry is strategically divesting stakes in public sector enterprises. This has boosted market capitalization by 3.6 times in three years. Dividend payouts reached a record Rs 63,749 crore. The government collect...

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Category : Finance | Comments : 0 | Hits : 295

Indian listed companies saw a 6% revenue growth in FY24
Posted Date : 16-Dec-2024 , 02:08:16 am | Posted By CASANSAAR

Indian companies' revenue surge in FY24 however wage growth of employees moderate: SBI Report New Delhi: Around 4,000 listed companies in India reported a 6 per cent growth in revenue or gross sales during the financial year 2024, according to a report by the State Bank of India (SBI). Whi...

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Category : Finance | Comments : 0 | Hits : 363

India's fiscal deficit is projected at 4.8% of GDP for FY25
Posted Date : 16-Dec-2024 , 01:24:33 pm | Posted By CASANSAAR

India's fiscal deficit will be 4.8 pc in FY25, below budget estimate of 4.9 pc: CareEdge Ratings New Delhi: The fiscal deficit of the central government is projected to be 4.8 per cent of GDP for FY25, slightly below the budgeted estimate of 4.9 per cent, according to a report by CareEdge Rat...

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Category : Budget | Comments : 0 | Hits : 286

Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Chhattisgarh, Goa and Mizoram
Posted Date : 16-Dec-2024 , 11:35:17 am | Posted By CASANSAAR

Dec 15th, 2024 Dear Taxpayers, This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process. 1. Rule 8 of the CGST Rules, 2017 has been amended to provide...

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Category : GST | Comments : 0 | Hits : 389

3rd India-UK Financial Markets Dialogue: Joint Statement
Posted Date : 14-Dec-2024 , 05:30:48 am | Posted By CASANSAAR

3rd India-UK Financial Markets Dialogue: Joint Statement The third meeting of India-UK Financial Markets Dialogue was hosted by Department of Economic Affairs, Ministry of Finance in GIFT City, Gujarat on 12th December 2024 Participants from India and UK touched upon reforms in respective ...

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Category : Finance | Comments : 0 | Hits : 348

India's DTAA with Switzerland may Require renegotiation: MEA
Posted Date : 14-Dec-2024 , 04:55:29 pm | Posted By CASANSAAR

India's DTAA with Switzerland may require renegotiation: MEA India on Friday said its double taxation treaty with Switzerland may require renegotiation in view of its trade pact with the member states of the European Free Trade Association (EFTA). The remarks by the spokesperson of the Mini...

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Category : Income Tax | Comments : 0 | Hits : 376

Compensation cess: GoM may seek more time to Submit Report
Posted Date : 14-Dec-2024 , 04:15:45 pm | Posted By CASANSAAR

Compensation cess: GoM may seek more time to Submit Report The group of ministers (GoM) on compensation cess will likely approach the GST Council, seeking an extension beyond the December 31 deadline to firm up its report, a person aware of the matter said   The 10-member GoM under Uni...

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Category : GST | Comments : 0 | Hits : 346

Punjab GST dept uncovers bogus billing scam involving fraudulent transactions worth Rs 163 Cr
Posted Date : 14-Dec-2024 , 10:54:46 am | Posted By CASANSAAR

The Punjab GST Department has unearthed a bogus billing scam in Ludhiana, involving fraudulent transactions worth Rs 163 crore over the past two years. Announcing this here on Friday, Finance Minister Harpal Cheema said the investigation revealed that M/s Monga Brothers (Unit-II), Buddewal Road, ...

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Category : GST | Comments : 0 | Hits : 418

Income tax reassessment orders can
Posted Date : 14-Dec-2024 , 10:49:09 am | Posted By CASANSAAR

The income tax department cannot issue reassessment orders to a dead person or their legal heirs, the Bombay high court ruled on Thursday. A division bench of justices GS Kulkarni and Advait Sethna said the Income Tax Act requires the issuance of a show-cause notice to the assessee, who should ge...

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Category : Income Tax | Comments : 0 | Hits : 706

Tax refunds up by 46.31% to Rs 3.08 lakh crore in FY 2024-25
Posted Date : 12-Dec-2024 , 06:12:38 pm | Posted By CASANSAAR

Tax refunds up by 46.31% to Rs 3.08 lakh crore in FY 2024-25 The Finance Ministry announced on Thursday a significant improvement in the issuance of tax refunds for the financial year 2024-25. Between April 1 and November 27 this year refunds amounting to Rs 3.08 lakh crore were issued, mark...

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Category : Income Tax | Comments : 0 | Hits : 506

Income Tax relief to the Cooperative societies
Posted Date : 12-Dec-2024 , 04:10:28 am | Posted By CASANSAAR

Income Tax relief to the Cooperative societies   Posted On: 11 DEC 2024 5:22PM by PIB Delhi    The Government of India has taken various initiatives to provide the income tax relief to cooperative societies. Details are as under:   Reduction in surcharge on cooperati...

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Category : Income Tax | Comments : 0 | Hits : 556

MCA offers e-adjudication, e-consultation to boost stakeholder confidence
Posted Date : 12-Dec-2024 , 11:26:44 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has introduced e-adjudication and e-consultation platforms to streamline legal proceedings and foster a more business-friendly regulatory environment, a senior official said on Wednesday. Addressing the ASSOCHAM-ACCA Global Summit on Responsible Corporate G...

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Category : MCA | Comments : 0 | Hits : 595

UAE to impose 15% Corporate Tax from January 2025
Posted Date : 11-Dec-2024 , 09:11:54 pm | Posted By CASANSAAR

The United Arab Emirates (UAE) is poised to introduce a minimum top-up tax (DMTT) of 15 percent on large multinational enterprises (MNEs) operating in the country. This will be implemented on or after January 1, 2025, aiming to establish a fair and transparent system in line with global standards...

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Category : International Business | Comments : 0 | Hits : 1565

Govt mulling Relief for lower income Tax Bracket
Posted Date : 10-Dec-2024 , 07:01:50 am | Posted By CASANSAAR

Govt mulling Relief for lower income Tax Bracket India's upcoming February 2025 budget might offer tax relief to lower-income groups (3-7 lakh slabs) under the new regime. While higher slabs may see no significant changes, the government may raise the exemption limit beyond 3 lakh. The u...

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Category : Income Tax | Comments : 0 | Hits : 551

GSTN Advisory on difference in value of Table 8A and 8C of Annual Returns FY 23-24
Posted Date : 10-Dec-2024 , 12:20:46 am | Posted By CASANSAAR

As per the Notification No 12/2024 Central Tax dated 10th July 2024 read with Notification No.20/2024-Central Tax Dated 8th October 2024, for FY 2023-24 onwards, the total credit available for inwards supplies shall be auto-populated in the table 8A of Form GSTR 9 from GSTR-2B of the FY 23-24. Furth...

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Category : GST | Comments : 0 | Hits : 2006

Revenue secretary Sanjay Malhotra appointed as new RBI Governor
Posted Date : 09-Dec-2024 , 08:03:25 pm | Posted By CASANSAAR

Revenue secretary Sanjay Malhotra has been appointed as the new Reserve Bank of India governor, an official notification from the Centre's cabinet committee stated on Monday. Malhotra, a 1990 batch Rajasthan cadre IAS Officer, will replace Shaktikanta Das, whose tenure comes to an end on Tues...

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Category : RBI | Comments : 0 | Hits : 584

GST Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration
Posted Date : 09-Dec-2024 , 08:29:33 am | Posted By CASANSAAR

Dec 8th, 2024 Dear Taxpayers, This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process. 1.Rule 8 of the CGST Rules, 2017 has been amended to provide t...

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Category : GST | Comments : 0 | Hits : 927

Rupee depreciated by 4 paise to settle at 84.73 against US dollar
Posted Date : 09-Dec-2024 , 07:56:53 am | Posted By CASANSAAR

Rupee depreciated by 4 paise to settle at ?84.73 against US dollar In the Forex market, the rupee today depreciated by four paise to settle at 84 rupees and 73 paise against the US dollar. The dollar index, which indicates US dollar’s strength against a basket of six other leading currenc...

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Category : Finance | Comments : 0 | Hits : 499

RBI allows Small Finance Banks to Give Credit on UPI
Posted Date : 07-Dec-2024 , 07:22:49 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday allowed small finance banks (SFBs) to offer pre-sanctioned credit lines through Unified Payments Interface (UPI). Till now, only scheduled commercial banks were allowed to offer pre-sanctioned credit lines on the flagship payments platform.  The cent...

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Category : RBI | Comments : 0 | Hits : 633

Mandatory Sequential Filing of GSTR-7 Returns as per Notification No. 17/2024
Posted Date : 05-Dec-2024 , 11:01:28 am | Posted By CASANSAAR

Advisory on mandatory Sequential Filing of GSTR-7 Returns as per Notification No. 17/2024 Dec 4th, 2024 Multiple tickets have been received regarding sequential filing of return in Form GSTR-7. Taxpayers are referencing FAQs for the same, wherein “it is not mandatory” is mentioned....

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Category : GST | Comments : 0 | Hits : 1063

GSTN Advisory on mandatory Sequential Filing of GSTR-7 Returns
Posted Date : 04-Dec-2024 , 08:48:56 pm | Posted By CASANSAAR

Multiple tickets have been received regarding sequential filing of return in Form GSTR-7. Taxpayers are referencing FAQs for the same, wherein “it is not mandatory” is mentioned. To clarify, It is to inform that following changes have been introduced in the return filing process for...

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Category : GST | Comments : 0 | Hits : 958

ICAI Election - Special Permission for Courier Services of Ballot Papers to the Members in Canada
Posted Date : 05-Dec-2024 , 08:16:07 am | Posted By CASANSAAR

ELECTION - 2024 (Chartered Accountants) ONE TIME SPECIAL PERMISSION TO VOTERS HAVING PROFESSOINAL ADDRESS OF CANADA TO USE COURIER SERVICE TO DISPATCH THEIR BALLOT PAPERS No. 54-EL(1)/13-E-3/2024: In pursuance of sub-rule (1) of rule 6 of the Chartered Accountants (Election to th...

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Category : ICAI | Comments : 0 | Hits : 1580

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