Government employees can get gratuity up to Rs 25 lakh Tax-free gratuity limit for employees: The government has hiked the maximum amount of gratuity that a government employee can receive to Rs 25 lakh. The new limit is effective from January 1, 2024. However, not many are aware of the tax-exe...

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Category : Income Tax | Comments : 0 | Hits : 1368

GST Advisory for Waiver Scheme under Section 128A   Jan 14th, 2025 1.    Taxpayer’s attention is invited to the advisory on the above subject issued by GSTN on 29.12.2024. The link for the said advisory is given here: https://services.gst.gov.in/services...

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Category : GST | Comments : 0 | Hits : 1548

Insurers eye tax benefits, incentives in Union Budget NEW DELHI: Insurers are seeking tax benefits for buyers and incentives for selling policies in their wishlist for the upcoming Union Budget as the country is projected to emerge as the G20's fastest-growing insurance market. In 2023-24,...

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Category : Budget | Comments : 0 | Hits : 1217

Rupee recovers from record low to settle 8 paise higher at 86.62 against US dollar MUMBAI: The rupee rebounded from its lowest-ever level and settled 8 paise higher at 86.62 (provisional) against the US dollar on Tuesday as the American currency retreated from record high. Some recovery in dom...

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Category : Finance | Comments : 0 | Hits : 1116

FM Sitharaman extending the additional Rs 50,000 tax exemption for life insurance companies Insurers Also Want FM Sitharaman To Consider Extending the Additional Rs 50,000 Tax Exemption for NPS Contributions to Pension Plans from Life Insurance Companies Too Top insurance company officials want ...

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Category : Budget | Comments : 0 | Hits : 1040

Generation Date for Draft GSTR 2B for December 2024 Jan 14th, 2025 This is to inform you that, in light of the extended due dates for filing GSTR-1 and GSTR-3B returns for the month of December 2024 (Quarter Oct-Dec 2024) as per Notifications No. 01/2025 and 02/2025 dated 10th January 2025, th...

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Category : GST | Comments : 0 | Hits : 1386

GDP growth, likely rate cuts in 2025 to support credit access of corporates in FY26 India's GDP growth, healthier banking sector, and potential interest-rate cuts in 2025 are set to enhance corporate credit access in FY26. While sectors like cement, electricity, and telecom expect robust sale...

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Category : Budget | Comments : 0 | Hits : 1022

Union home ministry has cut the budget for Census Survey and Statistics. The Union home ministry has cut the budget for Census Survey and Statistics. The Registrar General of India will still proceed with the delayed census and update the National Population Register. Additional funds can be acce...

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Category : Budget | Comments : 0 | Hits : 880

GTRI Suggests for simplified customs duty structure in Union Budget 2025 The Global Trade Research Initiative suggests the government simplify the customs duty structure in the upcoming Budget. They recommend reducing slabs to five, taxing raw materials lower than finished goods, and aligning tar...

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Category : Budget | Comments : 0 | Hits : 934

RBI Said to ease rupee drought with FX swaps The Reserve Bank of India used dollar-rupee swaps to inject $3 billion worth of rupee liquidity to ease a financial squeeze. This move was made to counteract a tightening of rupee liquidity due to tax settlements and stock purchases. However, this acti...

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Category : RBI | Comments : 0 | Hits : 315

India’s rupee fell to a record low past 86.5 per dollar US bond yields climb as strong economy fuels Fed rate risk; hit Indian rupee, share market US bond yields near 5 percent as strong economic data fuels Fed rate concerns, pressuring global markets. India’s rupee fell to a record l...

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Category : Shares & Stock | Comments : 0 | Hits : 315

GST officers must explain 'grounds of arrest' to offenders, obtain acknowledgement: CBIC NEW DELHI: GST officers will now have to explain to offenders about the "grounds of arrest" and obtain a written acknowledgement from them, the CBIC said on Monday. Modifying the guidelines...

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Category : GST | Comments : 0 | Hits : 316

Business correspondents Requested RBI to ease domestic transfer limits and rules Business correspondents have requested the RBI to double the monthly transfer limit to ?50,000 and reduce two-factor authentication to once a month. They have also flagged misuse of the system by some entities to byp...

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Category : RBI | Comments : 0 | Hits : 308

FM Announces Amnesty Scheme for customs in Upcoming Budget Finance Minister Nirmala Sitharaman may announce an Amnesty Scheme for customs in the upcoming Budget to reduce litigation and foster ease of doing business. This potential scheme aligns with the government's objective to lessen court...

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Category : Budget | Comments : 0 | Hits : 260

New changes made in GSTR-1 from January 2025 When you file GSTR-1 on or before February 11, 2025, the specified new rules will have to be followed otherwise the return will be considered faulty. If the supplier's GSTR-1 is faulty then the buyer's GSTR-2B will get populated with wrong deta...

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Category : GST | Comments : 0 | Hits : 775

Garment Trade Associations urge GoM to abandon GST rate modification proposal In a landmark meeting, they passed a unanimous resolution urging the Group of Ministers (GoM) to abandon its proposal to modify Goods and Services Tax (GST) rates in the garment sector and retain the existing structure ...

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Category : GST | Comments : 0 | Hits : 547

Union Budget 2025-26 expectations arise for possible simplification of Customs duty rates With the Union Budget 2025-26 approaching, expectations arise for a review and possible simplification of Customs duty rates. The aim is to reduce tax rate multiplicity, fix duty inversions, resolve classifi...

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Category : Budget | Comments : 0 | Hits : 450

  NFRA Called on Audit Committees of mainly listed companies to ask their Auditors tough Question The NFRA has called on audit committees to ask auditors tough questions about credit risks and related party transactions. These questions are aimed at ensuring transparency and trust in financ...

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Category : NFRA | Comments : 0 | Hits : 454

Indian economy likely to be 'a little weaker' in 2025: IMF MD By Lalit K Jha WASHINGTON: The Indian economy is expected to be "a little weaker" in 2025 despite steady global growth, IMF Managing Director Kristalina Georgieva has said. Georgieva also said she expects qui...

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Category : General | Comments : 0 | Hits : 494

To enhance communication between auditors and audit committees of companies and improve audit quality, the National Financial Reporting Authority (NFRA) on Friday released the first part of the Auditor-Audit Committee Interaction Series.   This is the first time that NFRA has released a set o...

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Category : NFRA | Comments : 0 | Hits : 3933

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 : 639

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 : 755

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 : 828

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 : 807

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 : 575

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 : 487

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 : 544

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 : 563

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 : 3052

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 : 377