CBDT Notifies Sixth Amendment to Income-Tax Rules, 2025 Key Highlights of Notification No. 21/2025 The Central Board of Direct Taxes (CBDT) has issued Notification No. 21/2025 on March 25, 2025, amending the Income-tax Rules, 1962. The Income-tax (Sixth Amendment) Rules, 2025 introduce key changes impacting transfer pricing, electric vehicles, and assessment …
During the FY 2024-25, the Ministry of Micro, Small and Medium Enterprises (MSME) has launched a sub scheme under Central Sector Scheme Raising and Accelerating MSME Performance Program (RAMP), namely MSME Trade Enablement and Marketing (MSME TEAM) Initiative on 27th June 2024. The MSME Trade Enablement and …
In a crucial development impacting India’s audit and accounting sector, the Supreme Court (SC) has permitted the National Financial Reporting Authority (NFRA) to proceed with disciplinary cases against chartered accountants (CAs) and audit firms even where no Audit Quality Review Reports (AQRRs) have been prepared and final orders are yet to be passed. However, …
The Income Tax Department is grappling with an overwhelming backlog of direct tax arrears, with Rs 29 lakh crore classified as nearly impossible to recover, as per official submissions to the Parliamentary Standing Committee on Finance. The total outstanding direct tax dues stand at Rs 43 …
DGGI blocks 357 websites/URLs of illegal/non-compliant offshore online money gaming entities In two other separate cases, DGGI collectively blocks nearly 2,400 bank accounts and freezes nearly Rs. 126 crore DGGI advises public to remain cautious and not engage with offshore online money gaming platforms The Directorate …
Despite the Centre’s push to simplify the Goods and Services Tax (GST) structure by eliminating the 12% tax slab, the Group of Ministers (GoM) on GST rate rationalisation remains divided on the proposal. The lack of consensus has stalled progress on GST reform, making Finance Minister Nirmala Sitharaman’s intervention crucial in the coming months. GoM …
The Reserve Bank of India (RBI) has appointed Shri Indranil Bhattacharyya as Executive Director (ED) with effect from March 19, 2025. Prior to his promotion as ED, Shri Bhattacharyya was serving as Adviser in the Monetary Policy Department of the Bank. Over a span of nearly …
The Institute of Chartered Accountants of India (ICAI) has announced the renewal of a 75% concession in registration fees for CA aspirants from Jammu & Kashmir, Ladakh, Andaman & Nicobar Islands, and the eight North-Eastern states. This benefit applies to all levels of the CA course-Foundation, Intermediate, and Final until March 31, …
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the ‘Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)’ for the financial year 2024-25 in the following manner: i. The incentive scheme for promotion of low-value BHIM-UPI transactions (P2M) will …
The Goods and Services Tax Network (GSTN) has added YES Bank to the GST Portal as an authorized bank for accepting GST payments. With this addition, the total number of banks facilitating GST payments now stands at 31. This move is expected to provide more flexibility and ease to …
