The much-anticipated new Income Tax Bill has put an end to speculation regarding the abolition of the old tax regime, confirming that it will continue to coexist with the new regime. The Bill, once introduced, will be referred to the department-related Standing Committee on Finance for …
ICMAI CMA result: The Institute of Cost Accountants of India (ICMAI) announced the Certified Management Accountant (CMA) results for the December 2024 session today, February 11. Candidates who appeared for the exam between December 10 and 17 can now access their results on the official website, …
Income-tax Bill, 2025, tabled in Parliament towards achieving comprehensive simplification of the Income-tax Act, 1961 The Income-tax Bill, 2025 was tabled in Parliament today, marking a significant step toward simplifying the language and structure of the Income-tax Act, 1961. The simplification exercise was guided by three core principles: Textual …
Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday that the average indirect tax under the Goods and Services Tax (GST) has significantly reduced since its rollout. She stated that the average tax under the previous indirect tax regime was 15.8%, while under GST, it has now come down to 11.3%. GST Rates …
The total number of income tax returns (ITRs) filed in FY25 reached a record 83.9 million by December 31, 2024, marking a 4% increase from the previous year, according to government data. Key Trends in ITR Filings Consistent Growth: ITR filings have steadily increased over the last five years: FY20: 64.7 million FY21: 67.2 million FY22: …
The Central Board of Indirect Taxes and Customs (CBIC) has issued Instruction No. 02/2025-GST, clarifying the procedure for handling departmental appeals related solely to interest and penalties under Section 128A of the Central Goods and Services Tax (CGST) Act, 2017. Text of the Official Notification is …
The number of e-way bills generated in January 2025 reached an all-time high of 118.15 million, according to data from the Goods and Services Tax Network (GSTN), as reported by Informist. This marks a 5.5% increase from 112.02 million e-way bills generated in December 2024, which was the highest in the …
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) has unanimously decided to reduce the policy repo rate by 25 basis points, bringing it down from 6.50% to 6.25%. Consequently, the Standing Deposit Facility (SDF) rate is set at 6.00%, while the Marginal Standing Facility (MSF) rate and the Bank Rate stand …
The Finance Bill 2025 has introduced a crucial amendment to Section 276BB of the Income-tax Act, 1961, which pertains to the prosecution for failure to deposit Tax Collected at Source (TCS) with the Central Government. This amendment aims to provide relief to taxpayers by allowing them to avoid prosecution …
