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 …
In a significant crackdown on GST fraud, the Central GST Itanagar Commissionerate has exposed a massive fake invoice racket involving Rs 658.55 crore in fraudulent transactions without any actual supply of goods. The investigation has revealed the misuse of the Input Tax Credit (ITC) mechanism, causing a loss of nearly Rs 99.30 …
The Reserve Bank of India (RBI) has reported a significant reduction in the circulation of ₹2000 denomination banknotes, with 98.15% of the total Rs 2000 notes withdrawn since their withdrawal was announced on May 19, 2023. According to RBI’s latest update, the value of Rs 2000 banknotes in circulation has dropped from Rs …
In a significant update ahead of the Budget 2025-26, Finance Secretary Tuhin Kanta Pandey confirmed that the upcoming New Direct Tax Code Bill will not introduce any new taxes. Pandey clarified that the bill, set to be introduced in the Budget session of Parliament by Finance Minister Nirmala Sitharaman, focuses on structural reforms rather than altering tax …
The Finance Ministry has issued a directive prohibiting officers and staff from using AI tools such as ChatGPT and DeepSeek on office computers, citing risks to the confidentiality of government data and documents. In a note dated January 29, the Department of Expenditure stated, “It has …
Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI) SUUTI was created by the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 . It is the successor of the erstwhile Unit Trust of India (UTI) and is mandated to liquidate the Government …
In a landmark move aimed at bolstering the operational efficiency and global competitiveness of Chartered Accountant (CA) firms in India, the Institute of Chartered Accountants of India (ICAI) has officially announced the ICAI (Aggregation of LLPs) Guidelines, 2024. This strategic framework is designed to facilitate the aggregation …
Direct Tax-Related Changes Tax Rate for Assessment Year 2026-27 and Financial Year 2025-26 Individuals New Regime (Revised Slabs) Income up to Rs 4,00,000 – No tax Rs 4,00,001 – Rs 8,00,000 – 5% Rs 8,00,001 – Rs 12,00,000 – 10% Rs 12,00,001 – Rs 16,00,000 – …
Dear Professional Colleagues, Wish you All a very Happy New Year!! “With every new beginning comes an opportunity to grow. Let this year mark strides in personal growth, India’s success on the global stage, and a united effort towards uplifting humanity.” Looking at the broader horizon, …
Union Minister for Finance and Corporate Affairs Smt Nirmala Sitharaman presented Union Budget 2025-26 in the Parliament today. The highlights of the budget are as follows: Budget Estimates 2025-26 The total receipts other than borrowings and the total expenditure are estimated at Rs 34.96 lakh crore …
