Businesses whose Goods and Services Tax (GST) registrations were cancelled before December 31 for non-filing of returns can apply for revocation of the cancellation by June 30, after paying due taxes, interest and penalty. Also now the time limit for making an application for revocation of …
Finance ministry on Monday told the Lok Sabha that it was going to constitute the 16th Finance Commission (SFC) in the current calendar year. The recommendations of the SFC will be for five years starting FY27. Replying to a question by Ambedkar Nagar MP Ritesh Pandey, …
The Corporate Affairs Ministry (MCA) had struck off as many as 29,059 non-compliant companies in FY21 and FY22, Lok Sabha was informed on Monday. Replying to an unstarred question, Rao Inderjit Singh, Minister of State for Corporate Affairs said that against this 3,21,325 new companies were incorporated during …
Following the Hon’ble Supreme Court’s decision in Writ Petition (C) No. 59/2013 with 1283/2021, certain amendments have been made in clause (26AAA) of section 10 of the Income-tax Act, 1961 by the Finance Act, 2023. For the purposes of removal of doubts, it is hereby clarified …
The income tax department has identified 89 “high-risk foreign remittance” cases with suspected tax evasion of over Rs 100 crore each. Filtered through data analytics, these cases pertain to high-value remittances in FY20 and FY21, people aware of the details said. The department has already initiated …
The GST investigation wing of the Central Board of Indirect Taxes and Customs deals with policy issues relating to enforcement actions such as search, seizure, prosecution and arrest. Together Parliament cleaning the deck to establish Goods and Services Tax Appellate Tribunal to resolve rising disputes under …
After ushering in new financial year from 1st April 2023, a good number of income tax rules are going to change. These income tax rules have been changed on the basis of Union Budget 2023 proposals that have been passed by the parliament in recently through …
As interest rates continue to rise, several banks in India are offering special Fixed Deposits (FDs) with irregular tenors in days, rather than in traditional periods of months or years. These FDs offer customers the chance to earn higher interest rates than those available with regular …
A recent Reuters poll of economists predicts that the Reserve Bank of India (RBI) will increase its primary interest rate by 25 basis points on April 6, but then keep rates unchanged for the remainder of the year while continuing to maintain its tightening stance. The …
