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The Council of the Institute of Chartered Accountants of India (ICAI) today elected its new President & Vice-President for the term 2025-26. CA Charanjot Singh Nanda has been elected as the President, ICAI and CA Prasanna Kumar D has been elected as the Vice-President, ICAI w.e.f. February 12, 2025. CA Charanjot Singh Nanda, …

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 …

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 Income Tax Department of India has introduced a new Section 115BAC Tax Calculator in line with the provisions of the Finance Bill 2025. This tool is designed to assist taxpayers in comparing their tax liabilities under the existing tax regime and the new tax regime proposed in the …

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 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 …