On November 26, 2024, the central government clarified in the Lok Sabha that no proposal to provide income tax relief for senior citizens is currently under consideration. This statement was…
ITC on Demo Cars: Kerala AAR Ruling and Related Perspectives
The Kerala Advance Authority of Ruling (AAR) clarified the eligibility of Input Tax Credit (ITC) for motor vehicles used as demonstration cars. In the Sai Service Pvt. Ltd. case [Advance…
Income Tax Department Tightens Rules for Claiming Refunds and Condonation of Delays
The Central Board of Direct Taxes (CBDT) has introduced major updates to the process of claiming tax refunds and seeking condonation of delays in filing Income Tax Returns (ITRs). Starting…
GSTR-3B Filing Deadline Passed: File Now to Avoid Penalties and GST Registration Cancellation
By: AdminDate: November 22, 2024Category: GST Recent NewsReading Time: 4 Minutes The deadline for filing GSTR-3B was November 20, 2024, for most GST-registered taxpayers, except in Maharashtra and Jharkhand, where…
CBDT Mandates Electronic Filing of Forms 42, 43, and 44
By: AdminDate: November 22, 2024Category: CBDT Notification | Notification and CircularReading Time: 4 Minutes The Central Board of Direct Taxes (CBDT) now requires electronic filing for certain forms under Rule…
CBIC Extends Manual Filing of IGCR-3 Statements till January 31, 2025
By: AdminDate: November 22, 2024Category: CBIC | Notification and Circular > CustomsReading Time: 4 Minutes The Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for manual…
Centre Revises PLI Scheme for Senior Executives of Public Sector Banks
By: AdminDate: November 22, 2024Category: PLI NewsReading Time: 4 Minutes The government has introduced a revised Performance-Linked Incentive (PLI) scheme for senior executives of public sector banks (PSBs). This updated…
India’s Current Account Deficit is Manageable: Piyush Goyal
Commerce and Industry Minister Piyush Goyal has expressed confidence in India's ability to manage its Current Account Deficit (CAD). Speaking at a recent event, he attributed this resilience to strong…
CBDT Urges Taxpayers to Rectify Foreign Income Discrepancies Before 31st December 2024
The Central Board of Direct Taxes (CBDT) has reminded taxpayers, especially those with foreign income or assets, to address discrepancies in their reporting before the 31st December 2024 deadline. This…
GST Fitment Committee Reviews Taxability of Delivery Charges by Food Delivery Apps
Introduction The Goods and Services Tax (GST) Fitment Committee is reviewing the taxability of delivery charges imposed by food delivery platforms like Swiggy and Zomato. This review follows the Directorate…