Industry leaders, including CII, FICCI, and ASSOCHAM, have submitted their recommendations for India's Union Budget 2025-26. Their proposals center on lowering tax rates, simplifying compliance, supporting MSMEs, and bolstering infrastructure.…
India’s Direct Tax Collection: Revised Estimates to Remain Unchanged for FY 2024-25
The Centre is likely to maintain its direct tax revenue target at ₹22.07 lakh crore for FY 2024-25, as it presents the revised estimates in February 2025. Here’s a breakdown…
Supreme Court Orders Liquidation of Jet Airways: A Turning Point in the Airline’s Troubled Journey
In a significant legal development, the Supreme Court of India has directed the liquidation of Jet Airways, marking the end of a lengthy and contentious period for the once-prominent airline.…
GST Waiver Scheme Under Section 128A: A Major Tax Relief Initiative
In a significant move to reduce tax disputes and offer relief to taxpayers, the GST Council in its 53rd meeting on June 22, 2024, recommended a waiver of interest and…
SBI Life Insurance Faces ₹27.6 Lakh Tax Demand with Penalty for FY 2020-21
SBI Life Insurance has received a tax demand notice under Section 73 of the TNGST and CGST Act, 2017, from the Deputy Commissioner (CT) in Tamil Nadu. The order, issued…
Complete Guide to GST Registration for Indian Businesses
The Goods and Services Tax (GST) is an indirect tax system launched in July 2017 to streamline taxation across India. Replacing multiple older taxes like excise duty, VAT, and service…
Upcoming GST Council Meeting: Key Rate Revisions and Insurance Focus
The GST Council meeting, expected between December 20-25 in Rajasthan, will focus on critical rate changes in insurance and goods sectors. This 55th meeting, chaired by Finance Minister Nirmala Sitharaman,…
Supreme Court Confirms Income Tax on Salaries of Priests and Nuns in Aided Schools
The Supreme Court has upheld the Madras High Court decision requiring tax deduction at source (TDS) on salaries paid to nuns and priests working as teachers in church-run aided schools.…
New GST DRC-03A Form: Simplifying Tax Adjustment for Unsettled Demands
The Goods and Services Tax Network (GSTN) has launched a new form, GST DRC-03A, to streamline tax adjustments for unpaid GST demands, allowing taxpayers to link payments made under specific…
Truecaller India Offices Searched by Income Tax Department Over Tax Evasion Claims
The Income-Tax Department conducted searches at Truecaller's India offices on November 7, 2024, regarding alleged tax evasion and transfer pricing (TP) issues. Truecaller, the popular caller ID service with over…