Date: November 15, 2024Category: Income Tax News Key Filing Statistics: Over 8 crore Income Tax Returns (ITRs) were filed for the Assessment Year 2024-25, covering income earned in FY 2023-24.…
Finance Ministry Pushes for Income Tax Act 1961 Reform
Author: AAERM Law Associates The Finance Ministry is working swiftly to reform the Income Tax Act of 1961. This effort aims to simplify compliance, remove outdated clauses, and foster fairness…
Finance Ministry to Revamp the Income Tax Act of 1961: Simplifying India’s Tax System
Introduction The Finance Ministry has initiated a major reform to streamline the Income Tax Act of 1961. This initiative seeks to simplify the tax system by removing outdated provisions and…
Direct Tax Code Overhaul Expected in Budget 2025 to Cut Litigation and Simplify Compliance
November 14, 2024Aaerm Law Associates As the Union Budget 2025 approaches, the Central Board of Direct Taxes (CBDT) is reportedly focusing on introducing a streamlined version of India’s income tax…
HSN Code and GST Rate on Sale of Scrap Materials: A Guide for Businesses
Introduction to GST on Scrap Materials Scrap material sales are subject to Goods and Services Tax (GST) in India, with rates varying based on the HSN (Harmonized System of Nomenclature)…
GSTN Issues Advisory on Supplier View in Invoice Management System (IMS)
Date: November 14, 2024 GSTN Introduces Invoice Management System (IMS) to Simplify Tax Compliance The Goods and Services Tax Network (GSTN) has introduced a new Invoice Management System (IMS) on…
Bombay High Court Quashes Centre’s Press Release on GST Classification of Hand Sanitisers
Key Highlights: The Bombay High Court recently quashed a 2020 press release from the Union Ministry of Finance, which classified alcohol-based hand sanitisers as disinfectants, subject to an 18% GST…
Andhra Pradesh Unveils Rs 2.94 Lakh Crore Budget for FY25, Aims to Revitalise
Key Highlights: On November 11, 2024, Andhra Pradesh's Finance Minister, Payyavula Keshav, presented the state’s budget for the fiscal year 2024-25, totaling Rs 2,94,427.25 crore. The budget is designed to…
Calcutta High Court Directs Department to Accept Appeal for Part Period Affected by GST Portal Technical
Issue By: Admin | Date: November 12, 2024 | Category: Important Pronouncements Key Highlights: The Calcutta High Court ruled in favor of M/s. East India Shipping Agency. It directed the…
Calcutta High Court: Proceedings Remain Valid Without GST Portal Upload
By: AdminDate: November 12, 2024Category: Important Pronouncements | #GST #Taxation Overview of the Ruling In Messers Sreema Rice Mill v. Union of India (Writ Petition No. 11892 of 2024, dated…