New Delhi: The government Monday sought parliamentary approval for an additional net expenditure of ₹51,463 crore in the second and final batch of supplementary demands for grants for the current fiscal, on top of the ₹44,143 crore approved in the first batch in December last year. Despite the extra expenditure, the government expects to contain … Read more
ITR filing: Taxpayers have until March 31 to update their income tax returns for the last two financial years, allowing them to correct any mistakes or omissions. This opportunity, introduced by the Finance Ministry in the Finance Act 2022, is available to those who wish to rectify their returns within two years from the end of … Read more
New Delhi: The Finance Ministry on Monday briefed the members of a Select Committee of Lok Sabha on various aspects of the Income Tax Bill as the panel headed by BJP MP Baijayant ‘Jay’ Panda held its first meeting. Sources said the finance secretary told the parliamentarians that the Bill will simplify the existing Act, … Read more
The Finance Ministry has recently modified the Direct Tax Vivad Se Vishwas Scheme, 2024 to address issues faced by taxpayers and provide relief. A circular issued by the ministry stated that the changes were made to remove difficulties that had hindered taxpayers from applying for the scheme earlier. The government has released crucial clarifications in … Read more
DA revision in 2025: The upcoming dearness allowance (DA) revision for central government employees is scheduled for January 2025. The government plans to wait for the final All-India Consumer Price Index (AICPIN) numbers in December before making the official announcement, which may delay the revision process, as per news report. The Dearness Allowance (DA) is … Read more
New Delhi: The government is considering a proposal to impose safeguard duty on steel imports, Union Steel Minister H D Kumaraswamy said on Thursday. “The process is going” on the ministry’s proposal to impose a 25 per cent duty on steel imports, Kumaraswamy told PTI on the sidelines of an event here. On December 2, … Read more
PAN 2.0: The Government has launched the PAN 2.0 Project to modernise and digitise the existing Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) system. The primary goal is to enhance the user-friendliness of issuing and managing PAN and to streamline the various platforms and portals involved in PAN services. The … Read more
In its pre-Budget memorandum submitted to the Finance Ministry, ASSOCHAM has proposed the rationalisation of TDS rates by suggesting a uniform rate of either 1% or 2% for all payments made to resident assessees. This proposal aims to reduce disputes caused by differing interpretations and enhance tax compliance. The memorandum also called for the decriminalisation … Read more
The Union government has revised its guidelines regarding capital restructuring of Central Public Sector Enterprises (CPSEs) to address the critical interlinked issues such as leveraging of assets lor fresh investment, capital restructuring, financial restructuring and such other matters. The guidelines stipulate eligibility conditions for CPSEs for payment of dividend, buyback of shares, issue of bonus … Read more
Union Finance Minister Nirmala Sitharaman has stressed that nothing stops the private sector from coming and doing business in India, noting that there are many non-Indian private insurance companies that are already operating in India. In her remarks during a fireside conversation with CSIS President and CEO John J Hamre on ‘India’s Economic Aspirations’ on … Read more