In a significant move towards promoting professionalism and enhancing the quality of corporate compliance, the Institute of Company Secretaries of India (ICSI) has announced new guidelines that will impact the role of Company Secretaries in Practice (CS). During its 312th Council Meeting, held on October 8-9, 2024, ICSI introduced a cap on the number of Annual Returns (E-form MGT-7) that
In a progressive move, the Ministry of Finance has made significant changes to the recruitment process for Group ‘A’ executive posts within the Goods and Services Tax (GST) Council Secretariat. Through Notification No. 109 (F. No. A-50050/2/2024-Ad.I), dated October 16, 2024, the government introduced the Goods and Services Tax Council Secretariat, Group ‘A’ Executive Posts Recruitment (Amendment) Rules, 2024. These
On October 17, 2024, the Central Board of Direct Taxes (CBDT) unveiled its revised guidelines for the compounding of offences under the Income-tax Act, 1961. These new guidelines are a significant step forward in simplifying the tax compounding process and reducing charges, aligning with the Finance Minister’s recent budget announcement. These revised guidelines replace all previous instructions and are applicable
The Central Board of Direct Taxes (CBDT) has rolled out significant updates for Tax Deducted at Source (TDS) rates, which will be applicable in the financial year 2024-25 and the corresponding assessment year 2025-26. These adjustments, introduced through the Finance (No. 2) Act, 2024, bring changes across various income categories such as salary, interest from securities, winnings from lotteries, and
The Central Board of Direct Taxes (CBDT) has introduced crucial amendments to the Income-tax Rules with Notification No. 111/2024, issued on October 15, 2024. These changes came into effect on October 1, 2024, and are aimed at making the registration process easier for charitable institutions, trusts, and non-profit organizations seeking tax exemptions under sections 12A and 80G of the Income-tax
The Central Board of Direct Taxes (CBDT) continues to shape India’s tax landscape, bringing more clarity to tax processes with the latest changes to the Income-tax (Eighth Amendment) Rules, 2024. In their Notification No. 112/2024, issued on October 15, 2024, significant modifications have been introduced to streamline tax deductions at source (TDS) and tax collection at source (TCS). These changes
India is gearing up for a significant overhaul of its tax system by aligning with the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS). A key part of this alignment is the adoption of Pillar 2, which mandates a global minimum corporate tax rate of 15% for multinational corporations (MNCs). This move is expected to be integrated into
CBIC Issues Clarification on GST Rates and Classification of Goods Following the 54th GST Council Meeting The Central Board of Indirect Taxes and Customs (CBIC) recently provided significant clarifications on Goods and Services Tax (GST) rates and the classification of goods. These updates were issued through Circular No. 235/29/2024-GST, dated October 11, 2024, and follow the recommendations made during the
Provident Fund (PF) Overview The Provident Fund (PF) is a critical retirement savings tool designed to ensure financial security for employees after retirement. It is a mandatory, government-regulated scheme where both employees and employers contribute a specific percentage of the employee’s salary each month. These funds are then invested and grow with interest over time. Different forms of provident funds
CBIC Issues Clarification on “As Is / As Is, Where Is Basis” in GST Circulars The Central Board of Indirect Taxes and Customs (CBIC) recently issued a crucial clarification regarding the terminology “as is” and “as is, where is basis” as it applies to Goods and Services Tax (GST). This clarification, issued via Circular No. 236/30/2024-GST on October 11, 2024,
