Union Govt Releases ₹1.78 Lakh Crore Tax Devolution to States, Including Advance Instalment Ahead of Festive Season On October 10, 2024, the Union Government made a significant financial decision by releasing a total tax devolution of ₹1,78,173 crore to various State Governments. This release includes an advance instalment of ₹89,086.50 crore, provided ahead of the festive season, in addition to
NFRA Imposes Rs 2 Crore Fine on Auditor, Debars CAs for Lapses in Coffee Day Enterprises Audit The National Financial Reporting Authority (NFRA) recently imposed severe penalties on the auditors of Coffee Day Enterprises Limited (CDEL), a major player in India’s coffee business, for serious lapses during their audit of the company for the financial year 2019-2020. The NFRA’s investigation
Record E-Way Bill Surge in September Signals Festival Season Boost India’s supply chain activity surged in September, with e-way bill generation reaching an all-time high of 109 million, marking an impressive 18% growth compared to the same period last year. This growth reflects the country’s robust economic activity as businesses prepared for the festival season, which is anticipated to further
Understanding the Ministry of Corporate Affairs Notification: G.S.R. 630(E) In July 2024, the Ministry of Corporate Affairs (MCA) issued a notification that directly impacts the Companies (Adjudication of Penalties) Rules, 2014. If you are wondering how this affects companies, adjudicating officers, and corporate professionals, we’ve got you covered. This notification introduces amendments that modify the way penalties are managed under
Income Tax Exemption for Senior Citizens: Benefits You Shouldn’t Miss in 2024 As India’s senior citizen population continues to grow, the government has introduced several measures to ease the financial burden on this group, especially through income tax exemptions. These benefits are aimed at reducing the tax liability for those who have retired or are nearing retirement. It is essential
CBIC Waives Late Fees for TDS Filers u/s 51 of CGST Act on Delayed GSTR-7 Filings Since June 2021 In a significant relief for taxpayers who are required to deduct tax at source (TDS) under section 51 of the Central Goods and Services Tax (CGST) Act, 2017, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No.
CBDT Extends Form 10B/10BB Filing Deadline to November 10, 2024 In a significant and much-needed relief for organizations, the Central Board of Direct Taxes (CBDT) has extended the deadline for filing Form 10B and 10BB to November 10, 2024. This move comes as a response to concerns raised by trusts, institutions, and funds that were unable to meet the original
Introduction The Indian government has recently opened discussions with private equity and venture capital industries to examine the taxation of ‘carry income,’ specifically the application of Goods and Services Tax (GST) on the profits fund managers and key employees receive. These talks have generated significant interest due to the possible repercussions for Alternative Investment Funds (AIFs) in India. Given the
The Indian Income Tax Act, 1961, is one of the most significant and complex pieces of legislation governing taxation in India. Over the years, this Act has undergone multiple amendments, making it quite intricate. To simplify and modernize it, the Central Board of Direct Taxes (CBDT) has formed a committee aimed at conducting a comprehensive review. As part of this
Introduction In a significant development, the GST Network (GSTN) has issued an advisory regarding biometric Aadhaar authentication for GST applicants in Kerala, Nagaland, and Telangana. This advisory aims to streamline the GST registration process and enhance compliance among taxpayers. Key Changes to GST Registration Process The amended Rule 8 of the CGST Rules, 2017 allows for a more efficient
