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As a result of the Finance Bill 2025, Section 143(1) of the Income-tax Act, 1961 has undergone significant changes. A new provision has been introduced that allows for the cross-verification of inconsistencies in income tax returns (ITR), improving the process of ITR processing. The income tax department, via the identification of discrepancies between the assessment […]
Extracts from the GST-related amendments that were included in the Finance Bill for 2023 (Budget 2023-24), which Union Minister of Finance Mrs Nirmala Sitharaman submitted to the Loksabha on February 01, 2023. Except for those in clause 142, modifications proposed in the Finance Bill, 2023 will go into effect on the date they are announced, […]
Overview of the Direct and Indirect Tax Proposals in Budget 2023 (Finance Bill 2023) presented by Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs. Key Highlights of Finance Bill 2023 for Direct Tax In Budget 2023, the Finance Minister announced a number of changes to personal income tax, including a rise in the […]
Through the Finance Bill, 2023, the government is likely to make changes to the Goods and Services Tax (GST) law that will prevent businesses from receiving tax credits for the purchases of goods and services that they make on behalf of the community as part of their corporate social responsibility (CSR) obligations. According to two […]
The union budget 2022 has brought multiple proposals as well as amendments to the goods and services tax (GST) law and act. The Nirmala Sitharaman with his 4th union budget presentation made some GST proposals in the parliament in the Finance Bill 2022. Major Key Changes of GST in Finance Bill 2022 Let us check […]
Recently Section 16(2)(aa) on Input Tax Credit has been added by Finance Bill. And the implication of this insertion is that it has empowered already existing Rule 36(4). The reason for inserting 16(2)(aa) is being that Rule 36(4) was weak and so, has been challenged before various Authorities & High Courts many times. Consequently, there […]
The budget 2021, which was announced by the Finance Minister on Feb 1, 2021, proposed many changes in a range of finance sectors. The sectors which were affected the most by the recent Indian budget are taxation, personal finance, pensioners, etc. A number of proposals for amendment in certain GST rules were also proposed by […]
The Centre may actively collaborate with States to overhaul the existing GST e-way bill framework, with the initiative slated for discussion at the upcoming 57th GST Council meeting. From the Economic Survey, the next wave of GST reforms will concentrate on reimagining the e-way bill system as a facilitator of smooth logistics rather than only […]
The Government of India has considered the systemic issues determined by the Comptroller and Auditor General (CAG) in the GST e-way bill system and specified corrective measures to make compliance stronger and prevent misuse. The details were shared in a written reply by Minister of State for Finance Pankaj Chaudhary in the Rajya Sabha. As […]
