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The upcoming Union Budget 2025, scheduled for February 1, will be presented by Finance Minister Nirmala Sitharaman, Experts from the industry concerning the “Insurance for All” are anticipating reforms to propel India towards its goal. Increasing insurance penetration and financial inclusion objective announcements are expected by the insurance sector. Policyholders Tax Incentives Enhancement of tax […]
The income of the taxpayer company emerged in India, as the payer, Genpact India, was also located in India. Hence, under the source rule u/s 5(2), the income obtained via the taxpayer company accrued or emerged in India. The method of furnishing technical services via the taxpayer and getting the payments that have the source in India […]
With the approaching Union Budget 2025-26 the discussions strengthen on easing the tax system of India. Recommendations have been shared with Finance Minister Nirmala Sitharaman, from the Industry bodies, including the Federation of Indian Chambers of Commerce and Industry (FICCI), advocating tax reforms to augment the ease of doing business and diminish complexity. Facilitating the […]
The due date of Vivad Se Vishwas Scheme 2024 has been extended by the income tax department from December 31, 2024, to January 31, 2025. The scheme assists the taxpayers in settling the current dispute via filing a lesser income tax. If the due date does not get extended then the taxpayer would be required […]
The income tax department mentioned that it is not seeing Digi Yatra data to catch tax evaders. The IT department published on X denied reports that mentioned that Digi Yatra data will be utilised to catch the tax evaders. It is clarified that, as of now, no such move has been made by the Income […]
For the upcoming budget, 2025, Prime Minister Narendra Modi convened a consultation with prominent economists to discuss key economic strategies. The main motto of the meeting was centred around crucial topics such as lowering income tax slab rates, streamlining customs tariffs, and introducing initiatives to boost exports. Sources from the Bureau revealed that the Prime […]
For charging high tariffs US President-elect Donald Trump accused India and warned about the reciprocal process. While speaking to reporters, Trump reiterated his intent to impose reciprocal tariffs in response to New Delhi’s higher tariffs on specific American imports. He remarked that while answering a question about a trade agreement with China, Trump cited India […]
For entrepreneurs searching to set up a formal enterprise entity registering a company in India is a significant step. This process not only grants legal recognition to the venture but also unlocks opportunities for growth, investment, and enhanced credibility in a competitive market. Proper registration is key to ensuring compliance with regulatory requirements and safeguarding […]
The Allahabad High Court While deciding a case relating to Input Tax Credit carried that a quasi-judicial body should furnish a chance of hearing to a person before charging obligation on them. The Division Bench comprising Justice Shekhar B. Saraf and Justice Vipin Chandra Dixit carried that as per the doctrine of audi alteram partem […]
