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In this post, you can find the key expectations of the Modi 3.0 government for the Union Budget FY 2024-25. We anticipate the Budget for 2024 to be announced in the second half of July 2024, after the conclusion of the Lok Sabha Elections 2024. This follows the National Democratic Alliance (NDA) securing a third […]
Like every year, SAG Infotech brings exclusive discounts on its wide range of software solutions designed for CA professionals and experts. On the occasion of CA (Chartered Accountant) Day on July 1, 2024, the company offers a flat 50% discount on select tax, ROC/MCA, and payroll software, except GST. The company product portfolio includes Genius, […]
The Madhya Pradesh Cabinet decided that state ministers shall pay their income tax on salaries and allowances, striking down a 1972 rule under which the state government paid it for them. Urban Administration Minister Kailash Vijayvargiya expressed the proceed was proposed by Chief Minister Mohan Yadav at the time of the Cabinet meeting. “The Chief […]
The income tax addition of Rs. 1.61 crores has been deleted by the Mumbai Bench of Income Tax Appellate Tribunal (ITAT), because the seized documents lack information as to the date and mode of receipt of “on money.” The bench of Anikesh Banerjee (Judicial Member) and B.R. Baskaran (Accountant Member) has remarked that the entries […]
The Telangana High Court noted that notice issued u/s 148 of the Income Tax Act, 1961 without following the modified procedure under Finance Act 2021 is not valid and set aside the reassessment notice. The applicant cited that the reassessment process in the furtherance of the Finance Act, 2021, stood altered but the respondents have […]
Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19% Net Direct Tax collections for FY2024-25 grow at over 20.99% Advance Tax collections for FY2024-25 stood at Rs. 1,48,823 crore with a growth of 27.34% Refunds aggregating to Rs. 53,322 crore issued in the current fiscal The provisional numbers of […]
With the full budget for FY25 set to be revealed next month, there is growing anticipation about significant announcements sought to furnish relief to the salaried class. The government is regarding changes to the existing income tax framework, with a focus on lower income brackets to boost consumption. Quoting two government officials, the report shows […]
The Kerala High Court has dismissed the writ petition contesting the assessment order and notice of demand based on the fact that they were issued in violation of the principles of natural justice. The bench of Justice Murali Purushothaman has noticed that when the applicant/taxpayer is at fault, as they did not update or revise […]
The Ministry of Finance, Department of Revenue, and Tax Research Unit opted for a proactive step for inclusive policy-making by asking for recommendations from Industry and Trade Associations for the forthcoming Budget 2024-25. The official communication, referenced as F. No.334/1/2024-TRU, was issued dated June 12, 2024. Concerning drafting the proposals for the union budget of […]
