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The Institute of Company Secretaries of India (ICSI) has asked to seek the inclusion of the profession of Company Secretary’ within the definition of the Company Secretaries Act, 1980 in the definition of “Accountant” provided u/s 515(3)(b) of the Income Tax Bill 2025. ICSI is a premier professional body established under an Act of Parliament, […]
Against the fraudster, the centre has alerted the citizens to issue a bogus and fraudulent summons for the breach of Goods and Services Tax (GST). The Central Board of Indirect Taxes and Customs (CBIC) has noted that certain people with the intent to fraud are making and sending bogus summons to taxpayers who may or […]
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 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 […]
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 […]
The Associated Chambers of Commerce and Industry of India (Assocham) has proposed a unified TDS (Tax Deducted at Source) rate of either 1% or 2% for payments to resident assessees. This recommendation is presented as part of its pre-budget memorandum to the finance ministry. The main purpose of this is to reduce interpretational challenges and […]
There shall be a systematic verification of high-risk refund claims in income tax returns for the AY 2024-25 (financial year ending March 31, 2024), following a standard operating procedure (SOP). the purpose is to find out if the wrong refund claim has been incurred in an organized way or via a single person. As per […]
If the proper e-way bill is presented for the issuance of a seizure order, any differences are solved, directing the unwarranted arrest of the goods, Allahabad HC ruled. Once the E-way bill is produced before the seizure order can be passed, it shall not be stated that the applicant has made any violation of the […]
No service tax is liable to get paid on TDS paid on behalf of a foreign service provider, The Chennai Bench of Custom, Excise, and Service Tax Appellate Tribunal (CESTAT) ruled. TDS deposited to the Income Tax Department concerning the payment completed to the foreign service provider over and above the invoice value of the […]
