TRACES, the TDS Reconciliation Analysis and Correction Enabling System, offers Indian taxpayers the opportunity to apply for reduced or zero TDS deduction if their TDS exceeds their tax liability as per the Indian Income Tax Law, thus potentially improving their cash flow....
The Government of India has officially announced the Finance Act, 2024. Enacted by the Parliament of India and receiving the President’s assent on February 15, 2024, the Finance Act aims to uphold the existing income-tax rates for the financial year 2024-2025. It introduces various tax reliefs...
In a major crackdown to curb Goods and Services Tax (GST) leakage by foreign airlines operating in India, the Directorate General of GST Intelligence (DGGI) is understood to have issued summons to the Indian offices of these airlines. ...
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The GST department has issued notifications to numerous construction firms, instructing them to reverse the input tax credit (ITC) claimed for the years 2017-18 and 2018-19. These notifications specifically relate to the ITC claimed on unsold units at the time of receiving Building Use (BU)...
The GST department has directed its officers across the country to roll up their sleeves to meet current year GST revenue target. The officers across all grades have been instructed to not take leaves until March 31 unless there is an emergency, sources told TNIE....
The Goods and Services Tax (GST) Council is expected to address co-insurance and re-insurance matters in its upcoming meeting following examination by the fitment committee, as per a senior government official. Instances of tax evasion have emerged in the insurance sector due to certain industry...
A Conclave on ‘GST and Globalization’ was organized by the Federation of Telangana Chambers of Commerce and Industry (FTCCI) in the city. During the event, the industry body urged the Chief Minister and the State Finance Minister to raise the threshold limit for GST registration...
Stay updated with our monthly newsletter The ReCap! Get updates on latest tax regulations, changes in tax laws and expert insights to navigate the complex world of taxation. Simplify your tax planning and ensure compliance. Click on the icon below to access the complete newsletter. Download PDF category [postcategory]...
The Institute of Chartered Accountants of India (ICAI) has published the Revised 2024 Edition of the Implementation Guide on Reporting on Audit Trail in accordance with Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014....
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