Stay updated
The Institute of Chartered Accountants of India (ICAI) has rooted for a special and concessional tax regime for partnership firms, as part of its suggestions for the comprehensive review of the Income-tax Act, 1961, announced in the July 2024 Budget.
Simplification of direct and indirect tax policies will be the main focus area for the government in the New Year after beginning the review of the six-decade-old income tax law and rationalisation of the GST rate in 2024. With monthly gross GST Collections establishing at around at Rs. 1.8 lakh crore and gross direct tax collections steadily at 20 per cent rate, the effort to ease compliance burden for individuals as well as corporates will gain traction.
Trade and tax professional organisations anticipate a revision of the late free structure and inclusion of provisions for revised returns in the goods and services tax (GST) in the upcoming Union Budget 2024, which will be presented by finance minister Nirmala Sitharaman in Feb.
India is considering reducing income tax for people earning up to ₹15 lakh annually in the upcoming February Budget, aiming to provide relief to the middle class and stimulate consumption amid an economic slowdown, news agency Reuters reported citing two government sources.
Economists have urged the government to reduce income tax rates, rationalise customs tariffs, and introduce measures to support exports in Budget 2025, reported ET Bureau on Wednesday.
Finance Minister Nirmala Sitharaman will be conducting pre-Budget consultations with state finance ministers on Friday in Jaisalmer, in preparation for the FY26 Union Budget presentation. The Union Budget for the fiscal year 2025-26 is expected to be presented in Parliament on February 1, 2025.
The Finance Ministry is reportedly unlikely to introduce the new Income-Tax Bill during the Budget 2025 session of Parliament. Finance…
A delegation of farmers, which met Union finance minister Nirmala Sitharaman last week, has sought scrapping of the Goods and Services Tax on farm inputs, two people who attended the meeting said on Monday.
Stakeholders from the micro, small and medium enterprises (MSME) sought a reduction in GST, technology upgrade, and production-linked incentive scheme benefits for various segments in a pre-Budget meeting with Finance Minister Nirmala Sitharaman on Saturday.
The appointment of Revenue Secretary Sanjay Malhotra as the new Governor of the Reserve Bank of India has left a huge vacancy in Finance Minister Nirmala Sitharaman’s Budget team. With less than two months to go for the Union Budget 2025-26 to be presented, an announcement on the new Revenue Secretary is expected soon.