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The Income Tax department has set a limit of Rs 1 lakh per taxpayer for withdrawing small tax demands. This decision comes after the announcement made in the interim budget about withdrawing direct tax demands. The Income Tax department, through…
Tamil Nadu Government presented the interim Budget on 19.02.2024 highlighting major milestones achieved over the century. It is mentioned in the speech that – In the the Budget of 1939-40, the General Sales Tax was introduced in Madras Presidency for…
In his budget presentation, Karnataka Chief Minister Siddharamaiah announced a slew of initiatives aimed at improving land record management, providing drought relief, and streamlining the Goods and Services Tax (GST) system. While speaking on the revenue front, CM Siddaramaiah said,…
During the 15th Budget presentation in the Karnataka assembly, Chief Minister Siddaramaiah criticised the Centre for what he deemed as the “unscientific implementation of GST,” resulting in a staggering loss of Rs.59,000 crore for the state. Karnataka Chief Minister said “Loss of Rs.59,274…
The Finance Act, 2024 received the assent of the President on 15.02.2024. In the said Act, Section 2 to 10 which pertains to changes in the Income Tax Act, shall come into force on the 1st day of April, 2024;…
Interim Budget Session, 2024 of Parliament, which commenced on Wednesday, the 31st January, 2024 has been adjourned sine die today, the 10th of February, 2024. Union Minister of Parliamentary Affairs, Coal and Mines Shri Pralhad Joshi held a press conference today after…
Rajasthan Deputy Chief Minister and Finance Minister Diya Kumari on Thursday presented the Interim Budget in the Assembly. A full Budget for 2024-25 will be presented in July. Provision of Rs 1,000 crore to establish and upgrade schools, colleges, hospitals…
The Lok Sabha on Wednesday passed the Finance Bill, 2024, thus completing the exercise for passage of the interim budget 2024-25. The Finance Bill, 2024, does not propose any change in the tax structure as the final budget will be…
The growth in indirect tax collections is “intricately linked” to nominal GDP growth, so the buoyancy of 1.1 in GST mop-up in the next financial year is “realistic,” Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal…
As the past Budgets suggest, the government has been increasing taxes on certain goods like tobacco products, which are considered harmful. The high tax imposed on such products is called ‘Sin Tax’. This year also, the Finance Minister is expected…