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News Bulletinby Kanishka

Unraveling the Saga of Electoral Bonds: Financial Giants' Footprints Unveiled

In a pivotal development, the State Bank of India (SBI) has disclosed the identities of financial service firms that purchased the now-defunct electoral bonds, shedding light on the opaque realm of political funding. Prominent players like Bajaj Finance, Piramal Enterprises, Edelweiss Group, and Muthoot Finance collectively acquired bonds worth a staggering Rs 87 crore between April 2019 and January 2024, underscoring the significance of this con ...

Unlocking the Power of ISD: Streamlining Tax Credit Distribution

The Input Service Distributor (ISD) mechanism is a game-changer for businesses with multiple branches. It enables seamless distribution of input tax credits across locations, ensuring optimal utilization and compliance. However, navigating the nuances of ISD can be complex, with stringent documentation requirements and potential pitfalls. Embracing this mandatory reform promises to revolutionize tax efficiency while mitigating risks of disputes a ...

Unlock Your Gold Stash: SGB's Exclusive Premature Exit Window

The Sovereign Gold Bond scheme offers a unique annual opportunity for investors to prematurely redeem their holdings without tax implications. This 21-day window is a golden chance to access your invested wealth, but timing is crucial. Seize this limited period to strategically manage your portfolio and liquidity needs while enjoying the tax benefits of this government-backed investment.

Unlock Your Gold Stash: SGB's Exclusive Premature Exit Window

When and How to Apply for Compounding of offence under Income Tax Act?

Have you ever wondered what happens if you accidentally run afoul of the Income-tax Act? The concept of 'compounding' offers a way to rectify such mistakes without going through lengthy legal battles. Here's a straightforward guide designed to help you understand and act with confidence, providing a detailed overview of how to approach the compounding of offences under the Income-tax Act, including application timelines, fees, and other critical ...

Finance Bill 2024 Breakdown

Finance Bill 2024

Interim Budget 2024: Key Highlights and Initiatives for a Prosperous and Inclusive India

The Interim Budget 2024, presented by Hon’ble Finance Minister Smt Nirmala Sitharaman, outlines a comprehensive vision for the development and empowerment of India across various sectors. From welfare and youth empowerment to women’s empowerment, healthcare, agriculture, infrastructure, and green energy, the budget encompasses a wide range of initiatives aimed at fostering inclusive growth and sustainable development. With a focus on innovation, ...

Finance Bill 2024 presented by Honorable Indian Finance Minister Ms Nirmala Sitharaman.

You are reading the as it is copy of 2024 Finance Bill presented by Honorable Finance Minister of India Ms Nirmala Sitharaman on Feb 1 2024.

Interim Order Stayed Notice and Lapsed Attachment in MVAT Act Case

The case involves a notice issued to the petitioner under Section 38 of the MVAT Act, alleging MVAT liability against a company of which the petitioner was a director. The petitioner’s counsel argued that the liability for the period after the petitioner’s resignation should not be attributed to him. The court found that the provisional attachment of the demat accounts had lapsed and stayed the impugned notice issued under Section 38 of the MVAT ...

CBDT Releases Time-Series Data Showing Impressive Growth in Direct Tax Collections and ITR Filings

The Central Board of Direct Taxes (CBDT) has released Time-Series data, showcasing significant growth in Direct Tax collections and a substantial increase in Income Tax Returns (ITRs) filed. The data highlights a surge in Net and Gross Direct Tax Collections, an uptick in the Direct Tax to GDP ratio, and a decline in the cost of collection. This release aims to provide transparency and valuable insights into the effectiveness and efficiency of Di ...