The total revenue impact of major tax incentives for Individual/HUF taxpayers for last five years is Rs 8,69,907.40 In comparison, the total revenue impact of major tax incentives for corporate ...

Corporate tax collections in India, as a percentage of GDP, have varied over the past five years, starting at 2.8% in FY 2019-20 and reaching a provisional 3.1% in FY 2023-24. Collections dropped to 2 ...

Ministry of Finance addressed revenue loss and benefits related to tax incentives for corporates. From Assessment Year (AY) 2020-21 to AY 2024-25, companies claimed various income tax exemptions and ...

Ministry of Finance addressed refund settlements for Income Tax Returns (ITRs) filed for Assessment Year 2024-25. Of the 3.98 crore ITRs claiming refunds, 3.94 crore were verified by taxpayers, making ...

Government of India has reaffirmed that drilling borewells for agricultural purposes remains exempt from GST. This exemption was carried over from the Service Tax regime, where su ...

Ministry of Corporate Affairs (MCA) reported 80.26 lakh form filings on the MCA21 platform from April 2024 to January 2025, up from 73.29 lakh during the same period last year. Of these, 53.08 lakh ...

The Finance Bill 2025 proposes to extend the validity of registration from five years to ten years for charitable trusts and ...

iv. The cashier and customers were not examined as witnesses in the departmental Therefore, it was a case of no evidence.

Insolvency and Bankruptcy Board of India 4th February, 2025 This discussion paper has been prepared to address various operational challenges encountered in the Corporate Insolvency Resolution Process ...

Punjab and Haryana High Court held that revisionary proceedings under section 263 of the Income Tax Act on the basis of audit objections raised by audit party justifiable since there was no ...

All told, we thus see manifestly that the bottom-line of this notable judgment by the Delhi High Court is that the arrested person must get adequate time to consult lawyer before remand. It thus ...

It may be noted that GST rate on hotel accommodation depends on the amount paid per room accommodation per day. Presently from 18.7.2022 onwards, GST is 12% for a room in a hotel which would cost upto ...