Category: Finance

Total 641 APAs done since inception of the APA programme The Central Board of Direct Taxes (CBDT) has entered into a record 125 Advance Pricing Agreements (APAs) in FY 2023-24 with Indian taxpayers. This includes 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs). This marks the highest ever APA signings in any financial year […]

There is no special drive to re-open cases of mismatch, and media reports alleging that large-scale re-opening is being undertaken by the CBDT are completely misplaced Apprehensions are about retrospective taxation in this matter and re-opening of cases on issues pertaining to HRA claims is completely baseless Certain instances of mismatch of information as filed […]

The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers […]

Chart: Trends in GST Collection Yearly gross revenue ₹20.18 lakh crore; 11.7% growth (13.4% on net basis) Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at ₹1.78 lakh crore, with a 11.5% year-on-year growth. This surge was driven by a significant rise in GST collection from domestic […]

It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions):   New Regime […]

The Government of India, in consultation with the Reserve Bank of India, has finalized its borrowing programme for the first half (H1) of FY 2024-25. Out of Gross Market borrowing of ₹14.13 lakh crore projected for FY 2024-25 in the Union budget, ₹7.50 lakh crore (53.08%) is planned to be borrowed in the first half (H1) through dated […]

The two-day workshop was attended by more than 45 representatives of Centre and State/UT Government departments, private players and major ports authorities in hybrid mode The Infrastructure Finance Secretariat (IFS), Department of Economic Affairs (DEA), Ministry of Finance (MoF), organised a two-day workshop in hybrid mode on 14th-15th March,2024 in New Delhi. The workshop was held […]

PFMS is the cornerstone for establishing an efficient fund flow mechanism for facilitating a real time, reliable and meaningful management information system: Smt. Nirmala Sitharaman Union Finance Secretary commends initiatives taken by the CGA in e-Bill Implementation and Bill Payment Efficiency for the Union accounts; urges end-to-end implementation of the e-bill system for 100% coverage […]

Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman virtually launches seven infrastructure projects worth over Rs, 1,000 crore from New Delhi Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman virtually launched seven infrastructure projects worth over Rs. 1,000 crore from New Delhi, today. The launch was also attended by Shri Sanjay […]

Union Finance Minister Smt. Nirmala Sitharaman virtually presides over handing-over ceremony of 101 antiquities seized by Customs to the Archaeological Survey of India (ASI) Prime Minister Shri Narendra Modi has been making sure that stolen artefacts and antiquities are brought back to India from various countries: Union Finance Minister Revenue Secretary highlighted twin role of […]