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Cabinet Committee Approves 18 Judicial, 22 Accountant Member Appointments for ITAT
Introduction: The Appointments Committee of the Cabinet, under the Ministry of Personnel, Public Grievances & Pensions, has recently sanctioned the appointment of 18 Judicial Members and 22 Accountant...
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Income Tax Department Unearths Massive Tax Evasion in East India Operation
Introduction: The Income Tax Department, under the aegis of the Ministry of Finance and the Department of Revenue, conducted a significant Search & Seizure operation on December 6, 2023. The focus of...
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Steps To Reduce Interaction Between Taxpayer & Income Tax Department
Introduction: In response to Unstarred Question No. 1825 in the Rajya Sabha, the Ministry of Finance sheds light on significant strides taken to transform the interaction between taxpayers and the Inc...
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Report on Direct Listing of Listed Indian Companies on IFSC Exchanges
Introduction: In a significant development, the Working Group on “Direct Listing of Listed Indian Companies on IFSC Exchanges” has presented its report to the Chairperson of the International Financia...
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IFSCA Draft Guidelines on Solvency Margin of Life insurance business
The International Financial Services Centres Authority (IFSCA) plays a crucial role as the unified regulator for financial products and institutions within the International Financial Services Centres...
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IFSCA Draft Guidelines: Assets, Liabilities & Solvency for Financial Services Centers
The International Financial Services Centres Authority (IFSCA) has released a Consultation Paper on the proposed Guidelines for the International Financial Services Centres Authority (Assets, Liabilit...
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Income-tax (Twenty-Ninth Amendment) Rules, 2023
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 104/2023 on 19th December, 2023, introducing significant amendments to the Income-tax Rule...
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Politically Exposed Persons (PEPs): Definition, FATF and Compliance Efforts
Introduction: Lok Sabha Unstarred Question No. 2477, presented by Shri Manish Tewari, explores the realm of Politically Exposed Persons (PEPs) and their implications. The inquiry spans the definition...
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Centre’s Advisory Amid COVID Surge: States Urged for Vigilance & Genome Sequencing
Introduction: In response to the recent surge in COVID-19 cases and the detection of the new JN.1 variant in India, the Ministry of Health and Family Welfare has issued a crucial advisory to all state...
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Year End Review 2023: Ministry of Commerce & Industry’s Foreign Trade Policy 2023
The Ministry of Commerce & Industry’s Year End Review 2023 highlights key achievements and initiatives in trade and commerce. Union Minister Shri Piyush Goyal launched the transformative Foreign Trade...
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GST Compliance in 2023: File GSTR-9, E-invoice, Amnesty Scheme etc.
Introduction: As we step into the dynamic world of Goods and Services Tax (GST) in 2023, businesses are navigating a landscape marked by continual evolution. The compliance journey has become more int...
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Subsuming Fuels Under GST: Government’s Stand and Implications
The inquiry posed by Shri Shyam Singh Yadav in Lok Sabha Starred Question No. 212 casts a spotlight on a pivotal aspect of tax policy— the potential subsuming of fuels like petrol, diesel, natural gas...
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GST Collection Analysis: State-wise Breakdown and IGST Settlement
The Lok Sabha Unstarred Question No. 2373, scheduled for response on Monday, the 18th of December, 2023, delves into the intricate details of the collection and distribution of Central Goods and Servi...
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Madras High Court Ruling: Impact on GST Council’s Recommendations
Introduction: The Madras High Court recently rendered a significant judgment on the nature of GST Council’s recommendations. In response to an unstarred question in the Lok Sabha, Shri Balashowry Vall...
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Income-tax Amendment (Twenty-Eighth Amendment) Rules, 2023
Central Board of Direct Taxes, has issued Notification No. 103/2023 on Income Tax, dated 18th December, 2023. This notification introduces the Income-tax Amendment (Twenty-Eighth Amendment) Rules, 202...
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Telecommunications Bill, 2023 Introduced in Lok Sabha
LOK SABHA The following Bill was introduced in Lok Sabha on 18th December, 2023 :— BILL NO. 194 OF 2023 A Bill to amend and consolidate the law relating to development, expansion and operation of tele...
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Income Tax Raids and Prosecutions: Trends and Outcomes (2019-2023)
In a recent inquiry posed to the Ministry of Finance by Dr. K. Jayakumar in Lok Sabha Unstarred Question No. 2486, the focus turned to the intriguing realm of Income Tax (IT) operations, specifically...
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Increase in ITR Filings: Insights on Trends, Collection & Government Initiatives
Introduction: Unstarred Question No. 2352, raised by Shri Sanjay Seth and Shri T.R. Baalu, addresses the noteworthy increase in Income Tax Return (ITR) filings over the last five years. The query cove...
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Tax Exemption Status of BCCI: Recent Developments & Future Prospects
In a recent Lok Sabha session, Unstarred Question No. 2302 was raised concerning the tax exemption status enjoyed by the Board of Control for Cricket in India (BCCI). The question, directed at the Min...
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Direct Tax Collections Soar 20.66% in FY 2023-24
Ministry of Finance’s Report on Direct Tax Collections for FY 2023-24 In a resounding testament to India’s economic prowess, the Ministry of Finance has recently released provisional figures that illu...