Finance Minister Nirmala Sitharaman has underscored the critical importance of transparency and integrity in the government’s service to taxpayers. Her comments came after the Central Board of Indirect Taxes and Customs (CBIC) issued a detailed response to a recent GST corruption allegation circulating on social media. The Allegation: Delays and Demands The controversy began when … Read more
India’s gross GST collections surged by 16.4% in May, reaching over ₹2.01 lakh crore. This impressive growth follows April’s record-breaking collection of ₹2.37 lakh crore, indicating strong and consistent revenue generation. Key Figures from May’s Collections: Compared to May 2024’s mop-up of ₹1,72,739 crore, these figures represent a substantial year-on-year increase. Net GST Mop-Up and … Read more
The Income Tax Department has released the offline Excel-based utilities for filing Income Tax Returns (ITRs) for the Financial Year 2024–25 (which is the Assessment Year 2025–26). You can now download these tools for ITR-1 (Sahaj) and ITR-4 (Sugam) from the official income tax e-filing website. While the direct online filing facility isn’t active yet, … Read more
Filing ITR for AY2025–26? 7 new details you must provide in ITR-1, ITR-4 under Old Tax Regime Currently, individuals eligible to file ITR-1 (Sahaj) and ITR-4 (Sugam) can begin preparing and submitting their returns using these utilities. However, the facility for direct online filing of ITRs has not yet been activated. The due date to … Read more
How New GST Cuts Could Save Middle-Class Families Rs 45,000 Annually The GST Council’s recent decision to overhaul India’s indirect tax system could lead to significant savings for middle-class households, potentially boosting the economy just in time for the festive season. The new two-slab structure (5% and 18%) is set to replace the previous four-tier … Read more
