Introduction: Amidst swirling reports regarding financial assistance from the central government to Kerala, State Finance Minister K N Balagopal took to social media on Friday to address the matter. Clarification of Financial Assistance Reports: Balagopal clarified that the reported financial aid was, in fact, a
Overview: The Supreme Court delivered a landmark ruling on Monday, stating that Members of Parliament (MPs) and Members of Legislative Assemblies (MLAs) are not immune from prosecution for accepting bribes in exchange for making a speech or casting a vote in the legislature. Background: A
Introduction: In a significant turn of events in Andhra Pradesh, the arrest of P Sarath, a former director of a private company, has brought to the forefront allegations of defrauding the state government through deceptive practices. Arrest and Allegations: On February 29, Machavaram Police took
Overview: Punjab has recently achieved remarkable strides in revenue collection for Goods and Services Tax (GST) and excise by the end of February. This achievement underscores the state’s commitment to fostering a robust economic environment and implementing effective revenue generation strategies, as stated by Finance
Finance Ministry Considers Deferment of Rule 43B (h) Enforcement In a recent development, sources have revealed that the Finance Ministry is contemplating a deferment of the enforcement of Rule 43B (h) under the Income Tax Act, particularly concerning payments to micro, small, and medium enterprises
Section 43(b)(h) was introduced to help MSME. As per this provision the buyers were oblised to make payment to MSME’s in 45 days. In case of default they were supposed to pay more tax. As the amount not paid within 45 days will not be
Background: In a recent development, the Kerala High Court has issued a directive to Binoy Kodiyeri, the elder son of the late Kodiyeri Balakrishnan, former State secretary of the CPI(M), to file income tax returns for the assessment years 2015-16 to 2021-22. Court Proceedings: This
India’s Economic Thrust Driven by Strong GST Revenue Surge The Indian economy experienced a notable upswing in the December quarter, driven by robust tax collections and thriving manufacturing sectors. Record GST Revenue of ₹1.68 Trillion in February Central and state governments jointly amassed an impressive
ICAI Releases Handbook on Voluntary Liquidation Process In February 2024, the Institute of Chartered Accountants of India (ICAI) introduced a handbook to provide guidance on the voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016 (IBC). Evolution of the Insolvency and Bankruptcy Code The
Bihar Introduces ‘One-Time Settlement’ Initiative for Traders The NDA government in Bihar unveiled a ‘one-time settlement’ initiative on Thursday aimed at providing relief to traders with tax liabilities dating back to the pre-GST era. Introduction of Bihar Tax Disputes Settlement Bill, 2024 Deputy Chief Minister
