The Automotive Component Manufacturers Association of India (ACMA) is stepping into the arena of policy influence with a bold submission for the upcoming Union Budget. This move, laden with strategic proposals, aims to ignite a transformative wave within the automotive sector, spurring growth, innovation, and sustainability. At the heart of ACMA’s recommendations lies a call … Continue reading ACMA Propels Automotive Revolution with Bold Budget Recommendations!
Realigning America’s Foreign Policy—Navigating a Fragmented Global Landscape
“America is back,” declared President Joe Biden as he launched his foreign policy agenda, aiming to distance the United States from the turmoil of Donald Trump’s tenure. This slogan signified a desire to restore the country’s image as a principled leader and revitalize the rules-based international order. However, this vision has faced formidable challenges, revealing … Continue reading Realigning America’s Foreign Policy—Navigating a Fragmented Global Landscape
From Surplus to Self-Sufficiency—India’s Audacious Journey Towards a Sustainable Biofuel Future
Harnessing its formidable agricultural prowess, India is poised to set a global standard for sustainable development, showcasing a strategic pivot from surplus to self-sufficiency. The minimum support price (MSP) mechanism serves as a critical lifeline for Indian farmers, ensuring a guaranteed minimum price for their crops irrespective of market volatility. Instituted by the government and … Continue reading From Surplus to Self-Sufficiency—India’s Audacious Journey Towards a Sustainable Biofuel Future
Central Government to Accelerate Repayment of ₹2.69 Lakh Crore GST Compensation Loans
The central government is poised to expedite the repayment of ₹2.69 lakh crore in market loans, originally secured to compensate states for GST revenue shortfalls during FY21 and FY22. According to an authoritative source, the repayment could be completed by November 2025, surpassing the earlier target of March 2026 by four months. This critical financial … Continue reading Central Government to Accelerate Repayment of ₹2.69 Lakh Crore GST Compensation Loans
Finance Minister Nirmala Sitharaman Reflects on Arun Jaitley’s Legacy Amidst GST Council Decisions
Union Finance Minister Nirmala Sitharaman, in the wake of queries regarding the inclusion of petroleum products under GST, evoked the foresight of her predecessor, Arun Jaitley. “Today’s GST Council meeting has seen significant strides in trade facilitation, the reduction of compliance burdens, and delivering tangible relief to taxpayers,” she asserted. When probed about the potential … Continue reading Finance Minister Nirmala Sitharaman Reflects on Arun Jaitley’s Legacy Amidst GST Council Decisions
Navigating Section 87A—Maximizing Tax Rebates under Indian Tax Law
Despite surpassing the basic exemption threshold, you might still evade paying any income tax, courtesy of Section 87A of the Income-tax Act, 1961. This provision grants Indian residents a tax rebate under both the old and new tax regimes, contingent upon their total income remaining within the prescribed limits. For the fiscal year 2023-24 (assessment … Continue reading Navigating Section 87A—Maximizing Tax Rebates under Indian Tax Law
Mandatory Income Tax Return Filing— FY 2023-2024
The imperative of filing an Income Tax Return (ITR) extends beyond the threshold of taxable income exceeding the basic exemption limit. Intricacies within the income tax laws necessitate mandatory ITR submission under specific conditions, irrespective of whether the taxable income falls below this exemption limit. Suresh Surana, an esteemed chartered accountant, elucidates, “Section 139 enforces … Continue reading Mandatory Income Tax Return Filing— FY 2023-2024
53rd GST Council Meeting—Railway Services, Solar Cookers, and More Exempted from Tax
In a landmark move during the 53rd GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, a series of pivotal decisions were taken, marking significant reforms in the taxation landscape of India. This council meeting underscored a clear intention from the Centre to streamline and optimize the Goods and Services Tax (GST) framework, with … Continue reading 53rd GST Council Meeting—Railway Services, Solar Cookers, and More Exempted from Tax
Nirmala Sitharaman Leads Crucial Pre-Budget Dialogue with State Finance Ministers
The Union Finance Ministry has recently initiated its comprehensive consultations for the upcoming Union Budget, engaging with diverse economic stakeholders to shape the fiscal landscape of the nation. On a pivotal Saturday morning, Union Finance Minister Nirmala Sitharaman chaired a significant pre-budget meeting, convening Finance Ministers from all States and Union Territories. This high-level assembly, … Continue reading Nirmala Sitharaman Leads Crucial Pre-Budget Dialogue with State Finance Ministers
GST Council Implements Compliance Easing Measures, Omits Online Gaming Tax Review
GST Council Announces Compliance Relief for Students and Professionals Union Finance Minister Nirmala Sitharaman held a press conference following the 53rd GST Council Meeting in New Delhi, highlighting the Council’s latest recommendations. While the agenda did not include discussions on online gaming taxation, significant measures were introduced to ease GST compliance for assessees. The Council’s … Continue reading GST Council Implements Compliance Easing Measures, Omits Online Gaming Tax Review