Government and Industry: PLI Schemes in Focus
The Production Linked Incentive (PLI) schemes are a key initiative of the Indian government to boost domestic manufacturing and exports in various sectors. The schemes aim to create national manufacturing champions, generate employment, enhance innovation and reduce import dependence. Here are some of the highlights of the PLI schemes and their impact on the economy. […]
Govt’s Green Hydrogen Guidelines for Steel Sector
The government of India has recently issued guidelines for pilot projects to use green hydrogen in the steel sector under the National Green Hydrogen Mission (NGHM). The aim is to gradually replace fossil fuels and feedstock with green hydrogen and its derivatives, and to develop the necessary infrastructure and supply chains for green hydrogen production […]
IBBI’s New Rule: Same RP for Company and Guarantor
The Insolvency and Bankruptcy Board of India (IBBI) has revised its regulations to allow the same resolution professional (RP) to handle the insolvency process of a company and its personal guarantor. This amendment aims to enhance harmonisation and improve coordination between the two processes. Why this change? The IBBI introduced the Bankruptcy Process for Personal […]
GST Update: Rs 1 Lakh Penalty for Tobacco Makers
The government has announced a new measure to curb tax evasion in the tobacco industry. From April 1, 2024, manufacturers of pan masala, gutka and similar tobacco products will have to pay a penalty of up to Rs 1 lakh if they do not register their packing machines with the Goods and Services Tax (GST) […]
Uniform Taxi Fare: Karnataka’s Directive to Uber, Ola
The Karnataka Transport Department has issued a new order to regulate the fares of city taxis and app-based aggregators like Uber and Ola. The order aims to address the grievances of commuters who have been complaining about excessive charges by some operators. The order also specifies the charges for waiting time, baggage, night time and […]
CBDT Chairman: I-T Dept to Erase Petty Tax Demands
In a relief to about 80 lakh taxpayers, the income tax department will erase petty tax demands on its own, CBDT chairman Nitin Gupta said on Friday. What are petty tax demands? Petty tax demands are outstanding direct tax demands up to Rs 25,000 till 2009-10 fiscal and up to Rs 10,000 for financial years […]
Sanjay Malhotra Caps Old Tax Relief at Rs 1 Lakh
The interim budget of 2024 has proposed a relief for small taxpayers by withdrawing outstanding direct tax demands up to Rs 25,000 for the financial years till 2010 and up to Rs 10,000 for the financial years between 2010 and 2014. However, there is a catch: the relief to a single taxpayer will not exceed […]
IRDAI Requires AYUSH Coverage in Health Insurance from April 1
The Insurance Regulatory and Development Authority of India (IRDAI) has issued a circular on January 31, 2024, directing all general and health insurers to provide coverage for AYUSH treatments in their health insurance policies. AYUSH stands for Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homeopathy, which are alternative systems of medicine that have gained popularity in […]
Budget 2024: FM Calls Off Direct Tax Demand Under Rs 25,000
In a major relief to taxpayers, Finance Minister Nirmala Sitharaman announced that the government will withdraw all direct tax demands under Rs 25,000 in the Interim Budget 2024. This move is expected to benefit about one crore taxpayers and reduce litigation and compliance burden. Why this matters The Finance Minister said that this decision was […]
Budget 2024: A Look at New and Old Income Tax Slabs
Finance Minister Nirmala Sitharaman presented the Interim Budget 2024 on February 1, 2024, amid high expectations from the salaried class. However, the budget did not announce any changes in the income tax slab rates for both new and old regimes. The taxpayers have the option to choose between the new and old tax regimes as […]