Leading industry chambers on Tuesday lauded the Union Budget 2024-2025, saying it is a people-centric budget which balances equitable growth with fiscal sustainability.
Sanjay Nayar, President of Assocham, said with no easy giveaways, the budget focuses on a longer, more sustainable path of job creation through manufacturing in the country and a strengthened role of the MSMEs.
"Skilling the youth, formalising job creation, continued infrastructure spending, and urban d...
Top industry chambers laud fiscal consolidation, tax reforms, job creation
As part of several taxpayer-friendly decisions, the GST Council on Saturday recommended the waiving of interest and penalty in cases of tax demand notices that have been sent under Section 73, of the GST Act, Finance Minister Nirmala Sitharaman said after the meeting.
"In the case of demand notices issued for 2017-18, 2018-19, 2019-20, interest and penalty will be waived off, if tax is paid by March 31, 2025," Nirmala Sitharaman said.
The GST Council has also reco...
GST Council waives interest, penalty on notices to taxpayers under Section 73
Life Insurance Corporation of India had received refund orders for Assessment Years 2012-13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20.
The total amount of refund was Rs 25,464.46 crore. In this regard, the Income Tax Department has released Rs. 21,740.77 crore on February 15.
The Corporation is pursuing the balance with the Income Tax Department, LIC said.
LIC's Profit after Tax (PAT) for the nine months period ended December 31, 2023 was Rs 26,913 crore.
...
LIC received refund orders for Rs 21,740cr from Income Tax Dept