In August 2023, gold imports into India increased by 40% because of holiday shopping. Due to festival purchases in India, the second-largest consumer of the precious metal has seen a 40% increase in gold imports in August 2023. Due to the rising price of crude oil, India’s trade deficit is already at alarmingly high levels. … Read more
As a part of the Ministry of Finance, the Central Board of Direct Taxes (CBDT) will launch Special Campaign 3.0 for Swachhata (cleanliness) and the resolution of outstanding issues. This programme builds on the success of Special Campaign 2.0, which ran at Indian government offices from October 2 through October 31, 2022. We explore the … Read more
The application of Form 10B/10BB, the Audit Report for charity Trusts, has been urgently delayed for one year, according to the Bombay Chartered Accountants Society, which represents the interests of charity trusts in India. The Hon’ble Finance Minister of the Government of India is the recipient of this request, which is based on the major … Read more
After much discussion over whether India would be able to bring the various G20 groups together and come to terms with how to phrase the divisive topic of Russia’s invasion of Ukraine, a Leaders’ Declaration was finally adopted. Despite disagreements over the conflict in Ukraine, the Group of 20 nations, according to Indian Prime Minister … Read more
He is scheduled to meet with Sheikh Hasina of Bangladesh and Pravind Jugnauth of Mauritius on Friday. Additionally, he will meet privately with US Vice President Joe Biden, which is much anticipated. Meetings with Hasina and Biden are expected to draw a lot of interest. Given its close relationship with Sheikh Hasina, India is strategically … Read more
One method of collecting tax is through Tax Deducted at Source (TDS), which bases its percentages on the recipient’s obligation to pay for the products or services. The government receives income from the tax that is collected. In accordance with CGST Rule 66, Section 51 of the CGST Act contains the clause relating to TDS … Read more
PM Modi’s focus on balanced global trade and consumer-centered policies shows that he has a thorough understanding of the complex dynamics underlying today’s economies. Consumer protection did not come up during this year’s G20 discussions in India, but Prime Minister Narendra Modi did not let it go through the cracks. In his remarks to the … Read more
New data from the Ministry of Finance shows considerable advancements in the submission and processing of Income Tax Returns (ITRs) for the Assessment Year (AY) 2023–24. Out of the 6.98 billion ITRs submitted as of September 5th, 2023, 6.84 billion have been confirmed, and more than 6 billion have been processed. Additionally, the data shows … Read more
The congested streets of New Delhi have been resurfaced. Previously gloomy pathways are now illuminated by streetlights. Bright murals and graffiti are painted on city walls and structures. There are flowers planted all throughout. Many of the city’s impoverished claim that while India’s capital underwent renovations in advance of this week’s Group of 20 summit, … Read more
The Karnataka State Chartered Accountants Association (R), often known as KSCAA, is a group of chartered accountants that was established in 1957 and incorporated under the Karnataka Societies Registration Act. KSCAA was established largely for the benefit of chartered accountants and represents them before various regulatory bodies to address their professional issues. We have already … Read more