Daily Tax & Business Updates

Important Changes in Income Tax Return Filing for FY 2023-24

The Income Tax Department has introduced significant changes in ITR forms for FY 2023-24. Key updates include new reporting requirements for cryptocurrency transactions, detailed disclosure of foreign remittances, and revised tax slabs under the new tax regime.

GST Council Meeting Highlights

Latest decisions from the GST Council meeting include rationalization of tax rates on electric vehicles and their components, clarification on input tax credit for CSR expenses, and extension of due dates for certain annual returns.

MSME Sector: New Government Initiatives

Government announces new credit guarantee scheme for MSMEs with simplified application process and reduced compliance burden. Special focus on digital adoption and e-commerce integration for small businesses.

Digital Banking Updates for Business Accounts

RBI introduces new guidelines for business banking, including enhanced security measures for digital transactions and simplified KYC norms for startups. Important changes in NEFT/RTGS transaction limits for business accounts.