Every year, the anticipation leading up to the budget announcement in India is palpable. It is a time when the entire nation eagerly awaits to learn about the government’s fiscal plans and policies for the upcoming financial year. However, 2024 is an election year and therefore, the annual budget can…

Introduction In the intricate world of finance, where risk lurks in the shadows and rewards beckon from the horizon, the Reserve Bank of India (RBI) assumes the role of a vigilant maestro, orchestrating a delicate balance between the thrill of financial endeavours and the necessity of safeguarding economic stability. As…

Introduction In a surprising move, the Indian government recently announced the demonetization of the INR 2,000 currency notes under the Reserve Bank of India’s (RBI) Clean Note Policy, although they will still be considered legal tender even after September 30. Immediate instructions have been given to banks to cease issuing…

Following are the key changes relating to Goods and services tax – Decriminalisation of certain offences The government has been focussing on ease of doing business for a long time and decriminalisation of offences under business laws is an important part of it. The minimum threshold to launch a prosecution…

Following are the key changes relating to income tax assessments– Changes related to assessments In Budget 2022, the time limit for summary or scrutiny assessment under section 143 or best judgement assessment under section 144 was reduced to 21 months from the end of the financial year. Earlier, this time…

We are budgeting all the time, knowingly, and unknowingly, as it helps us in keeping our expenses in tandem with our income. Every year the finance minister of the country along with the team prepares a budget for the nation which decides on how much taxes are to be collected…

Every year the finance minister presents the budget of the country in the Lok Sabha. The budget explains how the government is planning to collect taxes or earn through other sources and how the government is going to spend the same. Governments in developing countries, usually spend more than the…

At the time of the presentation of the Budget before the Parliament, a Finance Bill is also presented detailing the imposition, abolition, remission, alteration or regulation of taxes proposed in the budgeted estimates. The Finance bill is introduced every year to give effect to the financial proposals of the Government…

Following are the key changes relating to the customs laws – Certain exemptions will not expire automatically In 2021, the Central Government introduced a new section 25(4A) in the Customs Act, to make all conditional exemptions to be valid only for two years. The provision aimed to eliminate outdated exemptions…