BackdropAs India stands on the brink of a transformative economic era, Finance Minister Nirmala Sitharaman unveiled the 2024 Union Budget, marking her record-breaking seventh consecutive budget presentation, and the eleventh by the Narendra Modi administration. That sounds like a stage for a strong foothold of the government and stable policy-making.…

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…