RIFCO TAX CONSULTANTS

As of February 28, 2025, the Indian government has tabled the Union Budget for the year 2025-2026, setting out major initiatives and financial proposals to spur economic growth and development. Fiscal Overview: Fiscal Deficit Target: The fiscal deficit target for 2025-26 has been set by the government at 4.4% of GDP, down from the revised 4.8% for the current year.REUTERS.COMTotal Expenditure and Receipts: Total receipts (net of borrowings) are placed at ₹34.96 lakh crore, while total expenditure is estimated at ₹50.65 lakh crore.VAJIRAMANDRAVI.COMTax Reforms: Personal Income Tax: The budget provides substantial relief to the middle …

Budget 2026 Highlights : Rs 12-Lakh Annual Income Read More »

What is GST Registration Under the GST system, companies with turnover exceeding Rs. 40 lakhs * (Rs 10 lakhs for the NE and mountainous states) are required to register as a normal taxable person. This registration process is called GST registration.For some businesses, registration for GST is mandatory. If the organization does business without registering …

Gst Registration Basics Read More »

Direct Taxation (Income Tax) Budget the government has proposed a new tax system under section 115BAC which will significantly change the rates for tax bands. Taxpayers can choose whether they want to pay taxes in the new system or if they want to continue paying taxes in the current system in budget 2020. However, some …

Budget 2020 Highlights Read More »

UNITED NATIONS : The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the coronavirus pandemic, spelling serious trouble for developing countries with the likely exception of India and China, according to a latest UN trade report. With two-thirds of the world’s population …

Covid-19 Impact Worsen World Economy To Go Into Recession Read More »

Taxpayers can switch back and forth between the existing income tax finance regime(according to budget) and the new one that offers lower cost slabs without exemptions, said the Central Board of Direct Taxes (CBDT) chairman PC Mody. However, business owners won’t have this option. “Let it be very clearly noted that this is an optional …

Budget 2020 Individuals can switch tax regime every year Read More »

1. What to do if you have not received the income tax refund yet? Step 1: Visit the income tax e-filing portal and log in with user ID, password, and date of birth/date of incorporation . Step 2: Click on the ‘My Account’ tab and select the ‘Refund/Demand Status’ option. Step 3: The status of …

Income Tax Refund :Steps you can take if your refund is delayed? Read More »