The Revenue Department under the finance ministry has issued a notification under the Prevention of Money-laundering Act allowing the 15 reporting entities to conduct Aadhaar-based KYC (know your customer) process.

The Finance Ministry's report highlights a decline in unemployment rates alongside a rise in formal employment, attributed to initiatives like Aadhar and portals like Udyam. EPFO data shows a net payroll increase and a trend of rejoining members, indicating a growing formalized labor market.

The Finance Ministry announces the sale of Government bonds worth Rs 28,000 crore through a price-based auction in three lots, managed by the RBI. Bids accepted electronically on May 3, with results announced the same day.

The Finance Ministry revealed on Monday its plans to issue government bonds worth Rs 38,000 crore through the Reserve Bank of India's (RBI) new multiple price auction method. Auction results announced on the same day, with successful bidders making payments by April 8.

April 1 initiates FY2024-25, introducing revised Union Budget regulations for income tax alongside Finance Minister Nirmala Sitharaman's FY25 interim Budget. Here's a summary of key updates on tax, NPS, EPFO, insurance, and mutual funds.

In the interim Budget, Finance Minister Nirmala Sitharaman proposed borrowing Rs 14.13 lakh crore by issuing dated securities to cover the revenue shortfall in the upcoming financial year. This figure represents a decrease from the previous year's gross borrowing estimate of Rs 15.43 lakh crore, which stood as the highest ever recorded.

The net direct tax collection of Rs 18,90,259 crore as on March 17, 2024, includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund).

The Net Direct Tax collection of Rs 18,90,259 crore as of March 17 includes Corporation Tax at Rs 9,14,469 crore (net of refund) and Personal Income Tax including securities transaction tax (STT) at Rs 9,72,224 crore (net of refund).

In fresh trouble for Paytm Payments Bank, the Financial Intelligence Unit (FIU) has slapped a penalty of Rs 5.49 crore on the payments bank for violating anti-money laundering law, the finance ministry said on Friday.

According to Rajiv Chawla, Founder and Chairman of SME network IamSMEofIndia, invoices issued before April 1, 2023, and outstanding dues as of March 31, 2023, remain unaffected by the amendment. However, he clarified that payments made by March 31, 2024, would render expenses permissible, mitigating the impact of payment delays during the year or previous dues.

In a statement issued by the finance ministry on February 21, it was highlighted that the amendments to the Pension Fund Regulations aim to align governance practices with the Companies Act, 2013, while also emphasizing enhanced disclosure standards by pension funds

The upcoming discussions come in the wake of the recent turmoil surrounding Paytm Payments Bank, triggered by a directive from the Reserve Bank of India (RBI) ordering the banking unit of digital payments giant Paytm to cease operations due to "persistent non-compliances and continued material supervisory concerns."