CAclubindia News

ICAI President Unveils Vision for 2025-26: Advancing Technology & Promoting Work-Life Balance

01 March 2025 at 08:51

The newly elected President of the Institute of Chartered Accountants of India (ICAI) CA. Charanjot Singh Nanda along with Vice-President, CA. Prasanna Kumar D shared his vision at a press conference held in New Delhi.

Posted in Professional Resource | 1083 Views

Income Tax Bill 2025: GAAR-Based Reassessments May Extend Beyond Time Limits

01 March 2025 at 08:45

The Income Tax Bill 2025 proposes a major shift in tax reassessment rules, allowing authorities to issue notices under the General Anti Avoidance Rules (GAAR) even for tax years that have crossed the prescribed time limits.

Posted in Income Tax | 1173 Views

Lok Sabha Select Committee to Review Income Tax Bill 2025 on March 6-7

01 March 2025 at 08:45

The Select Committee of the Lok Sabha, chaired by Bharatiya Janata Party (BJP) Vice President and Lok Sabha MP Baijayant Panda, will examine the Income-Tax Bill 2025 on March 6 and 7, 2025.

Posted in Income Tax | 1095 Views

CA Foundation & Intermediate January 2025 Results likely to be declared on 4th March

28 February 2025 at 16:46

The Institute of Chartered Accountants of India (ICAI) is expected to declare the results of the Chartered Accountants Intermediate and Foundation Examinations held in January 2025 on Tuesday, March 4, 2025.

Posted in Students | 2433 Views

ICMAI Issues Advisory Against Unauthorized Activities to Protect Institute's Integrity

28 February 2025 at 09:48

The Institute of Cost Accountants of India (ICMAI) has issued a stern advisory warning its members against engaging in unauthorized activities that could harm the Institute's reputation, governance, and statutory framework.

Posted in Professional Resource | 327 Views

Income Tax Department Issues Notices Over Section 87A Rebate Claims on Capital Gains

28 February 2025 at 08:53

The Income Tax Department has started issuing demand notices to taxpayers who claimed a rebate under Section 87A on short-term capital gains (STCG) in their Income Tax Returns (ITRs).

Posted in Income Tax | 1 comments | 20466 Views

CBDT Clarifies Risk Management Strategy for Search and Survey Cases Under Amended IT Act

28 February 2025 at 08:46

CBDT has issued an Office Memorandum (OM) dated February 27, 2025, providing crucial clarifications on the implementation of the Risk Management Strategy under the IT Act, 1961, in light of recent amendments introduced by the Finance (No. 2) Act, 2024.

Posted in Income Tax | 1437 Views

Bengaluru ITAT Tax Ruling Overturned Due to AI Generated Fake Citations

28 February 2025 at 08:35

The increasing use of Artificial Intelligence (AI) in legal and financial research is raising concerns about its reliability, as seen in a recent tax ruling by the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT).

Posted in Income Tax | 3048 Views

State Tax Department Recovers Rs 11.18 Lakh Penalty in Major GST Violation Case

28 February 2025 at 08:35

In a major enforcement action, the State Tax Department of J&K has realized a penalty of ₹11,18,068 from a taxpayer for violating GST regulations related to the transportation of rigid tubes, pipes, hoses, and fittings made of propylene polymers.

Posted in GST | 3114 Views

ITR Filers Earning Over Rs 1 Crore See Record 43% Growth in FY25

27 February 2025 at 08:41

The number of Individual Income Tax Return (ITR) filers in India has witnessed a significant surge of over 43% in the fiscal year 2024-25, with total filers surpassing 9.05 crore, according to data available till January 31, 2025.

Posted in Income Tax | 1182 Views