CAclubindia News

Builders Under GST Scrutiny: Notices Issued to Reverse ITC

16 February 2024 at 08:58

In a significant development, the Goods and Services Tax (GST) department has initiated action against numerous builders, issuing notices to reverse Input Tax Credit (ITC) claimed for the fiscal years 2017-18 and 2018-19.

Posted in GST | 1 comments | 18306 Views

Star Health Faces Rs 170 Crore GST Demand, Rs 8.7 Crore Penalty Notice

16 February 2024 at 08:58

In a recent development, Star Health and Allied Insurance Company Ltd disclosed receiving a significant tax demand order amounting to Rs 170 crore

Posted in GST | 2556 Views

Supreme Court Strikes Down Electoral Bonds, Halts SBI Issuance

15 February 2024 at 13:02

On February 15th, the Supreme Court delivered its long-awaited verdict on a series of petitions challenging the Electoral Bond scheme, a system allowing for anonymous funding to political parties. The landmark judgment, delivered by a five-judge Cons

Posted in Others | 5301 Views

GST Department Intensifies Efforts to Meet FY24 Targets

15 February 2024 at 09:08

Despite a robust increase in monthly GST collections, the Revenue department is intensifying efforts to ensure it meets the collection targets for the fiscal year.

Posted in GST | 8172 Views

Income Tax Dept Uncovers Rs 25,000 Crore Extra Payments to Insurance Agents via Benami Entities

15 February 2024 at 09:07

Income Tax department has unearthed a complex network of transactions amounting to over Rs 25,000 crore, implicating more than 60 intermediary firms and hundreds of bank accounts in suspected Benami deals within the insurance industry.

Posted in Income Tax | 3774 Views

ICAI releases Guidance Note on Audit of Banks - 2024 Edition

15 February 2024 at 09:07

The area of operation / function of the Personal Banking Department is typically confined to resource mobilization, i.e., source of funds (for the bank) in the form of CASA deposits, term deposits, customer service and operations.

Posted in Audit | 5541 Views

Empanelment of Members to act as Observers at Examination Centres for CA May/June 2024 Exams

15 February 2024 at 09:06

ICAI proposes to empanel members to act as Observers for the forthcoming MAY/JUNE -2024 Chartered Accountants Examinations

Posted in Students | 16017 Views

Indian Govt Considers Postponing Section 43B(h) Following Industry Pressure

14 February 2024 at 09:04

Amidst mounting pressure from trade and industry organizations, the Indian government is considering delaying the implementation of Section 43B(h) of the Income Tax Act.

Posted in Income Tax | 11106 Views

GST Council Set to Clarify Expat Salary Taxation Amidst Controversy

14 February 2024 at 09:02

The Goods and Services Tax (GST) Council is deliberating on issuing a circular to resolve the recent controversy surrounding notices sent to Indian subsidiaries of foreign companies regarding the taxation of salaries paid to expatriates.

Posted in GST | 2721 Views

PIB Fact Check: Section 43B(h) of Income Tax Act Unchanged for MSME Payments

13 February 2024 at 17:11

Recently, a viral message has been circulating on social media platforms claiming that alterations have been made to the provisions of Section 43B(h) concerning payments to Micro, Small, and Medium Enterprises (MSMEs) by the Finance Ministry

Posted in Income Tax | 1 comments | 9699 Views