CAclubindia News
GST on Apartment Maintenance: No Burden on Residents, Clarifies FM Sitharaman
29 July 2025 at 09:18Finance Minister Nirmala Sitharaman clarifies that GST applies only to apartment associations with turnover above Rs 20 lakh and monthly maintenance charges over Rs 7,500 per member. Residents are not liable for GST compliance.
Ex-ED Officer Sentenced to 3 Years in Bribery Case by Special CBI Court in Bengaluru
29 July 2025 at 09:02A special CBI court in Bengaluru has sentenced former ED officer M. Lalit Bazad to 3 years in prison with a Rs 5.5 lakh fine for accepting a Rs 5 lakh bribe in a 2021 corruption case linked to a China loan scam.
CBDT Offers Relief to Taxpayers: Returns Invalidated Due to Technical Errors to Be Reprocessed
29 July 2025 at 08:59CBDT relaxes time limit for processing ITRs wrongly invalidated due to technical issues. Returns filed up to March 31, 2024, to be reprocessed by March 31, 2026. Refunds will follow, subject to PAN-Aadhaar linkage.
CBDT Expands Rule 21AK: FPIs in IFSCs Now Eligible for Tax Exemptions
29 July 2025 at 08:51The Central Board of Direct Taxes has notified the Twentieth Amendment to the Income-tax Rules, 1962, expanding Rule 21AK to include over-the-counter derivatives and foreign portfolio investors in IFSCs. Effective from July 28, 2025.
Centre Notifies Amendment to General Insurance Pension Scheme, Extends Benefits to Executive Directors
29 July 2025 at 08:45The Ministry of Finance notifies the General Insurance (Employees’) Pension (Amendment) Scheme, 2025, extending pension benefits to Executive Directors of public sector general insurance companies, effective retrospectively from December 21, 2023.
98,995 MSME Loans Sanctioned Under New Digital Credit Assessment Model
29 July 2025 at 08:41India introduces a Digital Credit Assessment Model for MSMEs, enabling faster, fully digital loan approvals by leveraging real-time data and reducing paperwork. Over 98,000 MSME loans sanctioned under the new model since April 2025.
India Records Over Rs 12,000 Lakh Crore in Digital Payments Across 65,000 Crore Transactions in 6 Years
29 July 2025 at 08:38India has recorded over 65,000 crore digital transactions worth more than Rs 12,000 lakh crore in the last 6 financial years, driven by UPI, government initiatives, and RBI-backed infrastructure
Businesswoman Arrested for Rs 100 Crore GST Fraud Involving 27 Shell Firms
28 July 2025 at 09:17The DGGI Bhubaneswar has uncovered a Rs 100 crore GST fraud involving 27 fake firms operated by a Rourkela businesswoman. She was arrested after fake input tax credit claims and bogus transactions across states were exposed.
Income Tax Bill 2025 Took 60,000 Man-Hours to Draft, Says FM Nirmala Sitharaman
28 July 2025 at 09:13Finance Minister Nirmala Sitharaman reveals Income Tax Bill 2025 took 60,000 man-hours to draft. The bill simplifies tax laws, modernizes the 1961 Act and stresses timely implementation and taxpayer trust.
CBDT Chairman: Work Underway on Rules and Forms for Income Tax Bill 2025
28 July 2025 at 09:09CBDT Chairman Ravi Agarwal says work is underway to frame rules and forms under the Income Tax Bill 2025. The new framework will prioritize clarity, simplicity and voluntary compliance.
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