CAclubindia News
RBI Says 98.31% of Rs 2000 Notes Returned to Banks as of July 31, 2025
02 August 2025 at 08:50RBI reports that RS 2000 banknotes in circulation have declined from Rs 3.56 lakh crore to Rs 6,017 crore as of July 31, 2025 marking a 98.31% return rate. Rs 2000 notes remain legal tender.
GST Collection Hits Rs 1.96 Lakh Crore in July 2025, Rises 7.5% YoY
02 August 2025 at 08:44India's gross GST revenue for July 2025 surged 7.5% YoY to Rs 1.96 lakh crore, driven by strong growth in IGST and SGST. Net revenue after refunds stood at Rs 1.68 lakh crore. Check state-wise performance and key highlights.
CBI Arrests Income Tax Inspector and Middleman in Rs 70,000 Bribery Case in Vijayawada
01 August 2025 at 09:33The CBI has arrested an Income Tax Inspector in Vijayawada and a middleman for accepting a Rs 70,000 bribe from a businessman in Eluru to suppress departmental action. A trap was laid following a complaint, and both accused are now in custody.
ICAI Warns of Action Against CAs Violating New Tax Audit Limits
01 August 2025 at 09:31ICAI will implement a mandatory tax audit cap of 60 per partner from April 2026. Violators may face disciplinary action. ICAI also partners with IVCA and NSE arm, launches international ADR centre.
75 Year Old Senior Citizen Gets IT Notice for AY 2014
01 August 2025 at 09:1775-year-old receives an IT demand for AY 2014. Can old tax returns be reopened? Understand reassessment rules under Section 148, documentation tips and senior citizen support options.
Income Tax Department Targets Jewellery Sector Over Misuse of Inventory Valuation Rules
01 August 2025 at 09:08The Income Tax Department has uncovered cases of jewellers using the LIFO method, banned under ICDS II to undervalue closing stock and evade taxes amid skyrocketing gold prices. Investigations are underway.
Finance Ministry Introduces Premature Termination Clause in Customs & Excise Settlement Commission Rules
01 August 2025 at 08:59Centre amends rules for Customs & Excise Settlement Commission; allows termination of office bearers with compensation up to 3 months' pay.
India-UK FTA: ICAI Secures Global Recognition for Indian Chartered Accountants
01 August 2025 at 08:49ICAI secures global practice rights for Indian CAs under India-UK Free Trade Agreement.
Finance Ministry Pushes 100% FDI in Insurance for Faster Sectoral Growth
31 July 2025 at 09:26FM Sitharaman confirms 100% FDI in insurance to boost sector growth; government rules out any changes to crypto tax or GST on flex-fuel vehicles. Key updates also include smart meter progress, ADP fund allocation and GST collection trends.
Supreme Court to Conclude Hearings on Online Gaming GST Case
31 July 2025 at 09:17The Supreme Court is set to conclude hearings on the online gaming GST dispute, deciding whether 28% GST applies retrospectively on the full value of bets, impacting companies like Dream11, Gameskraft, and MPL.
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