CAclubindia News

ICAI Issues FAQs on Guidance Note on Financial Statements for Non-Corporate Entities

09 July 2025 at 09:10

ICAI has issued FAQs on Guidance Note for financial statements of non-corporate entities, effective April 1, 2024, introducing standardised formats, revised classifications, and exemptions for MSMEs.

Posted in Audit | 14388 Views

Finance Ministry Denies Inactive PM Jan Dhan Yojana Account Closure Directive

09 July 2025 at 08:56

Ministry of Finance, has strongly refuted media reports suggesting that it has instructed banks to close inactive accounts under the Pradhan Mantri Jan Dhan Yojana (PMJDY).

Posted in Community & General | 102 Views

ICAI Opens Empanelment for Observers for CA Exams in September 2025

09 July 2025 at 08:52

The Institute of Chartered Accountants of India (ICAI) has announced the empanelment of members to act as observers for the upcoming Chartered Accountants Examinations scheduled for September 2025.

Posted in Students | 18042 Views

Mumbai CA Dies by Suicide After Rs 3 Crore Blackmail Over Private Video

08 July 2025 at 17:49

A 32-year-old Chartered Accountant from Mumbai, Raj Leela More, died by suicide after allegedly being blackmailed and extorted of over Rs 3 crore through threats of leaking a private video.

Posted in Professional Resource | 1 comments | 5577 Views

Daily-Wage Labourer in Uttar Pradesh Receives Rs 9.3 Crore Tax Notice in Shocking GST Identity Fraud Case

08 July 2025 at 09:07

A daily-wage labourer from Lakhimpur Kheri district, Mohd Saeed, has received an income tax notice for Rs 9.3 crore turnover in the financial year 2020-21, despite having no involvement in any business activity.

Posted in GST | 2808 Views

Income Tax Refund Scam Busted: Indians Posing as Foreign Citizens to Evade Tax

08 July 2025 at 08:55

The Income Tax Department has uncovered a large-scale scam involving fraudulent refund claims by Indian taxpayers who falsely declared themselves as foreign citizens during IT return filing.

Posted in Income Tax | 2967 Views

Finance Ministry Grants Five-Year Exemption to IDFC First Bank from Shareholding Cap in Niraj Kakad Constructions

08 July 2025 at 08:48

The Ministry of Finance, on the recommendation of the Reserve Bank of India (RBI), has granted a five-year exemption to IDFC First Bank Limited from the provisions of Section 19(2) of the Banking Regulation Act, 1949.

Posted in Income Tax | 2262 Views

Finance Ministry Grants Income Tax Exemption to Rajasthan Housing Board Under Section 10(46A)

08 July 2025 at 08:45

In a significant relief to the Rajasthan Housing Board, the Ministry of Finance has granted income tax exemption under Section 10(46A)(b) of the Income-tax Act, 1961.

Posted in Income Tax | 306 Views

Multi-State GST Scam Uncovered: 5 Arrested in Rs 248 Crore Tax Evasion Case

07 July 2025 at 09:01

UP STF busts Rs 248 crore GST fraud using 100+ shell firms; five arrested from Rajasthan for running a multi-state fake invoice racket with stolen identities and bogus e-way bills.

Posted in GST | 1188 Views

State Govt to Expand Amnesty Scheme for Pending Pre-GST Tax Arrears

07 July 2025 at 08:57

Maharashtra govt proposes amendment to recover Rs 25,000 crore in pre-GST tax dues from PSUs, banks, and infrastructure bodies under an expanded amnesty scheme...

Posted in GST | 17961 Views