CAclubindia News

AIFs and Govt in Talks Over Taxation of 'Carry Income' Amid GST Concerns

08 October 2024 at 08:51

Recently, the Indian government has requested private equity and venture capital industry to explain how other countries tax fund managers, particularly in relation to the application of GST to 'carry earnings'

Posted in GST | 1062 Views

CBDT Forms Committee to Review Income Tax Act, Seeks Public Input via e-Filing Portal

08 October 2024 at 08:38

In pursuance of the announcement in the Union Budget 2024-25 by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the CBDT has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act).

Posted in Income Tax | 1158 Views

J&K High Court Slams GST Authorities for Wrongfully Withholding Entrepreneur's Tax Refund

08 October 2024 at 08:37

The Jammu and Kashmir High Court recently penalized the Union Territory's GST Department with a Rs 30,000 fine for unjustly withholding a tax refund owed to M/s Hallmark, a garment manufacturer based in Jammu.

Posted in GST | 228 Views

Businessman Stages Semi-Naked Protest at Ghaziabad GST Office, Alleges Bribery and Harassment

07 October 2024 at 09:08

In a dramatic protest, Meerut-based iron trader Akshay Jain stripped down to his underwear at the Mohan Nagar GST office in Ghaziabad, alleging persistent harassment by officials of the department.

Posted in GST | 2238 Views

FM Nirmala Sitharaman Urges IT Department to Address Tax Refund Delay Complaint

07 October 2024 at 09:04

On October 4, Finance Minister Nirmala Sitharaman called on the Income Tax department to address a complaint raised by a taxpayer who has faced delays in receiving a tax refund.

Posted in Income Tax | 1 comments | 3192 Views

SpiceJet Clears Four-Month Pending Salaries, Settles GST Dues and Deposits 10-Month PF Contributions

07 October 2024 at 09:00

SpiceJet announced on Friday that it has cleared all pending salary and GST dues, following the recent infusion of ₹3,000 crore through a Qualified Institutional Placement (QIP) of shares on September 23.

Posted in GST | 1374 Views

Tax Commissioner Conducts Surprise Inspection, Warns Traders on GST Evasion

07 October 2024 at 09:00

On Thursday, State Financial Commissioner (Taxation) Krishan Kumar conducted a surprise inspection in the old market area near Rainak Bazaar, uncovering a common practice of shop owners selling items without issuing bills to evade GST.

Posted in GST | 2 comments | 1785 Views

LSG Forms Committee to Simplify and Streamline Tax Collections in Urban Areas

07 October 2024 at 08:56

The Local Self Government (LSG) department has constituted a five-member committee to make tax collection in urban local bodies more user-friendly, aiming to boost tax revenue.

Posted in Income Tax | 237 Views

Maharashtra Govt Abolishes NA Tax for Housing, Commercial and Industrial Properties

07 October 2024 at 08:55

In a significant move, the Maharashtra government has permanently abolished the non-agricultural (NA) tax levied on housing societies, industrial, and commercial properties in urban areas.

Posted in Income Tax | 1575 Views

GSTN Issues Advisory for Biometric Aadhaar Authentication for GST Applicants in Kerala, Nagaland & Telangana

07 October 2024 at 08:53

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Kerala, Nagaland and Telangana

Posted in GST | 354 Views