CAclubindia News

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 | 3915 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 | 6036 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 | 16203 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 | 11298 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 | 2913 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 | 9930 Views

Industry Urges Govt for Doubling GST Registration Threshold to Rs 40 Lakh

13 February 2024 at 09:13

During FTCCI event, industry leaders urged the Chief Minister and State Finance Minister to consider raising the GST registration threshold from Rs 20 lakh to Rs 40 lakh annually

Posted in GST | 4086 Views

Supreme Court Issues Notice to Central Govt on GST Anti-Profiteering Provisions

13 February 2024 at 09:12

The Supreme Court has taken a significant step by issuing a notice to the union government regarding the constitutional validity of anti-profiteering provisions under the Goods and Services Tax (GST).

Posted in GST | 3477 Views

UPI Goes Global - Payments Now Accepted in 7 Countries

13 February 2024 at 09:11

In a significant move to enhance cross-border digital transactions, the Ministry of External Affairs announced the extension of Unified Payment Interface (UPI) services to Sri Lanka and Mauritius.

Posted in Community & General | 3075 Views