Income Tax Department (I-T) is currently conducting searches at multiple locations in Mumbai, Pune, and Noida, including the offices and premises of promoters of Chinese home appliance company Haier.
The fact that over 5 crore ITRs have already been filed till 27th July 2023, as compared to 30th July last year, shows a commendable commitment to meeting tax obligations promptly.
Union government has accepted the recommendation to set up an online audit mechanism under the Goods and Services Tax (GST) to streamline the process.
GSTN has introduced a new tab, Rule-86B, which restricts the use of the amount available in the Electronic Credit Ledger.
The GSTN has recently announced that it will be collecting metadata of the Principal Place of Business (PPOB) for all registered taxpayers
On 27th July the Reserve Bank of India (RBI) clarified that banknotes with a star (*) symbol are legal and valid currency.
CBDT, Foreign Tax & Tax Research Division has issued vide F. No. 500/34/2019-FT&TR-III(Pt.)/1 dated July 26, 2023 issued clarification in respect of Rule 114F (5) of the Income Tax Rules, 1962.
CBDT issued Circular No. 13/2023 dated July 26, 2023 regarding condonation of delay in filing returns of income claiming deduction under section 80P of the IT Act for various assessment years from AY 2018-19 to AY 2022-23.
DGGI Meerut officials bust racket involving 246 fake entities with turnover of Rs. 3,242 crore involving ITC of Rs. 557 crore, three held
Indian government detected a significant amount of evasion in goods and services tax (GST) over the last five years, amounting to Rs 3.33 lakh crore.
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