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Income Tax Department Sends Alerts to 3 Million Taxpayers Over TDS-Refund Mismatch
01 January 2024 at 08:14The Income Tax (IT) department has escalated its scrutiny by sending alerts to approximately 3 million salaried taxpayers, drawing attention to disparities between Tax Deducted at Source (TDS) and refunds claimed in their revised tax returns.
GSTN Issues Advisory on Functionalities available on the portal for GTA Taxpayers
01 January 2024 at 08:13Functionalities made available on the portal for the GTA Taxpayers
ICAI President's New Year Message: Reflecting on Achievements and Envisioning a Prosperous Future
01 January 2024 at 08:11The accounting profession’s deep reach into the MSME sector positions it as a trusted business advisor, providing a conducive ecosystem for start-up development in India.
Over 8.18 Crore ITRs Filed for AY 2023-24
30 December 2023 at 17:52In a groundbreaking achievement, the Income-tax Department has marked a historic milestone by receiving over 8 crore Income Tax Returns (ITRs) for the Assessment Year 2023-24, setting a new record and surpassing all previous filing statistics.Unveili
Revised Interest Rates Announced on Small Savings Schemes for Q4 2023-24
30 December 2023 at 16:11The Ministry of Finance has recently announced revisions to the interest rates on various Small Savings Schemes for the fourth quarter of the financial year 2023-24. These changes, set to take effect from January 1, 2024, and extend through March 31,
ICICI Bank and Kotak Mahindra Bank Face Hefty GST Demand Notices
30 December 2023 at 09:15ICICI Bank Challenges ₹24.37 Crore Demand Notice with ₹2.43 Crore Penalty in Tamil Nadu. Kotak Mahindra Bank Faces ₹57.20 Lakh Demand Notice with ₹5.1 Lakh Penalty in Odisha
GST Council Grants Tax Officials Additional Time for FY19 and FY20 Dues Recovery
30 December 2023 at 09:13In a recent development, the Goods and Services Tax (GST) Council has taken a significant step by extending the deadline for tax officials to pursue and recover outstanding tax dues from businesses for the financial years 2019 (FY19) and 2020 (FY20).
GSTN | Date extended for reporting opening balance for ITC reversal
30 December 2023 at 09:12Advisory: Date extension for reporting opening balance for ITC reversal1. In order to facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, a new ledger namely Electronic Credi
Year in Review 2023: CBIC's Pivotal GST System Upgrades
29 December 2023 at 09:30The Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Ministry of Finance, has achieved significant milestones in enhancing the efficiency and integrity of the Goods and Services Tax (GST) system.
CBDT Issues Guidelines u/s 194-O of the Income-tax Act, 1961
29 December 2023 at 09:28Vide CBDT Circular No. 20/2023 dated 28.12.2023 guidelines have been issued for removal of difficulties and clarity has been provided on various issues pertaining to applicability of section 194-O
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