CAclubindia News
CBDT Chairman Confirms Income Tax Act Review to Meet Six-Month Deadline
22 August 2024 at 15:00CBDT Chairman, Ravi Agrawal, has confirmed that the ongoing review of the Income Tax Act of 1961 will be completed within the six-month timeframe announced by Union Finance Minister Nirmala Sitharaman.
FM Sitharaman Calls for Fair, User-Friendly Tax Notices and Emphasizes Speedy Refunds and Capacity Building
22 August 2024 at 09:06Smt. Sitharaman exhorted the Department to be fair and friendly and ensure that there is improved taxpayer experience. The tax notices should be temperate, simple and easy to understand for the taxpayer
GST Intelligence Uncovers Rs 1.2 Trillion Tax Evasion Since 2020
22 August 2024 at 09:06In a significant crackdown on tax evasion, the Directorate General of GST Intelligence (DGGI) has exposed fraudulent activities amounting to Rs 1.2 trillion via fake input tax credit (ITC) since 2020.
CBDT Targets IVF Clinics and Medical Colleges in Cash Transaction Crackdown
22 August 2024 at 09:06The Central Board of Direct Taxes (CBDT) has unveiled a rigorous Central Action Plan (CAP) for the fiscal year 2024-25, targeting sectors notorious for high cash transactions that are frequently under-reported or unreported.
ITAT Ruling: No Penalty for Income Concealment if Errors Corrected in Revised Return
22 August 2024 at 09:03In a significant ruling, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has provided relief to taxpayers by stating that penalties for income concealment cannot be imposed if a taxpayer has corrected all errors in a revised tax return.
GST Authorities Tighten Grip on Merchants Evading Taxes via Digital Payment Channels
22 August 2024 at 09:01The rapid expansion of digital payments in India has brought a surge in tax evasion cases, particularly among small online merchants.
CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)
21 August 2024 at 07:12It is being erroneously reported that all Indian citizens must obtain income-tax clearance certificate (ITCC) before leaving the country - a position that is factually incorrect
Ministry of Education Intervenes after Rs 120 Crore GST Notice Issued to IIT-Delhi
21 August 2024 at 07:11The Ministry of Education has stepped in to address a substantial GST notice issued to the Indian Institute of Technology (IIT) Delhi.
Kerala Finance Department Reveals Tax Default by Over 600 Bar Hotels
21 August 2024 at 07:11The Kerala Finance Department said over 600 bar hotels are among the establishments in its list that defaulted on payment of taxes.
NFRA Imposes Rs 10 Crore Penalty on BSR & Associates, Debars Two Auditors in CCD Case
20 August 2024 at 17:34The National Financial Reporting Authority (NFRA) has barred Aravind Maiya, former partner at BSR & Co and current CEO of Embassy REIT, from practicing as an auditor for 10 years.
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