CAclubindia News

Gurgaon Student in Australia Discovers Rs 133.8 Crore in Fraudulent Transactions Linked to PAN Card

20 August 2024 at 16:37

The father of a youngster filed a police complaint on Sunday, alleging that conmen had used his son's PAN card to carry out transactions amounting to crores

Posted in Income Tax | 7296 Views

CAG Urges Finance Ministry to Target High-Risk GST Composition Taxpayers

20 August 2024 at 08:57

In a significant move to curb potential tax evasion, CAG has recommended that the Finance Ministry implement stricter monitoring measures for high-risk taxpayers under the GST Composition Scheme.

Posted in GST | 5019 Views

Income Tax Department Warns Taxpayers Against Fraudulent Refund Claims

20 August 2024 at 08:56

The Income Tax Department has issued an urgent advisory, cautioning taxpayers to be vigilant against fraudulent schemes involving fake income tax refund claims.

Posted in Income Tax | 8433 Views

ITAT Mumbai Confirms Tax Exemption on Gifts Received from Non-Resident Brother in India

20 August 2024 at 08:56

In a landmark ruling, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has determined that a Rs 20 lakh gift received by a taxpayer from his non-resident brother, who resides in the UAE, is not subject to taxation.

Posted in Income Tax | 4023 Views

IIT-Delhi Faces Rs 120 Crore GST Demand on Research Funding

19 August 2024 at 08:59

The Directorate General of Goods and Services Tax (GST) Intelligence has issued a show-cause notice to the Indian Institute of Technology-Delhi (IIT-D), demanding ₹120 crore in GST on research funding received between 2017 and 2022.

Posted in GST | 3357 Views

CBDT Directs Income Tax Department to Monitor High-Value Cash Transactions at Hotels, Hospitals

19 August 2024 at 08:56

The Central Board of Direct Taxes (CBDT) has issued a directive to the Income Tax department, emphasizing the need for "non-intrusive" monitoring of rampant cash transactions in sectors such as hotels, luxury brand sales, hospitals, and IVF clinics.

Posted in Income Tax | 4641 Views

Finance Ministry to Review GST Rates on Digital News Subscriptions

17 August 2024 at 07:53

The Finance Ministry is set to review the Goods and Services Tax (GST) rates applied to digital news subscriptions, according to sources.

Posted in GST | 1626 Views

CBIC Issues New Guidelines for Resolving CGST Act Interpretation Disputes During Audits

17 August 2024 at 07:51

On August 14, 2024, the CBIC issued Instruction No. 03/2024-GST, outlining new procedures for handling disputes related to the interpretation of the Central Goods and Services Tax (CGST) Act encountered during audits.

Posted in GST | 2190 Views

E-Way Bill Generation Hits Record High of 10.48 Crore in July

17 August 2024 at 07:49

IntroductionE-way bill generation reached an unprecedented 10.48 crore in July, setting a new record and surpassing the previous high of 10.35 crore in March 2024, according to data from the GST Network (GSTN).

Posted in GST | 420 Views

President Murmu Gives Assent to Finance (No 2) Bill 2024

17 August 2024 at 07:47

In a significant development, President Droupadi Murmu on 16th August 2024, Friday gave her assent to the Finance (No 2) Bill, 2024, officially enacting it into law.

Posted in Union Budget | 3399 Views