CAclubindia News
FM Nirmala Sitharaman Refutes Karnataka's Claims of Tax Devolution Bias
16 November 2024 at 07:00Union Finance Minister Nirmala Sitharaman firmly rejected the Karnataka government’s allegations of "step-motherly treatment" in tax devolution, describing the claims as baseless and aimed at misleading voters.
NFRA Chairperson Justifies Audit Standards Revision Amid ICAI Opposition
16 November 2024 at 07:00National Financial Reporting Authority (NFRA) Chairperson Ajay Bhushan Pandey has dismissed concerns that revising audit standards for group company audits will lead to audit concentration among a few large firms.
GSTN: Resolution Underway for Duplicate Invoices in GSTR-2B for September and October 2024
16 November 2024 at 07:00The Goods and Services Tax Network (GSTN) has identified an issue where some taxpayers are seeing duplicate invoices in GSTR-2B for both September 2024 and October 2024.
GST Officials Uncover Rs 48 Crore Tax Evasion in Gujarat Copper Trading Case
16 November 2024 at 07:00In a major crackdown on tax evasion, Gujarat's state GST department has unearthed tax fraud amounting to over Rs 48 crore during a search and seizure operation targeting 14 copper trading firms.
RBI releases 2024 list of Domestic Systemically Important Banks
16 November 2024 at 07:00SBI, HDFC Bank and ICICI Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs) under the same bucketing structure as in the 2023 list of D-SIBs.
ICAI Urges MCA to Reconsider NFRA's Audit Standard Amendments
15 November 2024 at 14:23The Institute of Chartered Accountants of India (ICAI) has urged the Ministry of Corporate Affairs (MCA) to reconsider recent amendments to auditing standards proposed by the National Financial Reporting Authority (NFRA).
Higher PIT Collection Doesn't Mean Increased Tax Burden on Individuals, Say Sources
15 November 2024 at 09:20The Central Board of Direct Taxes (CBDT) has clarified that recent data showing higher personal income tax (PIT) collection growth compared to corporate tax does not imply that individuals are taxed more heavily than corporates.
Tax Evasion on the Rise as 23% of Transactions Are Tracked, Says Chief Commissioner of IT
15 November 2024 at 06:36In a significant statement, Sanjay Rai, the Chief Commissioner of Income Tax, Madurai, revealed that the Income Tax Department currently captures only 23% of the total transactions occurring across the country.
Two Senior IRS Officers Appointed to Key Roles in CBIC
15 November 2024 at 06:36The Appointments Committee of the Cabinet has approved the following appointments to the posts of Member, Central Board of Indirect Taxes and Customs
Direct Tax Code Overhaul Expected in Budget 2025 to Cut Litigation and Simplify Compliance
14 November 2024 at 09:26As the Union Budget 2025 approaches, the CBDT is reportedly focused on introducing a streamlined version of India’s income tax laws.
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