CAclubindia News

Leather Company Worker in Ambur Receives Rs 2.3 Crore GST Notice in Fraud Case

24 October 2024 at 08:54

In a shocking incident highlighting the misuse of personal data for tax fraud, Rani Babu, a 58-year-old housekeeper from Ambur, was stunned to receive a GST notice amounting to Rs 2.39 crore from the Commercial Taxes Department in Tiruchy.

Posted in GST | 765 Views

GST Reduction to Make Insurance More Affordable, Says Finance Department Joint Secretary

24 October 2024 at 08:54

The Department of Finance’s Joint Secretary has hinted at a potential reduction in Goods and Services Tax (GST) on life and health insurance premiums, making them more affordable for customers, as per a report.

Posted in GST | 1557 Views

ICAI Announces Extension of MEF 2024-25 upto 25th October 2024

23 October 2024 at 15:13

Professional Development CommitteeThe Institute of Chartered Accountants of India23rd October 2024AnnouncementExtension of MEF 2024-25 upto 25th October 2024 The Institute is in receipt of representations from applicants who could not submit the MEF

Posted in Professional Resource | 387 Views

Income Tax Department Releases Updated Common Offline Utility for Form 3CA-3CD and 3CB-3CD

23 October 2024 at 08:49

The Income Tax Department has launched the latest version (1.3.3) of the common offline utility for Form 3CA-3CD and 3CB-3CD, essential for taxpayers required to submit audit reports under Section 44AB of the Income-tax Act, 1961.

Posted in Income Tax | 543 Views

Income Tax Department Releases Updated ITR-3 Utility Excel-Based Tool

23 October 2024 at 08:48

The Income Tax Department has released an updated version (1.5) of the Excel-based utility for filing ITR-3, catering to individuals and Hindu Undivided Families (HUFs) with income from profits and gains of business or profession.

Posted in Income Tax | 507 Views

Surge in High-Income Taxpayers Reflects Growing Incomes and Compliance

23 October 2024 at 08:48

The number of individuals reporting taxable income exceeding ₹1 crore has seen a dramatic rise, jumping from 44,078 in AY 2013-14 (FY 2012-13) to nearly 2.3 lakh in AY 2023-24 (FY 2022-23).

Posted in Income Tax | 291 Views

GSTN Introduces Bank Account Validation for Non-Core Amendments

23 October 2024 at 08:47

GSTN has implemented a validation process for cases where a taxpayer attempts a non-core amendment to update bank account details.

Posted in GST | 3150 Views

GSTN Issues Advisory for GST REG-07

23 October 2024 at 08:46

GSTN has introduced an update to facilitate the registration compliance for buyers of metal scrap through form GST REG-07.

Posted in GST | 4530 Views

Softy Ice-Cream Mix Classified as Sugar-Based, Will Attract 18% GST: AAR Ruling

22 October 2024 at 08:45

In a recent ruling, the Rajasthan bench of the GST AAR determined that the softy ice-cream mix, sold by VRB Consumer Products, is primarily sugar-based, and not a milk product. As a result, it will attract a Goods and Services Tax (GST) rate of 18%.

Posted in GST | 681 Views

GST Scam Exposes 35 Accused, Chartered Accountants in the Spotlight

22 October 2024 at 08:41

In a rapidly unfolding investigation into a multi-crore GST scam, 35 individuals have been named as accused, including Siddharth Barad, nephew of BJP MLA Bhaga Barad.

Posted in GST | 1362 Views