CAclubindia News

MP Mason Receives Rs 314.79 Crore IT Notice, Alleges Identity Fraud

11 April 2025 at 09:07

Chandrashekhar Kohad, who has worked for years as a mason in Maharashtra, is at the centre of a financial mystery after receiving a recovery notice from the Income Tax department for unpaid dues related to assessment years 2014-15 and 2015-16.

Posted in Income Tax | 18 Views

ICAI Releases Exposure Draft of Standards on Auditing for LLPs, Invites Public Comments

11 April 2025 at 08:48

The Institute of Chartered Accountants of India (ICAI), through its Auditing and Assurance Standards Board (AASB), has released an Exposure Draft of Standards on Auditing (SAs) for Limited Liability Partnerships (LLPs). This marks a significant miles

Posted in Audit | 30 Views

Mohandas Pai Criticizes Rising Tax Harassment, Calls Out 'Regulatory Oppression'

11 April 2025 at 08:48

Former Infosys CFO and prominent IT industry veteran T.V. Mohandas Pai has launched a scathing critique of what he terms "tax terrorism" in India, warning that the burden of income-tax oppression is "enormous"

Posted in Income Tax | 27 Views

Farmer Shocked by Rs 143 Crore IT Notice Linked to PAN Card Fraud

10 April 2025 at 08:38

In a bizarre case of identity theft, a 26-year-old farmer from Ajmer, Rajasthan, was left stunned after receiving an income tax notice linked to a Rs 143 crore transaction allegedly made using his PAN card. Ramraj Chaudhary, a resident of Keriakala V

Posted in Income Tax | 3267 Views

CBIC Notifies Constitution of Interim Boards for Settlement Across Four Major Cities

10 April 2025 at 08:29

CBIC, through Notification No. 02/2025-Central Excise (N.T.) dated April 8, 2025, has formally constituted four Interim Boards for Settlement under the powers conferred by Section 31A(1) of the Central Excise Act, 1944.

Posted in Excise | 648 Views

RBI Cuts Repo Rate by 25 bps to 6%

10 April 2025 at 08:29

The Monetary Policy Committee (MPC) held its 54th meeting from April 7 to 9, 2025 under the chairmanship of Shri Sanjay Malhotra, Governor, Reserve Bank of India.

Posted in Others | 1029 Views

CBDT Notifies HUDCO Bonds as Long-Term Specified Asset u/s 54EC for FY 2025-26

09 April 2025 at 09:03

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has notified bonds issued by the Housing and Urban Development Corporation Limited (HUDCO) as a 'long-term specified asset' under Section 54EC of the Income-tax Act, 1961.

Posted in Income Tax | 3465 Views

CBDT Notifies New ITR-B Form for Block Assessment in Search & Seizure Cases

09 April 2025 at 09:00

CBDT has introduced a new Form ITR-B to be used for filing income tax returns for block assessments in cases arising out of search and seizure operations initiated on or after September 1, 2024.

Posted in Income Tax | 1956 Views

CBDT Notifies 30th April 2025 as Last Date to File Under Vivad se Vishwas Scheme

09 April 2025 at 08:57

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has officially notified April 30, 2025 as the last date to file a declaration under the Direct Tax Vivad se Vishwas Scheme, 2024.

Posted in Income Tax | 3162 Views

Indian CAs in High Demand Across the Globe: ICAI President

09 April 2025 at 08:35

Indian CAs are in high demand globally and many countries are looking to outsource their work to Indian CAs.

Posted in Professional Resource | 19689 Views