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Direct Tax Vivad Se Vishwas Scheme 2024 Set to Launch on 1st October 2024

   20 September 2024 at 09:22

The Finance Ministry has announced the launch of the second edition of the Direct Tax Vivad Se Vishwas Scheme 2024 (VSV 2.0), effective October 1, 2024.

Posted in Income Tax |   327 Views


Sun Pharma Faces Rs 35.43 Lakh GST Penalty for Unpaid Taxes on Recoveries from July 2017 to March 2020

   20 September 2024 at 09:19

Sun Pharmaceutical Industries Limited has been penalized by the Assistant Commissioner, Goods & Service Tax, Division, Mohali-I, Punjab, according to a recent stock exchange filing.

Posted in GST |   48 Views


Zydus Wellness Subsidiary Hit with Rs 10.51 Million Tax Demand in Bihar, Stock Prices Decline

   20 September 2024 at 09:18

Zydus Wellness Limited announced that its wholly-owned subsidiary, Zydus Wellness Products Limited (ZWPL), has received a tax demand of ₹10.51 million from Bihar state tax authorities.

Posted in Income Tax |   30 Views


SpiceJet Discloses Rs 427 Crore Unpaid GST, TDS and PF Dues Since 2020

   20 September 2024 at 09:16

Budget airline SpiceJet disclosed on Tuesday that it has not paid statutory dues totalling Rs 427 crore from April 2020 to August 2024 due to severe financial constraints.

Posted in GST |   51 Views


E-Way Bill Generation Hits Record 10.54 Crore in August

   20 September 2024 at 09:14

Improved compliance and stricter enforcement by GST field formations have led to a surge in e-way bill generation, reaching an all-time high of 10.54 crore in August 2024, according to data from the Goods and Services Tax Network (GSTN).

Posted in GST |   66 Views


Finance Ministry Fast-Tracks Income Tax Act Review, Targets January 2025 Deadline

   20 September 2024 at 09:12

The Finance Ministry is accelerating efforts to review and simplify the Income Tax Act, 1961, with a target completion date of January 2025, ahead of the Union Budget in February, sources familiar with the matter revealed.

Posted in Income Tax |   174 Views


Indian Overseas Bank Receives Rs 123.87 Crore Income Tax Refund for AY 2021-22

   20 September 2024 at 09:08

In a significant financial development, public sector lender Indian Overseas Bank (IOB) announced on Thursday, September 19, that it has received an order from the Income Tax Department confirming a refund of ₹123.87 crore.

Posted in Income Tax |   45 Views


Net Direct Tax Collections Surge 21.48% YoY, Reach Rs 12.01 Lakh Crore by September 2024

   19 September 2024 at 14:43

For the period from April to September 2024, gross direct tax collections have reached Rs 12.01 lakh crore, a significant rise from Rs 9.88 lakh crore collected during the same period in 2023.

Posted in Income Tax |   687 Views


Tragic Death of Young CA at EY Highlights Toxic Work Culture Debate

   19 September 2024 at 11:01

The recent passing of 26-year-old Anna Sebastian Perayil, a newly hired Chartered Accountant at Ernst & Young (EY) in Pune, has ignited a widespread discussion on social media about the prevalence of toxic work environments in India.

Posted in Students  1 comments |   3846 Views


NFRA Releases Revised SA 600 for Public Consultation to Strengthen Group Audits

   19 September 2024 at 09:13

The National Financial Reporting Authority (NFRA) has issued revised Standards on Auditing (SA 600) for public consultation, aiming to strengthen group audits in response to deficiencies highlighted in several corporate fraud cases.

Posted in Audit  1 comments |   1656 Views