CAclubindia News

Income Tax Bill 2025: Lok Sabha Panel Recommends Over 330 Changes to Boost Clarity

04 August 2025 at 09:12

The Lok Sabha Select Committee spent 25,000 hours reviewing the Income Tax Bill 2025, recommending 330+ clarity-focused changes.

Posted in Income Tax | 72 Views

Fake E-Way Bills Generated Using Empty Vehicles in Hyderabad

04 August 2025 at 09:04

The Commercial Taxes Department in Hyderabad uncovered GST fraud involving fake e-way bills and empty vehicles. Fraudsters used immobilized cars and staged photos to evade tax. FIRs expected.

Posted in GST | 84 Views

GST Notices sent to 7000 Unregistered Vendors in Karnataka based on UPI Transaction Data

04 August 2025 at 08:54

Karnataka issues GST notices to 7,000 unregistered vendors based on UPI data. No tax demand yet, but vendors must register or prove exemption. CM Siddaramaiah promises relief.

Posted in GST | 744 Views

ICAI Halts SPOM Tests from 11th to 20th August 2025 for Software Upgradation

04 August 2025 at 08:39

ICAI announces suspension of Self-Paced Online Module Tests from August 11 to 20, 2025, due to portal maintenance. Slot booking to resume from August 21.

Posted in Students | 57 Views

Finance Ministry Notifies Revised Recruitment Rules for Senior Accountants under Central Civil Accounts Service

02 August 2025 at 09:27

The Ministry of Finance has notified new recruitment rules for Senior Accountants under the Central Civil Accounts Service, detailing promotion criteria, pay scale, eligibility, and probation period. Effective August 1, 2025.

Posted in Accounts | 1512 Views

Finance Ministry: Only 8 PMLA Cases Convicted Out of 5,892 ED Investigations

02 August 2025 at 09:19

Finance Ministry reveals that out of 5,892 money laundering cases probed by ED since January 2015, only 8 convictions have been secured. The data was shared in response to a Rajya Sabha query by TMC MP Saket Gokhale.

Posted in Income Tax | 1200 Views

Finance Ministry Notifies 0.1% Concessional Guarantee Fee for NaBFID

02 August 2025 at 09:13

The Finance Ministry has notified a concessional 0.1% guarantee fee for NaBFID’s foreign borrowings, aiming to support its long-term infrastructure financing goals. Notification follows global credit ratings from Moody’s and Fitch.

Posted in Income Tax | 99 Views

ICSI Calls for Recognition of Company Secretaries as 'Accountants' Under Income Tax Bill

02 August 2025 at 09:05

The Institute of Company Secretaries of India (ICSI) urges the government to recognise CS professionals as accountants and calls for a comprehensive overhaul of taxation laws

Posted in Income Tax | 2 comments | 10392 Views

GST Fraud: Rs 9 Crore Fake ITC Racket Busted in Mumbai Zone

02 August 2025 at 08:55

The CGST & Central Excise Raigad Commissionerate arrested two individuals for fraudulently availing Rs 9 crore Input Tax Credit using shell firms in New Panvel, Mumbai Zone. The probe continues to trace other beneficiaries.

Posted in GST | 219 Views

RBI Says 98.31% of Rs 2000 Notes Returned to Banks as of July 31, 2025

02 August 2025 at 08:50

RBI reports that RS 2000 banknotes in circulation have declined from Rs 3.56 lakh crore to Rs 6,017 crore as of July 31, 2025 marking a 98.31% return rate. Rs 2000 notes remain legal tender.

Posted in Others | 66 Views