The CBI has arrested an Income Tax Inspector in Vijayawada and a middleman for accepting a Rs 70,000 bribe from a businessman in Eluru to suppress departmental action. A trap was laid following a complaint, and both accused are now in custody.
ICAI will implement a mandatory tax audit cap of 60 per partner from April 2026. Violators may face disciplinary action. ICAI also partners with IVCA and NSE arm, launches international ADR centre.
75-year-old receives an IT demand for AY 2014. Can old tax returns be reopened? Understand reassessment rules under Section 148, documentation tips and senior citizen support options.
The Income Tax Department has uncovered cases of jewellers using the LIFO method, banned under ICDS II to undervalue closing stock and evade taxes amid skyrocketing gold prices. Investigations are underway.
Centre amends rules for Customs & Excise Settlement Commission; allows termination of office bearers with compensation up to 3 months' pay.
ICAI secures global practice rights for Indian CAs under India-UK Free Trade Agreement.
FM Sitharaman confirms 100% FDI in insurance to boost sector growth; government rules out any changes to crypto tax or GST on flex-fuel vehicles. Key updates also include smart meter progress, ADP fund allocation and GST collection trends.
The Supreme Court is set to conclude hearings on the online gaming GST dispute, deciding whether 28% GST applies retrospectively on the full value of bets, impacting companies like Dream11, Gameskraft, and MPL.
The Ministry of Finance has notified a 0.1% concessional government guarantee fee for NaBFID borrowings from multilateral and foreign institutions, boosting access to low-cost funds for infrastructure development.
The Income Tax Department has released the offline and online utilities for ITR-3 filing for AY 2025-26. Taxpayers with income from business or profession can now file their returns using updated tools via the e-filing portal.
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