CAclubindia News

GST Reforms: Sin Goods to Stay Costly, Relief Likely for Man-Made Fabrics

19 August 2025 at 09:12

While sin goods like cigarettes and gutka will remain under high tax slabs, the Centre is considering lowering GST on man-made fabrics from 12% to 5% to boost the textile sector.

Posted in GST | 3084 Views

CBI Arrests Mumbai Customs Officer in Rs 10.2 Lakh Bribery Case

19 August 2025 at 09:04

The CBI has arrested a Superintendent of Customs posted at Mumbai's Air Cargo Complex, Sahar, for demanding and accepting a Rs 10.2 lakh bribe from a Customs House Agent to clear consignments.

Posted in Custom | 402 Views

GST on Automobiles Set for Major Restructuring in Upcoming Reforms

19 August 2025 at 09:00

The Centre plans sweeping GST reforms, restructuring automobile taxes from the current 28% plus cess to a simplified two-slab system. The move aims to resolve classification disputes and make cars more affordable for consumers.

Posted in GST | 1824 Views

ICAI & ZEE Business Launch 'CA Business Leader 40 Under 40' Awards to Honour Young Chartered Accountants

19 August 2025 at 08:51

The Institute of Chartered Accountants of India (ICAI), in association with ZEE Business, announces the CA Business Leader 40 Under 40 Awards to recognize young Chartered Accountants

Posted in Professional Resource | 8358 Views

Bombay HC Quashes Tax Notice to Wife in Rs 6.75 Crore Mumbai Property Case

18 August 2025 at 08:42

A recent ruling by the Bombay High Court has provided significant relief in a joint property ownership dispute, reinforcing the principle that tax reassessments must be based on credible evidence rather than assumptions of ownership.

Posted in Income Tax | 3717 Views

CBDT, CBIC Face Massive Staff Shortages Amid Push for New Tax Reforms

18 August 2025 at 08:30

CBDT and CBIC face over 30,000 vacancies with 34–39% staff shortage even as India prepares for a new Income Tax law and GST reforms, says Finance Ministry.

Posted in Income Tax | 3087 Views

ICAI Issues Checklist for Filing ITR-1 and ITR-4 for AY 2025-26

18 August 2025 at 08:30

ICAI releases checklist for filing ITR-1 and ITR-4 for AY 2025-26 with detailed guidance on eligibility, deductions, tax computation and compliance requirements.

Posted in Income Tax | 9768 Views

Income Tax Department Probes CSR-Linked Suspected Money Laundering Network

18 August 2025 at 08:29

Income Tax Dept uncovers CSR-linked money laundering; companies routed funds via bogus trusts to evade tax and claim wrongful deductions.

Posted in Income Tax | 504 Views

CBDT Amends Form No. 7 to include both Assessment Year and Block Period Effective from 1st September 2025

18 August 2025 at 08:29

CBDT notifies Income-tax (21st Amendment) Rules, 2025, effective September 1, revising Form No. 7 to include “block period” along with “assessment year.”

Posted in Income Tax | 2463 Views

ICAI Welcomes New Income Tax Bill for Promoting Investment and Simplifying Tax Regime

16 August 2025 at 08:58

ICAI has welcomed the new Income Tax Bill, effective April 1, 2026, calling it a simpler, clearer framework that incorporates 90 of its suggestions to boost ease of doing business and attract investment.

Posted in Income Tax | 1857 Views