CAclubindia News
CBDT Notifies New Salary & Income Thresholds Under Section 17 of Income Tax Act
20 August 2025 at 09:23CBDT notifies new rules under Section 17 of the Income-tax Act, 1961. Salary income capped at Rs 4 lakh and gross total income at Rs 8 lakh for specified provisions.
GST 2.0 Overhaul: Govt Considers Reducing GST on Insurance from 18% to 5% or Nil
20 August 2025 at 09:17The government is planning to slash GST on insurance premiums from 18% to 5% or even zero under its proposed GST 2.0 reforms, while restructuring slabs into 5%, 18%, and a 40% sin tax for luxury goods like tobacco and alcohol.
No Proposal to Impose Fees on UPI: Finance Ministry Reaffirms in Lok Sabha
20 August 2025 at 09:10The Finance Ministry told Parliament there is no proposal to impose fees on UPI transactions, easing concerns after RBI Governor Sanjay Malhotra's comments sparked speculation about charges on UPI transactions.
Income Tax Department Recovers Rs 3,588 Crore, But 59,352 Audit Cases Remain Unsettled: CAG
20 August 2025 at 09:05CAG reports that the income tax department recovered Rs 3,588.79 crore after rectifying audit-flagged errors but left 59,352 cases unsettled, with pending tax effects of Rs 6,252.06 crore.
Commerce Ministry Prepares 100-Day Reforms Agenda to Boost FDI, Startups and Exports
20 August 2025 at 08:59The commerce and industry ministry is drafting a 100-day reforms agenda that may include liberalising FDI rules, easing investments from neighbouring countries, tax benefits for startups, relaxed environmental norms
New Income Tax Bill, 2025: Major Corporate Tax Reforms to Simplify Compliance and Boost Certainty
20 August 2025 at 08:56The New IT Bill, 2025, simplifies corporate taxation by addressing dividend double taxation, clarifying AMT rules for LLPs, restoring inter-corporate dividend deductions, and refining ‘beneficial ownership’ provisions to reduce litigation
GST Registration to Be Cleared in Just 3 Days, Refunds to Be Automated Under Upcoming Reforms
19 August 2025 at 09:24Businesses will soon get GST registration within 3 days, with 95% of applications cleared in the new timeframe. Automated refunds for ITC and inverted duty structures will further ease compliance and improve cash flows.
GST Fraud: Ambika Steel Partner Arrested in Hyderabad for Bogus ITC Claims
19 August 2025 at 09:17CCS Hyderabad police arrested the Managing Partner of Ambika Steel for alleged GST fraud involving fake invoices and e-way bills. Vehicle numbers were misused to claim ITC without moving goods.
GST Reforms: Sin Goods to Stay Costly, Relief Likely for Man-Made Fabrics
19 August 2025 at 09:12While 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.
CBI Arrests Mumbai Customs Officer in Rs 10.2 Lakh Bribery Case
19 August 2025 at 09:04The 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.
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