CAclubindia News
Karnataka MP Raises Concerns Over Income Tax Act Amendments Impacting CA Services
30 July 2025 at 09:18MP G. Kumar Naik has raised concerns that the proposed amendments to the Income Tax Act may negatively impact Chartered Accountants.
No Change in LTCG Tax Rates in Income Tax Bill 2025, Clarifies IT Department
30 July 2025 at 09:12The IT Department has clarified that the Income Tax Bill, 2025 does not propose any changes to LTCG tax rates. The Bill focuses on simplifying language and removing obsolete provisions, with all ambiguities to be addressed during the legislative process.
ICAI Limits 60 Tax Audit Assignments Per CA Partner from FY 2026-27
30 July 2025 at 09:05ICAI has issued new guidelines titled "The Chartered Accountants (Limit on Number of Tax Audits) Guidelines, 2025," capping tax audit assignments at 60 per CA per year, effective from April 1, 2026
Excel Utilities for Updated Returns in ITR-1 & ITR-2 for AY 2021-22 and 2022-23 Now Available
30 July 2025 at 08:44The Income Tax Department has released the Excel Utilities for filing updated returns (ITR-U) using ITR-1 and ITR-2 forms for Assessment Years (AY) 2021-22 and 2022-23. These updates are aligned with the amendments introduced in the Finance Act, 2025
Govt Issues 5,892 AEO Certificates to Boost Exports and Imports as of June 2025
30 July 2025 at 08:40The Government of India has issued 5,892 AEO certificates as of June 30, 2025, to fast-track exports and imports. Key initiatives include trade facilitation for MSMEs, relaxed norms, and global recognition through Mutual Recognition Arrangements (MRAs).
GST on Apartment Maintenance: No Burden on Residents, Clarifies FM Sitharaman
29 July 2025 at 09:18Finance Minister Nirmala Sitharaman clarifies that GST applies only to apartment associations with turnover above Rs 20 lakh and monthly maintenance charges over Rs 7,500 per member. Residents are not liable for GST compliance.
Ex-ED Officer Sentenced to 3 Years in Bribery Case by Special CBI Court in Bengaluru
29 July 2025 at 09:02A special CBI court in Bengaluru has sentenced former ED officer M. Lalit Bazad to 3 years in prison with a Rs 5.5 lakh fine for accepting a Rs 5 lakh bribe in a 2021 corruption case linked to a China loan scam.
CBDT Offers Relief to Taxpayers: Returns Invalidated Due to Technical Errors to Be Reprocessed
29 July 2025 at 08:59CBDT relaxes time limit for processing ITRs wrongly invalidated due to technical issues. Returns filed up to March 31, 2024, to be reprocessed by March 31, 2026. Refunds will follow, subject to PAN-Aadhaar linkage.
CBDT Expands Rule 21AK: FPIs in IFSCs Now Eligible for Tax Exemptions
29 July 2025 at 08:51The Central Board of Direct Taxes has notified the Twentieth Amendment to the Income-tax Rules, 1962, expanding Rule 21AK to include over-the-counter derivatives and foreign portfolio investors in IFSCs. Effective from July 28, 2025.
Centre Notifies Amendment to General Insurance Pension Scheme, Extends Benefits to Executive Directors
29 July 2025 at 08:45The Ministry of Finance notifies the General Insurance (Employees’) Pension (Amendment) Scheme, 2025, extending pension benefits to Executive Directors of public sector general insurance companies, effective retrospectively from December 21, 2023.
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