CAclubindia News
IT Department Issues Notices to Salaried Taxpayers Over 'Unrealistic' Exemption Claims in ITRs
25 April 2025 at 08:40The Income Tax Department has issued a wave of notices to salaried taxpayers since the beginning of the financial year, flagging "unrealistic" exemption claims made in their income tax returns (ITRs), according to official sources.
Luxury Items Over Rs 10 Lakh to Attract TCS - Key FAQs Issued
24 April 2025 at 09:07CBDT Notifies Luxury Items for TCS - FAQs on Section 206C(1F) Update
CBDT Rules Out Tax Relief for Penalty Settlements in SEBI, Competition Law Violations
24 April 2025 at 08:43CBDT has issued a crucial notification clarifying that any expenditure incurred by businesses to settle proceedings related to violations under key financial and competition laws will not qualify as deductible business expenses under the IT Act, 1961.
GST on Development Rights Faces Legal Pushback from Landowners
24 April 2025 at 08:43Several landowners across India have approached various High Courts challenging the GST authorities' decision to impose GST on Joint Development Agreements (JDAs).
RBI Mandates '.bank.in' Domain for Banks by 31st October 2025
24 April 2025 at 08:42In a strategic move to curb digital fraud and bolster cybersecurity in India's financial sector, the Reserve Bank of India (RBI) has announced the operational rollout of the exclusive Internet domain '.bank.in' for all banking institutions.
CBDT Amends Form 27EQ: TCS Now Applicable on Luxury Goods and Collectibles
23 April 2025 at 08:57In a move aimed at expanding the tax base and ensuring better traceability of high-value transactions, the Central Board of Direct Taxes (CBDT) has issued a notification amending the Income-tax Rules, 1962.
CBIC Amends Customs Circular to Replace 'Certificate of Origin' with 'Proof of Origin' under CAROTAR, 2020
23 April 2025 at 08:41In a move to streamline trade procedures and align with international practices, the Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 14/2025-Customs dated April 21, 2025, amending Circular No. 38/2020-Customs.
Over 25,000 Fake Firms Detected for Rs 61,545 Crore ITC Fraud in FY 2024-25
23 April 2025 at 08:41In a major crackdown on tax evasion under the GST regime, Central and State GST authorities have unearthed 25,009 fake firms involved in fraudulently claiming ITC worth a staggering Rs 61,545 crore during the financial year 2024-25, officials said.
ICAI Strengthens Fight Against Financial Fraud Through Strategic National Collaborations
23 April 2025 at 08:41Join hands with institutions under the Ministry of Home Affairs towards empowering India's Financial Investigators
RBI Issues New Guidelines: Minors Above 10 years Can Now Operate Bank Accounts Independently
22 April 2025 at 08:38Reserve Bank of India has issued guidelines in the past to banks on opening of and operations in the deposit accounts of minors.
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