CAclubindia News
Income Tax Department Reopens Past Assessment Cases in Crackdown on Fake Purchases and Bogus Invoices
15 April 2025 at 07:29In a renewed effort to tackle tax evasion, the Income Tax Department has initiated a fresh wave of reassessment proceedings targeting businesses suspected of inflating purchase entries to reduce their taxable profits.
Dabur's Hajmola Under GST Scanner: Will It Be Taxed at 12% or 18% GST?
14 April 2025 at 07:31According to a report, the DGGI's Coimbatore zone is probing whether Hajmola should be taxed as an ayurvedic medicine, attracting 12% GST or reclassified as a confectionery item, which carries a higher 18% GST.
GST Jolt for Karnataka Apartments: 18% Tax on Maintenance Fees Sparks Outrage
14 April 2025 at 06:432025-26 Union Budget has introduced a game-changer: housing societies must now impose an 18% GST on monthly maintenance fees if collections exceed Rs 20 lakh annually or if individual maintenance charges are Rs 7,500 or more.
Over 9.19 crore ITRs filed for FY 2024-25 by 31st March 2025
14 April 2025 at 06:43India has achieved a new milestone in tax compliance, with 9.19 crore income tax returns (ITRs) filed for the financial year 2024-25 by March 31, 2025, according to the Income Tax Department.
GSTN Issues Advisory on Reporting Values in Table 3.2 of GSTR-3B
12 April 2025 at 08:33Table 3.2 of Form GSTR-3B captures the interstate supplies made to unregistered persons, composition taxpayers, and UIN holders out of the supplies declared in Table 3.1 & 3.1.1 of GSTR-3B.
GSTN to Implement Phase-III Changes in Table-12 of GSTR-1/GSTR-1A from April 2025
12 April 2025 at 08:33GSTN is going to implement Phase-III of Table 12 of GSTR 1 & 1A from April, 2025 tax period onwards
MP Mason Receives Rs 314.79 Crore IT Notice, Alleges Identity Fraud
11 April 2025 at 09:07Chandrashekhar Kohad, who has worked for years as a mason in Maharashtra, is at the centre of a financial mystery after receiving a recovery notice from the Income Tax department for unpaid dues related to assessment years 2014-15 and 2015-16.
ICAI Releases Exposure Draft of Standards on Auditing for LLPs, Invites Public Comments
11 April 2025 at 08:48The Institute of Chartered Accountants of India (ICAI), through its Auditing and Assurance Standards Board (AASB), has released an Exposure Draft of Standards on Auditing (SAs) for Limited Liability Partnerships (LLPs). This marks a significant miles
Mohandas Pai Criticizes Rising Tax Harassment, Calls Out 'Regulatory Oppression'
11 April 2025 at 08:48Former Infosys CFO and prominent IT industry veteran T.V. Mohandas Pai has launched a scathing critique of what he terms "tax terrorism" in India, warning that the burden of income-tax oppression is "enormous"
Farmer Shocked by Rs 143 Crore IT Notice Linked to PAN Card Fraud
10 April 2025 at 08:38In a bizarre case of identity theft, a 26-year-old farmer from Ajmer, Rajasthan, was left stunned after receiving an income tax notice linked to a Rs 143 crore transaction allegedly made using his PAN card. Ramraj Chaudhary, a resident of Keriakala V
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