In a significant ruling dated November 26, 2024, the Adjudicating Authority under the PBPT Act, 1988, upheld the Income Tax Department's power to attach assets under the anti-benami law, even if the actual owner of such properties remains unidentified.
In response to the increasing cases of fake GST credit claims, the commercial tax department has introduced proactive measures to curb fraud at its roots.
The Income Tax Department has intensified its crackdown on tax evasion within the education sector, conducting nationwide surveys targeting schools suspected of financial irregularities.
According to a report, the much-awaited Goods and Services Tax Appellate Tribunals (GSTAT) might not be functional until mid-2025, as delays in state-level appointments and infrastructure allocation persist.
In a significant move, the Central Government has granted approval to the Central Power Research Institute (CPRI), Bengaluru, under the category of "Research Association" for "Scientific Research" as per Section 35(1)(ii) of the Income Tax Act, 1961.
One of the eligible conditions for filing application under waiver scheme is to withdraw the appeal applications filed against the demand order/notice/statement for which waiver application is to be submitted.
According to the latest data, net direct tax collections, after refunds, have increased by 15.88%, reaching ₹16,89,928 crore.
The Institute of Chartered Accountants of India (ICAI) has released comprehensive guidelines for candidates planning to appear in the May 2025 CA exams.
The Institute of Chartered Accountants of India (ICAI) today started its first batch of Advanced Flagship Program, Empowering Trusted Advisors – Unlocking the Potential of Family Enterprises.
In line with the recent extensions in due dates for filing GSTR-1 and GSTR-3B returns for Dec 2024, as notified under Notifications No. 01/2025 and 02/2025 issued on January 10, 2025, the generation of the Draft GSTR-2B for Dec 2024 has been rescheduled.
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