CAclubindia News

State Govt to Announce GST Reimbursement Framework for Handloom Weavers

22 November 2024 at 09:08

The Andhra Pradesh government will soon finalize guidelines for GST reimbursement to handloom weavers, announced Handloom and Textiles Minister S. Savitha during an assembly session on Tuesday.

Posted in GST | 438 Views

74% of High-End Corporate Taxpayers Favor Real-Time Tax Reporting: Survey

21 November 2024 at 09:04

A recent survey has revealed that 74% of India’s top corporate taxpayers are advocating for the Income Tax (I-T) department to enable near real-time reporting and compliance monitoring.

Posted in Income Tax | 471 Views

CBDT Grants Income Tax Exemptions to Legal and Aviation Bodies

21 November 2024 at 08:59

The CBDT has issued two key notifications under Section 10(46) of the Income-tax Act, 1961, exempting specified income of entities in the legal and aviation sectors from taxation. Notification No. 119/2024

Posted in Income Tax | 2640 Views

GSTAT to Be Operational by End of FY25: Revenue Secretary

21 November 2024 at 08:56

Revenue Secretary Sanjay Malhotra announced on Monday that the GSTAT, established to resolve GST-related disputes, is in its final stages of operationalisation and is expected to commence functioning by the end of the current financial year.

Posted in GST | 2505 Views

CBDT Allows Condonation of Delay for Filing Forms 10-IC and 10-ID for AYs 2020-21 to 2022-23

20 November 2024 at 09:12

In a significant relief to taxpayers, the CBDT has issued Circular No. 17/2024 dated Nov 17, 2024, permitting the condonation of delays in filing Form 10-IC and Form 10-ID for AYs 2020-21, 2021-22, and 2022-23.

Posted in Income Tax | 4629 Views

CBDT Urges Taxpayers to Rectify Foreign Income Discrepancies Before 31st Dec 2024

20 November 2024 at 09:11

Ravi Agarwal, Chairman of the Central Board of Direct Taxes (CBDT), has called on taxpayers with foreign income or assets to take advantage of the current window to amend discrepancies in their income tax returns.

Posted in Income Tax | 2043 Views

GST Council to Review Proposal for Exempting Health and Term Life Insurance

20 November 2024 at 09:08

The GST Council is anticipated to meet in November, following state elections, to consider a Group of Ministers (GoM) recommendation to exempt health and term life insurance from GST.

Posted in GST | 537 Views

Daily Wager Faces Rs 1.08 Crore GST Penalty in Shocking Identity Theft Case

20 November 2024 at 09:08

In a startling case of identity theft and GST fraud, Rajendra Kumar Yadav, a daily wager from Dumardiha village in Koderma district, Jharkhand, has been slapped with a ₹1.08 crore penalty notice from the GST and Central Excise Department, Mumbai.

Posted in GST | 1899 Views

Shri K. Sanjay Murthy Appointed as Comptroller and Auditor General of India

20 November 2024 at 09:03

The Ministry of Finance, Department of Economic Affairs, has officially announced the appointment of Shri K. Sanjay Murthy as the Comptroller and Auditor General (CAG) of India.

Posted in Community & General | 564 Views

GST Fitment Committee Reviews Taxability of Delivery Charges by Food Delivery Apps

20 November 2024 at 09:01

State and central GST officials, forming the fitment committee, are reviewing the tax treatment of delivery charges levied by food delivery platforms like Swiggy and Zomato.

Posted in GST | 660 Views