CAclubindia News

FM Nirmala Sitharaman Refutes Karnataka's Claims of Tax Devolution Bias

16 November 2024 at 07:00

Union Finance Minister Nirmala Sitharaman firmly rejected the Karnataka government’s allegations of "step-motherly treatment" in tax devolution, describing the claims as baseless and aimed at misleading voters.

Posted in Income Tax | 1446 Views

NFRA Chairperson Justifies Audit Standards Revision Amid ICAI Opposition

16 November 2024 at 07:00

National Financial Reporting Authority (NFRA) Chairperson Ajay Bhushan Pandey has dismissed concerns that revising audit standards for group company audits will lead to audit concentration among a few large firms.

Posted in Audit | 5106 Views

GSTN: Resolution Underway for Duplicate Invoices in GSTR-2B for September and October 2024

16 November 2024 at 07:00

The Goods and Services Tax Network (GSTN) has identified an issue where some taxpayers are seeing duplicate invoices in GSTR-2B for both September 2024 and October 2024.

Posted in GST | 6936 Views

GST Officials Uncover Rs 48 Crore Tax Evasion in Gujarat Copper Trading Case

16 November 2024 at 07:00

In a major crackdown on tax evasion, Gujarat's state GST department has unearthed tax fraud amounting to over Rs 48 crore during a search and seizure operation targeting 14 copper trading firms.

Posted in GST | 1176 Views

RBI releases 2024 list of Domestic Systemically Important Banks

16 November 2024 at 07:00

SBI, HDFC Bank and ICICI Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs) under the same bucketing structure as in the 2023 list of D-SIBs.

Posted in Community & General | 984 Views

ICAI Urges MCA to Reconsider NFRA's Audit Standard Amendments

15 November 2024 at 14:23

The Institute of Chartered Accountants of India (ICAI) has urged the Ministry of Corporate Affairs (MCA) to reconsider recent amendments to auditing standards proposed by the National Financial Reporting Authority (NFRA).

Posted in Audit | 6744 Views

Higher PIT Collection Doesn't Mean Increased Tax Burden on Individuals, Say Sources

15 November 2024 at 09:20

The Central Board of Direct Taxes (CBDT) has clarified that recent data showing higher personal income tax (PIT) collection growth compared to corporate tax does not imply that individuals are taxed more heavily than corporates.

Posted in Income Tax | 1122 Views

Tax Evasion on the Rise as 23% of Transactions Are Tracked, Says Chief Commissioner of IT

15 November 2024 at 06:36

In a significant statement, Sanjay Rai, the Chief Commissioner of Income Tax, Madurai, revealed that the Income Tax Department currently captures only 23% of the total transactions occurring across the country.

Posted in Income Tax | 2025 Views