CAclubindia News

Centre releases Rs 1.39 lakh crore installment of Tax Devolution to States

11 June 2024 at 08:57

It has been decided that apart from the regular release of the devolution amount for the month of June 2024, one additional instalment will be released. This release cumulatively amounts to Rs. 1,39,750 crore in the current month

Posted in Income Tax | 393 Views

IDBI Bank Receives Rs 2702 Crore Income Tax Refund for AY 2016-17

10 June 2024 at 08:59

Private sector lender IDBI Bank Ltd announced on Friday, June 7, that it has received an income tax refund order amounting to ₹2,701.62 crore for the assessment year 2016-17.

Posted in Income Tax | 615 Views

DGGI Arrests Man for Rs 37.2 Crore Fake ITC Fraud

10 June 2024 at 08:57

Officials from the Directorate General of GST Intelligence (DGGI), Coimbatore, have arrested an individual for availing of fake input tax credit amounting to ₹37.2 crore and passing on fake input tax credit worth ₹65.42 crore.

Posted in GST | 930 Views

DGGI Investigates Airlines Retaining Taxes from No-Show Passengers

10 June 2024 at 08:57

In a recent move, the Directorate General of Goods and Services Tax Intelligence (DGGI) has launched investigations into airlines retaining taxes collected from customers in no-show scenarios

Posted in GST | 738 Views

Central Excise Bill, 2024 Expected to be Introduced in Upcoming Budget Session

10 June 2024 at 08:54

The Centre is set to introduce the Central Excise Bill, 2024, during the upcoming budget session, aiming to replace the long-standing Central Excise Act, 1944

Posted in Excise | 2334 Views

GST SRM-II Form Release: Key Filing Information for Pan Masala and Tobacco Manufacturers

08 June 2024 at 09:12

Filing of information by manufacturers of Pan Masala and Tobacco taxpayersPlease refer to the notification Notification No. 04/2024 - Central Tax dated 05-01-2024 to seek information from taxpayers dealing in the goods mentioned therein. Two forms ha

Posted in GST | 2460 Views

Famous Ice-Cream Brands from Surat Under SGST Scanner for Cash Transactions

08 June 2024 at 09:09

The State Goods and Service Tax (SGST) department in Surat has delved into the financial dealings of renowned ice-cream brands, including Bismillah and 51-Rainbow, unearthing serious irregularities.

Posted in GST | 4191 Views

ICAI Seeks AI Proposals: Invitation to AI Firms for Finance and Accounting Solutions

08 June 2024 at 08:59

The AI Committee of ICAI invites unconditional Expressions of Interest (Technical Proposals) from experienced AI companies that have developed AI tools for finance, accounting, tax compliance, legal document drafting, and AI similar services.

Posted in Professional Resource | 3024 Views

Repo Rate Unchanged at 6.5% as RBI Elevates FY25 GDP Growth Outlook to 7.2%

07 June 2024 at 15:55

RBI keeps repo rate unchanged, hikes FY25 GDP growth forecast

Posted in Community & General | 411 Views

Major Relief for Taxpayers: CPC (TDS) Reprocesses TDS Returns for FY 2023-24

07 June 2024 at 09:20

In a notable development, the Centralized Processing Cell (TDS) has reprocessed TDS returns for the fiscal year 2023-24, effectively removing short deduction demands.

Posted in Income Tax | 15765 Views