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Income Tax Department Begins Scrutiny of Reassessment Cases for AY 2018-19
01 August 2024 at 09:07The income-tax department has begun scrutinizing cases for the assessment year (AY) 2018-19 to identify those that need to be reopened, potentially resulting in a wave of tax notices.
Capital Gains Tax: Govt Earned Nearly Rs 99,000 Crore from Listed Equities in 2022-23
01 August 2024 at 09:06The NDA government has reported a significant increase in revenue from long-term capital gains (LTCG) tax on listed equities, with collections reaching Rs 98,681 crore for the fiscal year 2022-23.
Nitin Gadkari Urges FM Nirmala Sitharaman to Withdraw GST on Life and Medical Insurance Premiums
31 July 2024 at 15:10In the wake of widespread criticism of Budget 2024, Nitin Gadkari has penned a letter to FM Nirmala Sitharaman, advocating for the withdrawal of Goods and Services Tax (GST) on life and medical insurance premiums.
Budget 2024: Property Owners to Face Higher Taxes as Loophole is Plugged
31 July 2024 at 08:58In the Union Budget 2024, Finance Minister Nirmala Sitharaman announced a significant change in the taxation of rental income from residential properties. To curb tax evasion, it has been mandated that such income can only be declared under the 'Inco
New Fund Established to Support MSMEs Amidst Controversial 45-Day Payment Rule
31 July 2024 at 08:56In the Union Budget 2024-25, FM has addressed the central government’s controversial 45-day payment rule by announcing a new fund in collaboration with banks to support India's cash-strapped MSMEs.
Ex-Chief Secretary Somesh Kumar and Four Others Face FIR for Alleged GST Violations
30 July 2024 at 09:10Hyderabad's Central Crime Station (CCS) has filed a case against former Telangana Chief Secretary Somesh Kumar and two senior commercial tax officers for alleged GST violation
Finance Ministry Clarifies: Tax Certificate Not Mandatory for All Travelling Abroad
30 July 2024 at 09:04The Indian government has issued a clarification to address recent misleading reports about mandatory tax clearance for individuals travelling abroad.
Income Tax Department Warns: Bogus Claims for Refunds are Punishable Offenses
30 July 2024 at 09:03Income Tax Department has issued a stern warning to taxpayers against making fraudulent claims. The department cautions that inflating expenses, under-reporting earnings is a punishable offense and may cause delays in refund issuance.
CBIC detects Rs. 36374 crore worth of fake ITC in FY 2023-24
30 July 2024 at 09:02Central Tax formations under CBIC detect Rs. 36,374 crore worth of fake Input Tax credit (ITC) involving 9,190 cases in FY 2023-24
ICAI Issues Amendments to AS 22, Accounting for Taxes on Income
30 July 2024 at 09:00Considering that entities may need time to determine how to apply the principles and requirements in AS 22, Accounting for Taxes on Income (issued by the ICAI) to account for deferred taxes related to top-up tax
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