CAclubindia News

GST's Impact: Officer Affirms Nearly Resolved Tax Avoidance Issue

20 February 2024 at 09:08

Assistant Commissioner of Commercial Tax, Mahesh Patil, lauded the Goods and Services Tax (GST) as a monumental achievement in India's tax history, asserting its transformative impact on tax collection mechanisms.

Posted in GST | 2289 Views

NFRA Initiates First Annual Inspection of Key Audit Firms by April 2024

20 February 2024 at 09:07

The National Financial Reporting Authority (NFRA) is set to embark on its inaugural annual review of prominent auditing organizations, including the industry's behemoths known as the Big Five.

Posted in Audit | 7113 Views

LIC Receives Rs 21,740 Crore Tax Refund from Income Tax Department

19 February 2024 at 09:04

Life Insurance Corporation of India (LIC) has garnered a significant tax refund of Rs 21,740.77 crore from the Income Tax Department for assessment years spanning from 2013 to 2020.

Posted in Income Tax | 3303 Views

MCA operationalises CPC for Centralised Processing of Corporate Filings

19 February 2024 at 09:03

12 forms/applications will be processed at CPC from 16.02.2024; followed by other forms from 01.04.2024 onward

Posted in Corporate Law | 8475 Views

Income Tax Dept Clarifies: No Freeze, Just Lien on Congress' Bank Accounts

19 February 2024 at 09:02

In a recent development concerning the financial affairs of the Congress party, the Income Tax department clarified its stance before the ITAT, stating that it had not issued any directive to freeze the transactions in Congress' bank accounts.

Posted in Income Tax | 4392 Views

MSME Minister Launches Rs 20 Lakh Scheme for GST-Exempted Micro Units Under CGTMSE

19 February 2024 at 09:02

MSME Minister Narayan Rane has initiated a transformative scheme tailored for Informal Micro Enterprises (IMEs), aiming to enhance their access to credit facilities and alleviate financial constraints.

Posted in GST | 1 comments | 42717 Views

CBIC Releases Revised Guidelines and Formats for Arrest and Incident Reports

17 February 2024 at 08:53

In a proactive move to bolster anti-smuggling measures, the CBIC has issued Instruction No. 02/2024-Customs, dated February 15, 2024.

Posted in GST | 4035 Views

Income Tax Notices Sent to Taxpayers for Donations to Unrecognized Political Parties

17 February 2024 at 08:50

The Income Tax Department has initiated a probe into political donations made to registered yet unrecognized political parties during the financial years 2020-21 and 2021-22

Posted in Income Tax | 5571 Views

TRACES: Lower/Nil TDS Deduction Application Window Open for FY 2023-24 & 2024-25

17 February 2024 at 08:48

TAN system has introduced the TDS Reconciliation Analysis and Correction Enabling System (TRACES), offering taxpayers the opportunity to file for lower or nil deduction of TDS, thereby enhancing their financial position.

Posted in Income Tax | 4830 Views