CAclubindia News

Vodafone Idea Hit with Rs 27.3 Crore GST Penalty for FY20 Credit Re-availment

01 August 2024 at 09:09

Vodafone Idea has been hit with a significant penalty order from the Commercial Tax Office in Chennai South, Tamil Nadu.

Posted in GST | 471 Views

Income Tax Department Begins Scrutiny of Reassessment Cases for AY 2018-19

01 August 2024 at 09:07

The 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.

Posted in Income Tax | 6435 Views

Capital Gains Tax: Govt Earned Nearly Rs 99,000 Crore from Listed Equities in 2022-23

01 August 2024 at 09:06

The 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.

Posted in Income Tax | 3456 Views

Nitin Gadkari Urges FM Nirmala Sitharaman to Withdraw GST on Life and Medical Insurance Premiums

31 July 2024 at 15:10

In 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.

Posted in GST | 2 comments | 3747 Views

Budget 2024: Property Owners to Face Higher Taxes as Loophole is Plugged

31 July 2024 at 08:58

In 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

Posted in Union Budget | 2 comments | 4668 Views

New Fund Established to Support MSMEs Amidst Controversial 45-Day Payment Rule

31 July 2024 at 08:56

In 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.

Posted in Union Budget | 2631 Views

Ex-Chief Secretary Somesh Kumar and Four Others Face FIR for Alleged GST Violations

30 July 2024 at 09:10

Hyderabad'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

Posted in GST | 3813 Views

Finance Ministry Clarifies: Tax Certificate Not Mandatory for All Travelling Abroad

30 July 2024 at 09:04

The Indian government has issued a clarification to address recent misleading reports about mandatory tax clearance for individuals travelling abroad.

Posted in Income Tax | 4368 Views

Income Tax Department Warns: Bogus Claims for Refunds are Punishable Offenses

30 July 2024 at 09:03

Income 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.

Posted in Income Tax | 4803 Views

CBIC detects Rs. 36374 crore worth of fake ITC in FY 2023-24

30 July 2024 at 09:02

Central Tax formations under CBIC detect Rs. 36,374 crore worth of fake Input Tax credit (ITC) involving 9,190 cases in FY 2023-24

Posted in GST | 1341 Views