CAclubindia News

GST Intelligence Uncovers Rs 1.2 Trillion Tax Evasion Since 2020

22 August 2024 at 09:06

In a significant crackdown on tax evasion, the Directorate General of GST Intelligence (DGGI) has exposed fraudulent activities amounting to Rs 1.2 trillion via fake input tax credit (ITC) since 2020.

Posted in GST | 2628 Views

CBDT Targets IVF Clinics and Medical Colleges in Cash Transaction Crackdown

22 August 2024 at 09:06

The Central Board of Direct Taxes (CBDT) has unveiled a rigorous Central Action Plan (CAP) for the fiscal year 2024-25, targeting sectors notorious for high cash transactions that are frequently under-reported or unreported.

Posted in Income Tax | 1 comments | 2601 Views

ITAT Ruling: No Penalty for Income Concealment if Errors Corrected in Revised Return

22 August 2024 at 09:03

In a significant ruling, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has provided relief to taxpayers by stating that penalties for income concealment cannot be imposed if a taxpayer has corrected all errors in a revised tax return.

Posted in Income Tax | 2949 Views

GST Authorities Tighten Grip on Merchants Evading Taxes via Digital Payment Channels

22 August 2024 at 09:01

The rapid expansion of digital payments in India has brought a surge in tax evasion cases, particularly among small online merchants.

Posted in GST | 1047 Views

CBDT issues clarification in respect of Income-tax clearance certificate (ITCC)

21 August 2024 at 07:12

It is being erroneously reported that all Indian citizens must obtain income-tax clearance certificate (ITCC) before leaving the country - a position that is factually incorrect

Posted in Income Tax | 4632 Views

Ministry of Education Intervenes after Rs 120 Crore GST Notice Issued to IIT-Delhi

21 August 2024 at 07:11

The Ministry of Education has stepped in to address a substantial GST notice issued to the Indian Institute of Technology (IIT) Delhi.

Posted in GST | 2502 Views

Kerala Finance Department Reveals Tax Default by Over 600 Bar Hotels

21 August 2024 at 07:11

The Kerala Finance Department said over 600 bar hotels are among the establishments in its list that defaulted on payment of taxes.

Posted in Income Tax | 321 Views

NFRA Imposes Rs 10 Crore Penalty on BSR & Associates, Debars Two Auditors in CCD Case

20 August 2024 at 17:34

The National Financial Reporting Authority (NFRA) has barred Aravind Maiya, former partner at BSR & Co and current CEO of Embassy REIT, from practicing as an auditor for 10 years.

Posted in Audit | 7656 Views

Gurgaon Student in Australia Discovers Rs 133.8 Crore in Fraudulent Transactions Linked to PAN Card

20 August 2024 at 16:37

The father of a youngster filed a police complaint on Sunday, alleging that conmen had used his son's PAN card to carry out transactions amounting to crores

Posted in Income Tax | 7449 Views

CAG Urges Finance Ministry to Target High-Risk GST Composition Taxpayers

20 August 2024 at 08:57

In a significant move to curb potential tax evasion, CAG has recommended that the Finance Ministry implement stricter monitoring measures for high-risk taxpayers under the GST Composition Scheme.

Posted in GST | 5448 Views