CAclubindia News

Income Tax Department Warns Taxpayers Against Fraudulent Refund Claims

20 August 2024 at 08:56

The Income Tax Department has issued an urgent advisory, cautioning taxpayers to be vigilant against fraudulent schemes involving fake income tax refund claims.

Posted in Income Tax | 8748 Views

ITAT Mumbai Confirms Tax Exemption on Gifts Received from Non-Resident Brother in India

20 August 2024 at 08:56

In a landmark ruling, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has determined that a Rs 20 lakh gift received by a taxpayer from his non-resident brother, who resides in the UAE, is not subject to taxation.

Posted in Income Tax | 4344 Views

IIT-Delhi Faces Rs 120 Crore GST Demand on Research Funding

19 August 2024 at 08:59

The Directorate General of Goods and Services Tax (GST) Intelligence has issued a show-cause notice to the Indian Institute of Technology-Delhi (IIT-D), demanding ₹120 crore in GST on research funding received between 2017 and 2022.

Posted in GST | 3753 Views

CBDT Directs Income Tax Department to Monitor High-Value Cash Transactions at Hotels, Hospitals

19 August 2024 at 08:56

The Central Board of Direct Taxes (CBDT) has issued a directive to the Income Tax department, emphasizing the need for "non-intrusive" monitoring of rampant cash transactions in sectors such as hotels, luxury brand sales, hospitals, and IVF clinics.

Posted in Income Tax | 4797 Views

Finance Ministry to Review GST Rates on Digital News Subscriptions

17 August 2024 at 07:53

The Finance Ministry is set to review the Goods and Services Tax (GST) rates applied to digital news subscriptions, according to sources.

Posted in GST | 1728 Views

CBIC Issues New Guidelines for Resolving CGST Act Interpretation Disputes During Audits

17 August 2024 at 07:51

On August 14, 2024, the CBIC issued Instruction No. 03/2024-GST, outlining new procedures for handling disputes related to the interpretation of the Central Goods and Services Tax (CGST) Act encountered during audits.

Posted in GST | 2316 Views

E-Way Bill Generation Hits Record High of 10.48 Crore in July

17 August 2024 at 07:49

IntroductionE-way bill generation reached an unprecedented 10.48 crore in July, setting a new record and surpassing the previous high of 10.35 crore in March 2024, according to data from the GST Network (GSTN).

Posted in GST | 534 Views

President Murmu Gives Assent to Finance (No 2) Bill 2024

17 August 2024 at 07:47

In a significant development, President Droupadi Murmu on 16th August 2024, Friday gave her assent to the Finance (No 2) Bill, 2024, officially enacting it into law.

Posted in Union Budget | 3549 Views

Finance Ministry Grants Income Tax Exemption to UIDAI for 5 Years Until FY 2027-28

16 August 2024 at 13:04

IntroductionIn a significant move, the Ministry of Finance has granted the Unique Identification Authority of India (UIDAI) a five-year exemption from paying income tax, effective until the fiscal year 2027-28.

Posted in Income Tax | 3159 Views

CBDT Launches Probe into Foreign Remittances Exceeding Rs 6 Lakh

16 August 2024 at 08:56

The Central Board of Direct Taxes (CBDT), the apex body overseeing direct tax collection in India, has reportedly launched an extensive investigation into high-value foreign remittances exceeding ₹6 lakh.

Posted in Income Tax | 4617 Views