CAclubindia News

Finance Ministry Notifies Revised Recruitment Rules for Senior Accountants under Central Civil Accounts Service

02 August 2025 at 09:27

The Ministry of Finance has notified new recruitment rules for Senior Accountants under the Central Civil Accounts Service, detailing promotion criteria, pay scale, eligibility, and probation period. Effective August 1, 2025.

Posted in Accounts | 960 Views

Finance Ministry: Only 8 PMLA Cases Convicted Out of 5,892 ED Investigations

02 August 2025 at 09:19

Finance Ministry reveals that out of 5,892 money laundering cases probed by ED since January 2015, only 8 convictions have been secured. The data was shared in response to a Rajya Sabha query by TMC MP Saket Gokhale.

Posted in Income Tax | 921 Views

Finance Ministry Notifies 0.1% Concessional Guarantee Fee for NaBFID

02 August 2025 at 09:13

The Finance Ministry has notified a concessional 0.1% guarantee fee for NaBFID’s foreign borrowings, aiming to support its long-term infrastructure financing goals. Notification follows global credit ratings from Moody’s and Fitch.

Posted in Income Tax | 72 Views

ICSI Calls for Recognition of Company Secretaries as 'Accountants' Under Income Tax Bill

02 August 2025 at 09:05

The Institute of Company Secretaries of India (ICSI) urges the government to recognise CS professionals as accountants and calls for a comprehensive overhaul of taxation laws

Posted in Income Tax | 1 comments | 3645 Views

GST Fraud: Rs 9 Crore Fake ITC Racket Busted in Mumbai Zone

02 August 2025 at 08:55

The CGST & Central Excise Raigad Commissionerate arrested two individuals for fraudulently availing Rs 9 crore Input Tax Credit using shell firms in New Panvel, Mumbai Zone. The probe continues to trace other beneficiaries.

Posted in GST | 129 Views

RBI Says 98.31% of Rs 2000 Notes Returned to Banks as of July 31, 2025

02 August 2025 at 08:50

RBI reports that RS 2000 banknotes in circulation have declined from Rs 3.56 lakh crore to Rs 6,017 crore as of July 31, 2025 marking a 98.31% return rate. Rs 2000 notes remain legal tender.

Posted in Others | 48 Views

GST Collection Hits Rs 1.96 Lakh Crore in July 2025, Rises 7.5% YoY

02 August 2025 at 08:44

India's gross GST revenue for July 2025 surged 7.5% YoY to Rs 1.96 lakh crore, driven by strong growth in IGST and SGST. Net revenue after refunds stood at Rs 1.68 lakh crore. Check state-wise performance and key highlights.

Posted in GST | 168 Views

CBI Arrests Income Tax Inspector and Middleman in Rs 70,000 Bribery Case in Vijayawada

01 August 2025 at 09:33

The CBI has arrested an Income Tax Inspector in Vijayawada and a middleman for accepting a Rs 70,000 bribe from a businessman in Eluru to suppress departmental action. A trap was laid following a complaint, and both accused are now in custody.

Posted in Income Tax | 1893 Views

ICAI Warns of Action Against CAs Violating New Tax Audit Limits

01 August 2025 at 09:31

ICAI will implement a mandatory tax audit cap of 60 per partner from April 2026. Violators may face disciplinary action. ICAI also partners with IVCA and NSE arm, launches international ADR centre.

Posted in Income Tax | 2439 Views

75 Year Old Senior Citizen Gets IT Notice for AY 2014

01 August 2025 at 09:17

75-year-old receives an IT demand for AY 2014. Can old tax returns be reopened? Understand reassessment rules under Section 148, documentation tips and senior citizen support options.

Posted in Income Tax | 3471 Views