CAclubindia News

Govt Highlights Shift in Tax Burden and Rising Taxpayer Base Over the Last Decade

18 November 2024 at 05:13

The government has claimed a significant reduction in the tax burden on middle-class individuals earning less than ₹20 lakh annually over the past decade, while the tax contributions from high-income earners (above ₹50 lakh) have surged.

Posted in Income Tax | 588 Views

CBDT Launches Campaign to Help Taxpayers Report Foreign Assets and Income in AY 2024-25

18 November 2024 at 05:13

CBDT launches Compliance-Cum-Awareness Campaign for AY 2024-25 to assist taxpayers in accurately completing Schedule Foreign Assets and reporting income from foreign sources in ITR

Posted in Income Tax | 1833 Views

High Court Restrains ICTPI from Offering Taxation Courses Following ICAI Petition

18 November 2024 at 05:13

In a significant development, the High Court of Karnataka has issued an interim order restraining the Bengaluru-based Institute of Chartered Tax Practitioners India (ICTPI) from enrolling candidates into various courses

Posted in Students | 2556 Views

GSTN Issues Important Advisory on GSTR 2B and IMS

18 November 2024 at 05:13

It has been reported by few taxpayers that their GSTR-2B for October-2024 period has not been generated on 14th November, 2024.

Posted in GST | 2187 Views

Over 8 Crore ITRs Filed for AY 2024-25, 74% Opt for New Tax Regime

16 November 2024 at 07:00

In a significant milestone, more than 8 crore income tax returns (ITRs) have been filed for the assessment year (AY) 2024-25, reflecting a robust filing season.

Posted in Income Tax | 1893 Views

FM Nirmala Sitharaman Refutes Karnataka's Claims of Tax Devolution Bias

16 November 2024 at 07:00

Union Finance Minister Nirmala Sitharaman firmly rejected the Karnataka government’s allegations of "step-motherly treatment" in tax devolution, describing the claims as baseless and aimed at misleading voters.

Posted in Income Tax | 1410 Views

NFRA Chairperson Justifies Audit Standards Revision Amid ICAI Opposition

16 November 2024 at 07:00

National Financial Reporting Authority (NFRA) Chairperson Ajay Bhushan Pandey has dismissed concerns that revising audit standards for group company audits will lead to audit concentration among a few large firms.

Posted in Audit | 5043 Views

GSTN: Resolution Underway for Duplicate Invoices in GSTR-2B for September and October 2024

16 November 2024 at 07:00

The Goods and Services Tax Network (GSTN) has identified an issue where some taxpayers are seeing duplicate invoices in GSTR-2B for both September 2024 and October 2024.

Posted in GST | 6894 Views

GST Officials Uncover Rs 48 Crore Tax Evasion in Gujarat Copper Trading Case

16 November 2024 at 07:00

In a major crackdown on tax evasion, Gujarat's state GST department has unearthed tax fraud amounting to over Rs 48 crore during a search and seizure operation targeting 14 copper trading firms.

Posted in GST | 1131 Views

RBI releases 2024 list of Domestic Systemically Important Banks

16 November 2024 at 07:00

SBI, HDFC Bank and ICICI Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs) under the same bucketing structure as in the 2023 list of D-SIBs.

Posted in Others | 921 Views