CAclubindia News

NFRA Recommends Comprehensive New Audit Framework for India by April 2026

13 November 2024 at 09:34

NFRA recommends revision of the Standard quality control (SCQ1) and Standard quality management (SQM1 and SQM2), on the lines of the global Standards

Posted in Audit | 3561 Views

India's Online Gaming Market Surges by 23% in FY24 Amidst GST Hike

13 November 2024 at 06:56

India's gaming market surged by 23% year-on-year, reaching $3.8 billion in revenue in FY 2023-24, even as the sector faces a 28% GST on online gaming, recent reports reveal.

Posted in GST | 720 Views

New IMS on GST Portal Aims to Curb ITC Discrepancy Notices and Reduce Litigation

13 November 2024 at 06:54

The Goods and Services Tax (GST) portal's recently launched Invoice Management System (IMS) is set to significantly decrease the number of notices issued over Input Tax Credit (ITC) discrepancies

Posted in GST | 2124 Views

GSTN Issues Advisory regarding IMS during initial phase of its implementation

13 November 2024 at 06:52

Invoice Management System (IMS) is an optional facility introduced from October 2024 on GST Portal, on which the invoices/records saved/furnished by the supplier in GSTR-1/1A/IFF

Posted in GST | 918 Views

Govt Targets Rs 1.54 Lakh Crore Credit Growth for MSMEs in FY25

13 November 2024 at 06:36

In a major boost to the Micro, Small, and Medium Enterprises (MSME) sector, the government has outlined ambitious credit growth targets, mandating scheduled commercial banks and Non-Banking Financial Companies (NBFCs) to extend additional credit of R

Posted in Corporate Law | 504 Views

Income Tax Department Cracks Down on Bogus Refund Claims, Sends Notices to Taxpayers

13 November 2024 at 06:36

The Income Tax Department has intensified scrutiny on dubious tax refund claims for the assessment years 2021-22 and 2022-23, issuing notices to multiple taxpayers across the country.

Posted in Income Tax | 10026 Views

NFRA Set to Propose Audit Norms for LLPs in 25th Nov Board Meeting

12 November 2024 at 05:58

The National Financial Reporting Authority (NFRA) has convened a board meeting scheduled for November 25, where it will examine and potentially set audit standards for limited liability partnerships (LLPs), according to official sources.

Posted in Audit | 2595 Views

Centre Likely to Retain Direct Tax Revenue Estimates in Revised Projections

12 November 2024 at 05:58

As per sources within the Finance Ministry, the Centre is likely to maintain its original budgeted estimate of ₹22.07 lakh crore for direct tax collection when it revises estimates in February.

Posted in Income Tax | 384 Views

Finance Ministry Highlights Digital Innovations in RRBs, Urges Expansion of Customer-Centric Services

11 November 2024 at 06:44

Focus of the meeting was business performance, upgrading digital technology services, and fostering business growth in activities allied to agriculture and micro and small industry

Posted in Income Tax | 669 Views

CII Urges Tax Reforms and Increased Capital Investment in Union Budget 2025-26

11 November 2024 at 06:44

In a pre-Budget meeting with Revenue Secretary Sanjay Malhotra, the Confederation of Indian Industry (CII) urged the government to continue tax reforms and boost capital expenditure in the Union Budget for 2025-26.

Posted in Income Tax | 1308 Views