CAclubindia News

Govt Launches Mutual Credit Guarantee Scheme for MSMEs with 60% Coverage on Loans Up to Rs 100 Crore

20 March 2025 at 08:36

Mutual Credit Guarantee Scheme for MSMEs (MCGS- MSME) provides 60% guarantee for credit facility up to Rs.100 crore

Posted in Corporate Law | 498 Views

Income Tax Bill 2025: Public Consultation Opens for Drafting New Rules & Forms

19 March 2025 at 08:56

The Income Tax Bill, 2025 has been introduced in Parliament and is currently under examination by the Select Committee for detailed consideration.

Posted in Income Tax | 2019 Views

Income Tax Department Releases Updated Excel-Based Utility for ITR-3 for AY 2024-25

19 March 2025 at 08:51

The Income Tax Department has released an updated Excel-based utility for ITR-3, catering to individuals and Hindu Undivided Families (HUFs) who earn income from business or profession.

Posted in Income Tax | 885 Views

IBC Success: Rs 10 Lakh Crore Cleared with 28,818 Cases Resolved

19 March 2025 at 08:50

The Insolvency and Bankruptcy Code (IBC) has played a pivotal role in resolving corporate distress, with as many as 40,943 applications filed under the law since its inception in 2016.

Posted in Corporate Law | 312 Views

Ayodhya's Ram Janmabhoomi Trust Paid Rs 400 Crore in GST & Taxes Over 5 Years

19 March 2025 at 08:47

The Shri Ram Janmabhoomi Teerth Kshetra Trust has contributed approximately Rs 400 crore in taxes to the government over the past five years, according to Trust Secretary Champat Rai.

Posted in GST | 2409 Views

Direct Tax Collections Reach Rs 21.27 Lakh Crore in FY 2024-25, Up 13.13% YoY

18 March 2025 at 08:51

India's direct tax collections for the financial year 2024-25 have witnessed a robust year-on-year (YoY) growth of 13.13%, reaching ₹21.26 lakh crore in net collections as of March 16, 2025, according to data from the TINMIS.

Posted in Income Tax | 1449 Views

CBDT Issues FAQs on Revised Guidelines for Compounding of Offences Under IT Act, 1961

18 March 2025 at 08:50

CBDT has issued Circular No. 04/2025 dated March 17, 2025, providing Frequently Asked Questions (FAQs) on the revised guidelines for the Compounding of Offences under the Income Tax Act, 1961.

Posted in Income Tax | 2898 Views

Income Tax Department Raids Sri Chaitanya Group Over Alleged Rs 230 Crore Tax Fraud

18 March 2025 at 08:49

The Income Tax Department on Saturday wrapped up a five-day search operation on the Sri Chaitanya group of educational institutions, spanning Hyderabad, Vijayawada, Chennai, Bengaluru and Mumbai.

Posted in Income Tax | 1770 Views

GST Registration in UP: Biometric Aadhaar Authentication & Document Verification Made Mandatory

17 March 2025 at 08:35

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Uttar Pradesh

Posted in GST | 429 Views

CBDT Clarifies Application of Principal Purpose Test in DTAAs

17 March 2025 at 08:34

In a significant move to provide clarity on the implementation of tax treaties, the CBDT has issued Circular 01/2025, emphasizing the application of the Principal Purpose Test (PPT) under India's Double Taxation Avoidance Agreements (DTAAs).

Posted in Income Tax | 1824 Views