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Over 9.19 crore ITRs filed for FY 2024-25 by 31st March 2025

   14 April 2025 at 06:43

India has achieved a new milestone in tax compliance, with 9.19 crore income tax returns (ITRs) filed for the financial year 2024-25 by March 31, 2025, according to the Income Tax Department.

Posted in Income Tax |   2442 Views


GSTN Issues Advisory on Reporting Values in Table 3.2 of GSTR-3B

   12 April 2025 at 08:33

Table 3.2 of Form GSTR-3B captures the interstate supplies made to unregistered persons, composition taxpayers, and UIN holders out of the supplies declared in Table 3.1 & 3.1.1 of GSTR-3B.

Posted in GST |   3165 Views


GSTN to Implement Phase-III Changes in Table-12 of GSTR-1/GSTR-1A from April 2025

   12 April 2025 at 08:33

GSTN is going to implement Phase-III of Table 12 of GSTR 1 & 1A from April, 2025 tax period onwards

Posted in GST |   3891 Views


MP Mason Receives Rs 314.79 Crore IT Notice, Alleges Identity Fraud

   11 April 2025 at 09:07

Chandrashekhar Kohad, who has worked for years as a mason in Maharashtra, is at the centre of a financial mystery after receiving a recovery notice from the Income Tax department for unpaid dues related to assessment years 2014-15 and 2015-16.

Posted in Income Tax |   441 Views


ICAI Releases Exposure Draft of Standards on Auditing for LLPs, Invites Public Comments

   11 April 2025 at 08:48

The Institute of Chartered Accountants of India (ICAI), through its Auditing and Assurance Standards Board (AASB), has released an Exposure Draft of Standards on Auditing (SAs) for Limited Liability Partnerships (LLPs). This marks a significant miles

Posted in Audit |   2463 Views


Mohandas Pai Criticizes Rising Tax Harassment, Calls Out 'Regulatory Oppression'

   11 April 2025 at 08:48

Former Infosys CFO and prominent IT industry veteran T.V. Mohandas Pai has launched a scathing critique of what he terms "tax terrorism" in India, warning that the burden of income-tax oppression is "enormous"

Posted in Income Tax |   1779 Views


Farmer Shocked by Rs 143 Crore IT Notice Linked to PAN Card Fraud

   10 April 2025 at 08:38

In a bizarre case of identity theft, a 26-year-old farmer from Ajmer, Rajasthan, was left stunned after receiving an income tax notice linked to a Rs 143 crore transaction allegedly made using his PAN card. Ramraj Chaudhary, a resident of Keriakala V

Posted in Income Tax |   4797 Views


CBIC Notifies Constitution of Interim Boards for Settlement Across Four Major Cities

   10 April 2025 at 08:29

CBIC, through Notification No. 02/2025-Central Excise (N.T.) dated April 8, 2025, has formally constituted four Interim Boards for Settlement under the powers conferred by Section 31A(1) of the Central Excise Act, 1944.

Posted in Excise |   1743 Views


RBI Cuts Repo Rate by 25 bps to 6%

   10 April 2025 at 08:29

The Monetary Policy Committee (MPC) held its 54th meeting from April 7 to 9, 2025 under the chairmanship of Shri Sanjay Malhotra, Governor, Reserve Bank of India.

Posted in Others |   1335 Views


CBDT Notifies HUDCO Bonds as Long-Term Specified Asset u/s 54EC for FY 2025-26

   09 April 2025 at 09:03

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has notified bonds issued by the Housing and Urban Development Corporation Limited (HUDCO) as a 'long-term specified asset' under Section 54EC of the Income-tax Act, 1961.

Posted in Income Tax |   4491 Views



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