CAclubindia News

GSTN Adds YES Bank, Expanding GST Payment Banks to 31

20 March 2025 at 08:47

The Goods and Services Tax Network (GSTN) has added YES Bank to the GST Portal as an authorized bank for accepting GST payments. With this addition, the total number of banks facilitating GST payments now stands at 31.

Posted in GST | 1131 Views

Cabinet approves Incentive scheme for promotion of low-value BHIM-UPI transactions (P2M)

20 March 2025 at 08:41

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved the 'Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)' for the financial year 2024-25

Posted in Others | 183 Views

Over 9 Crore Taxpayers Filed ITR for FY 2025, 4.68 Lakh Report Income Above Rs 1 Crore

20 March 2025 at 08:36

The latest data from the Income Tax Department reveals that more than 9 crore taxpayers have filed their income tax returns (ITR) as of February 28, 2025, for the financial year 2024-25.

Posted in Income Tax | 4566 Views

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 | 504 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 | 2037 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 | 903 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 | 324 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 | 2412 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 | 1455 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 | 2904 Views