CAclubindia News

SBI Cards Receives GST Show Cause Notice for Rs 81.93 Crore ITC Disallowance

03 July 2025 at 09:07

SBI Cards and Payment Services Ltd, India's leading pure-play credit card issuer, has received a show cause notice from the CGST Department proposing to disallow ITC worth Rs 81.93 crore, the company informed stock exchanges on Tuesday.

Posted in GST | 3939 Views

India's Tax Reforms and Digital Transformation Boost Revenue, Cut Compliance Costs: FM Sitharaman

03 July 2025 at 09:02

FM Nirmala Sitharaman highlighted India's strides in tax reforms, digital transformation, and inclusive growth at the Third Plenary Meeting of the Fourth International Conference on Financing for Development

Posted in Income Tax | 2625 Views

GST Fraud Using Villagers' Identities: Rs 130 Crore ITC Scam Exposed

03 July 2025 at 08:57

The Economic Offences Wing (EOW) has unearthed a massive Goods and Services Tax (GST) input tax credit (ITC) fraud worth Rs 130 crore, involving 23 fake firms and Rs 512 crore in fake invoices, according to officials.

Posted in GST | 1053 Views

Karnataka State Pollution Control Board Gets Income Tax Exemption on Specified Incomes

03 July 2025 at 08:52

In a major relief for the Karnataka State Pollution Control Board (KSPCB), the Central Government has notified income-tax exemption on specific sources of income under Section 10(46) of the Income-tax Act, 1961.

Posted in Income Tax | 255 Views

Finance Ministry Notifies 7.1% Special Deposit Scheme (SDS) Rate for Q2 FY 2025-26

03 July 2025 at 08:49

Interest Rate on Special Deposit Scheme for Non-Government Provident and Retirement Funds Set at 7.1% for Q2 FY 2025-26

Posted in Corporate Law | 693 Views

ICAI Invites Public Comments on Inclusion of "Forensic Investigation" in Chartered Accountants Regulations

03 July 2025 at 08:44

The Institute of Chartered Accountants of India (ICAI), through its Digital Accounting and Assurance Board, has invited public comments on proposed amendments to Regulation 204 of the Chartered Accountants Regulations, 1988.

Posted in Professional Resource | 1 comments | 1824 Views

Big Relief for NRIs: US Lowers Proposed Tax on Remittances to India from 5% to 1% in Revised Trump Bill

02 July 2025 at 09:09

In a major relief for Indian professionals working in the United States and Non-Resident Indians (NRIs) sending money back home, the revised draft of the One Big Beautiful Bill Act (OBBBA) has slashed the proposed tax rate on remittances to 1%

Posted in Income Tax | 1683 Views

CBDT Issues Clarification on Waiver of Interest Under Sections 201(1A)(ii) and 206C(7) of Income Tax Act

02 July 2025 at 09:03

The Central Board of Direct Taxes (CBDT) has issued Circular No. 8/2025 dated July 1, 2025, to clarify key concerns raised by field officers regarding the waiver of interest under Sections 201(1A)(ii) and 206C(7) of the Income-tax Act, 1961

Posted in Income Tax | 11760 Views

RBI: Rs 6099 Crore Worth of Rs 2000 Notes Still in Circulation as of June 2025

02 July 2025 at 08:55

As of June 30, 2025, only Rs 6,099 crore worth of Rs 2000 notes remain in circulation, a dramatic decline from the Rs 3.56 lakh crore recorded on May 19, 2023.

Posted in Community & General | 240 Views

CBDT Notifies Cost Inflation Index for FY 2025-26 at 376

02 July 2025 at 08:50

The Central Board of Direct Taxes (CBDT), via Notification No. 70/2025 dated July 1, 2025, has officially notified the Cost Inflation Index (CII) for the Financial Year 2025-26 as "376".

Posted in Income Tax | 6225 Views