CAclubindia News

Income Tax Department Detects Rs 22,000 Crore in Undisclosed Foreign Assets

20 February 2025 at 08:43

In a major crackdown on offshore tax evasion, the Income Tax Department has detected ₹22,000 crore worth of undisclosed foreign assets and investments.

Posted in Income Tax | 1 comments | 17826 Views

Bombay High Court Quashes IT Department's Advisory on BCCI's Tax-Exempt Status

20 February 2025 at 08:41

In a significant relief to the Board of Control for Cricket in India (BCCI), the Bombay High Court has set aside an advisory issued by the Income Tax Department, which questioned the board's tax-exempt status.

Posted in Income Tax | 1833 Views

Man Duped of Rs 3 Lakh by Fraudster Posing as Income Tax Officer

20 February 2025 at 08:32

In a shocking case of fraud, a resident of Urban Estate Phase-1, Iqbaljit Singh Bhatia, was allegedly cheated out of ₹3 lakh by a man impersonating an Income Tax officer.

Posted in Income Tax | 441 Views

Delhi Police's ACB Arrests Two for Alleged Bribery in GST Registration Case

20 February 2025 at 08:32

The Anti-Corruption Branch (ACB) of the Delhi Police has arrested two individuals, including a government stenographer, for allegedly demanding a bribe of Rs 50,000 to revoke the suspension of a GST registration.

Posted in GST | 1155 Views

Govt Receives Over 60,000 Suggestions for Income Tax Bill 2025, Says FM Sitharaman

19 February 2025 at 08:51

In a major step towards tax reforms, Union Finance Minister Nirmala Sitharaman announced that the government has received more than 60,000 inputs from citizens for the upcoming Income Tax Bill, 2025.

Posted in Income Tax | 1797 Views

CBDT Extends Due Date for Filing Form No. 56F for AY 2024-25

19 February 2025 at 08:48

The Central Board of Direct Taxes (CBDT) has issued Circular No. 02/2025, extending the due date for filing Form No. 56F under the Income-tax Act, 1961.

Posted in Income Tax | 2880 Views

ICAI Releases Guidance Note on Audit of Banks - 2025 Edition

19 February 2025 at 08:36

The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has released the Guidance Note on Audit of Banks (2025 Edition). This annual publication serves as a comprehensive resource for auditors condu

Posted in Audit | 2154 Views

CBIC Introduces Automated Refund System for Customs to Streamline Process and Cut Costs

19 February 2025 at 08:36

The Central Board of Indirect Taxes and Customs (CBIC) has announced the implementation of an automated refund system for customs duty under Circular No. 05/2025-Customs, dated February 17, 2025.

Posted in GST | 1527 Views

Income Tax Bill 2025: IT Department Clarifies If Late ITR Filers Can Still Get Refunds

19 February 2025 at 08:36

The recently introduced Income Tax Bill, 2025, in the Lok Sabha has sparked concerns among taxpayers regarding their eligibility for income tax refunds if they file their Income Tax Return (ITR) after the due date.

Posted in Income Tax | 5199 Views