CAclubindia News

Supreme Court Rules Salaries of Nuns and Priests in Aided Schools Are Subject to Income Tax

09 November 2024 at 07:00

In a landmark judgment, the Supreme Court on Thursday upheld the Madras High Court's ruling that salaries paid to priests and nuns working as teachers in church-run, government-aided schools are subject to income tax.

Posted in Income Tax | 1671 Views

GSTN Issues Waiver Scheme under Section 128A

08 November 2024 at 16:03

GST Council in its 53rd meeting held on 22nd June, 2024 had recommended for waiver of interest and penalties in the demand notices or orders issued under Section 73 of the CGST Act, 2017

Posted in GST | 5976 Views

ICAI Announces Revised Criteria for Classification of Non-Company Entities for Applicability of Accounting Standards

08 November 2024 at 12:39

The Council, at its 433rd meeting, held on August 13-15, 2024, considered the revised criteria for classification of Non-company entities for applicability of Accounting Standards issued by The Institute of Chartered Accountants of India (ICAI)

Posted in Accounts | 6150 Views

NFRA Board to Address Major Audit Standard Revisions Amid Tensions with ICAI

08 November 2024 at 06:51

NFRA Board to Address Major Audit Standard Revisions Amid Tensions with ICAI

Posted in Audit | 2919 Views

GSTN Issues Advisory related to Other Territory Applications

08 November 2024 at 06:42

As per Notification No. 2/2017-Central Tax dated 19th June, 2017 read with Trade Notice No. 01/2017-Central Tax dated 21st June, 2017 issued by Office of the Chief Commissioner of Central Excise, Mumbai Zone I and GST Trade Notice No. 002/2017

Posted in GST | 1299 Views

RBI Reports 98% of Rs 2000 Banknotes Returned Post Withdrawal Announcement

08 November 2024 at 06:39

98.04% of the Rs 2000 banknotes in circulation as on May 19, 2023, has been returned.

Posted in Others | 405 Views

Truecaller India Offices Face Income Tax Raids Amid Ongoing Compliance Checks

08 November 2024 at 06:39

In a recent development, Truecaller, the Stockholm-based caller identification and spam-blocking app, confirmed that it is cooperating with Indian income tax authorities following raids on its offices in Noida, Mumbai and Bengaluru.

Posted in Income Tax | 1335 Views

CBIC Mandates 1-Year Deadline for Customs Fraud Inquiries

07 November 2024 at 06:44

In a significant move aimed at enhancing the ease of doing business, the CBIC has issued a directive to customs field formations, emphasizing transparency and efficiency in conducting investigations related to export and import fraud

Posted in GST | 4752 Views

December GST Council Meeting to Address Rate Cuts on Life and Health Insurance Premiums

07 November 2024 at 06:44

With the end of the year approaching, the GST Council may soon bring significant relief to policyholders of life and health insurance.

Posted in GST | 912 Views

CBDT Considers Revamp of Income Tax Department Designations to Enhance Clarity and Transparency

07 November 2024 at 06:44

CBDT is reportedly exploring a restructuring of designations within the Income Tax Department. This initiative aims to make roles more understandable for the public and create a transparent image of the department, aligning titles with responsibilities.

Posted in Income Tax | 1980 Views