CAclubindia News

No Direct Revenue Impact Expected from IT Bill, Clarifies MoS Finance

14 March 2025 at 09:02

The recently introduced Income-tax Bill, 2025, in the Lok Sabha is designed to streamline India's tax framework but is not expected to have an immediate impact on revenue collection, according to Minister of State for Finance Pankaj Chaudhary.

Posted in Income Tax | 1230 Views

IT Department Uses Satellite Imagery to Crack Down on Dubious Agricultural Income Claims

14 March 2025 at 09:02

In a major tax crackdown, the Income Tax (I-T) Department has uncovered discrepancies in agricultural income declarations using satellite imagery.

Posted in Income Tax | 2511 Views

Finance Ministry: 158 GST Cases Registered Against Gaming Firms for Rs 1.53 Lakh Crore

14 March 2025 at 09:02

The Finance Ministry informed the Rajya Sabha on Tuesday that 158 cases involving Goods and Services Tax (GST) dues totaling ₹1.53 lakh crore have been registered till January 2025.

Posted in GST | 654 Views

CBIC Seeks Proposals for Reorganising CGST Commissionerates: Deadline 31st March 2025

13 March 2025 at 08:49

The Central Board of Indirect Taxes and Customs (CBIC) has initiated a comprehensive assessment of the territorial jurisdiction of Central Tax Commissionerates across all Central Tax Zones.

Posted in GST | 7755 Views

Top 5 Industrial States Contribute 72% of Direct Taxes

13 March 2025 at 08:48

The top five industrial states of India - Maharashtra, Karnataka, Delhi, Tamil Nadu and Gujarat collectively contributed more than 72% of the direct taxes and 53% of Central GST in FY 2023-24, according to data tabled in Parliament on Monday.

Posted in Income Tax | 720 Views

Personal Income Tax Collections Rise to 3.5% of GDP in FY24

13 March 2025 at 08:47

The Finance Ministry informed the Lok Sabha on Monday that personal income tax (PIT) collection as a percentage of GDP surged by 140 basis points in the last decade, reaching 3.5% in FY 2023-24, up from 2.1% in FY 2014-15.

Posted in Income Tax | 1146 Views

RBI and NCFE Launched Nationwide Campaigns to Boost Financial Literacy

12 March 2025 at 08:58

NCFE Conducts 54 Financial Education Programs in North East under National Strategy for Financial Education (NSFE), empowers diverse segments

Posted in Community & General | 408 Views

Digital Payment Transactions Surge With Over 18,000 Crore Transactions in 2024-25

12 March 2025 at 08:57

RBI, NPCI Launch Awareness Campaigns and AI-Based Solutions to Prevent Financial Cybercrimes

Posted in Community & General | 414 Views

Govt Boosts MSME Credit Access: Loans Up to Rs 25 Lakh Approved in 14 Days

12 March 2025 at 08:56

Government has taken several measures to increase credit access and finance for MSMEsFor loans up to ₹25 lakh for Micro and Small Enterprises (MSE) borrowers, credit decisions within 14 working days by the banks

Posted in Corporate Law | 654 Views

Bombay High Court Directs RBI to Accept Rs 20 Lakh in Old Demonetised Notes Seized During IT Raid

12 March 2025 at 08:54

The Bombay High Court has directed the RBI to accept Rs 20 lakh in old demonetised Rs 500 and Rs 1000 currency notes that were confiscated from a group of Kolhapur residents during an Income Tax raid on December 26, 2016

Posted in Income Tax | 3264 Views