CAclubindia News

CA Foundation & Intermediate January 2025 Results likely to be declared on 4th March

28 February 2025 at 16:46

The Institute of Chartered Accountants of India (ICAI) is expected to declare the results of the Chartered Accountants Intermediate and Foundation Examinations held in January 2025 on Tuesday, March 4, 2025.

Posted in Students | 3636 Views

ICMAI Issues Advisory Against Unauthorized Activities to Protect Institute's Integrity

28 February 2025 at 09:48

The Institute of Cost Accountants of India (ICMAI) has issued a stern advisory warning its members against engaging in unauthorized activities that could harm the Institute's reputation, governance, and statutory framework.

Posted in Professional Resource | 753 Views

Income Tax Department Issues Notices Over Section 87A Rebate Claims on Capital Gains

28 February 2025 at 08:53

The Income Tax Department has started issuing demand notices to taxpayers who claimed a rebate under Section 87A on short-term capital gains (STCG) in their Income Tax Returns (ITRs).

Posted in Income Tax | 1 comments | 22599 Views

CBDT Clarifies Risk Management Strategy for Search and Survey Cases Under Amended IT Act

28 February 2025 at 08:46

CBDT has issued an Office Memorandum (OM) dated February 27, 2025, providing crucial clarifications on the implementation of the Risk Management Strategy under the IT Act, 1961, in light of recent amendments introduced by the Finance (No. 2) Act, 2024.

Posted in Income Tax | 2694 Views

Bengaluru ITAT Tax Ruling Overturned Due to AI Generated Fake Citations

28 February 2025 at 08:35

The increasing use of Artificial Intelligence (AI) in legal and financial research is raising concerns about its reliability, as seen in a recent tax ruling by the Bengaluru bench of the Income Tax Appellate Tribunal (ITAT).

Posted in Income Tax | 4647 Views

State Tax Department Recovers Rs 11.18 Lakh Penalty in Major GST Violation Case

28 February 2025 at 08:35

In a major enforcement action, the State Tax Department of J&K has realized a penalty of ₹11,18,068 from a taxpayer for violating GST regulations related to the transportation of rigid tubes, pipes, hoses, and fittings made of propylene polymers.

Posted in GST | 7551 Views

ITR Filers Earning Over Rs 1 Crore See Record 43% Growth in FY25

27 February 2025 at 08:41

The number of Individual Income Tax Return (ITR) filers in India has witnessed a significant surge of over 43% in the fiscal year 2024-25, with total filers surpassing 9.05 crore, according to data available till January 31, 2025.

Posted in Income Tax | 2100 Views

Budget 2025-26: Govt Increases KCC Loan Limit to Rs 5 Lakh for Farmers

27 February 2025 at 08:41

Loan limit under Modified Interest Subvention Scheme increased from ₹3 lakh to ₹5 lakh in Union Budget 2025-26

Posted in Union Budget & Policy | 954 Views

CBDT Tightens TDS Compliance, 40,000 Taxpayers Under Investigation

27 February 2025 at 08:41

In a significant move to ensure Tax Deducted at Source (TDS) compliance, the CBDT has initiated an extensive review of nearly 40,000 taxpayers based on tax deductions claimed during the financial years 2022-23 and 2023-24, according to a report. Comp

Posted in Income Tax | 2493 Views

Bombay HC Orders CVC, CBIC to Consider Whistleblower Customs Officer's Protection Plea

26 February 2025 at 08:56

The Bombay High Court has directed the CVC and the CVO of the CBIC to consider the representations of whistleblower customs officer Priyesh Bheda, who is seeking protection under the law.

Posted in Custom | 564 Views