CAclubindia News

Income Tax Department Recovers Rs 37,000 Crore from Non-Filers Through Data Analytics

18 December 2024 at 09:12

The Income Tax Department has intensified its crackdown on tax evasion, recovering ₹37,000 crore over the past 20 months from individuals who failed to file income tax returns despite having taxable income.

Posted in Income Tax | 9276 Views

GSTN Issues Advisory on Updates to E-Way Bill and E-Invoice Systems

18 December 2024 at 09:12

GSTN is pleased to announce that NIC will be rolling out updated versions of the E-Way Bill and E-Invoice Systems effective from 1st January 2025.

Posted in GST | 8442 Views

CBDT Launches Electronic Campaign to Address Income and Transaction Mismatches for FY 2023-24 and FY 2021-22

17 December 2024 at 15:35

CBDT has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the AIS and those disclosed in ITRs for the financial years 2023-24 and 2021-22.

Posted in Income Tax | 2100 Views

Higher Taxes Will Drive Capital Away, Warns CEA Nageswaran

17 December 2024 at 09:20

Chief Economic Advisor (CEA) V Anantha Nageswaran emphasized on Friday that taxing capital less may not significantly boost investments, but taxing it more could deter capital flow and harm the economy.

Posted in Income Tax | 1278 Views

Rs 4.67 Crore Tax for D Gukesh: Fans Target FM Sitharaman After Chess Win

17 December 2024 at 09:17

While the nation celebrated Gukesh's incredible achievement, a section of fans humorously congratulated the Income Tax Department and Finance Minister Nirmala Sitharaman

Posted in Income Tax | 4779 Views

New Income-Tax Bill Unlikely in Budget 2025 Session

17 December 2024 at 09:13

The Finance Ministry is unlikely to introduce the much-anticipated new Income-Tax Bill during the upcoming Budget session of Parliament.

Posted in Income Tax | 2778 Views

DGGI Arrests Four in Rs 293 Crore Fake ITC Scam Across Multiple States

17 December 2024 at 09:10

In a significant crackdown on tax evasion, the DGGI, Visakhapatnam Zonal Unit, has arrested four individuals, including a resident of Proddatur in YSR Kadapa district, for orchestrating a Rs 293 crore GST fraud

Posted in GST | 801 Views

CAG Report Flags Rs 755.49 Crore GST Revenue Loss in Commercial Tax Department

16 December 2024 at 09:11

A Comptroller and Auditor General (CAG) report tabled in the Assembly on Thursday has highlighted significant revenue lapses within the Goods and Services Tax (GST) and Stamps and Registrations Departments.

Posted in GST | 2 comments | 13773 Views

IT Department Issues Notices to Indian Residents for Undeclared Foreign ESOPs and Assets

16 December 2024 at 09:07

Notices are being sent to employees of MNCs holding ESOPs from foreign parent companies, especially those who failed to declare dividend income or ownership of such shares in their ITRs.

Posted in Income Tax | 2271 Views