CAclubindia News

Supreme Court Revives Rs 20,000 to 23,000 Crore in DRI Tax Notices Against Leading Companies

09 November 2024 at 07:02

On Thursday, the Supreme Court of India reinstated tax notices worth an estimated ₹20,000-23,000 crore issued by the Directorate of Revenue Intelligence (DRI) to several major corporations, including Vedanta Ltd, Vodafone Idea Ltd, Adani Enterprises

Posted in Income Tax | 2157 Views

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 | 1803 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 | 6099 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 | 6954 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 | 3051 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 | 1347 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 Community & General | 483 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 | 1452 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 | 4926 Views