CAclubindia News

Navi Mumbai Professor Duped of Rs 1.81 Crore in Fake Income Tax Scam

04 June 2025 at 09:10

In a disturbing incident of cybercrime, a woman professor from a reputed educational institute in Navi Mumbai lost Rs 1.81 crore after falling prey to a well-orchestrated scam by con artists posing as Income Tax officials.

Posted in Income Tax | 3246 Views

Ministry of Finance appoints Punjab National Bank as Official Liquidator for 32 Defunct Banks

04 June 2025 at 09:05

The Ministry of Finance (Department of Financial Services) has officially appointed Punjab National Bank (PNB) as the official liquidator for the winding-up proceedings of 32 defunct banking companies, as per a notification dated June 3, 2025.

Posted in Others | 2337 Views

OTT Platforms and Gaming Apps May Face Dual Taxation Under New Supreme Court Ruling

03 June 2025 at 09:30

A recent Supreme Court ruling permitting dual taxation on television broadcasters has sparked widespread concern across India's rapidly growing over-the-top (OTT) and digital entertainment industry.

Posted in GST | 1734 Views

CBI Arrests Senior IRS Officer for Rs 25 Lakh Bribe in Income Tax Corruption Case

03 June 2025 at 09:28

The Central Bureau of Investigation (CBI) has arrested a senior IRS officer and a private intermediary for allegedly accepting a bribe of Rs 25 lakh in exchange for favourable treatment in an income tax matter.

Posted in Income Tax | 1890 Views

CBIC Appoints Commissioner for Adjudication of 700 Pending Customs Appeals Across Mumbai Zones

03 June 2025 at 09:23

The Central Board of Indirect Taxes and Customs (CBIC), in a significant move aimed at streamlining customs appeals and ensuring efficient adjudication, has issued Notification No. 39/2025-Customs (N.T.) dated May 30, 2025.

Posted in Custom | 1398 Views

Textile Trader Arrested in Rs 100 Crore Fake Invoice GST Scam

03 June 2025 at 09:21

In a major crackdown on GST fraud, the Directorate General of GST Intelligence (DGGI) has arrested a Surat-based textile trader for allegedly generating fake invoices worth Rs 100 crore to fraudulently claim ITC of Rs 15.19 crore.

Posted in GST | 921 Views

CBDT Notifies REC Ltd.'s Rs 5,000 Crore Zero Coupon Bond u/s 2(48) of IT Act

03 June 2025 at 09:18

The Ministry of Finance, Department of Revenue, CBDT, has issued Notification No. 52/2025 dated May 30, 2025, formally recognizing the "Ten Year Zero Coupon Bond" issued by REC Ltd. as a zero coupon bond under Clause (48) of Section 2

Posted in Income Tax | 759 Views

MCA to Launch 38 Final Company Forms on V3 Portal from July 14, 2025

02 June 2025 at 09:26

The Ministry of Corporate Affairs (MCA) is set to roll out the final set of 38 company e-forms on its upgraded V3 portal starting July 14, 2025, marking a major step forward in the government’s digital corporate governance initiatives.

Posted in Corporate Law | 3261 Views

Chartered Accountant Arrested for Accepting Rs 10 Lakh Bribe on Behalf of CGST Officer

02 June 2025 at 09:24

In a major anti-corruption move, the Punjab Vigilance Bureau has arrested a Chartered Accountant (CA), Gursewak Singh, red-handed while accepting a bribe of Rs 10 lakh.

Posted in GST | 2511 Views

Gross GST Revenue Jumps 16.4% in May 2025, Hits Rs 2.01 Lakh Crore Mark

02 June 2025 at 09:21

India's GST collections surged to Rs 2,01,050 crore in May 2025, marking a robust 16.4% year-on-year growth from Rs 1,72,739 crore in May 2024, according to provisional data released by the Ministry of Finance.

Posted in GST | 1431 Views