CAclubindia News

RBI simplifies the application process for registration of Core Investment Companies

11 April 2023 at 08:33

The Reserve Bank has undertaken a comprehensive review of the system of processing of applications for registration as Core Investment Companies (CICs) to make the registration process smoother and hassle free.

Posted in Others | 4677 Views

Supreme Court: Erroneous order of AO causing prejudice to revenue is revisable by CIT

10 April 2023 at 10:08

The Supreme Court has held that the Commissioner of Income Tax can exercise revision powers under Section 263 of the Income Tax Act over the orders of the Assessing Officer which cause prejudice to the interest of the revenue.The Top Court set aside

Posted in Income Tax | 4227 Views

ICAI issued clarification on acceptance of certain assignments by concurrent auditor of bank branches

10 April 2023 at 08:39

The members have sought guidance from the Institute on the matter of acceptance of certain assignments by the Concurrent Auditor of Bank Branches.

Posted in Audit | 8496 Views

Income tax payments from senior citizens surpasses Rs. 1 lakh crore

10 April 2023 at 08:37

There has been a surprising surge in income tax payments from senior citizens during the past year, lifting the overall tax collections from the 60+ population by as much as 61.5% from pre-COVID levels to surpass ₹1 lakh crore.

Posted in Income Tax | 3672 Views

IT Department asks young man from Madhya Pradesh to pay tax of Rs 113 crore

08 April 2023 at 08:46

A man from MP's Bhind, who earns Rs 58,000 per month, has received yet another notice from the income-tax department demanding him to pay Rs.113 crore in taxes for alleged Rs.132 crore transactions in his account in 2011-12.

Posted in Income Tax | 9264 Views

GST official, two others held for extortion in Surat

08 April 2023 at 08:45

A superintendent with the Central Goods and Services Tax (GST) department and two others were arrested in Surat in Gujarat for allegedly extorting Rs 12 lakh from a shopkeeper, a police official said on Friday.

Posted in GST | 4632 Views

More than 40.82 crore loans amounting to Rs. 23.2 lakh crore sanctioned under PMMY since inception

08 April 2023 at 08:39

MUDRA helped in generation of large-scale employment opportunities at grassroots level and also proved a game changer while boosting Indian economy: Finance Minister Smt. Nirmala Sitharaman

Posted in Others | 3069 Views

Income Tax dept has internal target to issue refunds in 7 days

07 April 2023 at 08:51

The Income Tax department has been given an internal target of issuing refunds within a period of seven days. This came up during the process of drafting the budget.

Posted in Income Tax | 3903 Views

CA arrested for taking Rs 26 lakh bribe in name of IT officials

07 April 2023 at 08:50

The Punjab Vigilance Bureau (VB) arrested a chartered accountant (CA) Ankush Sareen, a resident of Ludhiana, for taking a bribe of Rs 26 lakh from a man in the name of income tax officers based in Chandigarh.

Posted in Income Tax | 13470 Views

GSTN performance improved steadily over time

07 April 2023 at 08:49

The performance of the Goods and Services Tax Network system has improved steadily over time, resulting in a steady increase in taxpayers in the country, Economic Advisory Council to the Prime Minister (EAC-PM) has said in a working paper.

Posted in GST | 5715 Views