CAclubindia News
NFRA Imposes Rs 10 Crore Penalty on BSR & Associates, Debars Two Auditors in CCD Case
20 August 2024 at 17:34The National Financial Reporting Authority (NFRA) has barred Aravind Maiya, former partner at BSR & Co and current CEO of Embassy REIT, from practicing as an auditor for 10 years.
Gurgaon Student in Australia Discovers Rs 133.8 Crore in Fraudulent Transactions Linked to PAN Card
20 August 2024 at 16:37The father of a youngster filed a police complaint on Sunday, alleging that conmen had used his son's PAN card to carry out transactions amounting to crores
CAG Urges Finance Ministry to Target High-Risk GST Composition Taxpayers
20 August 2024 at 08:57In a significant move to curb potential tax evasion, CAG has recommended that the Finance Ministry implement stricter monitoring measures for high-risk taxpayers under the GST Composition Scheme.
Income Tax Department Warns Taxpayers Against Fraudulent Refund Claims
20 August 2024 at 08:56The Income Tax Department has issued an urgent advisory, cautioning taxpayers to be vigilant against fraudulent schemes involving fake income tax refund claims.
ITAT Mumbai Confirms Tax Exemption on Gifts Received from Non-Resident Brother in India
20 August 2024 at 08:56In a landmark ruling, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has determined that a Rs 20 lakh gift received by a taxpayer from his non-resident brother, who resides in the UAE, is not subject to taxation.
IIT-Delhi Faces Rs 120 Crore GST Demand on Research Funding
19 August 2024 at 08:59The Directorate General of Goods and Services Tax (GST) Intelligence has issued a show-cause notice to the Indian Institute of Technology-Delhi (IIT-D), demanding ₹120 crore in GST on research funding received between 2017 and 2022.
CBDT Directs Income Tax Department to Monitor High-Value Cash Transactions at Hotels, Hospitals
19 August 2024 at 08:56The Central Board of Direct Taxes (CBDT) has issued a directive to the Income Tax department, emphasizing the need for "non-intrusive" monitoring of rampant cash transactions in sectors such as hotels, luxury brand sales, hospitals, and IVF clinics.
Finance Ministry to Review GST Rates on Digital News Subscriptions
17 August 2024 at 07:53The Finance Ministry is set to review the Goods and Services Tax (GST) rates applied to digital news subscriptions, according to sources.
CBIC Issues New Guidelines for Resolving CGST Act Interpretation Disputes During Audits
17 August 2024 at 07:51On August 14, 2024, the CBIC issued Instruction No. 03/2024-GST, outlining new procedures for handling disputes related to the interpretation of the Central Goods and Services Tax (CGST) Act encountered during audits.
E-Way Bill Generation Hits Record High of 10.48 Crore in July
17 August 2024 at 07:49IntroductionE-way bill generation reached an unprecedented 10.48 crore in July, setting a new record and surpassing the previous high of 10.35 crore in March 2024, according to data from the GST Network (GSTN).
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