CAclubindia News

GSTN Defers Invoice-wise Reporting Functionality in GSTR-7 Due to Technical Glitches

07 May 2025 at 08:56

In a recent update, the GSTN has announced a deferment in the implementation of the invoice-wise reporting functionality in Form GSTR-7, which was originally scheduled to go live for the return period starting April 2025.

Posted in GST | 2967 Views

CBDT Tightens Oversight on Top Advance Taxpayers to Boost FY26 Direct Tax Collection

06 May 2025 at 09:04

With an ambitious direct tax collection target of Rs 25.2 trillion for FY 2025-26, the CBDT has directed income-tax officials to intensify scrutiny of top advance tax payers and root out bogus claims of exemptions and deductions.

Posted in Income Tax | 3789 Views

IT Department Recovers Rs 1,400 Crore From 63,000 Donors Linked to Dubious Political Donations

06 May 2025 at 09:01

Income Tax Department has recovered Rs 1,400 crore from over 63,000 individuals who evaded taxes by falsely claiming deductions for donations made to RUPPs during the financial years 2022-23 and 2023-24.

Posted in Income Tax | 2727 Views

CBIC Directs GST Officers to Ensure Timely Record Submission to CAG Audit Teams

06 May 2025 at 08:58

CBIC has issued a directive to all GST field formations across India, emphasizing the urgent need for timely submission of records and information to the Comptroller and Auditor General (C&AG) audit teams.

Posted in GST | 1950 Views

Finance Ministry Notifies Five NBFCs for Aadhaar-Based Authentication Under PMLA

06 May 2025 at 08:52

The Ministry of Finance has authorized five NBFCs to conduct Aadhaar-based authentication under the PMLA, marking another step towards strengthening digital identity verification in the financial sector.

Posted in Income Tax | 1794 Views

ICAI Welcomes Observations of the Candidates on the Question Papers of CA May 2025 Exams

06 May 2025 at 08:50

ICAI has issued an important notification inviting observations from candidates regarding the question papers of the CA Final, Intermediate, Foundation and Post Qualification Course - INTT-AT examinations conducted in May 2025.

Posted in Students | 2091 Views

CBDT Notifies New ITR Form ITR-2 for AY 2025-26

05 May 2025 at 15:46

The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has officially notified a revised Income Tax Return (ITR) Form ITR-2 applicable for the Assessment Year (AY) 2025-26.

Posted in Income Tax | 4479 Views

ICAI to Evaluate Financial Impact of 'One Nation, One Election' Proposal

05 May 2025 at 08:48

The Institute of Chartered Accountants of India (ICAI), the apex body for Chartered Accountants in the country, will conduct a comprehensive assessment of the financial implications of the proposed 'One Nation, One Election' (ONOE) reform.

Posted in Professional Resource | 1578 Views

Delhi CM Rekha Gupta Calls for Faceless GST System, Highlights Rs 80,000 Crore in Pending Dues at ICAI Event

05 May 2025 at 08:48

Delhi Chief Minister Rekha Gupta on Saturday underscored the urgent need to make the GST system "faceless" and transparent to reduce harassment and improve compliance.

Posted in GST | 2379 Views

CBIC Introduces Grievance Redressal Mechanism for Processing of GST Registration Applications

03 May 2025 at 08:57

CBIC has issued Instruction No. 04/2025-GST dated May 2, 2025, providing a structured Grievance Redressal Mechanism for taxpayers facing issues during the registration process under the GST regime.

Posted in GST | 2742 Views