CAclubindia News

No Relief for Crypto: Finance Ministry Upholds 1% TDS in New Income Tax Bill

24 July 2025 at 09:26

Income Tax Bill, 2025: Finance Ministry rejects proposal to ease TDS norms on crypto trades. Industry flags risk of offshore migration.

Posted in Income Tax | 1287 Views

Black Money Act: Govt Raises Rs 35,105 Crore in Tax Demands, Recovers Only Rs 338 Crore

24 July 2025 at 09:16

The Finance Ministry informed Parliament that Rs 35,105 crore in tax and penalties have been raised under the Black Money Act, 2015, but only Rs 338 crore has been recovered so far.

Posted in Income Tax | 1191 Views

1 in 5 GST Taxpayers is a Woman, Says SBI Report

24 July 2025 at 09:04

SBI research report reveals that women now make up 20% of GST-registered taxpayers, 15% of income tax filers, and hold 40% of bank deposits, underscoring their growing role in India's formal economy.

Posted in GST | 1539 Views

Gameskraft Case: Supreme Court Hears Final Arguments on 28% GST on Casinos and Online Gaming

24 July 2025 at 08:52

The Supreme Court resumed hearings on the legality of 28% GST on online gaming and casinos, with senior advocates challenging Rule 31A and the taxation of face value of bets as ultra vires the CGST Act.

Posted in GST | 534 Views

Centre Waived Rs 99,000 Crore in Corporate Taxes in FY24: Govt Tells Rajya Sabha

24 July 2025 at 08:50

The Centre waived Rs 98,999 crore in corporate tax revenue in FY 2023-24, continuing its policy of incentivizing businesses through lower tax rates and deductions, Minister of State for Finance Pankaj Chaudhary informed Parliament.

Posted in Income Tax | 267 Views

Income Tax Bill 2025: Parliamentary Panel Retains Powers for Tax Officials to Access Social Media and Emails

23 July 2025 at 09:27

The Parliamentary panel reviewing the Income Tax Bill, 2025 has retained provisions allowing tax officials to access social media and email accounts during searches. Stakeholder concerns over privacy were dismissed. Read full details.

Posted in Income Tax | 2367 Views

Income Tax Bill 2025: Panel Recommends No Penalty for Late TDS Refund Claims

23 July 2025 at 09:21

Parliamentary panel recommends changes to the Income Tax Bill, 2025, including allowing late TDS refund claims and exempting anonymous donations to religious-cum-charitable trusts.

Posted in Income Tax | 3246 Views

CBIC Warns Taxpayers About Fake GST Violation Notices Circulating Online

23 July 2025 at 09:14

CBIC warns taxpayers about a fake GST violation notice scam. Learn how to spot fraudulent documents, verify DINs, and protect yourself from cybercrime. Call 1030 or visit cybercrime.gov.in to report suspicious activity.

Posted in GST | 5415 Views

Karnataka Vegetable Vendor Gets Rs 29 Lakh GST Notice Over UPI Payments

23 July 2025 at 09:07

A vegetable seller in Karnataka received a Rs 29 lakh GST notice for UPI payments worth Rs 1.63 crore. Small vendors now shift back to cash amid rising tax scrutiny on digital transactions.

Posted in GST | 4428 Views

Offline Utility for ITR-2 for AY 2025-26 Now Available for Filing

23 July 2025 at 08:56

Download the offline utility for ITR-2 for AY 2025-26. File income tax returns easily for capital gains, foreign assets, and more. Now available on the portal.

Posted in Income Tax | 186 Views