CAclubindia News

75 Year Old Senior Citizen Gets IT Notice for AY 2014

01 August 2025 at 09:17

75-year-old receives an IT demand for AY 2014. Can old tax returns be reopened? Understand reassessment rules under Section 148, documentation tips and senior citizen support options.

Posted in Income Tax | 4065 Views

Income Tax Department Targets Jewellery Sector Over Misuse of Inventory Valuation Rules

01 August 2025 at 09:08

The Income Tax Department has uncovered cases of jewellers using the LIFO method, banned under ICDS II to undervalue closing stock and evade taxes amid skyrocketing gold prices. Investigations are underway.

Posted in Income Tax | 1749 Views

Finance Ministry Introduces Premature Termination Clause in Customs & Excise Settlement Commission Rules

01 August 2025 at 08:59

Centre amends rules for Customs & Excise Settlement Commission; allows termination of office bearers with compensation up to 3 months' pay.

Posted in Custom | 126 Views

India-UK FTA: ICAI Secures Global Recognition for Indian Chartered Accountants

01 August 2025 at 08:49

ICAI secures global practice rights for Indian CAs under India-UK Free Trade Agreement.

Posted in Professional Resource | 219 Views

Finance Ministry Pushes 100% FDI in Insurance for Faster Sectoral Growth

31 July 2025 at 09:26

FM Sitharaman confirms 100% FDI in insurance to boost sector growth; government rules out any changes to crypto tax or GST on flex-fuel vehicles. Key updates also include smart meter progress, ADP fund allocation and GST collection trends.

Posted in Income Tax | 1248 Views

Supreme Court to Conclude Hearings on Online Gaming GST Case

31 July 2025 at 09:17

The Supreme Court is set to conclude hearings on the online gaming GST dispute, deciding whether 28% GST applies retrospectively on the full value of bets, impacting companies like Dream11, Gameskraft, and MPL.

Posted in GST | 468 Views

Centre Notifies Concessional Guarantee Fee for Borrowings by Infrastructure Bank from Global Institutions

31 July 2025 at 09:11

The Ministry of Finance has notified a 0.1% concessional government guarantee fee for NaBFID borrowings from multilateral and foreign institutions, boosting access to low-cost funds for infrastructure development.

Posted in Others | 285 Views

Income Tax Department Releases Offline and Online Utility for ITR-3 Filing for AY 2025-26

31 July 2025 at 09:03

The Income Tax Department has released the offline and online utilities for ITR-3 filing for AY 2025-26. Taxpayers with income from business or profession can now file their returns using updated tools via the e-filing portal.

Posted in Income Tax | 1 comments | 228 Views

ICAI to Host Nationwide Convocation in August 2025 for New Members and Rank Holders

31 July 2025 at 08:50

ICAI will host its Convocation on 25th August 2025 across major cities to award Certificates of Membership/COP to new CAs enrolled between Jan 1 and July 15, 2025, and felicitate CA Final rank holders from Nov 2024 and May 2025 exams.

Posted in Students | 13431 Views

Death is Most Beautiful: CA Dies by Suicide in Delhi Airbnb Using Helium Bought for Rs 3500

30 July 2025 at 16:30

A 25-year-old Gurugram man, Dheeraj Kansal, died by suicide in a Delhi Airbnb flat after inhaling helium gas. His emotional Facebook note revealed years of inner turmoil and requested no one be blamed. Police are investigating.

Posted in Students | 6129 Views