CAclubindia News

CBDT Amends Notification on Tax Exemptions u/s 10(23FE) of Income-tax Act

13 December 2024 at 06:25

In a recent development, the Central Board of Direct Taxes (CBDT) issued Notification No. 127/2024 dated December 11, 2024, amending its earlier notification (No. 44/2020) issued on July 6, 2020, under Section 10(23FE) of the Income-tax Act, 1961.

Posted in Income Tax | 807 Views

States Express Mixed Reactions to Proposed GST Rate Rationalisation Ahead of 55th GST Council Meeting

13 December 2024 at 06:25

The GoM tasked with GST rate rationalisation has presented proposals that have elicited a mixed response from states, with many expressing concerns about the timing and economic implications of the changes.

Posted in GST | 525 Views

Amit Shah Outlines Key Tax Benefits for Cooperative Societies in Rajya Sabha

13 December 2024 at 06:25

The Government of India has taken various initiatives to provide the income tax relief to cooperative societies. This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Rajya Sabha.

Posted in Income Tax | 2277 Views

Payment Gateways Push for GST Waiver on Small-Value Transactions

13 December 2024 at 06:25

Ahead of the GST Council meeting on December 21, payment gateway operators have submitted representations to the finance ministry opposing the proposed 18% GST on commissions earned on digital payments below ₹2,000.

Posted in GST | 597 Views

Rs 824 Crore GST Evasion Uncovered in India's Cryptocurrency Sector

12 December 2024 at 09:13

The Indian government has identified Goods and Services Tax (GST) evasion worth ₹824.14 crore across 17 cryptocurrency exchanges, as revealed by Minister of State for Finance Pankaj Chaudhary.

Posted in GST | 714 Views

Income Tax Review Committee Aims to Simplify IT Act Without Changing Tax Rates

12 December 2024 at 09:13

The Income-Tax Review Committee, tasked with overhauling India’s Income Tax Act of 1961, is focusing solely on simplifying the law to make it more concise and user-friendly.

Posted in Income Tax | 2 comments | 1401 Views

Economic Affairs Secretary Ajay Seth Takes on Additional Role as Revenue Secretary

12 December 2024 at 09:09

In a key administrative reshuffle, Economic Affairs Secretary Ajay Seth has been assigned the additional role of Secretary of the Revenue Department, effective immediately, as per a government order issued on Tuesday.

Posted in Others | 1452 Views

CBIC Extends GSTR-3B Filing Deadline for Murshidabad, West Bengal

11 December 2024 at 09:08

In a relief to taxpayers in Murshidabad, West Bengal, the Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for filing GSTR-3B returns for October 2024.

Posted in GST | 588 Views

GST Fraud: Rs 35,132 Crore ITC Evasion Detected, Over 17000 Fake Firms Exposed

11 December 2024 at 09:08

In a significant crackdown on Goods and Services Tax (GST) evasion, authorities have identified fraudulent Input Tax Credit (ITC) claims worth ₹35,132 crore, involving 17,818 fake firms, between April and October 2024.

Posted in GST | 1 comments | 1134 Views

NFRA Pushes for Global Alignment in Auditing Standards to Boost Investor Confidence

11 December 2024 at 09:07

The NFRA Chairperson, Ajay Bhushan Prasad Pandey, emphasized the urgent need for India to align its auditing standards with global benchmarks to bolster investor confidence, attract funds, and enhance the credibility of financial data.

Posted in Audit | 1 comments | 1569 Views