CAclubindia News

E-Way Bill Now Mandatory for Scrap Supply in Dadra & Nagar Haveli, Daman & Diu

22 February 2025 at 08:57

In a significant compliance reminder, authorities have reiterated that taxpayers engaged in the supply of scrap are mandatorily required to generate e-way bills for consignments exceeding ₹50,000 in value.

Posted in GST | 513 Views

ICMAI Seeks Inclusion of Cost Accountants in Definition of 'Accountant' under Income Tax Bill 2025

21 February 2025 at 09:42

The Institute of Cost Accountants of India (ICMAI) has submitted a memorandum to the Select Committee of Lok Sabha, requesting the inclusion of "Cost Accountant" in the definition of "Accountant" under Section 515(3)(b) of the Income-Tax Bill, 2025.

Posted in Income Tax | 3882 Views

CBDT Issues Circular on TDS Deduction from Salaries for FY 2024-25 under Section 192

21 February 2025 at 08:50

The Central Board of Direct Taxes (CBDT) has released Circular No. 3/2025, detailing the income tax deduction from salaries under Section 192 of the Income Tax Act, 1961, for the financial year 2024-25.

Posted in Income Tax | 43482 Views

CBIC Introduces New Facility Allowing Accredited Importers to Store and Clear Goods at Authorized Premises

21 February 2025 at 08:47

The Central Board of Indirect Taxes and Customs (CBIC) has rolled out a new facility enabling accredited merchants to move, store, and clear imported goods directly at their authorized premises instead of congested ports.

Posted in Custom | 417 Views

RBI Launches 'RBIDATA' App for Seamless Access to Economic and Financial Data

21 February 2025 at 08:46

Reserve Bank of India launched RBIDATA, a Mobile App, that offers macroeconomic and financial statistics relating to the Indian economy in a user-friendly and visually engaging format.

Posted in Others | 483 Views

Income Tax Department Detects Rs 22,000 Crore in Undisclosed Foreign Assets

20 February 2025 at 08:43

In a major crackdown on offshore tax evasion, the Income Tax Department has detected ₹22,000 crore worth of undisclosed foreign assets and investments.

Posted in Income Tax | 1 comments | 17793 Views

Bombay High Court Quashes IT Department's Advisory on BCCI's Tax-Exempt Status

20 February 2025 at 08:41

In a significant relief to the Board of Control for Cricket in India (BCCI), the Bombay High Court has set aside an advisory issued by the Income Tax Department, which questioned the board's tax-exempt status.

Posted in Income Tax | 1743 Views

Man Duped of Rs 3 Lakh by Fraudster Posing as Income Tax Officer

20 February 2025 at 08:32

In a shocking case of fraud, a resident of Urban Estate Phase-1, Iqbaljit Singh Bhatia, was allegedly cheated out of ₹3 lakh by a man impersonating an Income Tax officer.

Posted in Income Tax | 399 Views

Delhi Police's ACB Arrests Two for Alleged Bribery in GST Registration Case

20 February 2025 at 08:32

The Anti-Corruption Branch (ACB) of the Delhi Police has arrested two individuals, including a government stenographer, for allegedly demanding a bribe of Rs 50,000 to revoke the suspension of a GST registration.

Posted in GST | 1029 Views

Govt Receives Over 60,000 Suggestions for Income Tax Bill 2025, Says FM Sitharaman

19 February 2025 at 08:51

In a major step towards tax reforms, Union Finance Minister Nirmala Sitharaman announced that the government has received more than 60,000 inputs from citizens for the upcoming Income Tax Bill, 2025.

Posted in Income Tax | 1755 Views