CAclubindia News

Govt Clarifies Rs 75,000 Standard Deduction Under New Tax Regime in Income Tax Bill 2025

15 August 2025 at 07:42

Govt clarifies Rs 75,000 standard deduction for salaried taxpayers under new regime in Income Tax Bill 2025, effective April 1, 2026; also aligns tax benefits for UPS with NPS.

Posted in Income Tax | 16542 Views

SGST Department Arrests Two Company Directors for Rs 50 Crore GST Evasion Through Fake ITC Claims

15 August 2025 at 07:29

SGST arrests two company directors in Rs 50 crore GST evasion cases involving fake invoices and fraudulent ITC claims, as authorities intensify crackdown on tax fraud

Posted in GST | 465 Views

Finance Ministry to Broaden 'Computer System' Definition in New Income Tax Bill 2025

15 August 2025 at 07:18

Finance Ministry to widen'computer system' definition in Income Tax Bill 2025; CBDT to issue SOP for handling digital data, ensuring stronger tax enforcement while protecting privacy.

Posted in Income Tax | 1257 Views

Ministry of Defence to Reimburse 18% GST on Defence R&D Grants for Start-Ups and MSMEs

15 August 2025 at 07:04

MoD to reimburse 18% GST to private start-ups and MSMEs on defence R&D grants under iDEX and TDF schemes, offering interim relief until GST Council decides on permanent exemption.

Posted in GST | 183 Views

GSTN Launches "Navigate to GSTR-1A" on GST Portal

15 August 2025 at 07:04

GSTN introduces the "Navigate to GSTR-1A" feature on the GSTR-3B payment page, allowing taxpayers to easily review, edit and correct sales data before filing returns, ensuring greater accuracy and compliance.

Posted in GST | 225 Views

CAG Flags Gaps in GST E-Way Bill System

15 August 2025 at 07:00

CAG’s audit of the GST E-Way Bill system reveals ₹576.86 crore in revenue loss due to tax evasion, urges tighter monitoring, alerts for misuse, and improved enforcement to protect government revenue.

Posted in GST | 1287 Views

PG in Bengaluru Faces Backlash Over 12% GST on Online Rent Payments

14 August 2025 at 09:23

A Bengaluru PG's notice demanding cash-only rent to dodge 12% GST on online payments has ignited a social media debate over tax evasion, tenant rights, and transparency in the rental market.

Posted in GST | 8229 Views

Finance Ministry Issues Corrigendum to IT Bill, Clarifies Interest on Advance Tax Short-Payment

14 August 2025 at 09:10

The Finance Ministry has corrected the Income-tax (No. 2) Bill, 2025, restoring the interest calculation for shortfall in advance tax payments to match the old Income-tax Act, 1961.

Posted in Income Tax | 1476 Views

Net Direct Tax Collections Drop 3.95% YoY to Rs 6.64 Lakh Crore as of August 11

14 August 2025 at 08:56

India's Net Direct Tax Revenue Falls to Rs 6.64 Lakh Crore, Down 3.95% from Last Year

Posted in Income Tax | 186 Views

New Income Tax Bill 2025 Simplifies Tax Law Without Changing Rates: FM Nirmala Sitharaman

14 August 2025 at 08:49

Finance Minister Nirmala Sitharaman confirms in Rajya Sabha that the Income Tax Bill 2025 simplifies tax laws without altering rates, replacing the outdated 1961 Act to reduce complexity and litigation.

Posted in Income Tax | 1281 Views