CAclubindia News

ICAI Limits 60 Tax Audit Assignments Per CA Partner from FY 2026-27

30 July 2025 at 09:05

ICAI has issued new guidelines titled "The Chartered Accountants (Limit on Number of Tax Audits) Guidelines, 2025," capping tax audit assignments at 60 per CA per year, effective from April 1, 2026

Posted in Income Tax | 9225 Views

Excel Utilities for Updated Returns in ITR-1 & ITR-2 for AY 2021-22 and 2022-23 Now Available

30 July 2025 at 08:44

The Income Tax Department has released the Excel Utilities for filing updated returns (ITR-U) using ITR-1 and ITR-2 forms for Assessment Years (AY) 2021-22 and 2022-23. These updates are aligned with the amendments introduced in the Finance Act, 2025

Posted in Income Tax | 168 Views

Govt Issues 5,892 AEO Certificates to Boost Exports and Imports as of June 2025

30 July 2025 at 08:40

The Government of India has issued 5,892 AEO certificates as of June 30, 2025, to fast-track exports and imports. Key initiatives include trade facilitation for MSMEs, relaxed norms, and global recognition through Mutual Recognition Arrangements (MRAs).

Posted in Custom | 96 Views

GST on Apartment Maintenance: No Burden on Residents, Clarifies FM Sitharaman

29 July 2025 at 09:18

Finance Minister Nirmala Sitharaman clarifies that GST applies only to apartment associations with turnover above Rs 20 lakh and monthly maintenance charges over Rs 7,500 per member. Residents are not liable for GST compliance.

Posted in GST | 37 comments | 405144 Views

Ex-ED Officer Sentenced to 3 Years in Bribery Case by Special CBI Court in Bengaluru

29 July 2025 at 09:02

A special CBI court in Bengaluru has sentenced former ED officer M. Lalit Bazad to 3 years in prison with a Rs 5.5 lakh fine for accepting a Rs 5 lakh bribe in a 2021 corruption case linked to a China loan scam.

Posted in GST | 309 Views

CBDT Offers Relief to Taxpayers: Returns Invalidated Due to Technical Errors to Be Reprocessed

29 July 2025 at 08:59

CBDT relaxes time limit for processing ITRs wrongly invalidated due to technical issues. Returns filed up to March 31, 2024, to be reprocessed by March 31, 2026. Refunds will follow, subject to PAN-Aadhaar linkage.

Posted in Income Tax | 3222 Views

CBDT Expands Rule 21AK: FPIs in IFSCs Now Eligible for Tax Exemptions

29 July 2025 at 08:51

The Central Board of Direct Taxes has notified the Twentieth Amendment to the Income-tax Rules, 1962, expanding Rule 21AK to include over-the-counter derivatives and foreign portfolio investors in IFSCs. Effective from July 28, 2025.

Posted in Income Tax | 1650 Views

Centre Notifies Amendment to General Insurance Pension Scheme, Extends Benefits to Executive Directors

29 July 2025 at 08:45

The Ministry of Finance notifies the General Insurance (Employees’) Pension (Amendment) Scheme, 2025, extending pension benefits to Executive Directors of public sector general insurance companies, effective retrospectively from December 21, 2023.

Posted in Income Tax | 1254 Views

98,995 MSME Loans Sanctioned Under New Digital Credit Assessment Model

29 July 2025 at 08:41

India introduces a Digital Credit Assessment Model for MSMEs, enabling faster, fully digital loan approvals by leveraging real-time data and reducing paperwork. Over 98,000 MSME loans sanctioned under the new model since April 2025.

Posted in Corporate Law | 126 Views

India Records Over Rs 12,000 Lakh Crore in Digital Payments Across 65,000 Crore Transactions in 6 Years

29 July 2025 at 08:38

India has recorded over 65,000 crore digital transactions worth more than Rs 12,000 lakh crore in the last 6 financial years, driven by UPI, government initiatives, and RBI-backed infrastructure

Posted in Corporate Law | 117 Views