CAclubindia News

No 18% GST on Penal Charges, Confirms Finance Ministry

31 January 2025 at 09:16

In a major relief for borrowers and financial institutions, the Ministry of Finance has clarified that penal charges imposed by banks and NBFCs for non-compliance with loan terms will not attract 18% GST.

Posted in GST | 1 comments | 2427 Views

CBIC Clarifies Late Fee Applicability for GSTR-9C Filing

31 January 2025 at 09:15

CBIC has issued Circular No. 246/03/2025-GST on January 30, 2025, providing clarity on the applicability of late fees for delays in filing the reconciliation statement in FORM GSTR-9C

Posted in GST | 5394 Views

Draft Bank Branch Auditors' Panel (MEF) for 2024-25 Now Live

31 January 2025 at 09:15

The Professional Development Committee of the Institute of Chartered Accountants of India (ICAI) is pleased to announce that the Draft Bank Branch Auditors' Panel (MEF) for the year 2024-25 has been published on the official ICAI website.

Posted in Audit | 888 Views

Real Estate Sector Seeks Affordable Housing Limit Hike, Tax Benefits in Budget 2025

31 January 2025 at 09:13

The Indian real estate sector has urged the government to enhance the monetary cap for affordable housing from the current Rs 45 lakh to at least Rs 75 lakh or even Rs 1 crore, citing rising construction costs and inflation.

Posted in Union Budget | 396 Views

Finance Bill 2025 May Amend CGST Act to Introduce Track and Trace Mechanism for High-Evasion Goods

31 January 2025 at 09:13

The upcoming Finance Bill 2025 may include a significant amendment to the Central Goods and Services Tax (CGST) Act, 2017, introducing a Track and Trace Mechanism aimed at curbing tax evasion in high-risk commodities.

Posted in GST | 2391 Views

Bombay HC Directs IT Dept to Restore Section 87A Tax Rebate in ITR Utility

30 January 2025 at 09:24

In a significant ruling on January 24, 2025, the Bombay High Court held that the Income Tax Department (ITD) acted arbitrarily by modifying the ITR utility software to deny Section 87A tax rebate claims on special rate incomes post-July 5, 2024.

Posted in Income Tax | 5868 Views

Union Budget 2025: Senior Citizens Expect Higher Tax Exemptions and Better Savings Scheme Returns

30 January 2025 at 09:20

With the Union Budget 2025 set to be presented by Finance Minister Nirmala Sitharaman on February 1, senior citizens are eagerly anticipating potential tax relief measures and improved interest rates on savings schemes.

Posted in Union Budget | 1665 Views

GSTN Update: Taxpayers Can Opt for Composition Scheme for FY 2025-26 from 4th Feb to 31st March 2025

30 January 2025 at 09:17

The Goods and Services Tax Network (GSTN) has announced that taxpayers can opt for the Composition Scheme for the financial year 2025-26 by filing Form CMP-02 on the GST Portal.

Posted in GST | 3798 Views

CBDT Declares Key Income Tax IT Systems as 'Protected Systems' Under IT Act, 2000

30 January 2025 at 09:16

The Ministry of Finance has issued a notification under the Information Technology Act, 2000, designating key IT systems of the Directorate of Income Tax (Systems), and Central Board of Direct Taxes (CBDT) as Protected Systems.

Posted in Income Tax | 2265 Views

55th GST Council Meeting: Key Clarifications and Regularizations Announced

29 January 2025 at 09:11

The 55th GST Council meeting, held on December 21, 2024, in Jaisalmer, has introduced crucial clarifications and regularizations to streamline tax compliance and provide relief to various sectors.

Posted in GST | 3744 Views