CAclubindia News

ICAI Releases Exposure Draft of Guidance Note on Audit of Banks (2025 Edition)

25 January 2025 at 08:56

The Auditing and Assurance Standards Board (AASB) of the Institute of Chartered Accountants of India (ICAI) has released the Exposure Draft of the Guidance Note on Audit of Banks (2025 Edition) for public comments.

Posted in Audit | 888 Views

Bombay High Court Upholds 2007 Income Tax Amendments Affecting Bank Officers

24 January 2025 at 09:25

The Bombay High Court dismissed petitions filed by nationalized bank officers challenging the constitutional validity of the 2007 amendments to the IT Act

Posted in Income Tax | 2076 Views

SWFs Seek Tax Exemption Extension for Infrastructure in Budget 2025

24 January 2025 at 09:24

As the Union Budget 2025 approaches, foreign sovereign wealth funds (SWFs) and pension funds are lobbying for an extension of the tax exemption on their investments in India's infrastructure sector.

Posted in Union Budget | 558 Views

CBIC Issues Key Notification to Strengthen Central Excise and Service Tax Jurisdiction

24 January 2025 at 09:23

In a significant move to streamline the administration of indirect taxes, the CBIC issued Notification No. 01/2025-Central Excise (N.T.), designating and empowering specific Central Excise Officers with enhanced jurisdiction and authority.

Posted in GST | 1836 Views

CBIC Waives Late Fees for Filing GSTR-9C for FY 2017-18 to FY 2022-23

24 January 2025 at 09:17

The Ministry of Finance waives late fees for delayed filing of GSTR-9C reconciliation statements for FY 2017-18 to FY 2022-23, if filed by March 31, 2025. Learn more about the relief for taxpayers.

Posted in GST | 1 comments | 5742 Views

CBIC Amends GST Rules to Enhance Compliance for Composition Taxpayers via FORM GST CMP-02

24 January 2025 at 09:14

CBIC introduces amendments to GST Rules, 2025, enabling composition taxpayers to furnish key information in FORM GST CMP-02. These changes aim to simplify compliance and improve transparency in the GST framework.

Posted in GST | 10728 Views

CBIC Introduces Temporary Identification Number in GST Rules 2025

24 January 2025 at 09:12

The Central Board of Indirect Taxes and Customs (CBIC) has amended GST Rules, 2025, introducing a Temporary Identification Number (TIN) for individuals or entities not liable for GST registration but required to make payments under the Act.

Posted in GST | 6201 Views

CBDT Introduces Special Taxation Provisions for Non-Resident Cruise Ship Operators

23 January 2025 at 09:19

As a measure to promote investment and employment, Finance (No. 2) Act, 2024 inter alia provided a presumptive taxation regime for non-residents, engaged in the business of operation of cruise ships.

Posted in Income Tax | 2133 Views

Union Budget 2025: Key Expectations and Demands of SMEs and MSMEs

23 January 2025 at 09:15

As the Union Budget approaches, the Small and Medium Enterprises (SMEs) and Micro, Small, and Medium Enterprises (MSMEs) - the backbone of India's economic growth and employment generation are pinning their hopes on strategic reforms

Posted in Union Budget | 2139 Views

GSTN Resolves Duplicate Entry Issue in GSTR-2B: Advisory for Taxpayers Filing GSTR-3B

23 January 2025 at 09:12

The Goods and Services Tax Network (GSTN) has addressed and resolved an issue concerning duplicate entries in GSTR-2B for certain taxpayers. A corrected GSTR-2B has now been generated.

Posted in GST | 2688 Views