CAclubindia News

CBI Arrests Income Tax Inspector and Middleman in Rs 70,000 Bribery Case in Vijayawada

01 August 2025 at 09:33

The CBI has arrested an Income Tax Inspector in Vijayawada and a middleman for accepting a Rs 70,000 bribe from a businessman in Eluru to suppress departmental action. A trap was laid following a complaint, and both accused are now in custody.

Posted in Income Tax | 2184 Views

ICAI Warns of Action Against CAs Violating New Tax Audit Limits

01 August 2025 at 09:31

ICAI will implement a mandatory tax audit cap of 60 per partner from April 2026. Violators may face disciplinary action. ICAI also partners with IVCA and NSE arm, launches international ADR centre.

Posted in Income Tax | 3477 Views

75 Year Old Senior Citizen Gets IT Notice for AY 2014

01 August 2025 at 09:17

75-year-old receives an IT demand for AY 2014. Can old tax returns be reopened? Understand reassessment rules under Section 148, documentation tips and senior citizen support options.

Posted in Income Tax | 4074 Views

Income Tax Department Targets Jewellery Sector Over Misuse of Inventory Valuation Rules

01 August 2025 at 09:08

The Income Tax Department has uncovered cases of jewellers using the LIFO method, banned under ICDS II to undervalue closing stock and evade taxes amid skyrocketing gold prices. Investigations are underway.

Posted in Income Tax | 1791 Views

Finance Ministry Introduces Premature Termination Clause in Customs & Excise Settlement Commission Rules

01 August 2025 at 08:59

Centre amends rules for Customs & Excise Settlement Commission; allows termination of office bearers with compensation up to 3 months' pay.

Posted in Custom | 135 Views

India-UK FTA: ICAI Secures Global Recognition for Indian Chartered Accountants

01 August 2025 at 08:49

ICAI secures global practice rights for Indian CAs under India-UK Free Trade Agreement.

Posted in Professional Resource | 246 Views

Finance Ministry Pushes 100% FDI in Insurance for Faster Sectoral Growth

31 July 2025 at 09:26

FM Sitharaman confirms 100% FDI in insurance to boost sector growth; government rules out any changes to crypto tax or GST on flex-fuel vehicles. Key updates also include smart meter progress, ADP fund allocation and GST collection trends.

Posted in Income Tax | 1263 Views

Supreme Court to Conclude Hearings on Online Gaming GST Case

31 July 2025 at 09:17

The Supreme Court is set to conclude hearings on the online gaming GST dispute, deciding whether 28% GST applies retrospectively on the full value of bets, impacting companies like Dream11, Gameskraft, and MPL.

Posted in GST | 480 Views

Centre Notifies Concessional Guarantee Fee for Borrowings by Infrastructure Bank from Global Institutions

31 July 2025 at 09:11

The Ministry of Finance has notified a 0.1% concessional government guarantee fee for NaBFID borrowings from multilateral and foreign institutions, boosting access to low-cost funds for infrastructure development.

Posted in Others | 297 Views

Income Tax Department Releases Offline and Online Utility for ITR-3 Filing for AY 2025-26

31 July 2025 at 09:03

The Income Tax Department has released the offline and online utilities for ITR-3 filing for AY 2025-26. Taxpayers with income from business or profession can now file their returns using updated tools via the e-filing portal.

Posted in Income Tax | 1 comments | 234 Views