CAclubindia News

Direct Tax Collections Rise 13.57% in FY 2024-25

26 April 2025 at 08:57

Direct tax collections for the financial year 2024-25 have recorded a significant upswing, with net collections reaching Rs 22.26 lakh crore as of March 31, 2025, according to provisional data released by CBDT

Posted in Income Tax | 1470 Views

CBIC Assigns Customs Authorities to Adjudicate High-Profile Show Cause Notices Involving Top Companies

26 April 2025 at 08:55

CBIC has issued Notification No. 29/2025-Customs (N.T.) dated 24th April 2025, delegating adjudication powers to various commissioners within the Mumbai Customs Zones I to III.

Posted in Custom | 1233 Views

Finance Ministry Includes I4C Under PMLA to Fight Money Laundering Linked to Cybercrime

26 April 2025 at 08:52

Ministry of Finance has notified the inclusion of the Indian Cyber Crime Coordination Centre (I4C) under the list of agencies authorized to receive information under the PMLA 2002.

Posted in Others | 1227 Views

College Girl Gets GST Notice Over Rs 35 Crore Deposited in Her Account

26 April 2025 at 08:49

In a shocking revelation, a massive GST scam involving a Mumbai college girl has come to light after she received a notice from the GST department over Rs 35 crore in bogus transactions.

Posted in GST | 3 comments | 53658 Views

CBDT Clarifies Disallowance of Legal Settlement Expenses under Section 37 via FAQs

25 April 2025 at 08:56

CBDT issues FAQs on Notification No. 38/2025 clarifying that expenses incurred to settle proceedings under SEBI, Competition, and Depositories laws will not qualify for tax deductions under Section 37 of the Income-tax Act from AY 2025-26 onwards.

Posted in Income Tax | 3327 Views

CBIC Waives Transshipment Application Fees for Imported Goods Across All Customs Stations

25 April 2025 at 08:52

The Central Board of Indirect Taxes and Customs (CBIC) notifies a key amendment to the Goods Imported (Conditions of Transshipment) Regulations, 1995, eliminating fees for transshipment applications with effect from April 24, 2025.

Posted in Custom | 1815 Views

GST Appellate Tribunal Procedure Rules, 2025 Notified by Finance Ministry

25 April 2025 at 08:50

The Finance Ministry has notified the GST Appellate Tribunal (Procedure) Rules, 2025, outlining comprehensive procedures for filing and hearing appeals under the CGST Act, 2017.

Posted in GST | 4131 Views

IT Department Issues Notices to Salaried Taxpayers Over 'Unrealistic' Exemption Claims in ITRs

25 April 2025 at 08:40

The Income Tax Department has issued a wave of notices to salaried taxpayers since the beginning of the financial year, flagging "unrealistic" exemption claims made in their income tax returns (ITRs), according to official sources.

Posted in Income Tax | 143409 Views

Luxury Items Over Rs 10 Lakh to Attract TCS - Key FAQs Issued

24 April 2025 at 09:07

CBDT Notifies Luxury Items for TCS - FAQs on Section 206C(1F) Update

Posted in Income Tax | 2781 Views

CBDT Rules Out Tax Relief for Penalty Settlements in SEBI, Competition Law Violations

24 April 2025 at 08:43

CBDT has issued a crucial notification clarifying that any expenditure incurred by businesses to settle proceedings related to violations under key financial and competition laws will not qualify as deductible business expenses under the IT Act, 1961.

Posted in Income Tax | 2139 Views