CAclubindia News

CBDT Notifies ITR Forms 1 and 4 for AY 2025-26

30 April 2025 at 09:02

CBDT has notified the Income-tax (Twelfth Amendment) Rules, 2025 through Notification No. 40/2025, dated April 29, 2025, amending the Income-tax Rules, 1962. The revised ITR-1 and ITR-4 forms are now applicable for AY 2025-26.

Posted in Income Tax | 3861 Views

FM Nirmala Sitharaman Targets 1 Billion UPI Transactions Per Day Within 2-3 Years

30 April 2025 at 08:57

Union Finance Minister Nirmala Sitharaman has set an ambitious roadmap for India's digital payments ecosystem, emphasizing the need to achieve one billion Unified Payments Interface (UPI) transactions per day within the next two to three years.

Posted in Others | 75 Views

Customs Issues Instruction to Close Attari Integrated Check Post for All Movements Amid Security Alert

29 April 2025 at 08:59

Govt of India has ordered the closure of the Integrated Check Post (ICP) at Attari on the India-Pakistan border in Punjab, with immediate effect, following a terrorist attack on tourists at Pahalgam on April 22, 2025.

Posted in Custom | 831 Views

Ministry of Finance Revises Authorized Banks for Customs Duty Collection

29 April 2025 at 08:56

The Ministry of Finance (Department of Revenue) has issued Notification No. 24/2025-Customs, introducing key amendments to the long-standing Notification No. 50/2017-Customs, originally dated June 30, 2017.

Posted in Custom | 198 Views

CBDT Sets Aggressive Rs 2.4 Lakh Crore Target to Unearth Black Money in FY 2025-26

29 April 2025 at 08:52

In a bold move to curb black money and strengthen the formal economy, the CBDT has unveiled an aggressive action plan for the fiscal year 2025-26.

Posted in Income Tax | 1632 Views

Commercial Taxes Inspector Arrested for Rs 20 Lakh Bribe in Paan Masala Smuggling

28 April 2025 at 08:33

In a major crackdown on corruption, the Lokayukta police arrested a commercial taxes department inspector, Nijanandamurthy M.R., for allegedly accepting a ₹20 lakh bribe to facilitate the illegal transportation of paan masala consignments into Bengal

Posted in GST | 615 Views

RBI Revises FEMA Compounding Rules: Penalty Capped at Rs 2 Lakh

28 April 2025 at 08:33

RBI has introduced a key amendment to its compounding framework under the Foreign Exchange Management Act (FEMA), 1999. As per A.P. (DIR Series) Circular No. 04/2025-26

Posted in Others | 1509 Views

Faceless IT Scheme Sabotage: CBI Arrests Senior IRS Officer, Private Individual

26 April 2025 at 09:00

CBI arrests two accused including an IRS Officer and a private person on allegations of involvement in sabotaging the Faceless Scheme of Income Tax Assessment

Posted in Income Tax | 2 comments | 3066 Views

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 | 1311 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 | 1113 Views