CAclubindia News

CBDT Tightens Scrutiny of Top Advance Tax Payers to Curb Bogus Exemption Claims in FY 2025-26

08 May 2025 at 09:05

CBDT has instructed income-tax officials across the country to intensify monitoring of top advance tax payers, including both individuals and corporates, for bogus claims of exemptions and deductions.

Posted in Income Tax | 1782 Views

ICAI Celebrates Accounting Standards Day to Highlight Role of Standards in preparation of Financial Statements

08 May 2025 at 09:05

The Institute of Chartered Accountants of India (ICAI), celebrated Accounting Standards Day (AS Day) on theme Navigating the Financial Reporting Landscape.

Posted in Accounts | 177 Views

CBDT Notifies Revised ITR-V and Acknowledgement Forms for AY 2025-26

08 May 2025 at 09:04

The Central Board of Direct Taxes (CBDT), under the Ministry of Finance, has notified the Income-tax (Seventeenth Amendment) Rules, 2025 via Notification No. 45/2025 dated May 7, 2025.

Posted in Income Tax | 5568 Views

CBDT Notifies New ITR-6 Form for AY 2025-26

07 May 2025 at 17:31

In a significant move aimed at streamlining corporate tax filings, the Central Board of Direct Taxes (CBDT) has notified the amended ITR-6 form applicable for companies for the Assessment Year (AY) 2025-26.

Posted in Income Tax | 1575 Views

Income Tax Dept Targets Disposal of 2 Lakh Appeals Worth Rs 10 Lakh Crore in FY26

07 May 2025 at 09:04

In a major push to expedite tax dispute resolution and unlock substantial revenue, the Income Tax Department has set a bold target of disposing over 200,000 appeals in FY26.

Posted in Income Tax | 6864 Views

Finance Ministry Brings Key Payment Law Amendments into Force from 9th May 2025

07 May 2025 at 09:00

The Ministry of Finance has officially notified that Sections 152 and 153 of the Finance Act, 2017, which amend the Payment and Settlement Systems Act, 2007, will come into force from May 9, 2025.

Posted in Others | 2790 Views

GSTN Defers Invoice-wise Reporting Functionality in GSTR-7 Due to Technical Glitches

07 May 2025 at 08:56

In a recent update, the GSTN has announced a deferment in the implementation of the invoice-wise reporting functionality in Form GSTR-7, which was originally scheduled to go live for the return period starting April 2025.

Posted in GST | 2127 Views

CBDT Tightens Oversight on Top Advance Taxpayers to Boost FY26 Direct Tax Collection

06 May 2025 at 09:04

With an ambitious direct tax collection target of Rs 25.2 trillion for FY 2025-26, the CBDT has directed income-tax officials to intensify scrutiny of top advance tax payers and root out bogus claims of exemptions and deductions.

Posted in Income Tax | 3234 Views

IT Department Recovers Rs 1,400 Crore From 63,000 Donors Linked to Dubious Political Donations

06 May 2025 at 09:01

Income Tax Department has recovered Rs 1,400 crore from over 63,000 individuals who evaded taxes by falsely claiming deductions for donations made to RUPPs during the financial years 2022-23 and 2023-24.

Posted in Income Tax | 2247 Views

CBIC Directs GST Officers to Ensure Timely Record Submission to CAG Audit Teams

06 May 2025 at 08:58

CBIC has issued a directive to all GST field formations across India, emphasizing the urgent need for timely submission of records and information to the Comptroller and Auditor General (C&AG) audit teams.

Posted in GST | 1506 Views