CAclubindia News

Income Tax Return Forms ITR-1 and ITR-4 Now Available for Online Filing with Prefilled Data

04 June 2025 at 13:27

The Income Tax Department has enhanced the online filing experience for taxpayers by enabling the Income Tax Return (ITR) forms ITR-1 (Sahaj) and ITR-4 (Sugam) to be filed online with prefilled data.

Posted in Income Tax | 522 Views

19 Year Old Boy in Crore GST Scam: B2C Credit Fraud Busted

04 June 2025 at 11:34

A 19-year-old youth whose name is Sanket Mittal was involved in fraudulently availing Input Tax Credit under the Goods and Services Tax (GST) regime by misusing B2C credit from online mobile sales (like Amazon, Flipkart, Appario).

Posted in GST | 537 Views

Rs 500 Note Not Being Discontinued: PIB Fact Check Debunks Viral Claim

04 June 2025 at 09:19

In the age of viral misinformation, yet another baseless rumour is doing the rounds-this time claiming that the Reserve Bank of India (RBI) will discontinue the circulation of Rs 500 currency notes by March 2026.

Posted in Others | 1797 Views

Navi Mumbai Professor Duped of Rs 1.81 Crore in Fake Income Tax Scam

04 June 2025 at 09:10

In a disturbing incident of cybercrime, a woman professor from a reputed educational institute in Navi Mumbai lost Rs 1.81 crore after falling prey to a well-orchestrated scam by con artists posing as Income Tax officials.

Posted in Income Tax | 2283 Views

Ministry of Finance appoints Punjab National Bank as Official Liquidator for 32 Defunct Banks

04 June 2025 at 09:05

The Ministry of Finance (Department of Financial Services) has officially appointed Punjab National Bank (PNB) as the official liquidator for the winding-up proceedings of 32 defunct banking companies, as per a notification dated June 3, 2025.

Posted in Others | 579 Views

OTT Platforms and Gaming Apps May Face Dual Taxation Under New Supreme Court Ruling

03 June 2025 at 09:30

A recent Supreme Court ruling permitting dual taxation on television broadcasters has sparked widespread concern across India's rapidly growing over-the-top (OTT) and digital entertainment industry.

Posted in GST | 1257 Views

CBI Arrests Senior IRS Officer for Rs 25 Lakh Bribe in Income Tax Corruption Case

03 June 2025 at 09:28

The Central Bureau of Investigation (CBI) has arrested a senior IRS officer and a private intermediary for allegedly accepting a bribe of Rs 25 lakh in exchange for favourable treatment in an income tax matter.

Posted in Income Tax | 1590 Views

CBIC Appoints Commissioner for Adjudication of 700 Pending Customs Appeals Across Mumbai Zones

03 June 2025 at 09:23

The Central Board of Indirect Taxes and Customs (CBIC), in a significant move aimed at streamlining customs appeals and ensuring efficient adjudication, has issued Notification No. 39/2025-Customs (N.T.) dated May 30, 2025.

Posted in Custom | 1131 Views

Textile Trader Arrested in Rs 100 Crore Fake Invoice GST Scam

03 June 2025 at 09:21

In a major crackdown on GST fraud, the Directorate General of GST Intelligence (DGGI) has arrested a Surat-based textile trader for allegedly generating fake invoices worth Rs 100 crore to fraudulently claim ITC of Rs 15.19 crore.

Posted in GST | 444 Views

CBDT Notifies REC Ltd.'s Rs 5,000 Crore Zero Coupon Bond u/s 2(48) of IT Act

03 June 2025 at 09:18

The Ministry of Finance, Department of Revenue, CBDT, has issued Notification No. 52/2025 dated May 30, 2025, formally recognizing the "Ten Year Zero Coupon Bond" issued by REC Ltd. as a zero coupon bond under Clause (48) of Section 2

Posted in Income Tax | 447 Views