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CAclubindia News


Finance Ministry Fast-Tracks Income Tax Act Review, Targets January 2025 Deadline

   20 September 2024 at 09:12

The Finance Ministry is accelerating efforts to review and simplify the Income Tax Act, 1961, with a target completion date of January 2025, ahead of the Union Budget in February, sources familiar with the matter revealed.

Posted in Income Tax |   15 Views


Indian Overseas Bank Receives Rs 123.87 Crore Income Tax Refund for AY 2021-22

   20 September 2024 at 09:08

In a significant financial development, public sector lender Indian Overseas Bank (IOB) announced on Thursday, September 19, that it has received an order from the Income Tax Department confirming a refund of ₹123.87 crore.

Posted in Income Tax |   9 Views


Net Direct Tax Collections Surge 21.48% YoY, Reach Rs 12.01 Lakh Crore by September 2024

   19 September 2024 at 14:43

For the period from April to September 2024, gross direct tax collections have reached Rs 12.01 lakh crore, a significant rise from Rs 9.88 lakh crore collected during the same period in 2023.

Posted in Income Tax |   210 Views


Tragic Death of Young CA at EY Highlights Toxic Work Culture Debate

   19 September 2024 at 11:01

The recent passing of 26-year-old Anna Sebastian Perayil, a newly hired Chartered Accountant at Ernst & Young (EY) in Pune, has ignited a widespread discussion on social media about the prevalence of toxic work environments in India.

Posted in Students  1 comments |   3678 Views


NFRA Releases Revised SA 600 for Public Consultation to Strengthen Group Audits

   19 September 2024 at 09:13

The National Financial Reporting Authority (NFRA) has issued revised Standards on Auditing (SA 600) for public consultation, aiming to strengthen group audits in response to deficiencies highlighted in several corporate fraud cases.

Posted in Audit  1 comments |   1626 Views


Zomato Hit with Rs 17.7 Crore GST Demand Order

   19 September 2024 at 09:08

Online food delivery platform Zomato has received a GST demand order totaling Rs 17.7 crore from the Assistant Commissioner of Revenue, West Bengal.

Posted in GST |   246 Views


FM Sitharaman Launches NPS Vatsalya: New Pension Scheme for Parents to Secure Children's Future

   19 September 2024 at 08:59

Union Finance Minister Smt. Nirmala Sitharaman launches NPS Vatsalya in New Delhi

Posted in Income Tax |   1674 Views


Income Tax Department Raises Threshold for Filing Appeals in Tribunals and Courts

   18 September 2024 at 14:40

In accordance with the latest circular from the Income Tax Department, it has raised the minimum threshold for filing appeals to the Income Tax Appellate Tribunal (ITAT) and the High Courts and Supreme Court.

Posted in Income Tax |   2697 Views


CBDT Issues SOP for Handling Internal Audit Objections

   18 September 2024 at 09:20

The Central Board of Direct Taxes (CBDT) has issued Instruction No. 2/2024 on September 09, 2024, revising the Standard Operating Procedure (SOP) for handling internal audit objections in tax assessments.

Posted in GST |   3108 Views


FM Sitharaman Hints at GST Rate Rationalisation to Simplify Tax Structure

   18 September 2024 at 09:12

On September 16th, Monday, Union Finance Minister Nirmala Sitharaman said that the Narendra Modi government is keen on the process of rationalising the GST rates to make them hassle-free and there is also the likelihood of a reduction of rates.

Posted in GST |   1956 Views