CBIC Notification No. 6/2024 dated 22 February 2024 In a recent development, the government has empowered the GST Network to share data concerning GST-registered businesses, subject to their consent, with the Reserve Bank of India’s (RBI’s) ‘Public Tech Platform for …
CBDT Notification No. 22/2024 Dated 21 February 2024: Corrigendum to Notification 19/2024 Bringing Further Changes in ITR Form 2, 3 & 5 The Central Board of Direct Taxes (CBDT) issued Notification No. 22/2024 on Dated 21 February 2024, as a …
Congress Party emphasized that the Income Tax Department should halt any further action until the outcome of the stay application pending in ITAT The Indian National Congress has found itself in the midst of a financial tussle with the Income …
Persons accused in this GST Fraud have been charged under various sections of the stringent GUJCTOC (Gujarat Control of Terrorism and Organised Crime) Act, 2015 In a major crackdown, authorities have apprehended twenty key suspects involved in an alleged Goods …
GSTN announces the launch of the revamped e-invoice master information portal https://einvoice.gst.gov.in In celebration of the successful one-year anniversary since the launch of five additional IRP portals and the e-invoice QR Code Verifier app, GSTN is thrilled to announce the …
Notices will be issued only to the taxpayers for whom the Income Tax department possesses concrete information, CBDT Chairman Nitin Gupta says In a move aimed at ensuring compliance with tax regulations, the Income Tax Department is set to dispatch …
Three Arrested on Extortion while Posing as GST Officers and Demanding Money from Motorists in Jalpaiguri In a recent development, three individuals have been apprehended under suspicion of extortion while masquerading as GST officers. Identified as Subhajit Ghosh, Rupesh Tirki, …
Learn about the announcement by the Central Board of Direct Taxes (CBDT) where taxpayers with pending tax demands up to Rs.1 Lakh can benefit from remission and extinguishment of their tax liabilities In a recent move aimed at providing relief …
Following the BJP government’s formation in Chhattisgarh, the state GST department cracking down on tax evaders. Raids reveal significant amounts surrendered, with a flower seller and transporter among those surrendering millions. GST Raids in Chhattisgarh: In the wake of the …
Learn about important cash transaction limits under Indian Income Tax laws to stay compliant and avoid penalties. From cash deposits and withdrawals to real estate transactions, get insights into regulations and limits Cash Transaction Limits: In the realm of financial …
In a recent Ruling, the Supreme Court declared the electoral bonds scheme unconstitutional. But it’s essential to note that the tax deduction for donors remain unaffected until an amendment is brought under the Income Tax Act Tax Deduction on Electoral …
Learn about the recent ITC reversal notices issued to builders, implications of reversing Input Tax Credit (ITC), and compliance requirements for ongoing and new projects under GST regulations In a recent development, numerous builders have been served with notices by …
ITRs of salaried employees in Odisha are assessed by the I-T dept and cases of mismatch in claims of deductions/exemptions in ITRs vis-s-vis Form 16 resulting into refunds of more than Rs.50000 Targeted Huge Mismatch Found in ITRs of Salaried …
Department of Revenue, Ministry of Finance, invites applications for appointment to the posts of the Judicial Members, Technical Members (Centre) and Technical Member (State) in Principal Bench and States Benches of GST Appellate Tribunal Applications Invited for Appointment of GSTAT …
Insurance agents have been served notices under the Benami Transactions (Prohibition) Amendment Act, 2016 In a significant revelation, the Income Tax (I-T) Department has uncovered a staggering Rs 25,000 crore benami deal within the insurance sector. The probe sheds light …
Action of Anti-Corruption Bureau was in Response to a Complaint by an Export Company In a recent development, the Anti-Corruption Bureau (ACB) has apprehended Pankaj Khurana, a chartered accountant (CA), and Prem Raj Meena, a Central GST superintendent, on charges …
Notes on Tax Structure in India: Corporate Tax Vs Personal Income Tax In the realm of tax collections, a notable shift has emerged where personal income tax (PIT) now surpasses corporations tax contributions to the central government’s coffers. This nuanced …
DGGI Has Detected Cases where Individuals with Malicious Intention Issuing Fake Summons CBIC Warns Taxpayers about Fake Summons: In a recent development, the Central Board of Indirect Taxes and Customs (CBIC) has issued a cautionary advisory regarding the emergence of …
Provisions under Clause(h) of Section 43B of Income Tax Act The Finance Act of 2023 brought about a crucial amendment to Section 43B of the Income Tax Act, 1961, with the addition of clause (h) which took effect from April …
This Raid is a Part of an Extensive Investigation Against a Former MLA & MP Suspected in Significant Tax Evasion and Accumulating Disproportionate Assets The Income Tax Department’s Investigation Wing recently carried out a raid at the residence of former …