The Investigation Directorate of Income Tax Department, North East Region has initiated strict measures to monitor the movement of unaccounted cash and its potential role in influencing the 2024 Lok Sabha election process in Assam. In a proactive move, the …
Presently, Flex Fuel Vehicles are subject to a GST rate of 28%, along with a 15% cess. Except Electric vehicles (5% GST) and Hydrogen fuel cell vehicles (12% GST), all other vehicle categories, including two-wheelers, attract a GST rate of …
CBDT Circular No. 2/2024 dated 5 March 2024: Time Extension for Trusts or Institutions to rectify Audit reports of AY 2023-24 on or before 31 March 2024 by using correct form 10B/10BB as prescribed. Listen the Circular: For funds, institutions, …
The accused, identified as Kunal Mehta alias Goldy and a resident of Haryana’s Hisar, was wanted by the Noida Sector 20 police station for his role in the GST Scam An accused linked to the Noida Police’s investigation into the …
E-Verification Scheme 2021: Press Release of MoF Dt 4 March 2024Â Listen the Scheme: E-Verification Scheme 2021: The Income Tax Department has taken a significant step towards enhancing transparency and fostering voluntary tax compliance with its latest initiative – the …
GST evasion typologies, collaborative efforts, and leveraging technology for early detection of potential evaders were the Key topics discussed in the Conference. The first-ever National Conference of Enforcement Chiefs of State and Central GST Formations took place in New Delhi …
P. Sarath, son of a senior TDP Leader arrested by the Machavaram Police under the Vijayawada Police Commissionerate on February 29. The police allege that Sarath, as the former director of Avexa, defrauded the state government of crores of rupees. …
Understanding the Taxability of Gifts under Income Tax Act 1961: Exemptions and Taxable Gifts Explained The concept of gifts in India has undergone several changes over the years, particularly in terms of taxation. Initially introduced in April 1958 under the …
Union Finance Minister Nirmala Sitharaman is poised to inaugurate a pivotal one-day National Conference of Enforcement Chiefs of State and Central GST formations in the heart of New Delhi on Monday, March 4, 2024. This significant event, organized by the …
Maharashtra Anti-Corruption Bureau Books Sales tax Officer and 16 Traders for Rs 175.93 Crore GST Fraud. Charges framed under several sections of PCA and IPC In a significant development, the Maharashtra Anti-Corruption Bureau (ACB) has unearthed a massive Rs 175.93 …
According to CBDT Order Dated 1 march 2024, all electronically filed valid returns for AY 2021-22 with refund claims, for which the date of sending intimation has lapsed, can now be processed. In a recent development, the Central Board of …
Average monthly gross GST collection for FY 2023-24 is ₹1.67 lakh crore, exceeding ₹1.5 lakh for FY 2022-23; Gross GST collection reaches ₹18.40 lakh crore for FY 2023-24, grows 11.7% Y-o-Y; Net revenue at ₹1.51 lakh crore is up 13.6% …
FIU-IND has imposed a penalty of Rs. 5,49,00,000 on Paytm Payments Bank Ltd for breaching obligations under the Prevention of Money Laundering Act (PMLA) and its associated rules Penalty of 5.49 Cr imposed on Paytm Payments Bank: According to a …
A startling scam has been uncovered in Uttar Pradesh, revealing a scam where fraudsters exploited hand pumps to claim false refunds using the Inverted Duty Structure (IDS) mechanism under GST. GST Scam Unearthed: Under normal circumstances, taxes on inputs are …
The government is actively reviewing the concerns of stakeholders and assessing whether there are valid grounds for amendments to this 45-days payment rule for MSMEs. 45-days Payment Rule for MSMEs: The Finance Ministry is contemplating a revision to a recent …
March 2024 is set to bring in a wave of new rules and updates that will impact various sectors, from businesses to road travellers. Stay informed about these changes to ensure a smooth transition into the new financial year. Here …
Diamond Trader of Katargam (Surat) Looted of Rupees Eight Crores by a Man Posing as Income Tax Officer Diamond Trader Robbed by Fake Income Tax Officer: A shocking incident unfolded in the Katargam region as a diamond trader fell victim …
GSTN Update on clarification about delays in some instances of GST registration despite successful Aadhar authentication aims to provide transparency. Learn about the reasons and processing timelines here. In a recent development, the Goods and Services Tax Network (GSTN) has …
Authorities allege that this person has been orchestrating this GST scam for the past five years In a significant development, a 29-year-old man was arrested from Delhi for his alleged role in a massive GST scam amounting to Rs 10,000 …
The On-screen Functionality is Designed for Allowing the Taxpayers to Reconcile the Discrepancies Directly on the Income Tax Portal The Income Tax Department has recently identified discrepancies between the interest and dividend income reported by taxpayers in their Income Tax …