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 …
This GST Fraud came to light when a Noida resident and editor of a media firm lodged a complaint GST Fraud: The Noida police recently took action to attach immovable assets of two individuals from Delhi, following their arrest in …
How to Verify Income Tax Return after 30 days of Deadline Prescribed under the Act Verifying your Income Tax Returns (ITRs) is a crucial step to ensure their validity. It’s essential to complete the filing process by verifying your return …
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 …