In a shocking revelation, a massive GST scam involving a Mumbai college girl has come to light after she received a notice from the GST department over Rs 35 crore in bogus transactions. The 20-year-old student, who lives in the western suburbs of the city, was …
The Income Tax Department has issued a wave of notices to salaried taxpayers since the beginning of the financial year, flagging “unrealistic” exemption claims made in their income tax returns (ITRs), according to official sources. The crackdown, part of a focused verification drive, targets claims that …
In a significant development aimed at streamlining dispute resolution under the Goods and Services Tax (GST) regime, the Ministry of Finance has notified the Goods and Services Tax Appellate Tribunal (Procedure) Rules, 2025. The new rules have been published via Gazette Notification No. 256(E) dated April 24, 2025. …
FAQs on Notification No. 38/2025 / SO 1838(E) Q1. What is Section 37 of the Income-tax Act, 1961 (‘the Act’)? Ans. Section 37 of the Act provides for the allowability of expenditure laid out or expended wholly and exclusively for the purpose of business or profession. …
In a strategic move to curb digital fraud and bolster cybersecurity in India’s financial sector, the Reserve Bank of India (RBI) has announced the operational rollout of the exclusive Internet domain ‘.bank.in’ for all banking institutions. This decision follows the RBI’s Statement on Developmental and Regulatory Policies dated February 7, 2025, …
In a move to streamline trade procedures and align with international practices, the Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 14/2025-Customs dated April 21, 2025, amending Circular No. 38/2020-Customs. This change replaces the term “Certificate of Origin” with “Proof of Origin” …
In a major crackdown on tax evasion under the GST regime, Central and State GST authorities have unearthed 25,009 fake firms involved in fraudulently claiming ITC worth a staggering Rs 61,545 crore during the financial year 2024-25, officials said. The concerted efforts of GST enforcement wings …
Join hands with institutions under the Ministry of Home Affairs towards empowering India’s Financial Investigators New strategic alliance to develop tech-driven forensic and cybersecurity education In a decisive step towards enhancing India’s capabilities in combating financial fraud and cybercrime, the Institute of Chartered Accountants of India …
In a shocking case of identity theft and alleged GST fraud, a 48-year-old non-resident Indian (NRI) employed in an aviation consultancy firm in the UAE has filed a police complaint after receiving a GST demand notice of Rs 2.84 crore from the Income Tax Department for …
