The Reserve Bank of India, in exercise of its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, issued Directions to the following NBFCs to cease and desist from sanction and disbursal of loans, effective from close of business of October 21, 2024: …
The ICAI, in collaboration with Business Standard, is inviting nominations for the 40 Under 40: CA Business Leader Awards 2024. This prestigious recognition celebrates young Chartered Accountants under the age of 40 who have demonstrated excellence and leadership in their careers. Nominations close on October 24, 2024, …
The Institute of Chartered Accountants of India (ICAI) has announced the empanelment of members to act as observers for the upcoming Chartered Accountants (CA) examinations, scheduled from January 11 to January 21, 2025. This opportunity is open to ICAI members who meet specific eligibility criteria, including being …
In a rapidly unfolding investigation into a multi-crore GST scam, 35 individuals have been named as accused, including Siddharth Barad, nephew of BJP MLA Bhaga Barad. The Ahmedabad Crime Branch, with the assistance of local police, is actively pursuing the suspects, many of whom remain on the run. The …
The Central Board of Direct Taxes (CBDT) has announced revised TDS rates for the financial year 2024-25, applicable for the assessment year 2025-26. These changes, introduced through the Finance (No. 2) Act, 2024, affect various forms of income, including salary, interest on securities, winnings from lotteries, …
In a significant update, the Central Board of Direct Taxes (CBDT) has issued Notification No. 115/2024, dated October 16, 2024, exempting the Reserve Bank of India (RBI) from the requirement of tax collection at source (TCS) under Section 206C(1F) of the Income Tax Act, 1961. This exemption …
In a significant move aimed at enhancing inclusivity and flexibility in the recruitment process, the Ministry of Finance has issued Notification No. 109 (F. No. A-50050/2/2024-Ad.I) dated October 16, 2024, amending the Goods and Services Tax (GST) Council Secretariat, Group ‘A’ Executive Posts Recruitment Rules, 2018. …
Since the introduction of the Goods and Services Tax (GST) in 2017, a sophisticated scam has flourished, exploiting systemic loopholes and siphoning thousands of crores from the exchequer each year. Despite hundreds of fraudsters being apprehended, the masterminds behind the operations remain elusive, according to sources …
The Income Tax Department is gearing up to introduce a new and improved e-filing portal, as part of Project IEC 3.0, to replace the current platform (IEC 2.0). According to an internal circular dated October 8, 2024, the department is planning substantial changes to make the …
Taxpayers are now seeing reversals required under Rule 37A reflected in their September GSTR-2B, showing the Input Tax Credit (ITC) that must be reversed due to the non-filing of GSTR-3B by suppliers for FY 2023-24. The next step is to ensure vendors file their pending GSTR-3B returns, as failing to do so may lead …
