In a shocking case of corruption, the Organised Crime Division of the police recovered ₹69 lakh in cash and 306 grams of gold from four GST officials arrested earlier in September for allegedly kidnapping and extorting ₹1.5 crore from businessman Keshav Tak. The officials – Abhishek, …
Direct Taxes Committee The Institute of Chartered Accountants of India 30th September, 2024 ICAI invites suggestions for Comprehensive Review of the Income-tax Act, 1961 The Hon’ble Finance Minister, while presenting the Union Budget 2024-25, announced that a comprehensive review of the Income-tax Act, 1961 for simplification …
Introduction The Ministry of Finance has officially notified the enforcement of several sections of the Central Goods and Services Tax Act, 2017 (“the CGST Act”), including the newly introduced Section 128A in the CGST Act, w.e.f. November 1, 2024. Initially, Union Budget 2024 held on July 23, …
In a significant move to address the growing issue of data discrepancies in tax return filings, the CBIC is set to introduce advanced technological solutions to resolve mismatches and reduce related disputes. A recent analysis by CBIC revealed that a majority of tax disputes arise from …
Members & Students Services Directorate The Institute of Chartered Accountants of India 30th September, 2024 Important Announcement Extension of last date for payment of Membership /COP fee for the year 2024-25 to 31st December, 2024. The Council of ICAI has decided to extend the last date …
The Income Tax Department in Srinagar has announced a special drive to address taxpayer grievances in Jammu & Kashmir, scheduled for the first week of October 2024. This initiative aims to provide taxpayers with a dedicated platform to raise concerns and seek resolutions for income tax-related …
Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Odisha This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process. 1. Rule …
Central Board of Direct Taxes (CBDT) has decided to extend the specified date for filing of various reports of audit for the Previous Year 2023-24, which was 30th September, 2024 in the case of assessees referred in clause (a) of Explanation 2 to sub-section (1) of …
A court in Bengaluru has stirred controversy by directing to register an FIR against Union Finance Minister Smt. Nirmala Sitharaman on Friday, the 27th September. This ruling is in respect of an application complaint filed by Adarsh Iyer, Co President, Janaadhikaara Sangharsha Parishath, a non-governmental organisation. The petition …
In a significant move aimed at alleviating tax burdens, the Central Goods and Services Tax (CGST) Act has introduced a new section, 128A, which offers considerable relief for taxpayers regarding tax liabilities incurred between July 1, 2017, and March 31, 2020. This amendment allows individuals facing …
