The Income Tax (IT) department has escalated its scrutiny by sending alerts to approximately 3 million salaried taxpayers, drawing attention to disparities between Tax Deducted at Source (TDS) and refunds claimed in their revised tax returns. This surge in alerts is linked to the establishment of …
Posting a growth rate of 12% Y-o-Y, Rs 14.97 lakh crore gross GST collection during April-December 2023 period Gross GST collection averages Rs 1.66 lakh crore in first 9 months of FY24 Rs 1,64,882 crore gross GST revenue collection for December, 2023 During the April-December 2023 …
Strategy Perspective Planning & Monitoring Committee The Institute of Chartered Accountants of India 1st January, 2024 Subject: Inviting suggestions by way of Questionnaire for preparation of ICAI Vision 2049 The Institute of Chartered Accountants of India through Strategy Perspective Planning and Monitoring Committee has initiated an …
Income Tax Department Facilitates Seamless E-Filing: ITR-U Now Available on the Portal for AY 2023-2024 (FY 2022-2023) The Income Tax Department has taken a significant step towards digital convenience by introducing e-filing options for ITR-U on the Income Tax Portal. This development applies to the Assessment …
The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes is periodically published by the RBI. The last press release in this regard was published on December …
Life Insurance Corporation of India (LIC) has been slapped with a Goods and Services Tax (GST) demand notice totaling Rs 806 crore, including penalty and interest. The notice, received on January 1, pertains to the financial year 2017-18, with LIC stating that it will file an …
Professional Development Committee The Institute of Chartered Accountants of India Announcement Empanelment of Chartered Accountant firms/LLPs for the year 2024-2025 Online Applications are invited from Chartered Accountant firms/LLPs who desire to be empanelled with the office of the Comptroller and Auditor General of India for the …
The Central Board of Indirect Taxes and Customs (CBIC) has taken a proactive step by issuing Notification No. 56/2023–Central Tax on December 28, 2023. This notification aims to extend the time limit prescribed under Section 73(10) of the Central Goods and Services Tax Act, 2017 (“the …
The Income Tax Department has harnessed the power of data analytics and advanced technology to recover an impressive ₹36,000 crore from outstanding tax demands in the current fiscal year. This includes a substantial ₹27,000 crore from corporate taxes and ₹9,000 crore from personal income taxes, reflecting the …
