Income Tax Department Sparks Panic with Erroneous Notices, Chartered Accountants Demand Rectification In a puzzling turn of events, the income tax department has inadvertently issued notices to institutional taxpayers, including those who diligently filed their returns before the stipulated deadline for the 2022-23 financial year. The …
Robust Growth in Advance Tax Collection Signals Economic Resilience In a significant development, the advance tax collection for direct taxes has demonstrated an impressive surge, marking a substantial 19.76% growth compared to the previous year. The data for December 2023 showcases a noteworthy collection of Rs 6,24,329 …
Landmark Decision Upholds Student’s Right to Pursue Multiple Courses Karnataka High Court has directed the Institute of Chartered Accountants of India (ICAI) to grant membership to Nikkitha KJ, a 23-year-old practising Chartered Accountant from the city. The court criticized the Institute’s decision to deny her membership …
AI-Driven GST Crackdown: Industries Facing Scrutiny Amidst Rising Notices, Calls for Balanced Approach As various sectors grapple with an onslaught of Goods and Services Tax (GST) evasion notices, the role of Artificial Intelligence (AI) in identifying discrepancies in payments has come under scrutiny. In the past …
City-Based Trader Arrested in Rs 10 Crore GST Fraud: Directorate General GST Cracks Down on Elaborate Network GST investigation wing, operating under the revenue department of the Ministry of Finance, has apprehended a city-based trader, Amit Agarwal alias Vicky Bhalotia, on charges of GST tax fraud …
Lok Sabha MP Deepak Adhikari Raises Concerns Over GST on Gaming Apps: Unanswered Questions and Challenges for the Industry In a recent Lok Sabha session, Member of Parliament Deepak Adhikari, a popular actor, directed a series of crucial questions regarding Goods and Services Tax (GST) collection …
Accounting Standards Board The Institute of Chartered Accountants of India 12th December, 2023 Exposure Draft on Financial Instruments with Characteristics of Equity – Proposed amendments to IAS 32, IFRS 7 and IAS 1 Indian Accounting Standards (Ind AS) are based on the IFRS Standards issued by …
Survey Reveals Tax Regime Preferences Among Indians, Unveiling Gender Disparities and Investment Trends A recent survey conducted by PB Fintech, the parent company of Policybazaar, sheds light on the tax regime preferences of Indians, revealing intriguing insights into the financial choices made by over 1,200 respondents …
Auditing and Assurance Standards Board The Institute of Chartered Accountants of India 10th December, 2023 Exposure Draft of Guidance Note on Audit of Banks (2024 Edition) The Auditing and Assurance Standards Board (AASB) of ICAI under the authority of the Council of ICAI brings out the …
Dream11 Withdraws Plea Against Rs 1221 Crore GST Notice, Maharashtra GST to Issue Fresh Notice State GST Withdraws Notice Fantasy sports giant Dream11 has decided to withdraw its plea challenging the Rs 1221 crore Goods and Services Tax (GST) show cause notice issued by the Maharashtra …
