The Income Tax Department, in a significant move to curb tax evasion, has intensified its scrutiny of High Net Worth Individuals (HNIs) suspected of underreporting their income. According to sources, the department is analysing spending patterns, high-value transactions and expense data to identify discrepancies between declared …
The Finance Ministry has initiated consultations with industry stakeholders to address persistent concerns surrounding the GST and gather suggestions for streamlining the indirect tax framework. These discussions come at a crucial juncture, with the GST Council actively working towards rationalising the existing multi-rate tax structure. According …
The Income Tax Department has enhanced the online filing experience for taxpayers by enabling the Income Tax Return (ITR) forms ITR-1 (Sahaj) and ITR-4 (Sugam) to be filed online with prefilled data. This new feature is now live on the official e-filing portal, making it easier …
A 19-year-old youth whose name is Sanket Mittal was involved in fraudulently availing Input Tax Credit under the Goods and Services Tax (GST) regime by misusing B2C credit from online mobile sales (like Amazon, Flipkart, Appario). Nature of the Fraud The case was – this 19 …
In a major anti-corruption move, the Punjab Vigilance Bureau has arrested a Chartered Accountant (CA), Gursewak Singh, red-handed while accepting a bribe of Rs 10 lakh. The bribe was allegedly collected on behalf of a Central GST (CGST) officer posted in Jalandhar, in connection with an …
Dear Professional Colleagues, “India lives in its villages.” – Mahatma Gandhi These words resonate even more deeply today, as the spirit of enterprise once rooted in rural India now fuels a nationwide wave of innovation and growth. India’s strength lies in its wealth of ideas and …
Defence Minister Rajnath Singh on Wednesday lauded India’s digital and economic reforms, calling the Unified Payments Interface (UPI) a “game-changer” and the Goods and Services Tax (GST) a “model of national economic integration rooted in trust” during his keynote address at the Confederation of Indian Industry …
The Accounts of the Government of India for the Financial Year 2024-25 (Provisional/Unaudited) has been consolidated and reports published. The highlights are given below: – The Government of India has received ₹30,78,247 crore (97.8% of corresponding RE 2024-25 of Total Receipts) during 2024-25 comprising ₹24,98,885 crore …
PROVISIONAL ESTIMATES OF ANNUAL GROSS DOMESTIC PRODUCT FOR 2024-25 AND QUARTERLY ESTIMATES OF GROSS DOMESTIC PRODUCT FOR THE FOURTH QUARTER (JANUARY-MARCH) OF 2024-25 Provisional Estimates of Real GDP has recorded 6.5% growth rate in FY 2024-25 During Q4 of FY 2024-25, the Real GDP has seen …
The Institute of Chartered Accountants of India (ICAI) has officially announced the examination schedule for the CA Foundation, Intermediate, and Final Courses for the September 2025 session. As per the announcement released on May 30, 2025, the exams will be conducted across India and select overseas …
