The Income Tax filing cycle has started for the financial year 2024 and assessment year 2024-25. Like all jobholders, senior citizens are also required to pay income taxes and file returns. However, income tax rules offer additional tax benefits to senior citizens. To claim these benefits, the individual must be of the age of 60 […]
Posted inINCOME TAX
Verify the Authenticity of Income Tax Notices: A User-Friendly Online Tool
Ever receive a notice from the Income Tax department and wonder if it’s legitimate? You’re not alone. Scammers often try to imitate official communication to steal personal information or money. But fear not, taxpayers! The Income Tax department offers a user-friendly online tool to help you verify the authenticity of any notice or order you […]
Posted inINCOME TAX
Rs 60 Crore Cash Seized in Income Tax Raid Linked to Shoe Trader in Agra
Nearly Rs 60 crore cash was recovered from a premises linked to a shoe trader in Uttar Pradesh’s Agra in an Income Tax raid on Saturday (May 18), the officials said. The money was seized after raids were conducted at six places linked to three shoe traders in the city, in which seizures were made […]
Posted inGST
GST Registration New Update
Now, track the status of your New Registration Application with ease. The GST Portal’s ‘Track Application Status’ tab now indicates if your application has been marked for Physical Verification.
Posted inINCOME TAX
TDS under Section 194Q and TCS under Section 206C (1H) in F.Y.2023-24
If your Turnover in the F.Y.2023-24 exceeds Rs.10 Crores then provisions of Section 194Q and Section 206C(1H) shall be applicable to you with effect from 01/04/2024 Everything about TDS u/s 194Q and TCS u/s 206C(1H) (Pic 1) Accounting Entries for TDS u/s 194Q and TCS u/s 206C(1H) (Pic 2)
Posted inINCOME TAX
Chaiwala Faces ₹49cr Income Tax Notice
A tea-seller from Patan, Khemraj Dave, was shocked to receive a notice from the income tax department demanding a penalty of Rs 49 crore for fraudulent transactions worth Rs 34 crore conducted using his account. It was revealed that two individuals, Alpesh Patel and Vipul Patel, whom Dave had been serving tea for almost a […]
Posted inINCOME TAX
Empowering Taxpayers: Annual Information Statement (AIS) Offer New features
The Income Tax Department has introduced new features in its Annual Information Statement (AIS) on the IT portal with the aim of enhancing transparency and convenience for taxpayers. The updated AIS provides a comprehensive overview of the data reported by taxpayers, including details on Tax Deducted at Source (TDS), Tax Collected at Source (TCS), and […]
Posted inINCOME TAX
Main Reasons for Receiving an Income Tax Notice
Top reasons for which you could receive an income tax notice: The Income Tax Department issues an income tax notice for a number of reasons under a number of provisions. Normally, a taxpayer receives an income tax notice as a result of missing or filing their income tax return late, filing it incorrectly, claiming an […]
Posted inINCOME TAX
Contacting the Income Tax Department: Toll-Free Numbers, SMS Code and Email IDs
Income Tax Department Toll-Free Contact Numbers and Email IDs India’s Income Tax department is taking measures to help people become vary of digital frauds related to income tax. This can be while filing tax or communicating with the income tax department. Read ahead to know touchpoints in the form of income tax email, toll-free numbers, […]
Posted inMARKETS
SBI Mutual Fund Launches First-Ever Automotive Active Fund: SBI Automotive Opportunities Fund
SBI Mutual Fund to drive returns with the launch of first-ever automotive active fund: SBI Automotive Opportunities Fund; details inside The nation’s first Indian automotive and allied sectors active managed mutual fund scheme has been launched by SBI Mutual Fund–India’s leading asset management company. SBI Automotive Opportunities Fund is now in its new public fund […]
Posted inINCOME TAX
Arrests businessman for ₹263 crore income tax refund fraud
Rajesh Brijlal Batreja Arrested by Mumbai Enforcement Directorate The Enforcement Directorate (ED) of Mumbai Zonal Office made a significant arrest on May 16, 2024, as Rajesh Brijlal Batreja was apprehended under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. This action stems from his alleged involvement in an Income Tax Refund fraud […]
Posted inGST
Three More Gang Members Arrested in ₹10,000 Crore GST Fraud
Three more gang members held in ₹10K-cr GST fraud The Noida police said on Saturday that they have arrested three more members of a gang allegedly involved in a ₹10,000 crore Goods and Services Tax (GST) fraud that came to light in June last year, bringing the total number of people apprehended in the case to […]
Posted inCOMPANY LAW
MCA UPDATE! Orders Update of Corporate Identification Numbers from “TS” to “TG”
The Telangana Government has issued orders to change all references of “TS” to “TG” in the names of State PSUs, agencies, autonomous institutions, and other government bodies. As a result, the Corporate Identification Numbers (CIN) of all companies in Telangana have been updated from “TS” to “TG,” and the master data has been updated on […]
Posted inINCOME TAX
Impact of Supreme Court Ruling on Telecommunication Companies’ Income Tax Liability
The Supreme Court, on May 17, decided to waive the interest on income tax dues payable by telecommunication companies (Telcos) in accordance with its October 16, 2023 judgment. The court ruled that the license fee paid by these companies should be considered as capital expenditure for the purpose of the income tax act. In its […]
Posted inINCOME TAX
Income Tax department raids in house, over Rs 40 crore cash found
The Income Tax department recovered approximately Rs. 40 crore in cash during raids related to shoe manufacturing businesses in Agra. The counting of the seized cash is ongoing, and the amount may increase. The raids took place at three shoe traders in Uttar Pradesh, where significant amounts of cash were found. Additionally, bundles of Rs […]
Posted inICAI
Additional Exam Fee Of Rs 500 Imposed For SPOM Test By ICAI
The Institute of Chartered Accountants of India (ICAI) has introduced an additional exam fee of Rs 500 for the Self-Paced Online Module (SPOM) test. This test is part of the new Scheme of Education and Training launched on July 1, 2023, and aims to enhance the flexibility and accessibility of the examination process for candidates. […]
Posted inICAI
Launch of Self-Paced Module Test (SPMT) Portal by The Institute of Chartered Accountants of India
THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA [Set up by an Act of Parliament] 18 May 2024 ANNOUNCEMENT Launch of Self-Paced Module Test (SPMT) Portal The Examination Department of ICAI has launched Self-Paced Module Test (SPMT) Portalhttps://spmt.icai.org for the candidates who have completed prescribed learning hours for respectiveSelf-Paced Online Module A: Corporate & Economic Laws […]
Posted inICAI
Important Announcement for September 2024 CA Examinations
Important Announcement for September 2024 CA Examinations – (18-05-2024) IMPORTANT ANNOUNCEMENT No. 13-CA (EXAM)/SEPTEMBER/2024: In pursuance Regulation 22 of the Chartered AccountantsRegulations, 1988, the Council of the InstituteChartered AccountantsIndia is pleased to announcethat the next Chartered Accountants Foundation and Intermediate Examinations will be held on the datesand places which are given below provided that sufficient […]
Posted inINCOME TAX
Avoid TDS/TCS Demand Important Update
Check whether the PAN of all the person of whom TDS deducted/TCS collected till 31-3-24 has been linked with Aadhaar till 31-5-24 to avoid TDS/TCS demand CBDT vide Circular No-6 dt. 23-4-24, has given the benefit of removal of additional demand upto 31-3-24 u/s 206AA & 206CC subject to PAN-Aadhaar linking be completed till 31-5-24
Posted inGST
Release of Imported E-Waste Consignments: CBIC Instruction No. 14/2024-Customs
The CBIC issues Instruction No. 14/2024-Customs dated May 17, 2024 regarding the e-Waste (Management) Rules, 2022 — Regarding release of imported consignments of producers 106 EEEs items (ITEW 1 to ITEW 27, CEEW 1 to CEEW 19, LSEEW 1 to LSEEW 34, EETW 1 to EETW 8, TLSEW 1 to TLSEW 6, MDW 1 to MDW 10 […]
Posted inINCOME TAX
Notice from the Income Tax Department for Cash Deposits Over Rs 10 Lakh
Deposited over Rs 10 lakh in cash in your account? You can get I-T notice Cash deposits or withdrawals exceeding Rs 10 lakh (1 million) in a year in a savings account (except current accounts and fixed deposits) require reporting to the Income Tax department. Banks and post offices are responsible for reporting such transactions. […]
Posted inINCOME TAX
Authenticate notice issued by the Income tax department
Have you ever received any income tax notice mentioning a defect in your return? This is sufficient to send a chill down the spine of a ‘common man’ or a ‘common woman’. However, anxiety is not going to take you anywhere. First of all, you need to authenticate the notice sent from the department before you act […]
Posted inGST
Imposition of 200% penalty for expired e-way bill
Imposition of 200% penalty for expired e-way bill was harsh if vehicle suffered a breakdown during course of journey: HC ➡️ An e-way bill for a vehicle carrying dehydrated coal tar expired after the vehicle experienced three breakdowns during its journey. ➡️ The vehicle was intercepted, and a show cause notice was issued to the […]
Posted inGST
GST Notification 04/2024: New Forms SRM-I and SRM-II for Pan Masal and Tobacco Taxpayers
GST Portal Advisory: Information from manufacturers of Pan Masal and Tobacco taxpayers Government had issued a notification to seek information from taxpayers dealing in the goods mentioned therein vide Notification No. 04/2024 – Central Tax dated 05-01-2024. Two forms have been notified vide this notification namely GST SRM-I and GST SRM-II. The former pertains to […]
Posted inINCOME TAX
Rs 34.50 crore cash was recovered from his personal secretary’s
The Enforcement Directorate (ED) on Wednesday arrested state minister and Congress legislative party leader Alamgir Alam in a money laundering case, days after the agency seized Rs 34.50 crore from two people linked to him. Alam’s arrest comes a day after he was grilled for over nine hours by the central probe agency at its […]
Posted inINCOME TAX
Important Update: Filing Deadline for Statement of Financial Transactions (SFT)
Kind Attention SFT filers! The last date for filing the Statement of Financial Transactions (SFT) for F.Y. 2023-24 is May 31st, 2024. SFT is required to be filed in Form No. 61A for transactions entered with third parties. Do ensure timely submission of your SFT! SFT – Statement Of Financial Transaction The presence of undisclosed […]
Posted inICAI
Mock Test Papers Series – II & Series III for Students appearing in CA Foundation June 2024 Examinations
Mock Test Papers Series – II & Series III for Students appearing in CA Foundation June 2024 Examinations The BoardStudiescommencing Mock Test Papers Series – II & Series III from22nd May, & 5th June, 2024 for Students appearing in CA Foundation Course forJune 2024 Examinations. The Mock Test Paper Series – II & Series III […]
Posted inGST
Important Notice: GST Portal Maintenance Scheduled for May 15th-16th, 2024
Important Notice: GST Portal Maintenance We’re performing scheduled maintenance on the GST portal to improve our services. During this time, the portal will be unavailable from 10:00 PM on May 15th, 2024 to 7:00 AM on May 16th, 2024.
Posted inEPFO
EPFO Revolutionizes Claim Settlement: Auto Mode Extended for Education, Marriage, and Housing Purposes
Retirement fund body EPFO has settled 4.45 crore claims during 2023-24, with 2.84 crore of these being advance claims (for withdrawal of funds). To facilitate ‘ease of living’, the auto claim solution has been extended for all claims under para 68K — education & marriage purpose — and 68B — housing purpose — of EPF […]
Posted inICAI
ICAI Disciplinary Action Against CA for Professional Misconduct
The Institute of Chartered Accountants of India (ICAI) has taken disciplinary action against CA Radhakrishnan AR for professional misconduct related to the certification of documents for the incorporation of M/s Tencent Fintech Private Limited. The complaint, filed by the Deputy Registrar of Companies, Karnataka, alleges negligence in his duties while certifying the SPICe form for […]