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Gross GST Collection in FY 2021-22 shows increasing trend

Gross GST Collection in FY 2021-22 shows increasing trend

The gross GST Collection in FY 2021-22 post COVID-19 pandemic outbreak are showing an increasing trend.

17,130 Implementing Agencies are registered with MCA21 registry

17,130 Implementing Agencies are registered with MCA21 registry

Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh stated that till 31.10.2021, total 17,130 Implementing Agencies are registered with MCA21 registry.

Income Tax Ludhiana: Department conducts search operations on two major real estate developers

Income Tax Ludhiana: Department conducts search operations on two major real estate developers

Investigations have also revealed that unaccounted cash expenditure has been incurred on construction of residential house of one of the key persons.

ICAI Triennial Elections 2021: Voting Process

ICAI Triennial Elections 2021: Voting Process

CA Election 2021 for the Council and the Regional Councils are scheduled to be held on 3rd December 2021. Overview of the ICAI election process.

Sensex Falls More than 1,400 Pts Over Renewed Fears; Coronavirus New Variant Seen in Israel, Nations Impose Fresh Curbs

Sensex Falls More than 1,400 Pts Over Renewed Fears; Coronavirus New Variant Seen in Israel, Nations Impose Fresh Curbs

India, UK, Germany, Italy, and Israel have issued a ban on travel from Southern African countries after a new variant B.1.1.529 started spreading in South Africa.

Improvements in GSTR-1 filing

Improvements in GSTR-1 filing

A revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience

This is the right time to increase exports - MoS Finance Bhagwat Karad

This is the right time to increase exports - MoS Finance Bhagwat Karad

Dr. Karad informed that merchandise exports in the first 8 months of 2021-22 have touched US$ 233 billion registering 54% growth over the previous year.

Shri Yogi Adityanath and Smt Nirmala Sitharaman inaugurate new Income Tax office ‘Pratyaksh Kar Bhawan' at Lucknow

Shri Yogi Adityanath and Smt Nirmala Sitharaman inaugurate new Income Tax office ‘Pratyaksh Kar Bhawan' at Lucknow

The Income Tax Department new Office at Lucknow was inaugurated by Chief Minister of Uttar Pradesh Shri Yogi Aditya Nath and Union Finance& Corporate Affairs Minister Smt Nirmala Sitharaman

DRI intercepts 2 passengers with illicit foreign currency of Rs 3.7 crore at Mumbai airport

DRI intercepts 2 passengers with illicit foreign currency of Rs 3.7 crore at Mumbai airport

DRI officers intercepted these two passengers at the Chhatrapati Shivaji Maharaj International Airport, Mumbai, in the early hours of 26th November, 2021

FM suggests one-time special “Corona Response Award” for outstanding performance of Customs officials in fighting COVID-19 pandemic

FM suggests one-time special “Corona Response Award” for outstanding performance of Customs officials in fighting COVID-19 pandemic

FM participated as the Chief Guest of the Investiture Ceremony for conferment of Presidential Award of Appreciation Certificates for Specially Distinguished Record of Service to the officers

Income Tax Department conducts searches in Gujarat

Income Tax Department conducts searches in Gujarat

The search action covered more than 20 premises spread over Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai.

Shocking GST Crime! GPS trackers found in department vehicles

Shocking GST Crime! GPS trackers found in department vehicles

In surprising and bizarre news from Punjab, nine GPS trackers were found fitted in four cars of the mobile wing of the state Goods and Services Tax (SGST) department

Last date for submitting MEF form 2021-22 extended to 25th November

Last date for submitting MEF form 2021-22 extended to 25th November

The date for online submission of MEF 2021-22 is further extended from 20th November 2021 to 25th November 2021

Special Credit Linked Capital Subsidy Scheme (SCLCSS) for Service Sector launched

Special Credit Linked Capital Subsidy Scheme (SCLCSS) for Service Sector launched

Shri Narayan Rane today launched the Special Credit Linked Capital Subsidy Scheme (SCLCSS) for services sector in the presence of senior officers of the Ministry of MSME

DRI seizes of 85.535 kg gold, apprehends 4 foreign nationals in Operation “Molten Metal”

DRI seizes of 85.535 kg gold, apprehends 4 foreign nationals in Operation “Molten Metal”

In an intelligence operation by DRI, several Indian and foreign (Chinese, Taiwanese, and South-Korean) nationals suspected to be indulging in smuggling gold

Income Tax Department conducts searches in Gurugram

Income Tax Department conducts searches in Gurugram

The search action has led to the detection of estimated unaccounted income to the tune of Rs 600 crore. Total cash amounting to Rs 3.54 crore have been seized.

GST Delhi: Officers unearth input tax credit fraud of Rs 34 crore involving 7 firms

GST Delhi: Officers unearth input tax credit fraud of Rs 34 crore involving 7 firms

The officers of the Anti Evasion branch of CGST Commissionerate Delhi have unearthed a case of availment and passing on of inadmissible ITC through bogus GST invoices

Taxpayers Lounge of Income Tax Department set up at Trade Fair, 2021

Taxpayers Lounge of Income Tax Department set up at Trade Fair, 2021

A Taxpayers Lounge has been set up by the Income Tax Department in India International Trade Fair at Pragati Maidan, New Delhi from 14th – 27th November 2021

Health Sector Grant of Rs.8,453.92 crore released to Local Bodies of 19 States

Health Sector Grant of Rs.8,453.92 crore released to Local Bodies of 19 States

The Department of Expenditure, Ministry of Finance has released an amount of Rs.8,453.92 crore as health sector grant for rural and urban local bodies of 19 States

Government announces Excise Duty reduction on Petrol and Diesel on the eve of Diwali

Government announces Excise Duty reduction on Petrol and Diesel on the eve of Diwali

Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs 5 and Rs 10 respectively

Income Tax raid on construction group in Karnataka

Income Tax raid on construction group in Karnataka

The raid has led to detection of unaccounted income of more than Rs 70 crore which has been admitted as undisclosed income by the assessee

Centre releases Rs 17,000 crore as GST Compensation to States/UTs

Centre releases Rs 17,000 crore as GST Compensation to States/UTs

The Central Government has released GST Compensation of Rs. 17,000 crore to States today. Details of GST compensation released State-wise.

DRI seizes 155 kgs of Hashish

DRI seizes 155 kgs of Hashish

Directorate of Revenue Intelligence (DRI) in two different cases in October, 2021 have seized 155 kg of Hashish which had been smuggled into India from Nepal

Income Tax Department conducts searches in Tamil Nadu

Income Tax Department conducts searches in Tamil Nadu

The search action has resulted in seizure of unaccounted cash of Rs. 3.3 crore and detection of unaccounted income exceeding Rs. 300 crore.

Roll out of new Annual Information Statement (AIS)

Roll out of new Annual Information Statement (AIS)

Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer

GST collection for October 2021 registered the second highest since implementation of GST

GST collection for October 2021 registered the second highest since implementation of GST

The gross GST revenue collected in the month of October 2021 is Rs 1,30,127 crore of which CGST is Rs 23,861 crore, SGST is Rs 30,421 crore, IGST is Rs 67,361 crore

Income Tax Department conducts searches in Bihar and Jharkhand

Income Tax Department conducts searches in Bihar and Jharkhand

The searches revealed that the group has been suppressing its profits by inflating expenses on purchase of materials. Such excess material is sold in the market in cash

GST Gurugram: DGGI Unit arrests 3 persons for running fake firms and tax evasion of more than Rs 48 crore

GST Gurugram: DGGI Unit arrests 3 persons for running fake firms and tax evasion of more than Rs 48 crore

The Gurugram Zonal Unit of DGGI has arrested three persons under the provisions of the GST Act on charges of running multiple fake firms

Income Tax Department conducts searches in Nashik

Income Tax Department conducts searches in Nashik

During the search, substantial amount of unaccounted cash was found stored in several private vaults and unaccounted cash of Rs 23.45 crore has been seized

Finance Minister Smt. Nirmala Sitharaman holds review meeting on CAPEX for Civil Aviation and Telecommunications

Finance Minister Smt. Nirmala Sitharaman holds review meeting on CAPEX for Civil Aviation and Telecommunications

The Finance Minister exhorted officials to monitor implementation of projects besides monitoring release of funds. Smt. Sitharaman reiterated that infrastructure projects are priority for the Government

IBBI organises Training of Trainers (ToT) programme for Insolvency Professionals

IBBI organises Training of Trainers (ToT) programme for Insolvency Professionals

The Insolvency and Bankruptcy Board of India (IBBI), in association with the Foreign Commonwealth and Development Office, UK (FCDO), organised a two day \'\'Train the Trainer\'\' event

Cabinet approves release of an additional installment of DA to Central Govt employees due from 01-Jul-2021

Cabinet approves release of an additional installment of DA to Central Govt employees due from 01-Jul-2021

The Union Cabinet today has approved to release an additional installment of Dearness Allowance to Central Government employees & Dearness Relief (DR)

Multipurpose Empanelment Form (MEF) of CAs for 2021-22

Multipurpose Empanelment Form (MEF) of CAs for 2021-22

For this year also the declaration for the MEF Application will be sought from the member/ partners/ proprietor through validation of One Time Password (OTP)

Advisory for taxpayers on Form GSTR-2B

Advisory for taxpayers on Form GSTR-2B

Form GSTR-2B is an auto-drafted ITC statement which is generated for every normal taxpayer on the basis of the information furnished by their suppliers

GSTN advisory on availability of Input Tax Credit (ITC) for FY 2020-21

GSTN advisory on availability of Input Tax Credit (ITC) for FY 2020-21

Invoice or debit notes pertaining to FY 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will not reflect as “ITC Available” in GSTR-2B of the recipients.

Shri Piyush Goyal visits Pahalgam, meets delegation of PRIs and Industrialists

Shri Piyush Goyal visits Pahalgam, meets delegation of PRIs and Industrialists

Union Minister for Textiles, Commerce and Industries and Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal visited Pahalgam today.

IT Department conducts searches on groups engaged in the business of Digital Marketing & Waste Management

IT Department conducts searches on groups engaged in the business of Digital Marketing & Waste Management

Incriminating evidence found reveals that the group has been engaged in obtaining accommodation entries using an entry operator. The entry operator has admitted to have facilitated transfer of cash

FM Nirmala Sitharaman attends 4th G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Washington D.C.

FM Nirmala Sitharaman attends 4th G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Washington D.C.

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the 4th G20 Finance Ministers and Central Bank Governors (FMCBG)

Over 2 crore Income Tax Returns filed on new e-Filing portal

Over 2 crore Income Tax Returns filed on new e-Filing portal

The e-filing portal of the Income Tax Department has marked receipt of more than 2 crore Income Tax returns as on 13th October 2021.

GST Delhi: One arrested by CGST officials for ITC fraud of Rs 134 crore

GST Delhi: One arrested by CGST officials for ITC fraud of Rs 134 crore

The network of fictitious exporters was being operated by a person named Mr Chirag Goel, who is an MBA from University of Sunderland

RTI reply of ITC worth Rs 6.14 lakh crore blocked in GST is incorrect: GSTN

RTI reply of ITC worth Rs 6.14 lakh crore blocked in GST is incorrect: GSTN

The GSTN has recently tweeted that the Input Tax Credit (ITC) worth Rs. 6.14 Lakh Crore blocked in GST showed while replying to RTI is incorrect.

Cash seizure of over Rs 142 crore in searches by IT Department in Hyderabad

Cash seizure of over Rs 142 crore in searches by IT Department in Hyderabad

During income tax department searches, issues relating to discrepancies in purchases made from bogus and non-existent entities were detected.

Aim for $450-$500 billion exports next year - Piyush Goyal

Aim for $450-$500 billion exports next year - Piyush Goyal

The Minister said Engineering Goods have much more potential and Textile exports should aim for $100 billion.

CA Elections 2021: ICAI notifies list of valid nominations

CA Elections 2021: ICAI notifies list of valid nominations

The Institute of Chartered Accountants of India (ICAI) has notified the lists of valid nominations for election to the 25th Council and 24th Regional Councils

Government Approves Air India Disinvestment

Government Approves Air India Disinvestment

The entire disinvestment process has been carried out in a transparent manner, with due regard to confidentiality of the bidders through multi-layered decision

Resumption of Blocking of E-Way Bill (EWB) Generation Facility

Resumption of Blocking of E-Way Bill (EWB) Generation Facility

GSTN has issued advisory stating that the Blocking of E-Way Bill (EWB) generation facility’ has been resumed on the E Way Bill Portal

IT raids in various locations of different individuals; Rs 750 crore parked in foreign bank accounts detected

IT raids in various locations of different individuals; Rs 750 crore parked in foreign bank accounts detected

The raids resulted in the detection of Rs 750 crore parked in foreign bank accounts in the name of dubious foreign companies/ trusts

Income Tax raid on 22 premises of real estate group; Unaccounted transactions of Rs 500 crore detected

Income Tax raid on 22 premises of real estate group; Unaccounted transactions of Rs 500 crore detected

Income Tax officials conducted raids in Ahmedabad in 22 premises of a real estate developer group and the associated brokers.

Need to revisit the compulsory statutory audit requirement for all companies: NFRA

Need to revisit the compulsory statutory audit requirement for all companies: NFRA

NFRA has issued Consultation Paper to review the requirement of compulsory statutory audit and compliance with auditing standards for all companies.

GST collection for September 2021

GST collection for September 2021

Ministry of Finance has released the statistics of Goods and Services Tax (GST) revenue collection for the month of September 2021.

Representation to MCA for extension of time for preparing and filing the statement of Account and Solvency by LLPs

Representation to MCA for extension of time for preparing and filing the statement of Account and Solvency by LLPs

Request for extension of time limit for preparing the Statement of Account and Solvency and for getting the accounts audited in LLPs and subsequent filing

Emergency Credit Line Guarantee Scheme: Scope expansion & timeline extension

Emergency Credit Line Guarantee Scheme: Scope expansion & timeline extension

Govt has decided to extend the timeline of Emergency Credit Line Guarantee Scheme (ECLGS) till 31/03/2022 or till guarantees for an amount of Rs 4.5 lakh crore are issued

ICAI extends the last date for payment of membership/ COP fees for FY 2021-22

ICAI extends the last date for payment of membership/ COP fees for FY 2021-22

The Institute of Chartered Accountants of India (ICAI) has announced to extend the last date for payment of Membership/ COP fee (FY 2021-22) from 30/09/2021 to 31/12/2021.

ICAI President’s Message: October 2021

ICAI President’s Message: October 2021

The Institute of Chartered Accountants of India (ICAI) has published the President’s Message for the month of October 2021

List of initiatives undertaken by Govt to promote exports

List of initiatives undertaken by Govt to promote exports

The government of India has taken various export schemes and initiatives in the last few years which are summarised

GST Mumbai: Officials arrest proprietor for ITC fraud of Rs 6.46 crores

GST Mumbai: Officials arrest proprietor for ITC fraud of Rs 6.46 crores

The anti-evasion team of CGST & Central Excise, Mumbai conducts searches on 24.09.2021 at the office and godown of M/s SR Enterprises

India needs 4 -5 more banks like SBI to meet changing requirements of the Indian Economy: FM

India needs 4 -5 more banks like SBI to meet changing requirements of the Indian Economy: FM

Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman has said that India needs four or five more banks like SBI

Income Tax searches in Chennai, Undisclosed income of Rs 300 crore detected

Income Tax searches in Chennai, Undisclosed income of Rs 300 crore detected

Income Tax Department conducts search and seizure operations on 35 premises of two private Syndicate Financing groups based in Chennai

CBDT issues Direct Tax collection figures for FY 2021-22

CBDT issues Direct Tax collection figures for FY 2021-22

CBDT issues a press release today stating that Direct Tax collections for the current fiscal (FY 2021-22) have registered a growth trend.

Competition Commission imposes Rs 870 crore penalty on Beer companies for Cartelisation

Competition Commission imposes Rs 870 crore penalty on Beer companies for Cartelisation

Competition Commission of India (CCI) has imposed a penalty of Rs. 870 crores on 3 Beer companies for indulging into Cartelisation in the sale and supply of beer.

GST Haryana: Vijay Garg arrested for ITC fraud of Rs 35 crore

GST Haryana: Vijay Garg arrested for ITC fraud of Rs 35 crore

Haryana GST Intelligence has arrested Vijay Garg from Delhi for alleged involvement in claiming and passing of fake GST input tax credit (ITC)

CBDT issues E-Filing ITR 6 Schema Changes for AY 2021-22

CBDT issues E-Filing ITR 6 Schema Changes for AY 2021-22

The Central Board Direct Taxes (CBDT) issued e-Filing ITR 6 Schema Changes for Assessment Year 2021-22.

Last date for holding AGM for FY 2020-21 extended

Last date for holding AGM for FY 2020-21 extended

The Ministry of corporate Affairs (MCA) has decided to extend the due date of conducting AGM by companies by 2 months for the financial year 2020-21

SBI Cards & PhonePe notified to undertake Aadhaar authentication service of UIDAI

SBI Cards & PhonePe notified to undertake Aadhaar authentication service of UIDAI

The Central Government notified the SBI Cards and PhonePe to undertake the Aadhaar authentication service of the Unique Identification Authority of India.

Patent fees for educational institutions reduced by 80%

Patent fees for educational institutions reduced by 80%

Official fees payable by educational institutions in respect of various acts under the Patents Rules, 2003, have been reduced by way of the Patents (Amendment) Rules, 2021

New Income Tax Portal facilitating over 2.5 lakh return filing on a daily basis: Infosys

New Income Tax Portal facilitating over 2.5 lakh return filing on a daily basis: Infosys

Infosys issues a press release on income Tax Portal working claiming that the portal is facilitating over 2.5 lakh returns filing daily and ITRs are now available for filing

PFRDA to observe National Pension System Diwas (NPS Diwas) on October 1

PFRDA to observe National Pension System Diwas (NPS Diwas) on October 1

The Pension Fund Regulatory and Development Authority (PFRDA) will be observing 1st October 2021 as the National Pension System Diwas. Read more

ICAI Election 2021: Tribunal members for Settlement of dispute notified

ICAI Election 2021: Tribunal members for Settlement of dispute notified

The Ministry of corporate affairs (MCA) has notified the members of the Tribunal wef 17th September 2021 for the Settlement of dispute on the ICAI election 2021.

EPFO: 14.65 lakh net subscribers added in July 2021

EPFO: 14.65 lakh net subscribers added in July 2021

The provisional payroll data of EPFO published on 20th September, 2021 reveals that EPFO has added around 14.65 lakh net subscribers during July, 2021

Trends showing India as a preferred investment destination amongst global investors

Trends showing India as a preferred investment destination amongst global investors

Following trends in India’s Foreign Direct Investment (FDI) are an endorsement of its status as a preferred investment destination amongst global investors

IT team unearths unaccounted funds of 350 cr after raid on leading textile manufacturer

IT team unearths unaccounted funds of 350 cr after raid on leading textile manufacturer

IT team carried out a search operation on a leading business house of India involved in manufacture of textile and filament yarn having corporate offices in Delhi, Punjab

GST update on difficulty in updating of Electronic Cash Ledger

GST update on difficulty in updating of Electronic Cash Ledger

The CBIC directed the GSTN to waive off Late Fees and interest for one day due to technical glitches in the updating of Electronic Cash Ledger.

Income Tax officials raid in Nagpur

Income Tax officials raid in Nagpur

The Income Tax officials on 17.09.2021 carried out searches at more than 30 premises of a prominent public figure in Nagpur and his family members.

CA Inter exam results declared

CA Inter exam results declared

The Institute of Chartered Accountants of India ( ICAI ) has declared the results of the CA Intermediate Examination (Old course & New Course) held in July 2021

Relaxation in provisions of TDS u/s 194A in view of section 10(26) of Income Tax

Relaxation in provisions of TDS u/s 194A in view of section 10(26) of Income Tax

The Govt notified that no deduction of tax shall be made on the following payment under section 194A of Income Tax namely payment in the nature of interest

Self-service functionality made available on GST portal for searching BOE details

Self-service functionality made available on GST portal for searching BOE details

Bill of Entry details which did not auto-populate in GSTR-2A, a self-service functionality has been made available on the GST Portal to search such records

CA Inter exam result to be declared on 19th September

CA Inter exam result to be declared on 19th September

The Institute of Chartered Accountants of India (ICAI) announced that the results of the CA Intermediate Examination held in July 2021 are likely to be declared on 19th September 2021

Main points of 45th GST Council Meeting

Main points of 45th GST Council Meeting

The GST Council’s 45th meeting was held today in Lucknow under the chairmanship of Smt. Nirmala Sitharaman. Key highlights of the meeting.

CBDT extends timelines of certain compliances under Income Tax

CBDT extends timelines of certain compliances under Income Tax

The Central Government decided to extend the time limit for intimation of Aadhaar number to the Income-tax Department and due date for completion of penalty proceedings

FAQs on Govt guarantee to back Security Receipts issued by NARCL for acquiring stressed loan assets

FAQs on Govt guarantee to back Security Receipts issued by NARCL for acquiring stressed loan assets

Frequently asked questions explaining the various aspects regarding Central Government guarantee to back Security Receipts issued by National Asset Reconstruction Company Limited

GST Advisory on Generation of E-way bill where the principal supply is Supply of services

GST Advisory on Generation of E-way bill where the principal supply is Supply of services

CBIC issues advisory for taxpayers regarding the generation of EWB where the principal supply is Supply of services. Read more..

Racket of fictitious firms, DGGI Gurugram arrests 3 including commission agent & CA

Racket of fictitious firms, DGGI Gurugram arrests 3 including commission agent & CA

The Directorate General of GST Intelligence (DGGI) Gurugram, Haryana has arrested 3 persons including a CA on charges of operating multiple fictitious firms

BRICS Meeting on Tax Matters held virtually under Chairship of India

BRICS Meeting on Tax Matters held virtually under Chairship of India

The Heads of Tax Authorities of the BRICS countries held a virtual meeting here today under the Chairship of India.Shri Tarun Bajaj, Secretary, Revenue, Government of India

ICAI exempts CA course fees for students who lost their parents during Covid-19 pandemic

ICAI exempts CA course fees for students who lost their parents during Covid-19 pandemic

The Institute of Chartered Accountants of India (ICAI) exempts CA course fees for students who lost their parents during the Covid-19 pandemic.

FAQs on CA course fees exemption for students who lost their parents during Covid-19 pandemic

FAQs on CA course fees exemption for students who lost their parents during Covid-19 pandemic

The Institute of Chartered Accountants of India (ICAI) released Frequently Asked Questions (FAQs) on CA course fees exemption

ICAI declares CA July 2021 exam results

ICAI declares CA July 2021 exam results

The Institute of Chartered Accountants of India ( ICAI ) has declared the results of the CA Final Examination, Foundation Examination held in July 2021.

CA Election 2021: Constitution of Panel for enforcement of Election Code of Conduct

CA Election 2021: Constitution of Panel for enforcement of Election Code of Conduct

The Institute of Chartered Accountants of India (ICAI) announced the constitution of the Panel for enforcement of the Election Code of Conduct for the election of 2021.

CBDT issues clarification on carry forward of losses in case of change in shareholding

CBDT issues clarification on carry forward of losses in case of change in shareholding

CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment. Read more

IT Dept raids in Punjab and Haryana

IT Dept raids in Punjab and Haryana

The Income Tax Department conducted search and seizure operations on 08.09.2021 on three prominent Commission agent groups based in Punjab..

CA July 2021 exam results likely to be declared soon: ICAI

CA July 2021 exam results likely to be declared soon: ICAI

ICAI announced on Friday that results of the CA Final Examination, Foundation Examination held in July 2021 are likely to be declared on the 13th or 14th of September 2021.

Cabinet approves MOU between ICAI and CAAR

Cabinet approves MOU between ICAI and CAAR

The Union Cabinet has approved the for signing Memorandum of Understanding between ICAI & The Chamber of Auditors of the Republic of Azerbaijan (CAAR)

Due dates for filing of Income Tax Returns and various audit reports for AY 2021-22 extended

Due dates for filing of Income Tax Returns and various audit reports for AY 2021-22 extended

Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.

CBDT allows taxpayers an opportunity to file application for settlement

CBDT allows taxpayers an opportunity to file application for settlement

t has been decided that applications for settlement can be filed by the taxpayers by 30th September, 2021 before the Interim Board subject to certain conditions...

CA Exams: Students converted from earlier scheme to revised scheme allowed to appear in Old/ New scheme in Nov 2021

CA Exams: Students converted from earlier scheme to revised scheme allowed to appear in Old/ New scheme in Nov 2021

On Wednesday, The Institute of Chartered Accountants of India (ICAI) announced that the students, who have converted from an earlier scheme to a revised scheme, are allowed to appear in the Old/New scheme in November 2021 exams

Finance Ministry issues stats of new Income Tax website

Finance Ministry issues stats of new Income Tax website

Over 8.83 crore unique taxpayers have logged in till 7th September, 2021 with a daily average of over 15.55 lakh in September, 2021. The Income Tax Return (ITR) filing has increased to 3.2 lakh

Shri G. S. Pannu appointed as President of ITAT in officiating capacity

Shri G. S. Pannu appointed as President of ITAT in officiating capacity

G. S. Pannu, who is presently a Vice-President of ITAT, is appointed as President of ITAT in officiating capacity with effect from 6th September 2021 till the appointment of regular President

ICAI Election 2021: Panel for scrutiny of nominations notified

ICAI Election 2021: Panel for scrutiny of nominations notified

The Institute of Chartered Accountants of India (ICAI) has notified the Panel for the scrutiny of nominations for elections to be held in December 2021.

ICAI Disciplinary Committee removes Names of 6 CAs from Register of Members

ICAI Disciplinary Committee removes Names of 6 CAs from Register of Members

The Institute of Chartered Accountants of India (ICAI) has removed the name of six Chartered Accountants (CAs) from the register of members on grounds of professional misconduct.

CBDT issues refunds of over Rs 67,401 crore between 1st April 2021 to 30th August 2021

CBDT issues refunds of over Rs 67,401 crore between 1st April 2021 to 30th August 2021

Income Tax Refunds of Rs. 16,373 crore have been issued in 22,61,918 cases & corporate tax refunds of Rs. 51,029 crore have been issued in 1,37,327 cases

45th GST Council Meeting will be held on 17th Sep at Lucknow

45th GST Council Meeting will be held on 17th Sep at Lucknow

Finance Ministry has announced that FM Nirmala Sitharaman will chair the 45th meeting of the GST Council on 17th September at Lucknow.

Income Tax raid in Delhi & Gujarat, detected bogus Unsecured Loans of Rs 380 crore

Income Tax raid in Delhi & Gujarat, detected bogus Unsecured Loans of Rs 380 crore

The Income Tax Department carried out a search and seizure operation on 01.09.2021 on a manufacturer and distributor of synthetic yarns and polyester chips having corporate office in Delhi

Monthly Review of Accounts of Government of India for FY 2021-22 (up to July 2021)

Monthly Review of Accounts of Government of India for FY 2021-22 (up to July 2021)

The Monthly Account of the Union Government of India upto the month of July, 2021 has been consolidated and reports published. The highlights are given here

GST collection for August 2021

GST collection for August 2021

The gross GST revenue collected in the month of August 2021 is ₹ 1,12,020 crore. The revenues for the month of August 2021 are 30% higher than the GST revenues in the same month last year.

GST Update: Clarification on the extended timeline of revocation application

GST Update: Clarification on the extended timeline of revocation application

It is further clarified that the benefit of notification would be applicable in those cases also where the application for revocation of cancellation of registration is either pending with the proper officer or has already been rejected

Grant-in-aid amounting to Rs 13,385.70 crore released to Rural Local Bodies

Grant-in-aid amounting to Rs 13,385.70 crore released to Rural Local Bodies

The Department of Expenditure, Ministry of Finance has on Monday released an amount of Rs. 13,385.70 crore to 25 States for providing grants to the Rural Local Bodies

ICAI invites comments on Exposure Draft of Revised AS 36

ICAI invites comments on Exposure Draft of Revised AS 36

The Exposure Draft of revised AS 36, Impairment of Assets, has been issued by the ASB for comments with the last date being September 30, 2021

Due date of payment without any additional amount under Vivad se Vishwas Act extended

Due date of payment without any additional amount under Vivad se Vishwas Act extended

Considering the difficulties being faced in issuing and amending Form no 3 under Vivad se Vishwas Act, CBDT decides to extend the last date of payment of the amount (without any additional amount) to 30th September, 2021

GST: Timelines for late fee amnesty scheme & filing of revocation application extended

GST: Timelines for late fee amnesty scheme & filing of revocation application extended

The closing date of late fee amnesty scheme & time limit for filing of application for revocation of cancellation of registration has been extended.

IT Dept searches 40 premises of real estate builder in Rajkot

IT Dept searches 40 premises of real estate builder in Rajkot

The income tax department on Tuesday conducted raids at the 40 premises of a real estate builder based in Rajkot. Unaccounted cash of more than Rs. 6.40 crore and jewellery amounting to Rs. 1.70 crore has been seized

India is the preferred investment destination amongst global investors: Commerce Ministry

India is the preferred investment destination amongst global investors: Commerce Ministry

The Commerce Ministry issued a press release today stating that measures taken by the Government on the fronts of FDI policy reforms have resulted in increased FDI inflows into the country

Income Tax evasion of Rs 175 crore exposed after raids in Maharashtra & Goa

Income Tax evasion of Rs 175 crore exposed after raids in Maharashtra & Goa

IT team conducted searches at the 44 premises of a steel group based in Maharashtra and Goa and a total of Rs 175.5 crore of unaccounted income has been exposed during the raid.

CBDT invites comments on framing rules for implementing the amendments made by The Taxation Laws (Amendment) Act, 2021

CBDT invites comments on framing rules for implementing the amendments made by The Taxation Laws (Amendment) Act, 2021

The Central Board of Direct Taxes (CBDT) has invited comments on framing rules for implementing the amendments made by the Taxation Laws (Amendment) Act, 2021.

Implementation of Rule 59(6) on GST Portal from 1st Sep 2021

Implementation of Rule 59(6) on GST Portal from 1st Sep 2021

On implementation of the Rule 59(6) on GST portal, the system will check that whether before the filing of GSTR-1/IFF of a tax-period, the following has been filed or not

Advisory on HSN and GSTR-1 Filing

Advisory on HSN and GSTR-1 Filing

It has been reported by few taxpayers that they are facing issues in adding the required HSN details in table -12 and filing of statement of outward supplies in form GSTR-1 of July 2021

IT Dept raids Visakhapatnam based group

IT Dept raids Visakhapatnam based group

IT Department has carried out searches at 17 different premises linked to a Visakhapatnam-based group and detected undisclosed transactions worth Rs 40 Crore.

FM chairs 2nd BRICS Finance Ministers and Central Bank Governors Meeting

FM chairs 2nd BRICS Finance Ministers and Central Bank Governors Meeting

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman virtually chaired the second meeting of BRICS Finance Ministers and Central Bank Governors (FMCBG) along with Governor Reserve Bank of India

DGGI Gurugram: 2 CA arrested for ITC fraud

DGGI Gurugram: 2 CA arrested for ITC fraud

Shri Manish Modi and Sh. Gaurav Agarwal were arrested for ITC fraud on 23.08.2021 and produced before, Duty MM Delhi, who ordered judicial custody for 14 days.

Cabinet approves Memorandum of Understanding between ICAI and IPAR

Cabinet approves Memorandum of Understanding between ICAI and IPAR

The Union Cabinet has approved the signing MOU between Institute of Chartered Accountants of India (ICAI) and Institute of Professional Accountants of Russia (IPAR)

Cabinet approves FDI proposal for an investment of up to Rs 15,000 crore in M/s Anchorage Infrastructure Investments Holding Ltd

Cabinet approves FDI proposal for an investment of up to Rs 15,000 crore in M/s Anchorage Infrastructure Investments Holding Ltd

The Cabinet Committee of Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the FDI proposal for an investment of upto ₹15,000 crore in M/s Anchorage Infrastructure Investment Holding Ltd,

ICSI on Twitter: CS exams result date to be announced soon

ICSI on Twitter: CS exams result date to be announced soon

ICSI will announce the date of result of CS Executive & Professional Examinations held in August, 2021, the official Twitter handle of the ICSI tweeted today

Bank Employees Family Pension to be increased to 30% of last pay drawn

Bank Employees Family Pension to be increased to 30% of last pay drawn

The Government has approved the Indian Banks' Association’s (IBA) proposal to increase the family pension to 30% of last salary drawn.

RBI imposes a penalty of Rs 1 lakh on Lunawada Nagrik Sahakari Bank

RBI imposes a penalty of Rs 1 lakh on Lunawada Nagrik Sahakari Bank

RBI imposed a penalty of Rs 1.00 lakh on The Lunawada Nagrik Sahakari Bank Ltd., Lunawada, Mahisagar District for non-compliance with RBI directions on loans/advances to related parties.

RBI imposes a penalty of Rs 27.50 lakh on Kerala Dhanlaxmi Bank

RBI imposes a penalty of Rs 27.50 lakh on Kerala Dhanlaxmi Bank

The Reserve Bank of India issue a press release on Monday stating that it has imposed a fine of Rs 27.50 lakh on Dhanlaxmi Bank for violating norms related to the Depositors Education and Awareness Fund

348 Nidhi companies fail to comply with declaration criteria - MCA

348 Nidhi companies fail to comply with declaration criteria - MCA

Stakeholders are advised to verify the antecedents of the company functioning as a Nidhi company and ensure that the company has been declared as a Nidhi Company by the Central Government

ICSI representation to MCA for extension of timelines for holding AGM

ICSI representation to MCA for extension of timelines for holding AGM

Considering the crisis due to the Covid-19 pandemic, ICSI requests MCA to grant an extension of time to the companies for holding AGM for the year ended 31st March 2021

FM to Infosys: Issues on the Income Tax website should be resolved by 15th September 2021

FM to Infosys: Issues on the Income Tax website should be resolved by 15th September 2021

Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today afternoon to convey the disappointment and concerns of the Government and the taxpayers about the continuing glitches in the e-filing portal

Income Tax Portal Glitches: Finance Ministry summons Infosys

Income Tax Portal Glitches: Finance Ministry summons Infosys

Between the controversies relating to the technical issues in the new income tax portal, the Finance Ministry has summoned Infosys CEO Salil Parekh

ICAI extended the last attempt to appear in CA Inter and Final old course exams

ICAI extended the last attempt to appear in CA Inter and Final old course exams

In order to remove hardship caused to the students due to Covid-19 spread, the Competent Authority has decided to extend the last attempt to appear in Final and Intermediate (IPC)

DGGI Meerut busted fake billing racket, 2 arrested

DGGI Meerut busted fake billing racket, 2 arrested

Acting upon a specific intelligence, the Officers of Directorate General of GST Intelligence (DGGI), Meerut Zonal Unit have busted a fake billing racket involved in creating numerous fictitious firms

Revised MEF Form for 2021-22 is expected to be made live in October 2021: ICAI

Revised MEF Form for 2021-22 is expected to be made live in October 2021: ICAI

The Professional Development Committee of the ICAI hosts the Multipurpose Empanelment Form every year to be filled by the CA Firms and Members applying for the Bank Audits

GST Mumbai: DGGI exposes ITC fraud case of Rs 180 crore

GST Mumbai: DGGI exposes ITC fraud case of Rs 180 crore

The Mumbai Zonal Unit of Directorate General of GST Intelligence, CBIC, (DGGI-MZU) has busted a major ITC refund fraud case and arrested Shri Santosh Doshi,

EPFO: 12.83 lakh net subscribers added in June 2021

EPFO: 12.83 lakh net subscribers added in June 2021

The provisional payroll data of EPFO(Employees’ Provident Funds Organization) released on 20th August, 2021, highlights a growing trend with 12.83 lakh net payroll additions during the month of June, 2021

GST Ludhiana: Checks conducted at four firms to uncover bogus billing nexus

GST Ludhiana: Checks conducted at four firms to uncover bogus billing nexus

On suspicion of bogus billing, the state GST department, Ludhiana, conducted inspections at four firms that are into edible oil business. The department seized more than Rs 41 lakh cash

E-way bill generation gears up in August

E-way bill generation gears up in August

Nearest to 3.07 crore e-way bills were generated between 1st and 15th August 2021. The daily average count in the second week increased to 5% in comparison to the first week

Exchange Rate Notification No.68/2021 - Customs (N.T.)

Exchange Rate Notification No.68/2021 - Customs (N.T.)

Exchange Rate Notification No.68/2021-Customs determines the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed

Pilot Launch of International Bullion Exchange

Pilot Launch of International Bullion Exchange

The International Bullion Exchange shall be the “Gateway for Bullion Imports into India”, wherein all the bullion imports for domestic consumption shall be channelized through the exchange

Guidelines and Rates notified for RoDTEP Scheme

Guidelines and Rates notified for RoDTEP Scheme

Centre has today notified RoDTEP Scheme Guidelines and Rates (Remission of Duties and Taxes on Exported Products). The rates of RoDTEP will cover 8555 tariff lines.

De-notification of ICDs or CFSs or AFSs

De-notification of ICDs or CFSs or AFSs

Providing relief to custodians of Inland Container Depots (ICDs) and Container Freight Stations (CFSs), the CBIC streamlined the procedure of closure of these facilities

India records 572% growth in grant of Patents in last 7 years - Shri Piyush Goyal

India records 572% growth in grant of Patents in last 7 years - Shri Piyush Goyal

While addressing the award function, Shri Goyal said the key achievements include Granting of 28,391 patents in 2020-21 as compared to 4,227 grants during 2013-14

IT Dept raids on a trading company in NCR

IT Dept raids on a trading company in NCR

The Income Tax Department conducted searches on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players

Technical glitches in Income Tax portal to be fixed very soon - FM Sitharaman

Technical glitches in Income Tax portal to be fixed very soon - FM Sitharaman

Finance Minister Nirmala Sitharaman said technical glitches in the new income tax e-filing portal will be largely fixed in the next couple of weeks

GSTN issue Module wise new functionalities deployed on GST Portal

GSTN issue Module wise new functionalities deployed on GST Portal

The Goods and Service Tax Network (GSTN) has released a compilation of various new functionalities implemented on the GST Portal

ED arrests CA Raman Bhuraria for Bank Fraud of Rs 3269 Crore

ED arrests CA Raman Bhuraria for Bank Fraud of Rs 3269 Crore

ED has arrested Raman Bhuraria, CA for his assistance and complicity in Rs.3269 Cr. bank fraud of M/s Shakti Bhog Foods Limited under the provisions of the PMLA

Tariff Notification No. 67/2021-Customs (N.T.)

Tariff Notification No. 67/2021-Customs (N.T.)

Tariff Notification No. 67/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Advisory on GSTR-1 filing

Advisory on GSTR-1 filing

Currently, the taxpayers are seeing the below statuses for GSTR 1, after uploading of JSON file from the offline tool: 1. Processed with Error or 2. In Progress

GST Officials arrest 2 directors for fake ITC of Rs 10.33 crore

GST Officials arrest 2 directors for fake ITC of Rs 10.33 crore

The CGST Commissionerate, Faridabad, Haryana has arrested two Directors of M/s. F2C Wellness Pvt. Ltd. for availing and passing fake input tax credit (ITC)

Tariff Notification No. 66/2021-Customs (N.T.)

Tariff Notification No. 66/2021-Customs (N.T.)

Tariff Notification No. 66/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

MCA amended Companies Act to disclose details of Cryptocurrency and CSR in Financial Statements

MCA amended Companies Act to disclose details of Cryptocurrency and CSR in Financial Statements

Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April, 2021 to mandate various disclosures by companies in their financial statements.

Finance Ministry releases Revenue Deficit Grant of Rs 9,871 crore to 17 States

Finance Ministry releases Revenue Deficit Grant of Rs 9,871 crore to 17 States

State-wise details of the grant released this month and total amount of PDRD Grant released to the States in 2021-22 is annexed.

Income Tax dept launches three emails for filing grievances under Faceless Scheme

Income Tax dept launches three emails for filing grievances under Faceless Scheme

the Income Tax Department creates dedicated e-mail ids for registering grievances in respect of pending cases under the Faceless Scheme.

Vivad Se Vishwas scheme: Government settled disputed tax of Rs 99,756 crore

Vivad Se Vishwas scheme: Government settled disputed tax of Rs 99,756 crore

The scheme Vivad Se Vishwas is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers no targets were fixed by the Government

Digital payments surge from 1459.02 crore to 4371.18 crore in 3 years

Digital payments surge from 1459.02 crore to 4371.18 crore in 3 years

On digital payment ecosystem, the Minister stated that the total volumes of digital payments have also increased from 1459.02 crore in FY 2017-18 to 4371.18 crore in FY 2020-21

Javelin thrower Neeraj Chopra becomes first Indian to win Olympic Gold in Athletics

Javelin thrower Neeraj Chopra becomes first Indian to win Olympic Gold in Athletics

The 23-year-old Javelin thrower Neeraj Chopra created history by wining Gold medal in men's javelin throw at Tokyo Olympic today.

All you need to know about the Gold Boy Neeraj Chopra

All you need to know about the Gold Boy Neeraj Chopra

An overweight 12-year-old boy from Haryana’s Khandra village, who was persistently persuaded by his family members to take up sports

Everything about e-RUPI (new digital payment instrument)

Everything about e-RUPI (new digital payment instrument)

e-RUPI is basically a digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code. it is a pre-paid voucher which can be redeemed at any centre

No Ban on Import of Toys - Commerce Ministry

No Ban on Import of Toys - Commerce Ministry

Minister of State in the Ministry of Commerce and Industry in a written reply in the Rajya Sabha stated that Government is not considering a ban on the import of toys

GST Advisory: Blocking of E-way bill generation will resume from 15-Aug-2021

GST Advisory: Blocking of E-way bill generation will resume from 15-Aug-2021

The government has now decided to resume the blocking of e-way bill generation facility on the EWB portal from 15th August onwards.

List of measures taken by Government for attracting foreign investments

List of measures taken by Government for attracting foreign investments

This information was given by the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel in a written reply in the Lok Sabha

Finance ministry released a grant of Rs 685.80 crore  to Urban Local Bodies

Finance ministry released a grant of Rs 685.80 crore to Urban Local Bodies

Grants for Urban Local Bodies have been released as per the recommendations of the 15th Finance Commission. The States are required to transfer the grants to the ULBs within 10 working days

Exchange Rate Notification No.65/2021 - Customs (N.T.)

Exchange Rate Notification No.65/2021 - Customs (N.T.)

Notification No.59/2021-Customs (N.T.) - The rate of exchange of conversion of each of the foreign currencies effective from 6th August, 2021

12,889 shell companies struck off by ROC in FY 2020-21

12,889 shell companies struck off by ROC in FY 2020-21

Shell Company normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose..

CBIC launches Compliance Information Portal (CIP)

CBIC launches Compliance Information Portal (CIP)

The CBIC here today launched the Indian Customs Compliance Information Portal (CIP) for providing free access to information on all Customs procedures

Government recovers more than Rs 1900 crore in tax evasion in FY 2021-22 (till June 2021)

Government recovers more than Rs 1900 crore in tax evasion in FY 2021-22 (till June 2021)

GST evasion may be committed intentionally and at times non-payment of tax may happen due to human error. Total tax evasion detected in GST in last three years

Shri Deepak Das appointed as new Controller General of Accounts (CGA)

Shri Deepak Das appointed as new Controller General of Accounts (CGA)

Shri Deepak Das is the 25th officer to hold the position of Controller General of Accounts (CGA). He is appointed by the Government of India with effect from August 1, 2021

GST collection for July 2021

GST collection for July 2021

The gross GST revenue collected in the month of July 2021 is ₹ 1,16,393 crore of which CGST is ₹ 22,197 crore, SGST is ₹ 28,541 crore, IGST is ₹ 57,864 crore

IT dept raids on a real estate group in Jharkhand

IT dept raids on a real estate group in Jharkhand

Income Tax Department carried out a search operation on 28.07.2021 on a prominent group in Jharkhand dealing in building construction and real estate

New functionalities deployed on GST portal w.r.t Annual Aggregate Turnover

New functionalities deployed on GST portal w.r.t Annual Aggregate Turnover

GSTN has implemented a new functionality on taxpayers' dashboards with respect to Annual Aggregate Turnover. Read complete update..

IT dept. detects Rs 2200 cr fictitious transactions in raids on a prominent group

IT dept. detects Rs 2200 cr fictitious transactions in raids on a prominent group

During the search, cyclical trading and transfer of funds among group companies engaged in unrelated businesses to the tune of Rs 2,200 crore has been found.

IBBI amends Insolvency Resolution Process for Corporate Persons

IBBI amends Insolvency Resolution Process for Corporate Persons

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016

DA for Central Govt employees increased to 28% wef 1 July 2021

DA for Central Govt employees increased to 28% wef 1 July 2021

The Government has decided to increase the Dearness Allowance to Central Government employees and Dearness Relief to pensioners with effect from 01.07.2021 to 28%

Finance Ministry released 75K crore to States as GST Compensation shortfall

Finance Ministry released 75K crore to States as GST Compensation shortfall

Ministry of Finance has released today ₹75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation

Bengaluru IT Dept detected concealment of income of 880 crores

Bengaluru IT Dept detected concealment of income of 880 crores

Income Tax Department carried out a survey operation on two business premises in Bengaluru on one of India leading manpower services provider..

CGST Zone & DGGI booked fake ITC of over 35000 crores in FY 2020-21

CGST Zone & DGGI booked fake ITC of over 35000 crores in FY 2020-21

During the FY 2020-21 CGST zone and DGGI have booked about 8000 cases involving fake input tax credit of over Rs 35000 crore. Total 426 persons were arrested..

CGST Delhi Zone unearths network of 23 firms claiming fake GST credit

CGST Delhi Zone unearths network of 23 firms claiming fake GST credit

The firms involved in network are M/s Girdhar Enterprises, M/s Arun Sales, M/s Akshay Traders, M/s Shree Padmavati and 19 others. Get more updates on GST fake credit.

IT Dept unearths tax evasion of Rs 300 crore after raids at Hyderabad based firm

IT Dept unearths tax evasion of Rs 300 crore after raids at Hyderabad based firm

Income Tax Department carried out a search and seizure operation on 06.07.2021 on a group based in Hyderabad. The group is engaged in real estate..

Online filing of application launched for Authorised Economic Operators

Online filing of application launched for Authorised Economic Operators

Central Board of Indirect Taxes & Customs (CBIC) Chairman Shri M. Ajit Kumar here today inaugurated the online filing of Authorised Economic Operators (AEO) T2 and T3 applications.

Dr Bhagwat Kishanrao Karad takes charge as Minister of State in the Ministry of Finance

Dr Bhagwat Kishanrao Karad takes charge as Minister of State in the Ministry of Finance

Dr Karad is a first time member of the Rajya Sabha. Active in public service, he has served as Mayor of Aurangabad Municipal Corporation

CBDT released refund of Rs 37,050 crore between April 2021 to July 2021

CBDT released refund of Rs 37,050 crore between April 2021 to July 2021

CBDT released refund of Rs 37,050 crore between April 2021 to July 2021

GST collection dropped below Rs 1 lakh crore in June 2021

GST collection dropped below Rs 1 lakh crore in June 2021

GST collection dropped below Rs 1 lakh crore in June 2021

Major changes related to QRMP scheme on GST Portal

Major changes related to QRMP scheme on GST Portal

Few important changes related to QRMP Scheme implemented on the GST Portal

CA July 2021 exams at all examination centres in Kathmandu (Nepal) cancelled by ICAI

CA July 2021 exams at all examination centres in Kathmandu (Nepal) cancelled by ICAI

CA July 2021 exams at all examination centres in Kathmandu (Nepal) cancelled by ICAI.

Income Tax: Further relaxation in electronic filing of form 15CA/15CB

Income Tax: Further relaxation in electronic filing of form 15CA/15CB

Taxpayers can now submit the form 15CA or 15CB in manual format to the authorized dealers till 15th July, 2021

Mock test for CSEET will be conducted on 6th July 2021

Mock test for CSEET will be conducted on 6th July 2021

Mock test for CSEET will be conducted on 6th July 2021

How to appear for CSEET exam through Remote Proctored mode

How to appear for CSEET exam through Remote Proctored mode

How to appear for CSEET exam through Remote Proctored mode

Relaxations in the Cost and Works Accountants Regulations, 1959 on account of Covid-19

Relaxations in the Cost and Works Accountants Regulations, 1959 on account of Covid-19

Relaxations in the Cost and Works Accountants Regulations, 1959 on matters relating to Regional Councils of the Institute for the year 2021

Enhanced revenue collection in recent months should be new normal: FM Nirmala Sitharaman

Enhanced revenue collection in recent months should be new normal: FM Nirmala Sitharaman

Enhanced revenue collection in recent months should be new normal: FM Nirmala Sitharaman

Retail and wholesale trades allowed to register as MSME

Retail and wholesale trades allowed to register as MSME

Minister of MSME and Road Transport and Highways Shri Nitin Gadkari today announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades as MSMEs

Admit card released for CSEET being held on 10th July 2021

Admit card released for CSEET being held on 10th July 2021

Admit card released for CSEET being held on 10th July 2021

Supreme Court Judgement on CA Exam July 2021

Supreme Court Judgement on CA Exam July 2021

Supreme Court Judgement on CA Exam July 2021 - Order Copy

Exchange Rate Notification 57/2021 - Customs

Exchange Rate Notification 57/2021 - Customs

Exchange Rate Notification 57/2021 - Customs

FM Nirmala Sitaraman introduced new credit guarantee scheme for MFIs

FM Nirmala Sitaraman introduced new credit guarantee scheme for MFIs

FM Nirmala Sitaraman introduced new credit guarantee scheme for MFIs

FM asks Ministries to front-load capital expenditure & ensure clearance of SMEs dues at earliest

FM asks Ministries to front-load capital expenditure & ensure clearance of SMEs dues at earliest

6th review meeting by the Finance Minister - Smt. Nirmala Sitharaman here today held a virtual meeting with senior government officials to discuss the infrastructure roadmap

Centre announces COVID-19 relief package of Rs 6,28,993 crore

Centre announces COVID-19 relief package of Rs 6,28,993 crore

Centre announces COVID-19 relief package of Rs 6,28,993 crore

Hawala racket exposed after Income Tax Raid in Raipur

Hawala racket exposed after Income Tax Raid in Raipur

IT Department carried out search and seizure action on 21.06.2021 on a Raipur based hawala operators. Unaccounted cash amounting to approximately Rs. 6 crore has been seized

Clarification on section 206AB and 206CCA

Clarification on section 206AB and 206CCA

Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from the 1st day of July 2021

Highlights of FM meeting with Infosys on glitches in new Income Tax Portal

Highlights of FM meeting with Infosys on glitches in new Income Tax Portal

A meeting was held between senior officials of the Finance Ministry and Infosys on 22.06.2021 on issues in the new Income Tax Portal.

NTPC group recorded the highest ever PAT in FY 2021

NTPC group recorded the highest ever PAT in FY 2021

In FY21, NTPC group has recorded the highest ever gross generation of 314.07 Billion units as against 290.19 Billion units during the previous year

Income Tax collections of Rs 1,85,871 crore for FY 2021-22

Income Tax collections of Rs 1,85,871 crore for FY 2021-22

Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%. Advance Tax collections for F.Y. 2021-22 stand at Rs. 28,780 crore

Cost Inflation Index(CII) for FY 2021-22 and subsequent years is 317

Cost Inflation Index(CII) for FY 2021-22 and subsequent years is 317

This notification shall come into force with effect from the 1st day of April 2022 and shall accordingly apply to the Assessment Year 2022-2023 and subsequent years

New Income Tax portal issues: FM officials to hold meeting with Infosys on 22nd June

New Income Tax portal issues: FM officials to hold meeting with Infosys on 22nd June

The new income tax website has upset taxpayers with several technical glitches. Finance Ministry will hold an interactive meeting with Infosys on 22nd June 2021

Relaxation in electronic filing of 15CA/15CB

Relaxation in electronic filing of 15CA/15CB

Due to difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal, Authorized dealers are advised to accept such Forms till June 30th, 2021

CBIC guidelines: GST cancellation order must be  passed within 30 days

CBIC guidelines: GST cancellation order must be passed within 30 days

Where a person who has submitted an application for cancellation of his registration is no longer liable to be registered or his registration is liable to be canceled, the proper officer shall issue an order in FORM GST REG-19, within a period of thirty days

Notified rate of foreign exchange with effect from 21st May 2021

Notified rate of foreign exchange with effect from 21st May 2021

CBIC Notification No.46/2021-Customs determines the rate of exchange of conversion of each of the foreign currencies into Indian currency or vice versa with effect from 21st May.

Copy of SOP issued by Centre on amended provisions of revocation of cancellation of GST

Copy of SOP issued by Centre on amended provisions of revocation of cancellation of GST

CBIC released standard operating procedure (SOP) for implementation of the provision of extension of time limit to apply for revocation of cancellation of registration

Summary of GST relief measures in the second wave of coronavirus

Summary of GST relief measures in the second wave of coronavirus

Interest rate reduced for late payment of GST in view of the Covid-19 pandemic. Late fee waived for filing GSTR-3B for the month of March’2021

FAQ on treatment of Securities Premium Account under Ind AS

FAQ on treatment of Securities Premium Account under Ind AS

FAQ on the treatment of Securities Premium Account under Ind AS on the date of transition has been issued by the ICAI.

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