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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.

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

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