Latest News and Updates

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

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

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

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

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)

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

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.

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

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

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

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.

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

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.

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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 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.

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

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

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

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

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

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

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

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.

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

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 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

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.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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.

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...

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

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

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

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.

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.

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

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

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

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

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.

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

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

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

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

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

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

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

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.

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.

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

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

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

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.

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

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

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

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.

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

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

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

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

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

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)

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

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

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,

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

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

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 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

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

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.

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

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

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

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

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

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.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

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

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.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 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

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

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

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

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.

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

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%

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

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

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..

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.

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..

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 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

GST collection dropped below Rs 1 lakh crore in June 2021

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.

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

How to appear for CSEET exam through Remote Proctored mode

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

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

Supreme Court Judgement on CA Exam July 2021 - Order Copy

Exchange Rate Notification 57/2021 - Customs

FM Nirmala Sitaraman introduced new credit guarantee scheme for MFIs

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

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

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

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.

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

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

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

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

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

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

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.

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

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

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