ICAI President urges professionals to continuously evolve and remain ahead of the curve

As, I reflect over the recent developments and emerging trends shaping the future of the profession, I understand that one of our profession’s main premise is about building better future and supporting economic progress of society. ...

source https://news.caclubindia.com/icai-president-urges-professionals-to-continuously-evolve-and-remain-ahead-of-curve-22209.asp

GSTN introduces new facility to verify document Reference Number on offline communications of State GST authorities

The GST portal ("System") generates various documents, such as notices/ orders, etc which are communicated to the taxpayer. Most such documents have a system-generated unique identifier DIN ...

source https://news.caclubindia.com/gstn-introduces-new-facility-to-verify-document-reference-number-on-offline-communications-of-state-gst-authorities-22203.asp

GST payments can now be made through 23 banks

GSTN has added 2 new banks Induslnd Bank Limited and South Indian Bank Limited, bringing the total number of banks accepting GST payments to 23....

source https://news.caclubindia.com/gst-payments-can-now-be-made-through-23-banks-22201.asp

CA Inter Exams to be held on 10th May rescheduled in Punjab and Odisha

Re-Scheduling of Chartered Accountants Examination scheduled to be held on 10th May 2023 (Wednesday) at the Examinations Centre at Jalandhar (Punjab) and Jharsuguda (Odisha)....

source https://news.caclubindia.com/ca-inter-exams-to-be-held-on-10th-may-rescheduled-in-punjab-and-odisha-22200.asp

FM Nirmala Sitharaman chairs review meeting with CBDT

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired a periodic review meeting with Central Board of Direct Taxes (CBDT)...

source https://news.caclubindia.com/fm-nirmala-sitharaman-chairs-review-meeting-with-cbdt-22197.asp

SC ruling on Income Tax searches to give big relief to taxpayers

The Supreme Court has held that the income tax (I-T) department cannot reopen completed assessments under the Section 153A of the I-T Act...

source https://news.caclubindia.com/sc-ruling-on-income-tax-searches-to-give-big-relief-to-taxpayers-22196.asp

Excel utilities of ITR 1 and ITR 4 released for AY 2023-24

Income Tax Department releases Excel utilities of ITR 1 and ITR 4 for AY 2023-24 & made them available for filing. ...

source https://news.caclubindia.com/excel-utilities-of-itr-1-and-itr-4-released-for-ay-2023-24-22195.asp

GSTN issued advisory on Bank Account Validation

GSTN is pleased to inform you that the functionality for bank account validation is now integrated with the GST System. This feature is introduced to ensure that the bank accounts provided by the Tax Payer is correct....

source https://news.caclubindia.com/gstn-issued-advisory-on-bank-account-validation-22194.asp

ICAI issued various Handbooks under Direct Taxation

Various Handbooks released by ICAI under Direct Taxation...

source https://news.caclubindia.com/icai-issued-various-handbooks-under-direct-taxation-22193.asp

Income Tax investigation against insurers widens to banks

The income-tax (I-T) department sent notices to two large private banks in its ongoing investigation into possible malpractices involving commission payments made by insurance companies, says a report....

source https://news.caclubindia.com/income-tax-investigation-against-insurers-widens-to-banks-22191.asp

IT dept conducted searches on premises of prominent Bollywood producers

IT dept conducted searches on premises of prominent Bollywood producers...

source https://news.caclubindia.com/it-dept-conducted-searches-on-premises-of-prominent-bollywood-producers-22190.asp

Tax Dept raids Kashipur firms for GST evasion of Rs 5 crore

The State tax department conducted raids in two firms located in Mahuakheda Ganj industrial area of Kashipur for the goods and service tax  (GST) evasion of over Rs five crore....

source https://news.caclubindia.com/tax-dept-raids-kashipur-firms-for-gst-evasion-of-rs-5-crore-22187.asp

IT Dept clarifies 'No proposal before government' regarding capital gains tax

"It is clarified that there is no such proposal before the Government on capital gains tax," Income Tax Department said via a tweet....

source https://news.caclubindia.com/it-dept-clarifies-no-proposal-before-government-regarding-capital-gains-tax-22186.asp

ICAI organizes expert panel for addressing queries related to statutory audit pertaining to auditing aspects

ICAI has decided to provide necessary support to the members in practice with respect to the Statutory Audit of Entities pertaining to auditing aspects with the objective of enhancing audit quality....

source https://news.caclubindia.com/icai-organizes-expert-panel-for-addressing-queries-related-to-statutory-audit-pertaining-to-auditing-aspects-22185.asp

ICAI extends last date for updation of Member's Profile with GSTIN at SSP till 23rd April 2023

Based on the requests received from Members, the last date to update the profile has been extended till 23rd April 2023....

source https://news.caclubindia.com/icai-extends-last-date-for-updation-of-members-profile-with-gstin-at-ssp-till-23rd-april-2023-22184.asp

Form 52A made available for filing

Form 52A is now available for filing vide Notification No.109/2022 dated 14th September 2022....

source https://news.caclubindia.com/form-52a-made-available-for-filing-22183.asp

Income Tax Dept enabled Download Statement option for Form 26QB Payment

The Income Tax Department has enabled the Download Statement option for Form 26QB Payment on the income tax e-filing portal....

source https://news.caclubindia.com/income-tax-dept-enabled-download-statement-option-for-form-26qb-payment-22182.asp

CBDT releases Direct Tax Statistics as updated upto FY 2021-22

In continuation of its efforts to place more and more information in public domain, the CBDT has further released Time-Series data as updated upto F.Y. 2021-22....

source https://news.caclubindia.com/cbdt-releases-direct-tax-statistics-as-updated-upto-fy-2021-22-22180.asp

GSTN issues advisory on time limit for reporting invoices on IRP Portal

Advisory on time limit for reporting invoices on IRP Portal...

source https://news.caclubindia.com/gstn-issues-advisory-on-time-limit-for-reporting-invoices-on-irp-portal-22178.asp

IT dept conducts searches at cooperative banks in Karnataka over tax evasion

Income Tax Department commenced a Search & Seizure operation in the case of some Cooperative Banks, in the State of Karnataka, on 31.03.2023. ...

source https://news.caclubindia.com/it-dept-conducts-searches-at-cooperative-banks-in-karnataka-over-tax-evasion-22176.asp

RBI simplifies the application process for registration of Core Investment Companies

The Reserve Bank has undertaken a comprehensive review of the system of processing of applications for registration as Core Investment Companies (CICs) to make the registration process smoother and hassle free. ...

source https://news.caclubindia.com/rbi-simplifies-application-process-for-registration-of-core-investment-companies-22174.asp

Supreme Court: Erroneous order of AO causing prejudice to revenue is revisable by CIT

The Supreme Court has held that the Commissioner of Income Tax can exercise revision powers under Section 263 of the Income Tax Act over the orders of the Assessing Officer which cause prejudice to the interest of the revenue.The Top Court set aside ...

source https://news.caclubindia.com/supreme-court-erroneous-order-of-ao-causing-prejudice-to-revenue-is-revisable-by-cit-22173.asp

Income tax payments from senior citizens surpasses Rs. 1 lakh crore

There has been a surprising surge in income tax payments from senior citizens during the past year, lifting the overall tax collections from the 60+ population by as much as 61.5% from pre-COVID levels to surpass ₹1 lakh crore....

source https://news.caclubindia.com/income-tax-payments-from-senior-citizens-surpasses-rs-1-lakh-crore-22171.asp

More than 40.82 crore loans amounting to Rs. 23.2 lakh crore sanctioned under PMMY since inception

MUDRA helped in generation of large-scale employment opportunities at grassroots level and also proved a game changer while boosting Indian economy: Finance Minister Smt. Nirmala Sitharaman...

source https://news.caclubindia.com/more-than-40-82-crore-loans-amounting-to-rs-23-2-lakh-crore-sanctioned-under-pmmy-since-inception-22168.asp

RBI keeps repo rate unchanged at 6.5%

Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent....

source https://news.caclubindia.com/rbi-keeps-repo-rate-unchanged-at-6-5-percent-22167.asp

CBDT | Employers to ask employees about preferred tax regime for deducting TDS from salary

The Income Tax Department on Wednesday said employers will have to seek details from employees about their preference for tax regime in the current fiscal and deduct TDS accordingly. ...

source https://news.caclubindia.com/cbdt-employers-to-ask-employees-about-preferred-tax-regime-for-deducting-tds-from-salary-22162.asp

Finance Ministry to constitute 16th Finance Commission this year

Finance ministry on Monday told the Lok Sabha that it was going to constitute the 16th Finance Commission (SFC) in the current calendar year. ...

source https://news.caclubindia.com/finance-ministry-to-constitute-16th-finance-commission-this-year-22157.asp

Direct tax collections for FY 2022-23 exceed budget estimate by nearly 17%

Direct Tax collections (provisional) for the Financial Year (FY) 2022-23 exceed the Union Budget Estimates by Rs 2.41 lakh crore i.e. by 16.97%...

source https://news.caclubindia.com/direct-tax-collections-for-fy-2022-23-exceed-budget-estimate-by-nearly-17-percent-22156.asp

RBI appoints Shri Neeraj Nigam as new Executive Director

The Reserve Bank of India (RBI) has appointed Shri Neeraj Nigam as Executive Director (ED) with effect from April 03, 2023....

source https://news.caclubindia.com/rbi-appoints-shri-neeraj-nigam-as-new-executive-director-22155.asp

ICAI requests members to update profile on SSP portal with GSTIN by 15th April 2023

Updation of Member's Profile at Self Service Portal with GSTIN...

source https://news.caclubindia.com/icai-requests-members-to-update-profile-on-ssp-portal-with-gstin-by-15th-april-2023-22154.asp

ICAI postpones CA Inter May Exam scheduled to be held on 10th May in Karnataka

Postponement of Chartered Accountants Examination scheduled to be held on 10th May, 2023 (Wednesday) at the Examinations Centres in the State of Karnataka...

source https://news.caclubindia.com/icai-postpones-ca-inter-may-exam-scheduled-to-be-held-on-10th-may-in-karnataka-22153.asp

Gross GST collection for FY 2023 crossed Rs. 18 lakh crore

₹1,60,122 crore gross GST revenue collected for March 2023...

source https://news.caclubindia.com/gross-gst-collection-for-fy-2023-crossed-rs-18-lakh-crore-22152.asp