ITR-1 and ITR-4 e-Filing commences with prefilled data for AY 2023-24

Taxpayers can now file returns for AY 2023-24 through Income Tax Return (ITR) forms ITR-1 and ITR-4 on the e-filing portal in online mode with prefilled data....

source https://news.caclubindia.com/itr-1-and-itr-4-e-filing-commences-with-prefilled-data-for-ay-2023-24-22265.asp

Gameskraft case poses challenges for IT officials too

It isn't just GST authorities who have run against a legal wall in their attempt to claim Rs 21,000 crore from Gameskraft. Even the income tax (I-T) department, which had issued notices to the company and over 10,000 gamers, is facing hurdles...

source https://news.caclubindia.com/gameskraft-case-poses-challenges-for-it-officials-too-22262.asp

CBDT releases comprehensive guidelines for computing online gaming taxes

Guidelines for the removal of difficulties under Section 194BA that deals with Winnings from Online Games...

source https://news.caclubindia.com/cbdt-releases-comprehensive-guidelines-for-computing-online-gaming-taxes-22261.asp

E-Invoices now mandatory for traders with turnover above Rs 5 crore

Traders with an annual turnover above ₹5 crore must prepare e-invoices from August 1 this year for business-to-business transactions...

source https://news.caclubindia.com/e-invoices-now-mandatory-for-traders-with-turnover-above-rs-5-crore-22258.asp

TCS Exempted for Small Debit and Credit Card Transactions Abroad up to Rs 7 Lakh

Clarification regarding applicability of Tax Collection at Source to small Debit/Credit Transactions under LRS ...

source https://news.caclubindia.com/tcs-exempted-for-small-debit-and-credit-card-transactions-abroad-up-to-rs-7-lakh-22257.asp

RBI | Rs 2000 Notes to be Withdrawn from Circulation but Remain Legal Tender

Rs.2000 Denomination BanknotesWithdrawal from Circulation; Will continue as Legal Tender ...

source https://news.caclubindia.com/rbi-rs-2000-notes-to-be-withdrawn-from-circulation-but-remain-legal-tender-22255.asp

Legal Powerhouses from Gaming Industry Seek Prime Minister's Support

Several top law firms representing the gaming industry, have written to the Prime Minister's Office (PMO) urging the GST Council to maintain the current taxation regime for the online gaming industry....

source https://news.caclubindia.com/legal-powerhouses-from-gaming-industry-seek-prime-ministers-support-22251.asp

GST Probe Expands: 10 Additional Insurers to Receive Notices Soon

The goods and services tax department has widened the probe against insurance companies for alleged wrongful availment of input tax credit. ...

source https://news.caclubindia.com/gst-probe-expands-10-additional-insurers-to-receive-notices-soon-22250.asp

IT department launches raids on edible oil business group in West Bengal and Assam

Income Tax Department conducted search and seizure operations on a business group operating largely in North Bengal region of the State of West Bengal....

source https://news.caclubindia.com/it-department-launches-raids-on-edible-oil-business-group-in-west-bengal-and-assam-22246.asp

Online gaming companies in limbo as GST authorities struggle to take action after Gameskraft probe

Dark clouds loom over the post-probe move against online gaming companies by GST Authorities after a ruling by Karnataka High Court in the Gameskraft matter. ...

source https://news.caclubindia.com/online-gaming-companies-in-limbo-as-gst-authorities-struggle-to-take-action-after-gameskraft-probe-22243.asp

FM highlights investments via PLI schemes as top priority for economic growth

Finance Minister Nirmala Sitharaman stressed the government’s priority to incentivise and encourage expenditures in India through production-linked incentive (PLI) schemes...

source https://news.caclubindia.com/fm-highlights-investments-via-pli-schemes-as-top-priority-for-economic-growth-22239.asp

24 major importers evade Rs 11,000 crore GST payments

The Directorate General of GST Intelligence (DGGI) and Directorate of Revenue Intelligence (DRI) have detected alleged Integrated GST evasion to the tune of ₹11,000 crore by 24 large importers....

source https://news.caclubindia.com/24-major-importers-evade-rs-11000-crore-gst-payments-22237.asp

ICAI | No further Advance ITT (Old Syllabus) Test will be conducted after Sept 2023

The Advanced IT (Old Syllabus) Test conducted by Examination Department for students who have undergone Advanced IT (Old Syllabus) course will not be conducted after September 2023....

source https://news.caclubindia.com/icai-no-further-advance-itt-old-syllabus-test-will-be-conducted-after-sept-2023-22232.asp

ICAI releases Schedule of Convocationand#160;2023

Members & Students Services (Grievances Handling and e-Sahaayataa) DirectorateThe Institute of Chartered Accountants of India11th May, 2023 Convocation 2023The next ICAI Convocation will be held at following Cities as per dates mentioned, for Mem...

source https://news.caclubindia.com/icai-releases-schedule-of-convocation-160-2023-22231.asp

ICAI defers second phase of Peer Review Mandate

The second phase of the mandate is applicable wef July 1, 2023...

source https://news.caclubindia.com/icai-defers-second-phase-of-peer-review-mandate-22228.asp

Exposure Draft on Amendments to the Classification and Measurement of Financial Instruments

Exposure Draft on Amendments to the Classification and Measurement of Financial Instruments (Proposed amendments to IFRS 9 and IFRS 7)...

source https://news.caclubindia.com/exposure-draft-on-amendments-to-the-classification-and-measurement-of-financial-instruments-22227.asp

Formation agents of companies, LLPs to be covered under PMLA

The government on Tuesday amended the anti-money laundering law to bring individuals acting as formation agents of companies and others under its ambit....

source https://news.caclubindia.com/formation-agents-of-companies-llps-to-be-covered-under-pmla-22226.asp

GST audit norms likely to be taken up for audit cases from this fiscal

In a move that is expected to help businesses as well as reduce litigation, a Model All India GST Audit Manual 2023 has been finalised for use by the Centre and state tax officials....

source https://news.caclubindia.com/gst-audit-norms-likely-to-be-taken-up-for-audit-cases-from-this-fiscal-22223.asp

GSTN defers implementation of time limit on reporting old e-invoices by 3 months

Deferment of Implementation of Time Limit on Reporting Old e-InvoicesDear Taxpayers,1. It is to inform you that it has been decided by the competent authority to defer the imposition of time limit of 7 days on reporting old e-invoices on the e-invoic...

source https://news.caclubindia.com/gstn-defers-implementation-of-time-limit-on-reporting-old-e-invoices-by-3-months-22221.asp

GST superintendent, 2 others booked for taking Rs 25 lakh bribe in Mumbai

The Anti-corruption wing of the Central Bureau of Investigation (CBI) on Friday booked Dhirendra Kumar, the Superintendent of Anti-Eviction Wing of Central GST, and two others for absconding with bribe money worth Rs 25 lakh....

source https://news.caclubindia.com/gst-superintendent-2-others-booked-for-taking-rs-25-lakh-bribe-in-mumbai-22219.asp

IT department added new Functionality 'Download CSI File' for TAN based Payment

A new feature has been added to the Income Tax Department portal - The ability to download CSI files for TAN-based payments. ...

source https://news.caclubindia.com/it-department-added-new-functionality-download-csi-file-for-tan-based-payment-22216.asp

MCA takes a serious view of professionals for unethical conduct

The Ministry of Corporate Affairs has taken a serious view of professionals who help companies incorporate by falsely certifying they have visited the premises of the intended registered office....

source https://news.caclubindia.com/mca-takes-serious-view-of-professionals-for-unethical-conduct-22213.asp

Vivad Se Vishwas scheme aimed to provide relief to MSMEs comes into force

Government launches Vivad se Vishwas scheme for relief to MSMEs for COVID-19 period, as announced in the Union Budget 2023-24...

source https://news.caclubindia.com/vivad-se-vishwas-scheme-aimed-to-provide-relief-to-msmes-comes-into-force-22212.asp

ICAI welcomes observations of the candidates on the question papers of May 2023 CA Exams

Observations of the candidates on the question papers of CA examinations- May 2023...

source https://news.caclubindia.com/icai-welcomes-observations-of-candidates-on-question-papers-of-may-2023-ca-exams-22211.asp

GST revenue collection for April 2023 highest ever at Rs 1.87 lakh crore

Gross GST collection in April 2023 is all time high, Rs 19,495 crore more than the next highest collection of Rs. 1,67,540 crore, in April 2022...

source https://news.caclubindia.com/gst-revenue-collection-for-april-2023-highest-ever-at-rs-1-87-lakh-crore-22210.asp