Banking Laws Amendment Bill 2024 Passed in Lok Sabha

ED has arrested two Chartered Accountants and a cryptocurrency trader for operating cyber scam racket of Rs 640 crores. The racket was being handled and supported by several CA, CS, cyptocurrency traders and foreing handlers. Scam includes time job scam, betting, gambling and various kind of phishing scams.

Nirmala Sitaraman presented Banking Laws Amendment Bill 2024 in Lok Sabha and the same got passed by a voice vote on 3rd Dec 2024. Opposition parties members' called the bill a step towards privatisation.

Recently on CBI convicted two Income Tax Practitioners for fraudulently obtaining TDS refunds using fake certificates. CBI imposed 2 years Jail and fine of Rs.60,000.

Indian govt earned an amount of Rs. 1.87 lakh crore from GST as of Nov 2024 which represents growth of 8.5% yoy. GST collected by the government in Nov2023 was 1.68 lakh crore rupees. Likewise, so far in this financial year under review i.e., 2024-25 a total amount of Rs14.56 lakh crore have been secured from GST collection.

The CBDT extends due date of furnishing of Return of Income under sub-section (I) of section 139 of the Act via form 3CEB for the Assessment Year 2024-25 in the case of assesses referred to in clause (aa) of Explanation 2 to sub-section (1) of section 139 of the Act.

Reschedulement of Chartered Accountants Jan 25 examination. 

PAN card with QR code soon as government approves INR 1,400 crore revamp project.

The GST annual return form, GSTR-9, has undergone a key update for the financial year 2023-24. These changes, particularly related to Input Tax Credit (ITC), could lead to mismatches if not handled carefully. Understanding and adapting to these changes is essential to avoid complications during filing.

Find here the upcoming  important GST due dates that you must know.

Gujrat SGST department has identified tax evasion fraud of INR 3.53 crore during search performed in in Ahmedabad, Waghai in Dang district, and Nadiad, focused on identified sales without invoices in Business to Customer (B2C) sector.

Kerala's Houseboat Industry Faces Tax Crisis Amid Retrospective GST DemandThe houseboat tourism industry in Kerala, a cornerstone of the state’s tourism sector, is grappling with uncertainty as the GST office has demanded an 18% Goods and Services Tax (GST) from houseboat owners, retroactively effective from 2017. This development has sent shockwaves through houseboat operators in key regions such as Alappuzha, Kochi, and Kumarakom.

Madhya Pradesh Introduces Biometric Aadhaar Authentication at 46 GST Centres to Tackle Fraud

The Institute of Chartered Accountants of India (ICAI) has officially released updated study material under its New Scheme of Education and Training. This marks a pivotal moment in ICAI’s efforts to modernize and elevate the learning journey for aspiring Chartered Accountants. The initiative reflects ICAI’s dedication to aligning its curriculum with international standards and addressing the evolving needs of the profession.

Ola Electric has recently announced the layoff of 500 employees as part of a restructuring initiative aimed at optimizing operations and improving profitability. This decision reflects the company's need to adapt to changing market conditions and enhance its operational efficiency.

Gautam Adani and seven others are accused of paying a 2100 crore bribe to Indian government officials, according to a U.S. court. Also the U.S. Securities and Exchange Commission (SEC) has filed similar charges against Adani. An arrest warrant has been issued for Gautam Adani and his nephew, Sagar Adani.