Tax Audit Ay 2025-26 TAXPAYER के लिए 2 New updates date extension !
Tax Audit Ay 2025-26 TAXPAYER के लिए 2 New updates date extension !
Section 43B Disallowance Invalid if Tax Was Never Claimed as an Expense.
Section 43B Disallowance Invalid if Tax Was Never Claimed as an Expense. Issue Can a disallowance be made under Section 43B for unpaid statutory dues (like VAT/GST) if the assessee never claimed these dues as a deduction in its Profit and Loss account in the first place? Facts For the Assessment Year 2018-19, the Assessing… Read More »
Chandigarh Audit Flags Major Irregularities in Streetlight Project
Chandigarh Audit Flags Major Irregularities in Streetlight Project A recent audit report on a streetlight project in Chandigarh has flagged significant financial and procedural irregularities, highlighting both a massive cost escalation and issues related to unverified Goods and Services Tax (GST) payments made to the contractor. Key Findings of the Audit Massive Cost Escalation: The… Read More »
ITR REFUND PROCESSING फिर पकड़ी रफ्तार ! रिफंड का इंतजार होगा खत्म ! Income Tax latest update
ITR REFUND PROCESSING फिर पकड़ी रफ्तार ! रिफंड का इंतजार होगा खत्म ! Income Tax latest update
CBDT authorises ‘CPC Bengaluru’ to rectify mistakes & issue consequential demand notices in respect of all incomes
CBDT authorises ‘CPC Bengaluru’ to rectify mistakes & issue consequential demand notices in respect of all incomes MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 27th October, 2025 S.O. 4901(E).— In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Incometax Act,… Read More »
CBDT Directs Strict Verification of Expenses in Entertainment Sector
CBDT Directs Strict Verification of Expenses in Entertainment Sector The Central Board of Direct Taxes (CBDT) issued a letter addressing the findings of the Comptroller and Auditor General’s (C&AG) Performance Audit Report on the assessment of assessees in the entertainment sector. The CBDT’s instructions mandate that Assessing Officers (AOs) ensure uniformity and strict adherence to… Read More »
₹21.64 Crore GST Evasion Uncovered in Karnataka, One Arrested
₹21.64 Crore GST Evasion Uncovered in Karnataka, One Arrested The article reports that Goods and Services Tax (GST) enforcement authorities in Karnataka successfully uncovered a major tax evasion racket involving fraudulent transactions and illegal Input Tax Credit (ITC) claims. Key Details of the Allegation and Action Evasion Amount: The fraud is estimated to involve the… Read More »
GST Cuts Spur Consumption, Expected to Reflect in GDP Growth
GST Cuts Spur Consumption, Expected to Reflect in GDP Growth The government anticipates that the successful transmission of benefits from the recent Goods and Services Tax (GST) rate rationalization, combined with increased consumer spending, will be reflected in a significant boost to Gross Domestic Product (GDP) growth. Key Factors for Anticipated GDP Growth Full Price… Read More »
₹5 Crore Tax Evasion Case in Telangana Traced to Identity Theft
₹5 Crore Tax Evasion Case in Telangana Traced to Identity Theft The article reports that a Goods and Services Tax (GST) fraud case involving an evasion of ₹5 crore in tax benefits in Telangana was unearthed, with the fraudulent scheme traced back to an act of identity theft. Key Details of the Fraud Fraud Amount:… Read More »
Tyre Maker CEAT Expects GST Rate Cut Benefits Soon
Tyre Maker CEAT Expects GST Rate Cut Benefits Soon The article reports that the tyre manufacturer CEAT anticipates that the benefits resulting from the recent GST rate rationalization are expected to be realized and passed on to consumers in the near future. Key Expectations Benefit Transmission: CEAT is likely preparing to pass on the cost… Read More »