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Penalty for Failures during Income Tax Proceedings raised to Rs. 500 after 23 Years
The Finance Bill, 2022 has made an amendment to the provisions of Section 272A of the Income Tax Act, 1961, raising the penalty fee for prescribed...
![GST System prone to ITC frauds due to complexity in compliance system, says CAG Report [Read Report]](https://www.taxscan.in/wp-content/uploads/2021/03/GST-System-GST-ITC-frauds-compliance-system-CAG-Report-Taxscan.jpeg "GST System prone to ITC frauds due to complexity in compliance system, says CAG Report [Read Report]")
![CERA Audit can’t be extended to call for audit of a private entity: Bombay High Court quashes notice against Kiran Gems [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2021/01/CERA-audit-audit-Bombay-High-court-Kiran-Gems-Taxscan.jpeg "CERA Audit can’t be extended to call for audit of a private entity: Bombay High Court quashes notice against Kiran Gems [Read Judgment]")
![CAG Audit Report recommends CBDT to introduce a Time Limit for Issuing Notices [Read Report]](https://www.taxscan.in/wp-content/uploads/2020/09/CAG-CBDT-Taxscan.jpg "CAG Audit Report recommends CBDT to introduce a Time Limit for Issuing Notices [Read Report]")
Central Govt violated GST Compensation Cess Act by using Funds allocated for States elsewhere, says CAG Report [Read Report]
The Comptroller and Auditor General of India (CAG) has come down on the utilization of cess collections by the Centre. The report further questioned the utilization of Integrated Goods and...
![Central Govt violated GST Compensation Cess Act by using Funds allocated for States elsewhere, says CAG Report [Read Report]](https://www.taxscan.in/wp-content/uploads/2020/09/GST-CAG-GST-Compensation-Cess-Act-GST-Compensation-Taxscan.jpg "Central Govt violated GST Compensation Cess Act by using Funds allocated for States elsewhere, says CAG Report [Read Report]")
