Page 8 - It Act News Today

Holding chartered accountant (CA) Pawan Jain guilty of professional misconduct and issuing reports to Quess Corp Ltd under the Income Tax (I-T) Act without exercising due diligence and obtaining sufficient information, the national financial reporting authority (NFRA) imposed a penalty of Rs50 lakh on the CA.

It Act: Apart from the safeguards for preventing bias in AI and language models, the IT Rules amendments may also bring new rules for deepfake, synthetic content and explicit instructions for platforms on loan apps, said one of the persons.

A total of 223 government-owned buildings in Ranchi owe the Ranchi Municipal Corporation (RMC) Rs 82.25 crore in holding taxes. The defaulters include government offices, educational institutions, and public sector undertakings like Heavy Engineering Corporation (HEC) and Project Bhawan. Despite repeated notices, the defaulters have not resolved their tax obligations, leading the RMC to consider auctioning off properties with unpaid taxes.

Apart from Binance and Kucoin, the other virtual digital assets service providers (VDA SP) who have been issued notice for not registering as reporting entities with the FIU-India are Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfenex.

The FIU has also written to the Ministry of Electronics and Information Technology to block the URLs of these nine entities including Binance that are operating illegally without complying with the provisions of the PML Act in India.

The FIU under the Finance Ministry has issued show cause notices to nine offshore cryptocurrency platforms for non-compliance with anti-money launderi

Citing a circular, the HC emphasised that deputing technical manpower abroad doesn’t hinder Section 10A exemption benefits under the IT Act

Amid social media posts regarding communication from the I-T department regarding mismatch in TDS/TCS deductions and ITR filing data, the income tax department said such communication is to facilitate the taxpayers and make them aware of the information available with the I-T department regarding the transactions reported by the Reporting Entities during the year.

The sessions court on October 21 last year had convicted and sentenced Ansari to life imprisonment for offences punishable under Section 66F (cyber terrorism) of Information Technology Act, 2000 and five-year imprisonment for offences under IPC.

Minister of State for Finance Pankaj Chaudhary made the remarks while responding to a question on whether the BCCI, despite being one of the richest sports bodies in the world, is enjoying tax exemption in the name of promoting cricket. "BCCI is claiming exemption under Section 11 of the Income Tax Act, 1961. However, during assessment proceedings the exemption is being disallowed by the Income Tax department. The matter pertaining to tax exemption of BCCI is sub judice," Chaudhary sa...