RBI's new KYC rules to ease compliance
Posted Date : 24-May-2025 , 10:17:48 am | Posted By CASANSAAR
The RBI has proposed changes to its master direction on 'know your customer' norms-rules aimed at preventing money laundering-that will ease compliance for millions of bank customers, particularly low-risk individuals and beneficiaries of govt schemes.
The draft circular outlines relaxed ...
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RBI |
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NFRA probes Gensol's Audit books after Sebi flags fraud
Posted Date : 22-May-2025 , 10:33:22 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has launched a preliminary inquiry into the books of Gensol Engineering following fraud allegations, according to Ravneet Kaur, the head of the audit regulator.
The move follows a reference by the Securities and Exchange Board of India (Sebi), sai...
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NFRA |
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SEBI warns investors against fraudulent activities on social media platforms
Posted Date : 22-May-2025 , 10:27:44 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has issued an urgent warning to investors about the increasing number of fraudulent activities in the securities market, particularly via social media platforms. Sebi has advised investors to engage only with intermediaries registered with it and to ...
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SEBI |
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CBDT notifies revised updated ITR (ITR-U) form: Time limit extended to 48 months
Posted Date : 21-May-2025 , 09:03:04 am | Posted By CASANSAAR
The Income Tax Department notifies ITR forms every year with key updates. For the assessment year 2025-26 (AY26), all forms have been released and changes have been announced. In the latest notification dated May 19, 2025, the IT department released ITR-U, which is used by taxpayers to update their ...
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CBDT |
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SC upholds use of input tax credit for mandatory GST appeal deposit
Posted Date : 20-May-2025 , 08:22:47 am | Posted By CASANSAAR
The Supreme Court on Monday ruled that taxpayers could use their electronic credit ledger (ECrL), a digital record of tax credits earned from purchases, to make advance deposits needed in the case of disputes on goods and services tax (GST).
In the context of GST, tax credit refers to...
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GST |
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RBI eases norms for Bank Investments in AIFs
Posted Date : 20-May-2025 , 08:18:26 am | Posted By CASANSAAR
The Reserve Bank on Monday proposed to ease norms for investments by banks, NBFCs and other regulated entities in Alternate Investment Funds.
In December 2023, the central bank had issued guidelines relating to investment by the regulated entities (REs) in Alternative Investment Funds (AIFs), wit...
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RBI |
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SEBI revises norms, bars managing directors from MIIs' Audit Committees
Posted Date : 20-May-2025 , 08:07:43 am | Posted By CASANSAAR
In a bid to strengthen governance at stock exchanges, depositories and clearing corporations, the Securities and Exchange Board of India (Sebi) on Monday revised the norms on internal audit mechanisms and the composition of audit committees at market infrastructure institutions (MIIs).
The ...
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SEBI |
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ED arrests ex UCO Bank CMD on money laundering charges in Bank Fraud
Posted Date : 19-May-2025 , 06:43:08 pm | Posted By CASANSAAR
The Enforcement Directorate (ED) on Monday said it has arrested former UCO Bank CMD Subodh Kumar Goel on money laundering charges in an alleged bank loan fraud case of more than Rs 6,200 crore linked to a Kolkata-based company.
Goel was arrested from his residence here on May 16 in the case being...
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Banking |
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GSTN Advisory on reporting values in Table 3.2 of GSTR-3B
Posted Date : 17-May-2025 , 10:55:59 am | Posted By CASANSAAR
This is to inform taxpayers of the following developments concerning Table 3.2 of Form GSTR-3B:
1.As per the earlier advisory dated April 11, 2025, it was communicated that the auto-populated values in Table 3.2 of Form GSTR-3B would be made non-editable starting from the April 2025 tax period (i...
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GST |
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SEBI warns investors of Strata SM REITS as it surrenders registration
Posted Date : 15-May-2025 , 11:20:52 am | Posted By CASANSAAR
Securities and Exchange Board of India (SEBI) warned investors of Strata SM REITS that the application to surrender registration was accepted by the market regulator.
SEBI’s decision follows “certain news reports and review of certain legal proceedings against the promoter”, acc...
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SEBI |
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Delhi High court fines firm for fraudulent GST tax credit claim
Posted Date : 15-May-2025 , 11:15:24 am | Posted By CASANSAAR
Flagging concerns over the misuse of a Central Goods and Services Tax Act provision, Delhi high court has fined a private firm for fraudulently claiming input tax credit (ITC) to escape paying full GST.
“This court takes note, with some consternation, that such large-scale fraudulent availm...
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GST |
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All income tax return (ITR) forms for AY 2025–26 notified
Posted Date : 12-May-2025 , 05:38:30 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified all Income Tax Return (ITR) forms for Assessment Year (AY) 2025–26, corresponding to the financial year 2024–25.
While the structure of the forms largely remains unchanged, the updated forms reflect key changes introduced in the Fi...
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ITR |
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MCA notifies new accounting standard for foreign currency transactions
Posted Date : 12-May-2025 , 08:03:35 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has notified Companies (Indian Accounting Standards) Amendment Rules 2025, bringing changes primarily to the Ind AS 21, a standard that mandates companies to estimate the spot exchange rate when the “exchangeability” between two currencies is missi...
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MCA |
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RBI imposes Rs 1.72 Cr Penalty on SBI
Posted Date : 11-May-2025 , 10:08:53 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has penalised the State Bank of India with Rs 1.72 crore for non-compliance with certain directions.
As per a statement from the RBI, the state-owned lender failed to comply certain certain directions issued by RBI on ‘Loans and Advances- Statutory and ...
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RBI |
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Sumitomo of Japan buys 20% stake in YES Bank for around Rs 13,483 Cr
Posted Date : 11-May-2025 , 10:01:49 pm | Posted By CASANSAAR
In what could be the largest cross-border investment in the banking sector, Sumitomo Mitsui Banking Corporation (SMBC) of Japan has entered into an agreement to acquire 20 per cent stake in YES Bank through a secondary stake purchase valued at around Rs 13,483 crore.
SMBC has agreed to purchase 1...
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Banking |
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Revised Schedule of CA Final, Intermediate & INTT-AT (PQC) May 2025 Exams - ICAI
Posted Date : 11-May-2025 , 09:56:14 pm | Posted By CASANSAAR
No. 13-CA (EXAM)/MAY/2025/ III: In continuation to the Institute’s Important Announcement No. 13-CA (EXAM)/2025 dated 13th January 2025 read with Important Announcement No. 13-CA (EXAM)/2025/II dated 8 th May 2025 it is hereby announced for general information that in view of the favourable de...
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CA Exams |
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Income Tax Commissioner, 4 others held by CBI for Rs 70 lakh bribe
Posted Date : 11-May-2025 , 12:10:11 pm | Posted By CASANSAAR
CBI on Saturday arrested Jeevan Lal Lavidiya, commissioner of income-tax (exemptions), Hyderabad, along with four others, including a senior employee of Shapoorji Pallonji Group, in a bribery case involving Rs 70 lakh.
Jeevan Lal, a 2004 batch Indian Revenue Service officer, is the son of Wyra BR...
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Income Tax |
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CA in Custody over Rs 7.85 Cr GST Fraud by Misusing of 80 GSTINs
Posted Date : 10-May-2025 , 09:34:34 am | Posted By CASANSAAR
In a major crackdown on Goods and Service Tax (GST) fraud, the CGST Delhi South Commissionerate has uncovered a fraud on a large-scale involving fraudulent Input Tax Credit (ITC) claims amounting to Rs. 7.85 crore (approx.) by a South Delhi based Chartered Accountant.
Investigations revealed misu...
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CA |
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RBI tightens norms related to digital lending
Posted Date : 10-May-2025 , 09:28:06 am | Posted By CASANSAAR
In a bid to rein in excesses in the digital lending ecosystem, the Reserve Bank of India (RBI) rolled out a new set of master directions focused heavily on consumer protection.
Regulated entities(REs) must now furnish to borrowers digitally signed loan documents and a key fact statement, while al...
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RBI |
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Postponement of Chartered Accountants May 2025 Examination - ICAI
Posted Date : 10-May-2025 , 09:25:07 am | Posted By CASANSAAR
No. 13-CA (EXAM)/2025/II: In partial modification of the Institute’s Important Announcement No. 13-CA (EXAM)/2025 dated 13th January 2025, it is announced for general information that in view of the tense and security situation in the Country, the remaining papers of Chartered Accountants Fina...
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CA Exams |
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Invoice-wise Reporting Functionality in Form GSTR-7 on portal-reg
Posted Date : 07-May-2025 , 08:09:27 pm | Posted By CASANSAAR
May 6th, 2025
Vide Notification No. 09/2025 – Central Tax dated 11.02.2025, Form GSTR-7 has been amended to capture invoice-wise reporting with effect from 01.04.2025 i.e. the return period for April 2025 onwards.
In this regard it is to inform that development an...
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GST |
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New ITR-2 form notified for income tax return filing AY 2025-26
Posted Date : 06-May-2025 , 08:06:10 am | Posted By CASANSAAR
New ITR-2 form notified: The Central Board of Direct Taxes (CBDT) has notified the ITR-2 Form for AY 2025-26, which includes key changes such as separate reporting of capital gains, allowance of capital loss on share buybacks from October 1, 2024, and a raised threshold for reporting assets and liab...
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Income Tax |
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ICAI to help SEBI in dealing with Financial Frauds
Posted Date : 06-May-2025 , 07:56:53 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI will be preparing a research paper to help markets watchdog Sebi in dealing with financial frauds.
ICAI will prepare a research paper to assist Sebi in combating financial frauds, focusing on protecting investor interests and boosting the financial ...
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ICAI |
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RBI, DFS and CAG discuss new norms for Statutory Auditors of Public Sector Banks
Posted Date : 02-May-2025 , 09:42:56 pm | Posted By CASANSAAR
In the wake of recent developments involving IndusInd Bank, regulatory authorities are considering new norms for concerning the appointment and functioning of statutory auditors in public sector banks.
According to sources, a high-level meeting was held in the first week of April, involving the R...
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RBI |
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ITR-3 form notified for income tax return filing for FY 2024-25 / AY 2025-26
Posted Date : 03-May-2025 , 07:54:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has officially notified the ITR-3 form for the assessment year 2025–26. This form is meant for individuals and Hindu Undivided Families (HUFs) who have income from business or profession, and it is used to report income earned during the financial year ...
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ITR |
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RBI imposes penalties on five major banks for compliance failures
Posted Date : 03-May-2025 , 07:51:00 am | Posted By CASANSAAR
The Reserve Bank of India imposed a monetary penalty on five banks --ICICI Bank, Axis Bank, Bank of Maharashtra, Bank of Baroda and IDBI Bank. ICICI Bank was fined Rs.97.8 lakh, Axis Bank Rs.29.6 lakh, Bank of Maharashtra Rs.31.8 lakh, Bank of Baroda Rs.61.4 lakh and IDBI Bank Rs. 31.8 lakh on ...
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RBI |
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SEBI Proposes Mandatory Demat Accounts for KMPs in IPOs
Posted Date : 01-May-2025 , 08:26:06 am | Posted By CASANSAAR
Markets regulator Sebi on Wednesday proposed mandating select shareholders, including directors, key managerial personnel and current employees, to hold shares in demat form before filing an initial public offering (IPO) document.
These measures, if implemented, will help eliminate inefficiencies...
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SEBI |
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CBDT notified ITR-1 and ITR-4 forms for FY24-25 (AY 25-26)
Posted Date : 01-May-2025 , 08:22:22 am | Posted By CASANSAAR
The Income Tax Department has notified ITR-1 (Sahaj) and ITR-4 (Sugam) forms for Assessment Year 2025-26. With this, return filing for Financial Year 2024-25 is set to begin soon.
This year, the ITR-1 form has been revised.
Taxpayers with long-term capital gains (LTCG) under Section 112A...
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ITR |
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SEBI extends deadline for implementation of T+0 settlement to 1 Nov
Posted Date : 30-Apr-2025 , 10:12:17 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) extended the implementation timeline for the optional T+0 (T plus 0) settlement cycle for qualified stock brokers (QSBs) in equity cash markets to 1 November.
In a circular released on Tuesday, Sebi said the decision was taken due to the fee...
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SEBI |
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RBI instructs Banks, Financial Companies & other Regulated Entities to use PRAVAAH portal
Posted Date : 30-Apr-2025 , 09:38:12 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has given clear instructions that from May 1, 2025, all banks, financial companies, and other regulated entities must use the PRAVAAH portal to submit any applications for authorisations, licenses, and approvals.
In an official statement released on Monday, the RBI...
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RBI |
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