Govt appoints four new CBDT members
Posted Date : 19-Apr-2025 , 08:34:54 am | Posted By CASANSAAR
An official order issued on Thursday (April 17, 2025) said the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi has approved the names of four 1989 batch Indian Revenue Service (IRS) officers of the Income Tax cadre -- Pankaj Kumar Mishra, Sanjay Bahadur, L. Rajasek...
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CBDT |
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RBI Imposes Rs 1.29 Cr fine on 3 Major Banks for lapses in KYC, Customer Service
Posted Date : 19-Apr-2025 , 08:31:30 am | Posted By CASANSAAR
In a significant enforcement action, the Reserve Bank of India (RBI) on Thursday imposed monetary penalties totalling Rs 1.29 crore on three major banks – Kotak Mahindra Bank, IDFC First Bank, and Punjab National Bank (PNB) – for various regulatory non-compliances.
The punitive ...
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RBI |
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0 | Hits : 1172
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RBI Issues Master Direction on Deposits, Accounts for overseas Branches
Posted Date : 18-Apr-2025 , 08:57:56 am | Posted By CASANSAAR
The RBI on Thursday said banks can open/close rupee accounts (non-interest bearing) in the name of their overseas branches or correspondents without prior reference to the central bank.
However, the opening of rupee accounts in the name of branches of Pakistani banks operating outside Pakistan re...
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RBI |
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0 | Hits : 617
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MCA rejects ICAI
Posted Date : 18-Apr-2025 , 08:50:12 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has dismissed an application filed by the Institute of Chartered Accountants of India (ICAI) against the Institute of Chartered Tax Practitioners India (ICTPI) over the alleged misuse of the term “Chartered” in its name.
ICAI, a statutory body r...
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Chartered Accountant |
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0 | Hits : 1334
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Former sales tax officer booked for Rs 4.6 Cr GST fraud
Posted Date : 17-Apr-2025 , 08:00:48 am | Posted By CASANSAAR
The state Anti-Corruption Bureau (ACB) Wednesday booked a former sales tax officer from the Goods and Service Tax department for his alleged involvement in submitting forged documents of a private limited company and obtaining a tax refund of over Rs 4.69 crore.
According to the ACB officials, th...
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GST |
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0 | Hits : 956
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PwC exits more than a dozen countries to avoid scandals
Posted Date : 17-Apr-2025 , 07:50:15 am | Posted By CASANSAAR
PwC has shut down operations in more than a dozen countries that are deemed too small, risky or unprofitable, as the Big Four accounting firm aims to prevent repeats of scandals that have affected it, the Financial Times reported on Wednesday.
The decision was taken due to mounting differences wi...
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Auditing |
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0 | Hits : 613
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GST Advisory on reporting values in Table 3.2 of GSTR-3B
Posted Date : 14-Apr-2025 , 05:53:31 pm | Posted By CASANSAAR
Apr 11th, 2025
1. Table 3.2 of Form GSTR-3B captures the inter-state supplies made to unregistered persons, composition taxpayers, and UIN holders out of the supplies declared in Table 3.1 & 3.1.1 of GSTR-3B. The values in Table 3.2 of GSTR-3B auto-populates from corresponding int...
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GST |
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0 | Hits : 2240
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GST Advisory on Table-12 of GSTR-1 or GSTR-1A
Posted Date : 14-Apr-2025 , 05:50:11 pm | Posted By CASANSAAR
Apr 11th, 2025
It to inform that GSTN has implemented phase wise changes in Table-12 of GSTR-1 or GSTR-1A. For the same various advisories have been issued time to time, which are available on GST Portal. GSTN is going to implement Phase-III of Table 12 of GSTR 1 & 1A from Ap...
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GST |
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0 | Hits : 2091
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RBI Cuts Repo Rate For 2nd Time To 6%
Posted Date : 10-Apr-2025 , 07:49:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cut the repo rate by 25 basis points, bringing it down from 6.25% to 6% - a move expected to ease borrowing costs for individuals and businesses.
RBI Governor Sanjay Malhotra announced the decision during the first Monetary Policy Committee (MPC) meeting of F...
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RBI |
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1 | Hits : 636
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CBDT notifies ITR-B form for taxpayers
Posted Date : 09-Apr-2025 , 09:10:37 am | Posted By CASANSAAR
Income Tax Department has come out with a return form for block assessment (ITR-B). This is required to be filed by those who want to disclose previously undisclosed income after an income tax search or requisition operation on or after the September 1, 2024.
“The return of income required ...
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CBDT |
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0 | Hits : 939
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Byju
Posted Date : 08-Apr-2025 , 06:29:57 pm | Posted By CASANSAAR
Edtech startup Byju’s has filed an FIR against those involved in a criminal conspiracy against the company, founder of the company Byju Raveendran said in a social media post today. The FIR has been filed against resolution professionals Pankaj Srivastava, Dinkar Venkatasubramanian of Ernst &a...
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Insolvent Professional |
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0 | Hits : 728
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GST Advisory on Case Sensitivity in IRN Generation
Posted Date : 05-Apr-2025 , 11:12:51 am | Posted By CASANSAAR
Advisory on Case Sensitivity in IRN Generation
Apr 4th, 2025
Dear Taxpayer,
1. This is to inform you that, effective 1st June 2025, the IRP (Invoice Reporting Portal) would treat invoice/document numbers as case-insensitive for the purpose of IRN generation.
...
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GST |
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0 | Hits : 2703
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Poonam Gupta's appointment as RBI Deputy Governor
Posted Date : 03-Apr-2025 , 08:35:16 am | Posted By CASANSAAR
The Centre has appointed Poonam Gupta, Director General of the National Council of Applied Economic Research (NCAER), as the Deputy Governor of the Reserve Bank of India (RBI) for a three-year term.
Her appointment comes ahead of the crucial Monetary Policy Committee (MPC) meeting scheduled...
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RBI |
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0 | Hits : 1650
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GST Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Assam
Posted Date : 02-Apr-2025 , 06:49:33 pm | Posted By CASANSAAR
Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Assam
Apr 2nd, 2025
Dear Taxpayers,
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is adv...
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Category :
GST |
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0 | Hits : 2847
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Gross and Net GST revenue collections for the month of Mar, 2025
Posted Date : 02-Apr-2025 , 06:48:10 pm | Posted By CASANSAAR
Apr 1st, 2025
Please click on the link below to view the gross and net GST revenue collections for the month of March, 2025.
(https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing_mar_2025.pdf )
Thanks,
Team GSTN
...
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GST |
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0 | Hits : 2843
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President Murmu asks RBI, banks to guard against e-frauds
Posted Date : 02-Apr-2025 , 09:26:17 am | Posted By CASANSAAR
President Droupadi Murmu urged the RBI to enhance vigilance against financial fraud and cyber threats as technology advances. She praised the RBI's role in maintaining trust and stability over the past 90 years and emphasized its importance in driving financial innovation and ensuring a secure d...
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RBI |
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0 | Hits : 1831
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NFRA flags lapses in audit quality of three Audit Firms
Posted Date : 31-Mar-2025 , 09:11:13 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has flagged certain lapses in the audit quality of three audit firms.
The observations have been made in NFRA's three separate inspection reports of SRBC & Co LLP, Deloitte Haskins & Sells LLP and Walker Chandiok & Co LLP.
In it...
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NFRA |
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0 | Hits : 1553
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CA final exams to be held thrice a year from this year - ICAI
Posted Date : 28-Mar-2025 , 08:02:50 am | Posted By CASANSAAR
CA Final exams will be conducted thrice a year from 2025 instead of two, the Institute of Chartered Accountants of India (ICAI) announced on Thursday.
Last year, the ICAI took a decision to hold the Intermediate and Foundation course exams three times a year and now the CA Final exams will follow...
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ICAI |
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0 | Hits : 2155
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RBI imposes Rs.75 lakh penalty on HDFC Bank, Rs.68.2 lakh on Punjab & Sind Bank
Posted Date : 27-Mar-2025 , 09:29:10 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed monetary penalties on HDFC Bank and Punjab & Sind Bank for non-compliance with its regulatory guidelines, according to the press statement issued by the RBI on Wednesday (March 26). While HDFC Bank is slapped with a Rs.75 lakh penalty for violations re...
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RBI |
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0 | Hits : 2060
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Bank Branch Audit 2025 Updates - Panel to Banks
Posted Date : 27-Mar-2025 , 07:37:57 am | Posted By CASANSAAR
Bank Branch Audit 2025 Updates :-
As Per Reliable Sources, RBI has sent the Panel to Banks and Banks has started sending mails to New Auditorsfor Bank Branch Statutory Audit 2025.
Following Banks has started sending the mails to New Auditors.
Bank of Baroda, Canara Bank, Central B...
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Category :
Bank Branch Audit |
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3 | Hits : 27487
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SC allows Audit Regulator NFRA to initiate proceedings against CAs
Posted Date : 24-Mar-2025 , 09:22:22 pm | Posted By CASANSAAR
The Supreme Court has allowed audit regulator National Financial Reporting Authority (NFRA) to continue its proceedings against chartered accountants and firms where no audit quality review reports have been prepared and final orders are yet to be passed.
During a hearing in a case challenging an...
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NFRA |
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0 | Hits : 3148
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RBI approves hike in ATM interchange fees
Posted Date : 24-Mar-2025 , 07:50:34 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has approved an increase in ATM interchange fees, raising charges by Rs 2 for financial transactions and Re 1 for non-financial transactions. The revision, effective May 1, is expected to have a greater impact on smaller banks with limited ATM network.
Banks have n...
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RBI |
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0 | Hits : 2300
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Bank Branch Audit 2025 Updates
Posted Date : 22-Mar-2025 , 10:42:48 am | Posted By CASANSAAR
Bank Branch Audit 2025 Updates :-
https://www.casansaar.com/news-Bank-Branch-Audit/Bank-Branch-Audit-2025-Updates---Panel-to-Banks/13897.html
As Per Reliable Sources, Banks has started sending mails for Bank Branch Statutory Audit 2025.
Bank of Baroda, Union Bank of India, Bank of Maha...
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Bank Branch Audit |
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14 | Hits : 41359
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Issue in filing applications (SPL 01/SPL 02) under waiver scheme
Posted Date : 22-Mar-2025 , 07:45:49 pm | Posted By CASANSAAR
Mar 21st, 2025
Grievances are raised by taxpayers regarding difficulties faced while filing the waiver applications. Following grievances faced by taxpayers have come to the notice of GSTN and team is working to resolve the issues at the earliest.
i. Order number is n...
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GST |
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0 | Hits : 3164
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Banks write off bad loans worth Rs 16.35 lakh Cr in last 10 years
Posted Date : 20-Mar-2025 , 08:54:11 am | Posted By CASANSAAR
Banks have written off massive bad loans or non-performing assets (NPAs) worth Rs 16.35 lakh crore in the last 10 financial years, the Union government disclosed on Monday. This information was presented in the Lok Sabha by finance minister (FM) Nirmala Sitharaman in response to a question raised by...
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Category :
Banking |
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0 | Hits : 2867
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SEBI eyes stricter internal audit norms for MIIs
Posted Date : 20-Mar-2025 , 08:40:23 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) is likely to tighten and standardise the internal audit mechanism at market infrastructure institutions (MIIs), as it feels that certain significant observations were not captured by the internal auditors, sources said.
During inspections, SEBI fo...
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SEBI |
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0 | Hits : 2760
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Supreme Court notice to Govt on plea challenging CAG appointment
Posted Date : 18-Mar-2025 , 08:27:14 am | Posted By CASANSAAR
The Supreme Court on Monday agreed to examine whether the appointment process of the Comptroller and Auditor General of India (CAG) should be made more transparent and independent. The top court issued a notice to the government, seeking its response to the plea.
The petition argued that the CAG,...
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CAG |
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0 | Hits : 2958
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CBDT makes all Income Tax offences compoundable, eases rules for defaulters
Posted Date : 18-Mar-2025 , 07:44:37 am | Posted By CASANSAAR
All offences under the income-tax law, including cases that involve agencies such as the Enforcement Directorate and the Central Bureau of Investigation, have been made compoundable by competent tax authorities if the applicant is not found to be involved in any anti-national or terrorist activity, ...
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CBDT |
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0 | Hits : 2272
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Supreme Court Boosts the Powers of NFRA
Posted Date : 12-Mar-2025 , 01:48:05 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has got a boost to its powers with the Supreme Court allowing the audit regulator to decide on a dispute over its powers to penalize professionals guiding statutory auditors, showed an order from the apex court.
The Supreme Court on 7 March allowe...
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Category :
NFRA |
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0 | Hits : 4057
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NFRA Calls for Enhanced Auditor - Audit Committee Communication
Posted Date : 12-Mar-2025 , 12:16:23 pm | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has released the second part of its Auditor-Audit Committee Interactions Series 1, focusing on enhancing communication between statutory auditors and those charged with governance (TCWG) with audit committees in particular.
...
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NFRA |
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0 | Hits : 3150
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