Advisory to file pending returns before expiry of three years
Posted Date : 29-Oct-2025 , 08:09:23 pm | Posted By CASANSAAR
Oct 29th, 2025
As per the Finance Act,2023 (8 of 2023), dt. 31-03-2023, implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years from the ...
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GST |
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CBDT Extends ITR Filing & Audit Report Due Dates for AY 2025-26
Posted Date : 29-Oct-2025 , 08:12:15 am | Posted By CASANSAAR
CBDT extends due date for furnishing Return of Income for the Assessment Year 2025-26 under the Income-tax Act, 1961 (the Act)
The Central Board of Direct Taxes (CBDT) has decided to extend the due date of furnishing of Return of Income under sub-Section (1) of Section 139 of the Act for the As...
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Income Tax |
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Jana Small Finance Bank's Universal Bank Bid Rejected by RBI
Posted Date : 28-Oct-2025 , 01:03:50 pm | Posted By CASANSAAR
Jana Small Finance Bank confirmed on Tuesday that its push to become a universal bank has been paused after the Reserve Bank of India (RBI) returned its application. The RBI's action, attributed to the non-fulfilment of criteria, was conveyed to the bank late Monday evening. Despite the setback,...
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RBI |
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ITAT reassigns case to another bench after finding order AI-driven
Posted Date : 28-Oct-2025 , 01:56:37 am | Posted By CASANSAAR
The income tax appellate tribunal (ITAT) at Bengaluru recently reassigned a case to another bench after it emerged that the order passed by the previous one was “AI-driven.”
The reassignment by the ITAT president follows an interim order by Justice M Nagaprasanna of the Karnataka High...
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Income Tax |
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HC quashes Income Tax assessment order, flags non-existent AI-generated case laws
Posted Date : 28-Oct-2025 , 01:47:33 am | Posted By CASANSAAR
The Bombay High Court has quashed an income tax assessment while flagging the use of artificial intelligence in the order and noting that the assessing officer relied on non-existent AI-generated case laws to justify additions to a company's declared income.
A bench of Justices BP Colabawalla...
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Income Tax |
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ICAI to amend Code of Ethics to allow CA firms to Advertise
Posted Date : 25-Oct-2025 , 10:46:00 am | Posted By CASANSAAR
A historic shift may be on the way — CAs may soon be allowed to advertise services. But the real question is - Will this help small CA firms compete with global firms?
ICAI plans to amend its Code of Ethics to provide more leeway for chartered accountants in terms of issuing advertisem...
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ICAI |
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GST Registration to get easier under GST 2.0 from Nov.1 - FinMin
Posted Date : 25-Oct-2025 , 10:40:02 am | Posted By CASANSAAR
The government will roll out a simplified goods and services tax (GST) registration system from November 1, 2025, granting automatic approvals within three working days for most new applicants, Finance Minister Nirmala Sitharaman announced on Thursday. The measure, part of the GST 2.0 reforms packag...
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GST |
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Govt shortlists seven candidates for SEBI’s whole-time Member Role
Posted Date : 23-Oct-2025 , 04:36:49 pm | Posted By CASANSAAR
The government has shortlisted seven candidates to fill one of two vacant whole-time member (WTM) positions at the Securities and Exchange Board of India (SEBI), according to people familiar with the matter.
Those in the race include former SEBI Executive Directors VS Sundaresan and Anand Rajeshw...
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SEBI |
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Introduction of “Pending” Status for Credit Notes & Reversal Declaration in IMS
Posted Date : 18-Oct-2025 , 08:17:42 pm | Posted By CASANSAAR
Oct 17th, 2025
A new facility in the Invoice Management System (IMS) has been recently introduced on the GST portal wherein the taxpayers are allowed to keep credit notes as "Pending" for one tax period. Further, the IMS functionality have also been enhanced provid...
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GST |
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RBI imposes penalties on five Co-op Banks for non-compliance
Posted Date : 18-Oct-2025 , 07:37:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed monetary penalties on five cooperative banks across different states for non-compliance with various regulatory directions, most notably those related to Know Your Customer (KYC) norms.
According to the RBI, the penalized institutions include Ranaghat P...
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RBI |
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FAQs Related to GSTR-9/9C for the Financial Year 2024-25
Posted Date : 17-Oct-2025 , 07:47:44 pm | Posted By CASANSAAR
Oct 16th, 2025
GSTR- 9/9C is now available to taxpayers for filing. A list of Frequently Asked Question along with the response has been compiled and is intended to assist the Taxpayer in better understanding of various Tables of GSTR-9/9C and their key aspects - such as rep...
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GST |
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Big Relief for Taxpayers - Supreme Court Backs Genuine Dealers on ITC Claims
Posted Date : 16-Oct-2025 , 09:43:49 pm | Posted By CASANSAAR
The Supreme Court has ruled that Input Tax Credit (ITC) cannot be denied to bona fide purchasers merely because the seller failed to deposit the tax. This landmark judgment ensures fairness for genuine taxpayers and reinforces the principle that honest dealers should not suffer for the defaults of o...
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GST |
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Govt May Merge Smaller Banks Like IOB, CBI, BOI with Bigger Lenders Including SBI, PNB
Posted Date : 17-Oct-2025 , 07:59:02 am | Posted By CASANSAAR
The Indian government is reportedly preparing another major consolidation push in the public banking sector, with plans to merge smaller lenders such as Indian Overseas Bank (IOB), Central Bank of India (CBI), Bank of India (BOI) and Bank of Maharashtra (BOM) into larger state-run banks.
Under th...
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Banking |
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SEBI issues show cause notice to ZEEL over alleged irregularities
Posted Date : 17-Oct-2025 , 07:52:51 am | Posted By CASANSAAR
SEBI has issued a show-cause notice (SCN) to ZEEL, to one of its current Key Managerial Personnel (KMP), and to a former director, alleging violations of SEBI regulations in connection with a lien on a property for the financial year 2018-19.
ZEEL states that it has furnished a detailed rep...
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SEBI |
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RBI Governor: US Tariffs Pose No Major Threat to India’s Growth
Posted Date : 16-Oct-2025 , 01:53:53 pm | Posted By CASANSAAR
Reserve Bank of India (RBI) Governor Sanjay Malhotra has downplayed concerns over the 50 per cent tariffs imposed by the United States, stating they are unlikely to significantly hinder India’s economic growth. Speaking at an event on the sidelines of the IMF-World Bank meetings in Washington,...
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RBI |
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Rate Cut Kept on Hold; RBI Sees Scope but No Immediate Move
Posted Date : 15-Oct-2025 , 08:05:20 pm | Posted By CASANSAAR
MUMBAI (Oct 15): According to the minutes released on Wednesday, RBI Governor Sanjay Malhotra and other members of the Monetary Policy Committee (MPC) acknowledged that there was scope for an interest rate cut earlier this month. However, they chose to wait for a more suitable time to make that...
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RBI |
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India’s Exports Grow, But Trade Gap Widens to USD 32.15 Billion
Posted Date : 15-Oct-2025 , 08:01:44 pm | Posted By CASANSAAR
NEW DELHI (Oct 15):
India’s exports stood at USD 36.38 billion in September, marking a 6.74% increase compared to the same month last year. However, imports rose at a much faster pace of 16.6%, reaching USD 68.53 billion, up from USD 58.74 billion in September 2023. This surge was largely d...
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Shares & Stock |
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Expert Guidance for GSTR 9/9C Submission – FY 2024-25
Posted Date : 15-Oct-2025 , 07:56:21 pm | Posted By CASANSAAR
Oct 15th, 2025
Dear Taxpayer
GSTR-9/9C for FY 2024-25 has been enabled on the GST portal from 12th October 2025. Please ensure that all returns (GSTR 1 and GSTR 3B) for FY 2024-25 are filed to enable Tile of GSTR-9/9C. Further, detailed FAQ will be published short...
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GST |
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GST Reforms in Recycling Can Unlock ₹1.82 Lakh Crore
Posted Date : 15-Oct-2025 , 11:14:20 am | Posted By CASANSAAR
A new report by the Centre for Science and Environment (CSE) reveals that India lost ₹65,300 crore in GST from informal recycling supply chains in 2024–25. This is more than twice the Rs. 30,900 crore collected from the formal recycling sector.
The study, titled ‘Rel...
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Income Tax |
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Indian Rupee Gains 2 Paise to Close at 88.67 Against Dollar
Posted Date : 14-Oct-2025 , 11:31:48 am | Posted By CASANSAAR
In the forex market, the Indian rupee gained two paise today, closing at 88.67 against the US dollar. Meanwhile, the dollar index, which measures the US dollar’s strength against a basket of six major currencies, was trading at 99.07 during intraday sessions....
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Finance |
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Sensex Drops 174 Points, Nifty Slips 58 as Markets End Lower Across Sectors
Posted Date : 14-Oct-2025 , 11:28:28 am | Posted By CASANSAAR
Benchmark domestic equity indices, Sensex and Nifty, opened lower on the first trading session of the week and remained under pressure for most of the day. Although they recovered slightly in the final hour, both indices closed down by 0.2 per cent. The Sensex declined 174 points to end at 82,327, w...
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Shares & Stock |
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Gujarat HC Directs CBDT to Mull One-Month ITR Extension for Audit Cases
Posted Date : 14-Oct-2025 , 11:11:01 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) recently extended the deadline for filing tax audit reports under Section 44AB to October 31, 2025. However, the due date for filing Income Tax Returns (ITR) under Section 139(1) remained unchanged.
This prompted the Income Tax Bar Association to approac...
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CBDT |
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Govt opens SBI MD and PSU Bank Executive Director Posts to Private Sector Candidates
Posted Date : 11-Oct-2025 , 09:21:19 pm | Posted By CASANSAAR
In a significant reform aimed at enhancing leadership diversity and efficiency in the banking sector, the Government of India has decided to open up senior management positions — including Managing Director (MD) of State Bank of India (SBI) and Executive Director (ED) roles in public sector ba...
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Banking |
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Rupee Ends Steady at 88.78 Against U.S. Dollar
Posted Date : 11-Oct-2025 , 09:20:59 pm | Posted By CASANSAAR
The rupee closed flat at 88 rupees and 78 paise against the US dollar in the Forex market today. Meanwhile, the dollar index — which measures the strength of the US dollar against a basket of six major currencies — was trading at 98.37 during intra-day trade....
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Finance |
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CBIC Launches Auto-Approval for IFSC Code Registration
Posted Date : 11-Oct-2025 , 09:20:37 pm | Posted By CASANSAAR
In another step towards streamlining Customs procedures and enhancing trade facilitation, the Central Board of Indirect Taxes and Customs (CBIC) has introduced system-based auto-approval for IFSC code registration to enhance Ease of Doing Business.
As per the new initiative, the system will...
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Finance |
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RBI Cancels Operations Licence of Satara Co-op Bank
Posted Date : 11-Oct-2025 , 09:20:10 pm | Posted By CASANSAAR
The Reserve Bank on Tuesday said it has cancelled the licence of Jijamata Mahila Sahakari Bank, Satara (Maharashtra) as the lender does not have adequate capital and earning prospects.
The banking licence of the lender was earlier cancelled vide an order dated June 30, 2016 and was restor...
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RBI |
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RBI Deputy Governor role taken over by Shirish Chandra Murmu
Posted Date : 11-Oct-2025 , 09:19:18 pm | Posted By CASANSAAR
Shirish Chandra Murmu on Thursday took charge as the Deputy Governor of Reserve Bank of India, and will look after four departments, including regulation and enforcement.
He replaces M Rajeshwar Rao, who retired on Thursday.
Murmu, who was Executive Director, has been appointed as Deputy Governo...
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RBI |
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RBI to repeal 9,000 circulars as part of move to consolidate and simplify regulations
Posted Date : 11-Oct-2025 , 02:04:00 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has launched a comprehensive exercise to streamline and simplify its regulatory framework by consolidating all regulatory instructions issued up to October 9, 2025.
Under this initiative, the RBI will repeal around 9,000 circulars, including Master Circulars, and i...
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RBI |
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FM Nirmala Sitharaman Urges Fintechs to Bolster Risk Controls Against AI Misuse
Posted Date : 07-Oct-2025 , 09:17:54 am | Posted By CASANSAAR
Mumbai, (PTI) Finance Minister Nirmala Sitharaman on Tuesday emphasised the importance of risk management for fintech firms amid the rise of AI-enabled crimes, where criminals are using AI to mimic voices, clone identities, and create lifelike videos to manipulate people.
Speaking at the ...
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Finance |
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World Bank Ups India’s FY26 Growth Forecast to 6.5% Citing Robust Demand and GST Reforms
Posted Date : 07-Oct-2025 , 09:01:48 am | Posted By CASANSAAR
The World Bank has raised India’s growth forecast to 6.5 per cent for the financial year 2026 from its earlier projection of 6.3 per cent in June, citing resilient domestic demand, strong rural recovery and the positive impact of Goods and Services Tax (GST) reforms.
In its latest S...
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GST |
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