Cash transactions may attract up to 100% penalty by Income Tax Department
Posted Date : 09-Jan-2025 , 05:02:56 pm | Posted By CASANSAAR
Cash transactions may attract up to 100% penalty by Income Tax Department
Penalty on cash transactions: Recently in a brochure the Income Tax Department has said that taxpayers should avoid using cash for their daily transactions as in certain specified cases penalty for an amount equal to the ca...
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Income Tax |
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GST Registered Taxpayers can claim Pending Input Tax Credit
Posted Date : 09-Jan-2025 , 04:55:43 pm | Posted By CASANSAAR
GST Registered Taxpayers can claim Pending Input Tax Credit
GSTR-3B: Now GST registered taxpayers can claim pending input tax credit relating to past years namely financial year 2017-18, 18-19, 19-20 and 20-21 by filing an online rectification application. GSTN said, "A functionality has now...
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GST |
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Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A
Posted Date : 09-Jan-2025 , 04:37:04 pm | Posted By CASANSAAR
Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A
Jan 9th, 2025
After successful implementation of Phase-I & Phase-II now Phase-III regarding Table 12 of GSTR-1 & 1A is being implemented, from return period January 2025. In this phase m...
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GST |
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Centre notifies appointment of 24 Judicial and Technical NCLT members
Posted Date : 08-Jan-2025 , 10:53:46 am | Posted By CASANSAAR
As per the notification issued on January 7, the 24 appointees will serve a tenure of five years beginning from the date they assume the charge or until they attain the age of sixty-five years.
Out of the 24 appointees, 11 are judicial members and 13 are technical members.
The ne...
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General |
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Indian Govt Plan to Simplify its Income Tax filling rules in Budget 2025
Posted Date : 08-Jan-2025 , 08:10:08 am | Posted By CASANSAAR
Indian Govt Plan to Simplify its Income Tax filling rules in Budget
Budget 2025 Income Tax Filing: India plans to simplify income tax filing rules to make it less tedious for taxpayers and reduce disputes. The changes being discussed include using formulas and tables, and reducing additional form...
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Income Tax |
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Big relief for GST taxpayers with multiple GST shows cause notices running in Kerala
Posted Date : 08-Jan-2025 , 08:09:25 am | Posted By CASANSAAR
Big relief for GST taxpayers with multiple GST shows cause notices running in multiple districts Kerala
Goods and services tax notice: Now taxpayers get relief from multiple GST notices pertaining to similar issue as these multiple notices will now be heard by a common adjudicating authority. Exp...
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GST |
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Paytm shares fall over 7% after NPCI data shows
Posted Date : 08-Jan-2025 , 07:34:46 pm | Posted By CASANSAAR
Paytm shares fall over 7% after NPCI data shows no UPI market share gains in December
Despite receiving approval to add customers in October, Paytm's share of the UPI market has nearly halved, falling from 10 percent at the start of 2024 to just 5.5 percent by the end of the year, said analys...
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Shares & Stock |
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RBI guideline for banks & Fin institutions on customer credit information
Posted Date : 08-Jan-2025 , 06:16:42 pm | Posted By CASANSAAR
RBI guideline for banks & Fin institutions on customer credit information
The Reserve Bank of India (RBI) issued directions consolidating various guidelines for banks and financial institutions on reporting customer credit information. As per the directions, credit information companies...
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RBI |
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If Economic growth Slips then India's fiscal deficit seen rising to 4.98%
Posted Date : 08-Jan-2025 , 06:12:48 pm | Posted By CASANSAAR
If Economic growth Slips then India's fiscal deficit seen rising to 4.98%
India’s fiscal deficit calculations for FY25 might be impacted by a lower-than-expected economic growth forecast of 9.6%. Lower nominal GDP could result in a slight increase in the fiscal deficit ratio to 4.98%. H...
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Budget |
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Budget 2025-26 should prioritise giving tax relief by raising income tax exemption to 5 lakh
Posted Date : 08-Jan-2025 , 06:21:25 am | Posted By CASANSAAR
Budget 2025-26 should prioritise giving tax relief by raising income tax exemption to Rs. 5 lakh
Union Budget: EY India proposes personal tax relief and the deferment of TDS on PF interest rate in the upcoming union budget 2025-26. They recommend simplifying the tax system, reducing litigat...
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Budget |
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Biometric-Based Aadhaar Authentication & Document Verification for GST Registration Applicants of Rajasthan
Posted Date : 08-Jan-2025 , 05:21:37 pm | Posted By CASANSAAR
Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Rajasthan
Jan 8th, 2025
Dear Taxpayers,
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the fol...
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GST |
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Enabling filing of Application for Rectification as per Notn. 22/2024-CT, dtd. 08/10/24, 2024
Posted Date : 08-Jan-2025 , 05:18:25 pm | Posted By CASANSAAR
Jan 7th, 2025
The Central Government, on the recommendations of the 54th GST Council, had issued Notification No. 22/2024 – CT dated 08.10.2024 and notified that any registered person against whom any order confirming demand for wrong availment of ITC, on account of contravention ...
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GST |
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Budget expected to focus on tax simplification, reduction in personal I-T: EY
Posted Date : 08-Jan-2025 , 05:14:47 pm | Posted By CASANSAAR
Budget should focus on tax simplification, reduction in personal I-T: EY
NEW DELHI: The Budget is expected to focus on boosting private capex, tax simplification and reduction in personal income tax, particularly for the lower-income groups, to stimulate demand, EY India said.
The Union Budget...
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Budget |
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Rupee Plunges 13 paise to settle at new record low of 85.87 against US Dollar
Posted Date : 08-Jan-2025 , 05:12:39 pm | Posted By CASANSAAR
Rupee Plunges 13 paise to settle at new record low of 85.87 against US Dollar
MUMBAI: The rupee extended its slide for the second straight session and declined 13 paise to hit a fresh record low of 85.87 (provisional) against the US dollar on Wednesday amid higher crude oil prices and stronger Am...
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Finance |
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Salaried Employees Have to Submit Investment & Expenditure Proofs to Avoid Full TDS on Salary
Posted Date : 07-Jan-2025 , 07:30:44 pm | Posted By CASANSAAR
Salaried Employees Have to Submit Investment & Expenditure Proofs to Avoid Full TDS on Salary
TDS on salary: The income tax rules have changed in recent years. Due to this, not all salaried employees now have to submit investment and expenditure proofs to avoid full tax on salary. Employers h...
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TDS |
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Finmin to hold meeting with MFI players on Wed
Posted Date : 07-Jan-2025 , 07:22:45 pm | Posted By CASANSAAR
Finmin to hold meeting with MFI players on Wed
NEW DELHI: Finance Ministry will hold a meeting with microfinance institutions (MFIs) on Wednesday amid rising bad loans and delinquencies across all types of lenders in the sector.
According to sources, the Department of Financial Services Secret...
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Finance |
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Gems, jewellery Sector Urges Govt to Reduce GST to 1% in upcoming Budget
Posted Date : 07-Jan-2025 , 07:15:29 pm | Posted By CASANSAAR
Gems, jewellery Sector Urges Govt to Reduce GST to 1% in upcoming Budget
MUMBAI: The gems and jewellery sector has urged the government for a reduction in goods and services tax (GST) to 1 per cent on revenue equivalence ratio to ease the cost burden on the industry in the upcoming Budget.
...
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Budget |
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RBI releases Draft Formats of Financial Statements of Co-operative Banks
Posted Date : 07-Jan-2025 , 07:08:23 pm | Posted By CASANSAAR
RBI releases Draft Formats of Financial Statements of Co-operative Banks
In terms of Section 29, read with Section 56 of the Banking Regulation Act, 1949, co-operative banks are required to prepare a balance sheet and profit and loss account as on the last working day of the year in the Forms set...
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Income Tax |
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India economy to grow 6.4 pc in 2024-25, slowest in 4 years
Posted Date : 07-Jan-2025 , 07:03:34 pm | Posted By CASANSAAR
India economy to grow 6.4 pc in 2024-25, slowest in 4 years: Govt data
NEW DELHI: India's economic growth rate is estimated to slip to a four-year low of 6.4 per cent in 2024-25, mainly on account of poor showing by the manufacturing and services sector, according to government data released ...
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Finance |
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Pre-Budget Consultation meetings 2025-26 conclude in New Delhi, today
Posted Date : 07-Jan-2025 , 06:42:51 pm | Posted By CASANSAAR
Pre-Budget Consultation meetings 2025-26 conclude in New Delhi, today
The Pre-Budget consultations chaired by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman for the forthcoming Union Budget 2025-26 concluded in New Delhi, today. The consultations were held o...
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Budget |
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Budget 2025 Proposals, Expectations on tax slabs, estimates for corporate tax, excise duty may be difficult
Posted Date : 07-Jan-2025 , 02:25:28 pm | Posted By CASANSAAR
Budget 2025 Proposals, Expectations on tax slabs, estimates for corporate tax, excise duty may be difficult
Union Budget Expectations LIVE: The Union Budget for 2025-26 will be presented by Finance Minister Nirmala Sitharaman on February 1, 2025. Budget announcements will gain importance as...
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Budget |
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RSS Union Urge to Finance Minister for Exempt income-tax up to ?10 lakh
Posted Date : 07-Jan-2025 , 02:13:26 pm | Posted By CASANSAAR
RSS Union Urge to Finance Minister for Exempt income-tax up to ?10 lakh
Union Budget 2025: RSS-affiliated unions proposed several measures during their pre-budget consultations with Finance Minister Nirmala Sitharaman. They suggested raising the tax-exempt income to ?10 lakh, expanding MGNREGA to...
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Income Tax |
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ITR forms updated to Allow tax rebate under section 87A
Posted Date : 07-Jan-2025 , 01:57:30 pm | Posted By CASANSAAR
ITR forms updated to allow 87A tax rebate claims, but there's a catch
Income tax rebate u/s 87A: Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The Income Tax Department has now updated the excel utility to allow 87A ...
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Income Tax |
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SEBI relaxes settlement norms for inactive brokerage accounts
Posted Date : 07-Jan-2025 , 08:26:31 am | Posted By CASANSAAR
Capital markets regulator Sebi on Monday said it has eased norms for the settlement of client funds in trading accounts that have remained inactive for 30 days.
The revised norms will be effective immediately and are part of the markets watchdog's ongoing efforts to simplify procedures for ma...
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SEBI |
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RBI Issued Master Direction consolidating instructions on credit information of customers
Posted Date : 06-Jan-2025 , 07:08:49 pm | Posted By CASANSAAR
RBI Issued Master Direction consolidating instructions on credit information of customers
The RBI has issued a master direction consolidating instructions for banks and financial institutions on credit information reporting. Credit Information Companies must alert customers when their Credi...
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RBI |
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No Section 87A tax rebate despite ITR filing forms being updated recently
Posted Date : 06-Jan-2025 , 06:19:41 pm | Posted By CASANSAAR
No Section 87A tax rebate despite ITR filing forms being updated recently
87A tax rebate: The ITR filing utilites for ITR-2 and ITR-3 has been updated on January 4, 2025 however, the JSON schema is not yet updated and it still reflects logic as of July 5, 2024. This means you can file a revised o...
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Income Tax |
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Last opportunity for eligible taxpayers to claim 87A tax rebate
Posted Date : 04-Jan-2025 , 07:10:37 pm | Posted By CASANSAAR
Last opportunity for eligible taxpayers to claim 87A tax rebate
Income tax rebate u/s 87A: Following the Bombay High Court order to extend the revised and belated income tax return (ITR) deadline to January 15, 2025, CBDT has extended it. ?If you are eligible to claim section 87A tax rebate but p...
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Income Tax |
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Panipuri seller from Tamil Nadu receives GST notice
Posted Date : 04-Jan-2025 , 04:17:47 pm | Posted By CASANSAAR
Pani puri is one of the most popular street foods in India, which always reminds us of crowded street corners and the crunch of puris filled with spicy water and yummy fillings. But what happens when a beloved 'pani puri wale bhaiyya' suddenly finds themselves in the spotlight for reasons be...
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GST |
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RBI approves merger of National Co-operative Bank with Cosmos Co-operative Bank
Posted Date : 04-Jan-2025 , 09:23:27 am | Posted By CASANSAAR
Reserve Bank of India on January 3 said it has approved the voluntary merger of The National Co-operative Bank Ltd., Bangalore (Karnataka) with Cosmos Co-operative Bank Limited (Maharashtra).
"The Scheme of Amalgamation has been sanctioned in exercise of the powers conferred under Sub-Sectio...
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RBI |
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Deadline to declare foreign assets in ITR Ends January 15, 2025
Posted Date : 03-Jan-2025 , 07:52:35 pm | Posted By CASANSAAR
Deadline to declare foreign assets in ITR Ends January 15, 2025
Foreign assets in ITR: Indian residents must report their foreign assets and income in their income tax returns (ITRs) in accordance with the Indian Income-tax Act, 1961. The Indian government and its law enforcement agencies get det...
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ITR |
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