Union Budget 2025-26 expectations arise for possible simplification of Customs duty rates
Posted Date : 11-Jan-2025 , 06:55:51 pm | Posted By CASANSAAR
Union Budget 2025-26 expectations arise for possible simplification of Customs duty rates
With the Union Budget 2025-26 approaching, expectations arise for a review and possible simplification of Customs duty rates. The aim is to reduce tax rate multiplicity, fix duty inversions, resolve classifi...
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Budget |
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NFRA Called on Audit Committees of mainly listed companies to ask their Auditors tough Questions
Posted Date : 11-Jan-2025 , 06:51:07 pm | Posted By CASANSAAR
NFRA Called on Audit Committees of mainly listed companies to ask their Auditors tough Question
The NFRA has called on audit committees to ask auditors tough questions about credit risks and related party transactions. These questions are aimed at ensuring transparency and trust in financ...
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NFRA |
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Indian economy likely to be 'a little weaker' in 2025
Posted Date : 11-Jan-2025 , 04:50:20 pm | Posted By CASANSAAR
Indian economy likely to be 'a little weaker' in 2025: IMF MD
By Lalit K Jha
WASHINGTON: The Indian economy is expected to be "a little weaker" in 2025 despite steady global growth, IMF Managing Director Kristalina Georgieva has said.
Georgieva also said she expects qui...
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General |
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NFRA wants audit panels of companies to ask Auditors tough questions
Posted Date : 11-Jan-2025 , 11:51:24 am | Posted By CASANSAAR
To enhance communication between auditors and audit committees of companies and improve audit quality, the National Financial Reporting Authority (NFRA) on Friday released the first part of the Auditor-Audit Committee Interaction Series.
This is the first time that NFRA has released a set o...
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NFRA |
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SEBI revises nomination rules for mutual funds and demat accounts
Posted Date : 11-Jan-2025 , 11:47:07 am | Posted By CASANSAAR
Markets regulator Sebi on Friday issued guidelines to revamp the nomination process for mutual fund folios and demat accounts to enhance transparency and minimise unclaimed assets in the securities market.
The new norms will come into effect from March 1 and cover a range of measures for investor...
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SEBI |
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Extension of Due Date w.r.t GSTR 1 and GSTR 3B
Posted Date : 11-Jan-2025 , 10:57:00 am | Posted By CASANSAAR
Advisory on Extension of Due Date w.r.t GSTR 1 and GSTR 3B
Jan 10th, 2025
Dear Taxpayer,
Due Date for filling of GSTR-1 and GSTR-3B have been extended by two days. For details refer to Notification No. 01/2025 – (CT) dt. 10th January, 2025 and Notification N...
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GST |
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SC stays GST notices worth over Rs 1 lakh crore against Online Gaming firms for tax fraud
Posted Date : 10-Jan-2025 , 07:23:16 pm | Posted By CASANSAAR
SC stays GST notices worth over Rs 1 lakh crore against Online Gaming firms for tax fraud
NEW DELHI: The Supreme Court on Friday stayed showcause notices issued by GST authorities worth over Rs 1 lakh crore to online gaming companies and casinos over alleged tax evasion.
A bench of Justi...
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GST |
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Govt extends monthly GST return, payment deadline
Posted Date : 10-Jan-2025 , 07:18:58 pm | Posted By CASANSAAR
Snag in system: Govt extends monthly GST return, payment deadline
NEW DELHI: The government on Friday extended the deadline for filing monthly GST sales return form GSTR-1 and GST payment by 2 days after taxpayers reported technical glitches in the GSTN system.
As per a notification by the Cen...
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GST |
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Updated Return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person
Posted Date : 10-Jan-2025 , 04:29:08 pm | Posted By CASANSAAR
Updated Return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person
An Updated return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or sub-section (5), for an assessment yea...
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Income Tax |
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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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