Rupee falls 9 paise to hit all-time low of 85.24 against US dollar in early trade   NEW DELHI: The Indian rupee slid to a record low of 85.24 against the US dollar in early trade on Thursday, weighed down by rising US Treasury yields and a decline in most Asian currencies. The rupee...

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Category : Finance | Comments : 0 | Hits : 279

Senior IAS officer Arunish Chawla is Appointed Revenue Secretary Senior IAS officer Arunish Chawla, of the Bihar cadre's 1992 batch, is appointed revenue secretary, filling the vacancy created by Sanjay Malhotra's new role as RBI governor. Several other bureaucratic appointments were made...

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Category : Finance | Comments : 0 | Hits : 275

The National Financial Reporting Authority (NFRA) has imposed a penalty of Rs 2 crore on Deloitte Haskins & Sells and fined two chartered accountants for lapses in the audit of Zee Entertainment Enterprises Ltd (ZEEL) during FY2018-19 and FY2019-20. NFRA has imposed a penalty of Rs 10 lakh on...

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Category : NFRA | Comments : 0 | Hits : 333

NFRA flags deficiencies in BSR & Co's audit of Related Party Transactions   The National Financial Reporting Authority (NFRA) identifies significant deficiencies in BSR & Co LLP's audit practices, focusing on related party transactions. The audit regulator's August 2024 in...

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Category : NFRA | Comments : 0 | Hits : 359

Income tax rate cut in Budget: Top economists urge Modi to lessen burden for Indians Union Budget 2025: Economists recommend reducing income tax rates, rationalizing customs tariffs, and supporting exports in Budget 2025. They advise targeted interventions for skills development, boosting agricul...

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Category : Income Tax | Comments : 0 | Hits : 349

Popcorn, in loose form, sold in movie theatres to attract 5% GST Popcorn sold in loose form in movie theatres will continue to attract a GST rate of 5 per cent. If popcorn is sold together with a movie ticket, it will be taxed at the rate applicable to the ticket. Popcorn mixed with salt and spic...

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Category : GST | Comments : 0 | Hits : 612

Higher GST of 18% will impact individuals and businesses   GST on used car sale: Consumers buying a used car now need to pay more GST. Moreover, if a business is claiming input tax credit, then GST needs to be paid on the sale value and not margin. However smaller cars like Renault Kwid may b...

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Category : GST | Comments : 0 | Hits : 288

NFRA penalises Deloitte Haskins & Sells LLP, 2 Auditors for lapses in ZEEL Audits The NFRA has fined Deloitte Haskins & Sells LLP and penalized two chartered accountants for auditing lapses with Zee Entertainment Enterprises Ltd during the financial years 2018-19 and 2019-20. The auditors...

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Category : NFRA | Comments : 0 | Hits : 329

Union Budget 2025: Sitharaman May Introduce a New Customs Playbook; tweaks to turn tariffs into treasure Budget 2025: India is considering removing customs duty exemptions on certain imported components to boost local manufacturing. The finance ministry is reviewing planned investments and domest...

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Category : Budget | Comments : 0 | Hits : 299

ICAI to have 11 centres of excellence in three years The Institute of Chartered Accountants of India (ICAI) aims to establish 11 Centres of Excellence (CoEs) within three years to enhance financial and tax literacy and promote India as a global accounting hub. Focus areas include AI and Internati...

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Category : ICAI Notification | Comments : 0 | Hits : 327

ICAI expects to finalise international networking guidelines for CA firms this fiscal    ICAI plans new guidelines for Indian CA firms to go global. The institute aims to create larger firms that can compete internationally. ICAI is simplifying merger norms and easing advertising restric...

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Category : ICAI Notification | Comments : 0 | Hits : 274

Dec 23rd, 2024 Subject: Guidelines for Accurate Entry of Receipt Numbers in the E-Way Bill (EWB) System for Leased Wagons Dear Taxpayers, This advisory is issued to provide specific instructions for entering Receipt Numbers related to Leased Wagons in the E-Way Bill (EWB) system. Advisorie...

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Category : GST | Comments : 0 | Hits : 427

Income tax dispute: Avail Vivad Se Vishwas scheme before December 31, 2024 to pay lower tax Amount Vivad se Vishwas: If you want to settle your pending tax disputes then apply for Vivad Se Vishwas Scheme, 2024 on or before December 31, 2024 to pay a lower amount of income tax. You can apply for t...

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Category : Income Tax | Comments : 0 | Hits : 507

GST Council clears "track and trace" Mechanism, Cigarettes and Pan Masala likely first Targets   The GST Council will track cigarettes and pan masala to stop tax evasion. A unique code will be placed on products. This will help the government follow the products. The government lose...

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Category : GST | Comments : 0 | Hits : 435

  The 55th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Jaisalmer, Rajasthan, today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary, Chief Ministers of Goa, Haryan...

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Category : GST | Comments : 0 | Hits : 352

The GST Council declared that voucher transactions will not be subject to GST, providing relief to retailers. This decision clarifies that vouchers are not considered goods or services, resolving previous disputes and aligning with RBI's classification of vouchers as prepaid instruments. The cou...

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Category : GST | Comments : 0 | Hits : 486

The Reserve Bank of India (RBI) has fined IndusInd Bank Rs 27.30 lakh for violating deposit interest rate regulations. An inspection revealed savings accounts opened for ineligible entities. The RBI clarified the penalty addresses compliance issues and doesn't invalidate the bank's customer ...

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Category : RBI | Comments : 0 | Hits : 326

The Reserve Bank of India (RBI) held its benchmark interest rate steady at 6.25% in December, prioritizing inflation control amid slowing economic growth. Outgoing Governor Shaktikanta Das emphasized the need to balance inflation and growth, while two MPC members favored a rate cut to stimulate the ...

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Category : RBI | Comments : 0 | Hits : 301

10% Tax Instead of 5% on Dividend Income from January 1, 2025 Higher tax on dividend: From January 1, 2025 Indians need to pay witholding tax at 10% rate instead of 5% rate in Switzerland. Experts say this may result in burden for a company's cash flow and may also result in dead loss for cer...

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Category : Income Tax | Comments : 0 | Hits : 303

GST: A new advisory by GSTN alerted taxpayers about changes being made with E-Way Bill generation time limits which is now reduced to 180 days from the date of the base document. “For instance, documents dated earlier than July 5, 2024, will not be eligible for e-waybill generation starting Ja...

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Category : GST | Comments : 0 | Hits : 460

GST Council Meeting Live Updates: Defers insurance overhaul, recommends 18% tax on used EVs and smaller cars     GST Council Jaisalmer Meeting Live Updates: Key highlights so far - 5% GST on ready-to-eat popcorn mixed with salt and spices, provided it is not pre-packaged. - 12% GST on p...

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Category : GST | Comments : 0 | Hits : 351

GST Council Defers Decision on Insurance Tax Cuts Amid Lack of Consensus Among States The GST Council's 55th meeting in Jaisalmer faced a deadlock over proposed GST rate cuts for term and health insurance. Several states, including West Bengal, Kerala, and Karnataka, expressed concerns over...

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Category : Income Tax | Comments : 0 | Hits : 233

GST Council meeting begins: Tax rate on electric cars, food delivery apps and flavoured popcorn on cards     The 55th GST Council meeting in Jaisalmer deliberated on tax relief for insurance, increasing the tax rate on used EVs to 18%, clarifying the levy on food delivery apps, and pote...

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Category : GST | Comments : 0 | Hits : 310

Pre-Budget Consultation: States seek more fiscal support for capex plans States urged the Centre for increased interest-free loans, greater capex scheme flexibility, and a higher borrowing limit to boost their economies. They also requested disaster relief funds, Jal Jeevan Mission assistance, ...

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Category : Budget | Comments : 0 | Hits : 215

Rate cut would help in reviving economic growth without worsening the inflationary situation: MPC's Nagesh Kumar RBI MPC member Dr. Nagesh Kumar advocated for a 25-basis point repo rate cut and a 50-basis point CRR reduction to stimulate economic growth without exacerbating inflation. He and ...

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Category : RBI | Comments : 0 | Hits : 224

RBI board reviews global, domestic Economic Situation The Reserve Bank of India's central board, led by new Governor Sanjay Malhotra, convened to assess the global and domestic economic landscape. The board acknowledged Shaktikanta Das's contributions during his six-year tenure as governo...

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Category : RBI | Comments : 0 | Hits : 262

 CAG Report Raises red Flags over Income Tax Department’s Handling of Arrears and Outstanding Demands     A CAG report on the functioning of Income Tax Department, tabled in Parliament on Tuesday, has raised concern over non-sharing of data with the audit team relat...

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Category : Income Tax | Comments : 0 | Hits : 274

RBI advises states to be more prudent in managing finances The Reserve Bank of India commends states for fiscal deficit reduction but urges adherence to the 'golden rule' of financing current expenditure with current revenue. The RBI also criticizes excessive subsidies and cash transfer...

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Category : RBI | Comments : 0 | Hits : 250

GST Council meet: Ordering from Swiggy, Zomato May Get Cheaper The GST Council is expected to discuss lowering tax rates on life and health insurance premiums during its meeting on Saturday. Simultaneously, it may consider increasing taxes on luxury wristwatches, footwear, and apparel, along wi...

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Category : GST | Comments : 0 | Hits : 307

SEBI makes IPO rules stricter for small firms, overhauls investment banking norms The board has also green lit an expanded definition of Unpublished Price Sensitive Information (UPSI). The Securities and Exchange Board of India (SEBI) board approved a series of measures on Wednesday, includi...

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Category : SEBI | Comments : 0 | Hits : 287