Compensation cess: GoM may seek more time to Submit Report
Posted Date : 14-Dec-2024 , 04:15:45 pm | Posted By CASANSAAR
Compensation cess: GoM may seek more time to Submit Report
The group of ministers (GoM) on compensation cess will likely approach the GST Council, seeking an extension beyond the December 31 deadline to firm up its report, a person aware of the matter said
The 10-member GoM under Uni...
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GST |
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Punjab GST dept uncovers bogus billing scam involving fraudulent transactions worth Rs 163 Cr
Posted Date : 14-Dec-2024 , 10:54:46 am | Posted By CASANSAAR
The Punjab GST Department has unearthed a bogus billing scam in Ludhiana, involving fraudulent transactions worth Rs 163 crore over the past two years.
Announcing this here on Friday, Finance Minister Harpal Cheema said the investigation revealed that M/s Monga Brothers (Unit-II), Buddewal Road, ...
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GST |
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Income tax reassessment orders can
Posted Date : 14-Dec-2024 , 10:49:09 am | Posted By CASANSAAR
The income tax department cannot issue reassessment orders to a dead person or their legal heirs, the Bombay high court ruled on Thursday.
A division bench of justices GS Kulkarni and Advait Sethna said the Income Tax Act requires the issuance of a show-cause notice to the assessee, who should ge...
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Income Tax |
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Tax refunds up by 46.31% to Rs 3.08 lakh crore in FY 2024-25
Posted Date : 12-Dec-2024 , 06:12:38 pm | Posted By CASANSAAR
Tax refunds up by 46.31% to Rs 3.08 lakh crore in FY 2024-25
The Finance Ministry announced on Thursday a significant improvement in the issuance of tax refunds for the financial year 2024-25.
Between April 1 and November 27 this year refunds amounting to Rs 3.08 lakh crore were issued, mark...
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Income Tax |
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Income Tax relief to the Cooperative societies
Posted Date : 12-Dec-2024 , 04:10:28 am | Posted By CASANSAAR
Income Tax relief to the Cooperative societies
Posted On: 11 DEC 2024 5:22PM by PIB Delhi
The Government of India has taken various initiatives to provide the income tax relief to cooperative societies. Details are as under:
Reduction in surcharge on cooperati...
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Income Tax |
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MCA offers e-adjudication, e-consultation to boost stakeholder confidence
Posted Date : 12-Dec-2024 , 11:26:44 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has introduced e-adjudication and e-consultation platforms to streamline legal proceedings and foster a more business-friendly regulatory environment, a senior official said on Wednesday.
Addressing the ASSOCHAM-ACCA Global Summit on Responsible Corporate G...
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MCA |
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UAE to impose 15% Corporate Tax from January 2025
Posted Date : 11-Dec-2024 , 09:11:54 pm | Posted By CASANSAAR
The United Arab Emirates (UAE) is poised to introduce a minimum top-up tax (DMTT) of 15 percent on large multinational enterprises (MNEs) operating in the country.
This will be implemented on or after January 1, 2025, aiming to establish a fair and transparent system in line with global standards...
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International Business |
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Govt mulling Relief for lower income Tax Bracket
Posted Date : 10-Dec-2024 , 07:01:50 am | Posted By CASANSAAR
Govt mulling Relief for lower income Tax Bracket
India's upcoming February 2025 budget might offer tax relief to lower-income groups (3-7 lakh slabs) under the new regime. While higher slabs may see no significant changes, the government may raise the exemption limit beyond 3 lakh.
The u...
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Income Tax |
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GSTN Advisory on difference in value of Table 8A and 8C of Annual Returns FY 23-24
Posted Date : 10-Dec-2024 , 12:20:46 am | Posted By CASANSAAR
As per the Notification No 12/2024 Central Tax dated 10th July 2024 read with Notification No.20/2024-Central Tax Dated 8th October 2024, for FY 2023-24 onwards, the total credit available for inwards supplies shall be auto-populated in the table 8A of Form GSTR 9 from GSTR-2B of the FY 23-24. Furth...
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GST |
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Revenue secretary Sanjay Malhotra appointed as new RBI Governor
Posted Date : 09-Dec-2024 , 08:03:25 pm | Posted By CASANSAAR
Revenue secretary Sanjay Malhotra has been appointed as the new Reserve Bank of India governor, an official notification from the Centre's cabinet committee stated on Monday.
Malhotra, a 1990 batch Rajasthan cadre IAS Officer, will replace Shaktikanta Das, whose tenure comes to an end on Tues...
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RBI |
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GST Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration
Posted Date : 09-Dec-2024 , 08:29:33 am | Posted By CASANSAAR
Dec 8th, 2024
Dear Taxpayers,
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.
1.Rule 8 of the CGST Rules, 2017 has been amended to provide t...
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GST |
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Rupee depreciated by 4 paise to settle at 84.73 against US dollar
Posted Date : 09-Dec-2024 , 07:56:53 am | Posted By CASANSAAR
Rupee depreciated by 4 paise to settle at ?84.73 against US dollar
In the Forex market, the rupee today depreciated by four paise to settle at 84 rupees and 73 paise against the US dollar. The dollar index, which indicates US dollar’s strength against a basket of six other leading currenc...
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Finance |
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RBI allows Small Finance Banks to Give Credit on UPI
Posted Date : 07-Dec-2024 , 07:22:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday allowed small finance banks (SFBs) to offer pre-sanctioned credit lines through Unified Payments Interface (UPI). Till now, only scheduled commercial banks were allowed to offer pre-sanctioned credit lines on the flagship payments platform.
The cent...
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RBI |
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Mandatory Sequential Filing of GSTR-7 Returns as per Notification No. 17/2024
Posted Date : 05-Dec-2024 , 11:01:28 am | Posted By CASANSAAR
Advisory on mandatory Sequential Filing of GSTR-7 Returns as per Notification No. 17/2024
Dec 4th, 2024
Multiple tickets have been received regarding sequential filing of return in Form GSTR-7. Taxpayers are referencing FAQs for the same, wherein “it is not mandatory” is mentioned....
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GST |
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GSTN Advisory on mandatory Sequential Filing of GSTR-7 Returns
Posted Date : 04-Dec-2024 , 08:48:56 pm | Posted By CASANSAAR
Multiple tickets have been received regarding sequential filing of return in Form GSTR-7. Taxpayers are referencing FAQs for the same, wherein “it is not mandatory” is mentioned.
To clarify, It is to inform that following changes have been introduced in the return filing process for...
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GST |
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ICAI Election - Special Permission for Courier Services of Ballot Papers to the Members in Canada
Posted Date : 05-Dec-2024 , 08:16:07 am | Posted By CASANSAAR
ELECTION - 2024
(Chartered Accountants)
ONE TIME SPECIAL PERMISSION TO VOTERS HAVING PROFESSOINAL ADDRESS OF CANADA TO USE COURIER SERVICE TO DISPATCH THEIR BALLOT PAPERS
No. 54-EL(1)/13-E-3/2024: In pursuance of sub-rule (1) of rule 6 of the Chartered Accountants (Election to th...
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ICAI |
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Amendment to Framework for Facilitating Small Value Digital Payments in Offline Mode
Posted Date : 04-Dec-2024 , 06:38:13 pm | Posted By CASANSAAR
RBI/2024-25/93
CO.DPSS.POLC.No.S908/02-14-003/2024-25
December 04, 2024
The Chairman / Managing Director / Chief Executive Officer Authorised Payment System Operators and Participants (Banks a...
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RBI |
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Rs 1 Trillion stuck in inoperative accounts, RBI asks banks to monitor resolution
Posted Date : 03-Dec-2024 , 11:58:01 am | Posted By CASANSAAR
The Reserve Bank has prodded bankers to resolve the mounting issue of inoperative accounts and the huge amount of unclaimed deposits in them by asking lenders to monitor the resolution process at the board level.
In a circular to all heads of banks Monday, the regulator advised banks to take nece...
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RBI |
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GoM proposes hike in GST on aerated drinks, cigarettes & tobacco to 35%
Posted Date : 03-Dec-2024 , 08:40:39 am | Posted By CASANSAAR
A step that would mark the first major restructuring of tax rates under the Goods and Services Tax (GST) seven years after its rollout, a special rate of 35 per cent could be carved out for demerit (sin) goods such as aerated beverages, cigarettes, tobacco and related products.
At a meeting on Mo...
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GST |
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Gross and Net GST revenue collections for the month of Nov, 2024
Posted Date : 02-Dec-2024 , 10:51:01 am | Posted By CASANSAAR
Gross and Net GST revenue collections for the month of Nov, 2024
Dec 1st, 2024
Please click on the link below to view the gross and net GST revenue collections for the month of November, 2024.
(https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing_nov_2024.pdf&...
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GST |
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GST Advisory - E-Invoice Glossary and Steps
Posted Date : 29-Nov-2024 , 07:47:33 am | Posted By CASANSAAR
Advisory: E-Invoice Glossary and Steps
Nov 29th, 2024
Dear Taxpayers,
GSTN has prepared an informative resource in the form of an e-invoice glossary and a step-by-step guide for your reference.
You can access and download the PDF document by clicking on the link below:
1. E-Invoice Gl...
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GST |
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GSTN Advisory for Authorised e-Invoice Verification Apps
Posted Date : 28-Nov-2024 , 08:00:04 am | Posted By CASANSAAR
Dear Taxpayers,
1.GSTN has prepared a consolidated document on authorized B2B e-Invoice verification apps available for download. The said document would serve as a reference to ensure that taxpayers have the most up-to-date information regarding approved B2B e-Invoice verification apps.
2.Tax...
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GST |
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ICAI revises CA January 2025 Foundation Exam Dates
Posted Date : 27-Nov-2024 , 07:36:24 am | Posted By CASANSAAR
ICAI CA Foundation Exam January 2025: The Institute of Chartered Accountants of India (ICAI) has revised the Chartered Accountant (CA) January 2025 Foundation exams. The postponement of the ICAI CA January 2025 exam comes in view of Makar Sankranti, Bihu and Pongal festivals across India. The exams ...
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ICAI |
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Byju
Posted Date : 26-Nov-2024 , 06:51:16 pm | Posted By CASANSAAR
India has started an investigation into financing and accounting practices at Byju’s, according to people with knowledge of the matter, after a previous inspection found corporate governance lapses at the struggling online tutoring firm.
The federal government has asked the regional office ...
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Accounts |
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Cabinet Approves PAN 2.0, Card to feature QR Code
Posted Date : 26-Nov-2024 , 08:40:49 am | Posted By CASANSAAR
The Union Cabinet on Monday approved the PAN 2.0, where it will roll out a free-of-cost upgrade to the PAN Card with a QR Code, announced Union Information and Broadcasting Minister Ashwini Vaishnaw.
According to an official statement, the Cabinet Committee on Economic Affairs (CCEA), chaired by ...
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PAN |
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NFRA finalises and recommends Auditing Standards to the Central Govt for notifying
Posted Date : 26-Nov-2024 , 08:15:31 am | Posted By CASANSAAR
The National Financial Reporting Authority held its 19th Meeting on 25 November 2024 to finalise and recommend Auditing Standards to the Central Government for notifying under Section 34A of LLP (Amendment) Act 2021.
The Authority decided to recommend the 40 Standards on Auditing (SAs) and ...
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NFRA |
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ICAI framing compulsory qualifications for forensic audit professionals
Posted Date : 26-Nov-2024 , 08:10:39 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is drafting guidelines to mandate compulsory qualifications for professionals conducting forensic audits.
The ICAI plans to send its proposal to the Ministry of Corporate Affairs (MCA) detailing criteria, such as mandatory completion of...
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ICAI |
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ICAI Elections - Mobile Phones are Strictly Prohibited in the Premises of the Polling Center
Posted Date : 23-Nov-2024 , 11:34:21 am | Posted By CASANSAAR
Election Cell
The Institute of Chartered Accountants of India
22nd November 2024
IMPORTANT ADVISORY TO ALL VOTERS
Please be advised that mobile phones are strictly prohibited in the secret chamber. Voters are required to leave their mobile phones outside the Sec...
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ICAI |
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RBI cautions public on deepfake videos of Top Management circulated over social media giving financial advice
Posted Date : 20-Nov-2024 , 01:35:00 am | Posted By CASANSAAR
It Has Come to The Notice of Reserve Bank of India That Fake Videos of The Governor Are Being Circulated in Social Media That Claim Launch of Or Support to Some Investment Schemes by the RBI. These Videos Attempt to Advise People to Invest Their Money in Such Schemes, Through Use of Technological To...
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RBI |
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Govt planning to sell stakes in 4 state-run banks to comply with Sebi norms
Posted Date : 20-Nov-2024 , 08:07:58 am | Posted By CASANSAAR
The Indian government is considering selling minority stakes in four state-run banks to comply with public shareholding norms mandated by the country's markets regulator, a government source told Reuters.
The finance ministry is likely to seek approval of the federal cabinet in the comi...
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Banking |
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