Select Committee to examine new Income Tax Bill, Report in Monsoon Session
Posted Date : 14-Feb-2025 , 09:21:17 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Thursday asserted that the new Income Tax Bill does not have merely mechanical but structural changes.
She introduced the Bill in the Lok Sabha. She requested the Speaker Om Birla to constitute a Select Committee for examining the Bill. “The committee ...
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Income Tax |
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CBIC operations crippled for four days due to network failure
Posted Date : 14-Feb-2025 , 08:10:11 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC)‘s operations have remained halted throughout the country for the last four days due to a “network failure” of its ‘eOffice’ application.
This has sparked fears within the Customs department of a possible co...
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Custom |
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Income-tax Bill, 2025, tabled in Parliament towards achieving comprehensive simplification of the Income-tax Act, 1961
Posted Date : 13-Feb-2025 , 08:24:21 pm | Posted By CASANSAAR
The Income-tax Bill, 2025 was tabled in Parliament today, marking a significant step toward simplifying the language and structure of the Income-tax Act, 1961.
The simplification exercise was guided by three core principles:
Textual and structural simplification for ...
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Income Tax |
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GST Registration Process (Rule 8 of CGST Rules, 2017)
Posted Date : 13-Feb-2025 , 07:20:28 pm | Posted By CASANSAAR
Feb 12th, 2025
Dear Taxpayer,
In line with recent developments in the GST registration process, applicants must adhere to the following steps as per Rule 8 of the CGST Rules, 2017:
1. Applicants Not Opting for Aadhaar Authentication:
• If you choose not...
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GST |
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FM Nirmala Sitharaman likely to table New Income Tax Bill in Parliament today
Posted Date : 13-Feb-2025 , 10:38:47 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will introduce the new Income-Tax Bill 2025 in the Lok Sabha on February 13. The Bill aims to consolidate and amend the taxation laws of the country.
“Smt. Nirmala Sitharaman to move for leave to introduce a bill to consolidate and amend the law relating ...
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Income Tax |
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ICAI Elects President and Vice President for the year 2025-26
Posted Date : 13-Feb-2025 , 10:25:48 am | Posted By CASANSAAR
ICAI elects New Torchbearers for the year 2025-26
CA. Charanjot Singh Nanda, President-ICAI shares his Agenda for the Council Year 2025-26.
CA. Prasanna Kumar D has been elected as the Vice-President of The Institute of Chartered Accountants of India for the Council Year 2025-26.
...
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ICAI |
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Centre Govt cannot Impose Service Tax on Sale of Lotteries
Posted Date : 12-Feb-2025 , 09:11:46 am | Posted By CASANSAAR
Lottery distributors are not liable to pay service tax to the Union government, the Supreme Court held on Tuesday while dismissing an appeal of the Centre on the issue.
A bench comprising Justices BV Nagarathna and NK Singh did not agree to the appeal of the Centre against the Sikkim High Court j...
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General |
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GST evasion of Rs.1.88 lakh Cr detected by CGST officers during April-Dec 2024
Posted Date : 11-Feb-2025 , 08:49:57 am | Posted By CASANSAAR
Central GST officers detected tax evasion of over ?1.88 lakh crore between April and December 2024, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha on Monday (February 10).
The evasion, including cases of fraudulent Input Tax Credit (ITC), was identified across 72,393 instan...
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GST |
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SEBI mulls changes in Secretarial compliance report format, Auditors' appointment norms
Posted Date : 10-Feb-2025 , 08:30:54 am | Posted By CASANSAAR
To strengthen corporate governance at listed firms, Sebi has proposed a revised format for annual secretarial compliance report, eligibility criteria for the appointment of auditors and inclusion of monetary thresholds for Related Party Transactions ...
These proposals are aimed at ensuring that ...
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SEBI |
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HC rejects pleas by CAs, Audit firms against NFRA
Posted Date : 10-Feb-2025 , 08:20:25 am | Posted By CASANSAAR
The Delhi High Court has rejected a challenge to the provisions on the power of the National Financial Reporting Authority (NFRA) to investigate and penalise the misconduct of chartered accountants. A bench of Justices Yashwant Varma and Dharmesh Sharma dismissed petitions filed by individual charte...
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NFRA |
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Biometric-Based Aadhaar Authentication & Document Verification for GST Registration Applicants of Maharashtra & Lakshadweep
Posted Date : 08-Feb-2025 , 01:40:14 pm | Posted By CASANSAAR
Feb 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 following key points in mind during the registration process.
1. Rule 8 of the CGST Rules, 2017 has b...
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GST |
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CBI Files Case Against 3 Tax Officials, 5 CAs for trying to Sabotaging Faceless Tax Scheme
Posted Date : 07-Feb-2025 , 11:46:09 am | Posted By CASANSAAR
CBI Files Case Against 3 Tax Officials, 5 CAs for trying to Sabotaging Faceless Tax Scheme
The Central Bureau of Investigation has booked nine persons, including an Income-Tax Deputy Commissioner and two Inspectors, apart from five chartered accountants (CAs), for allegedly attempting to sabotage...
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CA |
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RBI cut Repo Rate by 25 basis points to 6.25%
Posted Date : 07-Feb-2025 , 12:05:25 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has reduced its key repo rate for the first time in nearly five years to boost the economy. The RBI Monetary Policy Committee (MPC) has unanimously decided to cut the key rate by 25 bps from 6.5% to 6.25%, Sanjay Malhotra said this morning in his first key address aft...
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RBI |
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GST Advisory On E-Way Bill Generation for Goods Under Chapter 71
Posted Date : 07-Feb-2025 , 12:04:06 am | Posted By CASANSAAR
Rule 138(14) of the Central Goods and Services Tax (CGST) Rules, 2017, read with its Annexure S.Nos. 4 and 5, states that goods covered under Chapter 71 viz., Natural or cultured pearls and precious or semi-precious stones; precious metals and metals clad with precious metal, Jewellery, goldsmiths&r...
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GST |
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CPA Canada signs MOU with Institute of Chartered Accountants of Pakistan
Posted Date : 04-Feb-2025 , 08:54:33 am | Posted By CASANSAAR
Chartered Professional Accountants of Canada (CPA Canada) has cemented a partnership with the Institute of Chartered Accountants of Pakistan (ICAP) through a Memorandum of Understanding (MOU) on Reciprocal Membership Arrangement, facilitating a pathway for Pakistani accountants to gain Canadian CPA ...
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Chartered Accountant |
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NFRA penalises Auditor for lapses in Religare Finvest case
Posted Date : 04-Feb-2025 , 08:47:52 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has imposed a fine of Rs 5 lakh on an auditor (Partner of S.S.Kothari Mehta & Co. LLP) for lapses in the auditing of Religare Finvest Ltd for 2017-18. The auditor (Neeraj Bansal) was also barred by NFRA from taking any audit work for five years, ...
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NFRA |
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SEBI proposes UPI IDs for market intermediaries
Posted Date : 04-Feb-2025 , 08:36:45 am | Posted By CASANSAAR
The market regulator is preparing to land another punch at unregistered entities/finfluencers' business. It has proposed a system through which investors can be sure that they are paying regulated or registered entities. It suggested the use of UPI IDs that will be generated by a particular soft...
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SEBI |
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Kerala Court Issues Non-Bailable Warrant Against Baba Ramdev
Posted Date : 03-Feb-2025 , 08:22:16 am | Posted By CASANSAAR
A Kerala Court on Saturday (February )issued non-bailable warrants against Baba Ramdev and Acharya Balakrishna following their non-appearance in the criminal case filed by Kerala Drugs Inspector against Divya Pharmacy over alleged misleading medical ads.
The warrants have been issued to secure th...
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General |
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Gross and Net GST revenue collections for the month of Jan, 2025
Posted Date : 01-Feb-2025 , 05:34:02 pm | Posted By CASANSAAR
Feb 1st, 2025
Please click on the link below to view the gross and net GST revenue collections for the month of January, 2025.
(https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing_jan_2025.pdf )
Thanks,
Team GSTN
...
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GST |
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Slew Of Direct Tax Reforms Proposed in Budget 2025-26 To Achieve Good Governance
Posted Date : 01-Feb-2025 , 05:19:12 pm | Posted By CASANSAAR
Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman presented the Union Budget 2025-26, in the Parliament today. A slew of Direct Tax reforms were proposed in the document with the aim to achieve good governance for the people and economy.
The objectives of the Direct ...
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Budget |
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Slew Of Direct Tax Reforms Proposed in Budget 2025-26 To Achieve Good Governance
Posted Date : 01-Feb-2025 , 05:42:36 am | Posted By CASANSAAR
Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman presented the Union Budget 2025-26, in the Parliament today. A slew of Direct Tax reforms were proposed in the document with the aim to achieve good governance for the people and economy.
The objectives of the Direct ...
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Budget |
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Budget 2025-26 proposes changes in GST laws for ensuring trade facilitation
Posted Date : 01-Feb-2025 , 05:08:17 pm | Posted By CASANSAAR
BUDGET 2025-26 PRIORITISES TRADE FACILITATION: GST AMENDMENTS PROPOSED
DISTRIBUTION OF INPUT TAX CREDIT IN RESPECT OF INTER-STATE SUPPLIES FROM 1ST APRIL, 2025.
NEW CLAUSE TO DEFINE UNIQUE IDENTIFICATION MARKING FOR TRACK AND TRACE MECHANISM
PROVISION TO REDUCE SUPPL...
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Budget |
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Record over Rs 6.81 lakh crore allocated in Budget 2025-26 for MoD, an increase of 9.53% from current FY
Posted Date : 01-Feb-2025 , 04:55:27 pm | Posted By CASANSAAR
Rs 1.80 lakh crore allocated under Capital Budget of Armed Forces; Modernisation a key focus area; Rs 1.12 lakh crore earmarked for procurement from domestic industries
14% increase in allocation for Defence Pension; Rs 8,317 crore allocated for ECHS
12% hike for De...
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Budget |
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India
Posted Date : 01-Feb-2025 , 04:47:51 pm | Posted By CASANSAAR
India’s nominal GDP is projected to grow by 10.1% in FY26
Supported by the Supply-side measures from the Government retail inflation remained within inflation-band of 4±2 per cent in FY 2024-25 (April-December)
RBI projects inflation at 4.6% in Q1 and 4.0% in Q2 of...
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Custom |
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No Income Tax on Annual Income Upto Rs. 12 Lakh Under New Tax Regime
Posted Date : 01-Feb-2025 , 05:10:20 am | Posted By CASANSAAR
LIMIT TO BE Rs. 12.75 LAKH FOR SALARIED TAX PAYERS, WITH STANDARD DEDUCTION OF RS. 75,000
UNION BUDGET 2025-26 BRINGS ACROSS-THE-BOARD CHANGE IN INCOME TAX SLABS AND RATES TO BENEFIT ALL TAX-PAYERS
TAX SLAB RATE REDUCTION AND REBATES TO RESULT IN SUBSTANTIAL TAX RELIEF TO MIDDLE CLASS, THE...
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Income Tax |
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Investment & Turnover Limits for Classification of All MSMEs To Be Enhanced To 2.5
Posted Date : 01-Feb-2025 , 03:51:11 pm | Posted By CASANSAAR
CREDIT GUARANTEE COVER FOR MICRO AND SMALL ENTERPRISES ENHANCED FROM 5 CRORE TO 10 CRORE
10 LAKH CUSTOMIZED CREDIT CARDS WITH A 5 LAKH LIMIT FOR MICRO ENTERPRISES REGISTERED ON UDYAM PORTAL TO BE INTRODUCED IN THE FIRST YEAR
NEW FUND OF FUNDS of Rs. 10,000 CRORES TO BE SET UP FOR STA...
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Budget |
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FDI Limit for Insurance Sector Raised From 74 to 100 Percent: Union Budget 2025-26
Posted Date : 01-Feb-2025 , 03:34:13 pm | Posted By CASANSAAR
FORUM FOR REGULATORY COORDINATION AND DEVELOPMENT OF PENSION PRODUCTS TO BE SET UP: UNION BUDGET 2025-26
ROLL OUT OF REVAMPED CENTRAL KYC REGISTRY PLANNED IN 2025
PROCEDURES FOR SPEEDY APPROVAL OF COMPANY MERGERS TO BE RATIONALIZED, PROCESS TO BE MADE SIMPLER
Budget 2025-2...
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Budget |
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CBIC Clarifies No GST on penal charges levied by banks
Posted Date : 31-Jan-2025 , 07:38:47 pm | Posted By CASANSAAR
No GST on penal charges: The government has clarified that no bank, NBFC, regulated entities (REs) can charge Goods and Services Tax (GST) on penal charges on loans. Penal charges are payments in the nature of liquidated damages for breach of contract and hence are not a consideration for tolerating...
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GST |
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ITR portal 2.0: exists many flaws, glitches, Income Tax Notice Management
Posted Date : 31-Jan-2025 , 07:29:53 pm | Posted By CASANSAAR
Flaw in ITR portal 2.0: Experts say there exists many flaws, glitches, etc with the e-filing ITR portal. Although these issues might seem small but collectively these add up to a bigger grievance. For example: When a notice under section 143(1)(a) is sent through email, only the intimation is shown....
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ITR |
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Chartered accountants need to innovate to stay ahead of curve: Rajnath Singh
Posted Date : 31-Jan-2025 , 07:20:00 pm | Posted By CASANSAAR
NEW DELHI: Chartered accountants are the gatekeepers of accountability and they should innovate and adapt to stay ahead of the curve, Defence Minister Rajnath Singh said on Friday.
Addressing the World Forum of Accountants (WOFA) conference in the national capital, he also highlighted tha...
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CA |
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