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Gross and Net GST revenue collections for the month of Mar, 2025
Posted Date : 02-Apr-2025 , 06:48:10 pm | Posted By CASANSAAR

Apr 1st, 2025 Please click on the link below to view the gross and net GST revenue collections for the month of March, 2025. (https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing_mar_2025.pdf ) Thanks, Team GSTN   ...

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Category : GST | Comments : 0 | Hits : 2863

President Murmu asks RBI, banks to guard against e-frauds
Posted Date : 02-Apr-2025 , 09:26:17 am | Posted By CASANSAAR

President Droupadi Murmu urged the RBI to enhance vigilance against financial fraud and cyber threats as technology advances. She praised the RBI's role in maintaining trust and stability over the past 90 years and emphasized its importance in driving financial innovation and ensuring a secure d...

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Category : RBI | Comments : 0 | Hits : 1850

NFRA flags lapses in audit quality of three Audit Firms
Posted Date : 31-Mar-2025 , 09:11:13 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has flagged certain lapses in the audit quality of three audit firms. The observations have been made in NFRA's three separate inspection reports of SRBC & Co LLP, Deloitte Haskins & Sells LLP and Walker Chandiok & Co LLP. In it...

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Category : NFRA | Comments : 0 | Hits : 1563

CA final exams to be held thrice a year from this year - ICAI
Posted Date : 28-Mar-2025 , 08:02:50 am | Posted By CASANSAAR

CA Final exams will be conducted thrice a year from 2025 instead of two, the Institute of Chartered Accountants of India (ICAI) announced on Thursday. Last year, the ICAI took a decision to hold the Intermediate and Foundation course exams three times a year and now the CA Final exams will follow...

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Category : ICAI | Comments : 0 | Hits : 2164

RBI imposes Rs.75 lakh penalty on HDFC Bank, Rs.68.2 lakh on Punjab & Sind Bank
Posted Date : 27-Mar-2025 , 09:29:10 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) has imposed monetary penalties on HDFC Bank and Punjab & Sind Bank for non-compliance with its regulatory guidelines, according to the press statement issued by the RBI on Wednesday (March 26). While HDFC Bank is slapped with a Rs.75 lakh penalty for violations re...

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Category : RBI | Comments : 0 | Hits : 2077

Bank Branch Audit 2025 Updates - Panel to Banks
Posted Date : 27-Mar-2025 , 07:37:57 am | Posted By CASANSAAR

Bank Branch Audit 2025 Updates :- As Per Reliable Sources, RBI has sent the Panel to Banks and Banks has started sending mails to New Auditorsfor Bank Branch Statutory Audit 2025. Following Banks has started sending the mails to New Auditors. Bank of Baroda, Canara Bank, Central B...

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Category : Bank Branch Audit | Comments : 3 | Hits : 29123

SC allows Audit Regulator NFRA to initiate proceedings against CAs
Posted Date : 24-Mar-2025 , 09:22:22 pm | Posted By CASANSAAR

The Supreme Court has allowed audit regulator National Financial Reporting Authority (NFRA) to continue its proceedings against chartered accountants and firms where no audit quality review reports have been prepared and final orders are yet to be passed. During a hearing in a case challenging an...

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Category : NFRA | Comments : 0 | Hits : 3164

RBI approves hike in ATM interchange fees
Posted Date : 24-Mar-2025 , 07:50:34 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has approved an increase in ATM interchange fees, raising charges by Rs 2 for financial transactions and Re 1 for non-financial transactions. The revision, effective May 1, is expected to have a greater impact on smaller banks with limited ATM network. Banks have n...

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Category : RBI | Comments : 0 | Hits : 2313

Bank Branch Audit 2025 Updates
Posted Date : 22-Mar-2025 , 10:42:48 am | Posted By CASANSAAR

Bank Branch Audit 2025 Updates :- https://www.casansaar.com/news-Bank-Branch-Audit/Bank-Branch-Audit-2025-Updates---Panel-to-Banks/13897.html As Per Reliable Sources, Banks has started sending mails for Bank Branch Statutory Audit 2025. Bank of Baroda, Union Bank of India, Bank of Maha...

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Category : Bank Branch Audit | Comments : 14 | Hits : 43233

Issue in filing applications (SPL 01/SPL 02) under waiver scheme
Posted Date : 22-Mar-2025 , 07:45:49 pm | Posted By CASANSAAR

Mar 21st, 2025   Grievances are raised by taxpayers regarding difficulties faced while filing the waiver applications. Following grievances faced by taxpayers have come to the notice of GSTN and team is working to resolve the issues at the earliest. i.    Order number is n...

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Category : GST | Comments : 0 | Hits : 3188

Banks write off bad loans worth Rs 16.35 lakh Cr in last 10 years
Posted Date : 20-Mar-2025 , 08:54:11 am | Posted By CASANSAAR

Banks have written off massive bad loans or non-performing assets (NPAs) worth Rs 16.35 lakh crore in the last 10 financial years, the Union government disclosed on Monday. This information was presented in the Lok Sabha by finance minister (FM) Nirmala Sitharaman in response to a question raised by...

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Category : Banking | Comments : 0 | Hits : 2876

SEBI eyes stricter internal audit norms for MIIs
Posted Date : 20-Mar-2025 , 08:40:23 am | Posted By CASANSAAR

The Securities and Exchange Board of India (SEBI) is likely to tighten and standardise the internal audit mechanism at market infrastructure institutions (MIIs), as it feels that certain significant observations were not captured by the internal auditors, sources said. During inspections, SEBI fo...

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Category : SEBI | Comments : 0 | Hits : 2777

Supreme Court notice to Govt on plea challenging CAG appointment
Posted Date : 18-Mar-2025 , 08:27:14 am | Posted By CASANSAAR

The Supreme Court on Monday agreed to examine whether the appointment process of the Comptroller and Auditor General of India (CAG) should be made more transparent and independent. The top court issued a notice to the government, seeking its response to the plea. The petition argued that the CAG,...

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Category : CAG | Comments : 0 | Hits : 2979

CBDT makes all Income Tax offences compoundable, eases rules for defaulters
Posted Date : 18-Mar-2025 , 07:44:37 am | Posted By CASANSAAR

All offences under the income-tax law, including cases that involve agencies such as the Enforcement Directorate and the Central Bureau of Investigation, have been made compoundable by competent tax authorities if the applicant is not found to be involved in any anti-national or terrorist activity, ...

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Category : CBDT | Comments : 0 | Hits : 2278

Supreme Court Boosts the Powers of NFRA
Posted Date : 12-Mar-2025 , 01:48:05 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has got a boost to its powers with the Supreme Court allowing the audit regulator to decide on a dispute over its powers to penalize professionals guiding statutory auditors, showed an order from the apex court. The Supreme Court on 7 March allowe...

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Category : NFRA | Comments : 0 | Hits : 4062

NFRA Calls for Enhanced Auditor - Audit Committee Communication
Posted Date : 12-Mar-2025 , 12:16:23 pm | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has released the second part of its Auditor-Audit Committee Interactions Series 1, focusing on enhancing communication between statutory auditors and those charged with governance (TCWG) with audit committees in particular. ...

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Category : NFRA | Comments : 0 | Hits : 3153

EY on Corporate Affairs Ministrys (MCA) radar in Byju
Posted Date : 11-Mar-2025 , 08:35:23 am | Posted By CASANSAAR

The Ministry of Corporate Affairs may look into a whistleblower’s allegation against accounting firm EY in a case related to education tech startup Byju’s insolvency process. The whistleblower has come forward with allegations, claiming that the insolvency process of Byju’s was man...

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Category : Auditing | Comments : 0 | Hits : 4634

SEBI amends rules to tighten SME IPO Norms
Posted Date : 11-Mar-2025 , 07:54:59 am | Posted By CASANSAAR

Markets regulator Sebi has notified a stricter regulatory framework for small and medium enterprise (SME) IPOs by introducing a profitability requirement and capping a 20% limit on offer-for-sale (OFS). The reforms aim to provide SMEs with a sound track record an opportunity to raise funds from t...

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Category : SEBI | Comments : 0 | Hits : 2881

Shah Rukh Khan wins Income Tax case as ITAT Rules In his favour
Posted Date : 10-Mar-2025 , 08:34:20 am | Posted By CASANSAAR

The Income Tax department had disputed Shah Rukh Khan's declared income of Rs 83.42 crore for 2011-2012, rejecting his claims for foreign tax credit for taxes paid in the UK. Actor Shah Rukh Khan has secured a big victory in a dispute with the Income Tax authorities, with the Income Tax Appel...

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Category : Income Tax | Comments : 0 | Hits : 3947

Over 30K taxpayers declare Rs 29k cr foreign assets after CBDT nudge
Posted Date : 07-Mar-2025 , 08:59:37 am | Posted By CASANSAAR

A “compliance - cum - awareness” campaign launched by the Central Board of Direct Taxes (CBDT) has prompted over 30,000 taxpayers to declare foreign assets worth over Rs 29,000 crore and additional overseas income of Rs 1,089.88 crore, government source said. As part of the campaign, ...

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Category : CBDT | Comments : 0 | Hits : 2265

RBI proposes relief from foreclosure charges on floating-rate loans
Posted Date : 06-Mar-2025 , 09:50:48 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has proposed a policy change aimed at providing significant relief to borrowers by recommending the removal of foreclosure charges on floating-rate loans taken by individuals for non-business purposes. The proposal was mentioned in a draft circular titled 'Respons...

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Category : RBI | Comments : 0 | Hits : 3950

New income tax bill proposes allowing officers access to your email, social media
Posted Date : 06-Mar-2025 , 09:42:51 am | Posted By CASANSAAR

The new income tax bill has recently been in the news, and not for the reasons taxpayers would hope. While the government said it’s all about simplifying tax laws, buried within the bill is a provision that hands sweeping powers to tax authorities allowing them to dig through emails, trading a...

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Category : Income Tax | Comments : 0 | Hits : 5027

IBC moratorium can
Posted Date : 05-Mar-2025 , 08:42:13 am | Posted By CASANSAAR

The Supreme Court on Tuesday held that interim moratorium under the Insolvency and Bankruptcy Code does not shield individuals or companies from regulatory penalties imposed under consumer protection laws. A bench of justices Vikram Nath and Prasanna B Varale passed the important verdict while de...

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Category : Insolvent Professional | Comments : 0 | Hits : 2911

MCA invites applications for NFRA chairperson and three full-time members
Posted Date : 04-Mar-2025 , 10:19:31 am | Posted By CASANSAAR

The ministry of corporate affairs (MCA) has invited application to appoint the next chairperson for National Financial Reporting Authority (NFRA). In addition, the MCA has invited applications for three full-time members at the authority. The notification mandates that NFRA chief to have an experien...

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Category : NFRA | Comments : 0 | Hits : 4579

21 new NCLT members get to work after SC rap over delays
Posted Date : 02-Mar-2025 , 10:05:34 pm | Posted By CASANSAAR

The Union government has assigned benches to 21 of the 24-newly appointed judicial and technical members of the National Company Law Tribunal (NCLT), weeks after calls to fast-track the assignment-process were made by the NCLT Bar Association. The Supreme Court too had in a November 2024 ruling expr...

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Category : Corporate Law | Comments : 0 | Hits : 4483

GST collections rise 9.1% to Rs.1.84 lakh Cr in Feb 2025
Posted Date : 02-Mar-2025 , 10:30:58 am | Posted By CASANSAAR

Gross GST collections grew 9.1% to about Rs 1.84 lakh crore in February. GST collections for January reached Rs 1.96 lakh crore, marking a 12.3% increase compared to the same period last year. In December, GST collections stood at Rs 1.77 lakh crore, reflecting a 7.3% year-on-year rise. This w...

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Category : GST | Comments : 0 | Hits : 4206

NFRA's next inspection to target Audit Firms with large client base
Posted Date : 27-Feb-2025 , 08:53:06 pm | Posted By CASANSAAR

The NFRA plans to focus on auditing firms with significant listed company audits, using data analytics to detect potential issues.  Chairman Ajay Bhushan Prasad Pandey emphasized the need for auditors' independence and professionalism. Upcoming inspections of firms like Deloitte and E&am...

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Category : NFRA | Comments : 0 | Hits : 844

SC upholds validity of arrests under Customs, GST laws but provides checks and balances
Posted Date : 28-Feb-2025 , 08:15:31 am | Posted By CASANSAAR

The Supreme Court on Thursday upheld the Constitutional validity of arrest and prosecution provisions under Goods and Services Tax Act and the Customs Act but provided safeguards against coercive actions including arrest. Experts highlight that the ruling is a significant development in tax enforcem...

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Category : Income Tax | Comments : 0 | Hits : 605

Revenue Secretary Tuhin Kanta Pandey appointed as SEBI Chairman
Posted Date : 28-Feb-2025 , 08:07:31 am | Posted By CASANSAAR

The government on Thursday appointed Finance and Revenue Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI). Pandey would replace Madhabi Puri Buch, who completes her three-year tenure on Friday (February 28). The Appointments Committee of the...

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Category : SEBI | Comments : 0 | Hits : 491

EOW Summons Six Audit Firms In Fraud Probe of New India Case
Posted Date : 26-Feb-2025 , 11:28:22 am | Posted By CASANSAAR

The Economic Offences Wing (EOW) has issued summons to six audit firms in connection with the Rs.122 crore fraud at New India Co-operative Bank. Investigators have discovered discrepancies in the bank's records, particularly regarding cash-in-hand figures. According to sources, the vault capa...

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Category : Auditing | Comments : 0 | Hits : 1039

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