Prospects of economy expected to improve in 2025: RBI Governor
Posted Date : 30-Dec-2024 , 06:58:38 pm | Posted By CASANSAAR
Prospects of economy expected to improve in 2025: RBI Governor
RBI Governor Sanjay Malhotra states Indian economy is expected to improve in 2025 with high consumer and business confidence. Despite a slowdown in the first half of 2024-25, robust balance sheets and high profitability are predicted ...
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RBI |
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India Inc seeks cut in personal income tax rates, flags dumping by China at pre-Budget meet
Posted Date : 30-Dec-2024 , 06:53:34 pm | Posted By CASANSAAR
India Inc seeks cut in personal income tax rates, flags dumping by China at pre-Budget meet
Industry bodies have urged the finance minister to consider reducing personal income tax rates, lowering excise duty on fuel, and implementing measures to boost employment-intensive sectors in the up...
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Income Tax |
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India's Economic Growth Slumps To 5.4%: What It Means for Future Policy Changes
Posted Date : 30-Dec-2024 , 06:49:55 pm | Posted By CASANSAAR
India's Economic Growth Slumps To 5.4%: What It Means for Future Policy Changes
Growth slumped to 5.4% in the July-Sept quarter, leading RBI to revise its growth forecast for 2024-25 to 6.6%. There are calls for a rate cut to boost demand and growth. While rural demand remains strong, u...
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Finance |
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Stockbrokers can ask you to submit income tax returns (ITR) to check PMLA violation
Posted Date : 30-Dec-2024 , 06:43:45 pm | Posted By CASANSAAR
Stockbrokers can ask you to submit income tax returns (ITR) to check PMLA violation; may lead to jail up to 7 years if guilty
Income tax return: Stockbrokers can also ask for your ITR even if you gave one during the time of account opening. ?Tejas Khoday from FYERS say: "Generally, brokers d...
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Income Tax |
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RBI Financial Stability Report: India's Macro Fundamentals Strong, All Key Indicators in Positive Zone
Posted Date : 30-Dec-2024 , 06:39:45 pm | Posted By CASANSAAR
RBI Financial Stability Report: India's Macro Fundamentals Strong, All Key Indicators in Positive Zone
The Reserve Bank of India's December 2024 Financial Stability Report shows that the Indian financial system is resilient. Scheduled commercial banks exhibit strong profitability an...
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RBI |
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India’s Foreign Exchange Reserves cross 700 billion US dollars to place country at 4th position globally
Posted Date : 30-Dec-2024 , 06:35:29 pm | Posted By CASANSAAR
India’s Foreign Exchange Reserves cross 700 billion US dollars to place country at 4th position globally
India has crossed an extraordinary milestone as its foreign exchange reserves have surged past 700 billion US dollars, placing the nation in the 4th position globally. Over the las...
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Finance |
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GST annual return deadline is December 31: Why should you file it even if not liable to file one
Posted Date : 30-Dec-2024 , 06:31:40 pm | Posted By CASANSAAR
GST annual return deadline is December 31: Why should you file it even if not liable to file one
GST annual return: The deadline to file GST annual return is December 31, 2024. There is a good argument as to why you should file GST annual return despite the turnover being below Rs 2 crore. ...
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GST |
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Extension of last date of CPE hours' compliance for the Calendar year 2024 - From 31st Dec, 2024 to 28th Feb, 2025
Posted Date : 30-Dec-2024 , 05:12:59 pm | Posted By CASANSAAR
Continuing Professional Education Committee
The Institute of Chartered Accountants of India
30th December, 2024
ANNOUNCEMENT FOR MEMBERS
Dear Member,
Sub: Extension of last date of CPE hours’ compliance for the Calendar year 2024 - From 31st December, 2024 to 28th February, 2025...
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ICAI |
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EEPC India proposes faceless GST audit to empower MSME sector
Posted Date : 30-Dec-2024 , 01:40:55 pm | Posted By CASANSAAR
EEPC India proposes faceless GST audit to empower MSME sector
EEPC India recommends the government to introduce faceless GST audits to help MSMEs reduce compliance costs and concentrate on growth. They also suggest the inclusion of Reverse Charge Mechanism liabilities in the Amnesty scheme to off...
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GST |
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Budget 2025-26: CII calls for cut in excise duty on fuel, consumption vouchers to stir demand
Posted Date : 30-Dec-2024 , 01:37:47 pm | Posted By CASANSAAR
Budget 2025-26: CII calls for cut in excise duty on fuel, consumption vouchers to stir demand
Union Budget: CII recommends lowering excise duty on fuel to boost consumption, reduce inflation, and increase disposable income in its pre-budget suggestions for 2025-26. The proposal includes reducing ...
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Budget |
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Simplification to be the focus for taxation in 2025
Posted Date : 30-Dec-2024 , 01:09:38 pm | Posted By CASANSAAR
Simplification to be the focus for taxation in 2025
The government's focus will be on simplifying tax policies and rationalising GST rates in the New Year. The review includes improving income tax laws, reducing GST rates on insurance premiums, and operationalising GST Tribunal. Efforts...
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Income Tax |
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GST Advisory for Waiver Scheme under Section 128A
Posted Date : 30-Dec-2024 , 01:02:06 pm | Posted By CASANSAAR
GST Advisory for Waiver Scheme under Section 128A
Dec 29th, 2024
1. Taxpayer’s attention is invited to the advisory on the above subject issued by GSTN on 08.11.2024. The link for the said advisory is given here:
https://services.gst.gov.in/services/advisoryandreleases/read/546...
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GST |
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3 days remaining to submit your income tax return for AY25
Posted Date : 28-Dec-2024 , 07:09:16 pm | Posted By CASANSAAR
3 days remaining to submit your income tax return for AY25
If you have not filed your income tax return for Assessment Year 2024-25 (Fiscal Year 2023-24), you have until December 31 to do so. Non-filing by eligible Income Tax Assesses may result in serious consequences,...
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Income Tax |
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India's forex reserves fall to $644.39 billion, down $8.4 billion as of Dec 20
Posted Date : 27-Dec-2024 , 07:10:40 pm | Posted By CASANSAAR
India's forex reserves fall to $644.39 billion, down $8.4 billion as of Dec 20
India's foreign exchange reserves dipped by $8.4 billion to $644.39 billion as of December 20, according to data shared by the Reserve Bank of India (RBI) on Friday. For the previous week, India's for...
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RBI |
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Current account deficit narrows to $11.2 billion in Q2 FY25
Posted Date : 27-Dec-2024 , 07:05:01 pm | Posted By CASANSAAR
Current Account Deficit Narrows to $11.2 billion in Q2 FY25
India's current account deficit was $11.2 billion or 1.2% of GDP in July-September, similar to the previous year. The merchandise trade deficit increased to $75.3 billion, while net services receipts rose to $44.5 billion. Private tr...
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Bank |
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Indian banks’ profitability improves for 6th consecutive year
Posted Date : 27-Dec-2024 , 06:57:45 pm | Posted By CASANSAAR
Indian banks’ profitability improves for 6th consecutive year
The profitability of Indian banks improved for the sixth consecutive year in 2023-24 and their non-performing assets (NPAs) declined to a 13-year low of 2.7 per cent. According to a report released by the Reserve Bank...
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Bank |
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Scope for Credit growth to Outpace Economy - RBI
Posted Date : 27-Dec-2024 , 06:55:15 pm | Posted By CASANSAAR
Scope for Credit growth to Outpace Economy - RBI
According to the RBI, India’s Credit- to- GDP ratio was 90.1% in 2022, indicating potential for Higher Credit growth Compared to Advanced and Emerging markets. This growth can boost Economic development. The analysis also find that income Gro...
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RBI |
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January 1, 2025 this tax statement will reflect the net TDS/TCS benefit on Eligible Income
Posted Date : 27-Dec-2024 , 06:41:18 pm | Posted By CASANSAAR
TDS relief for salaried: From January 1, 2025 this tax statement will reflect the net TDS/TCS benefit on eligible income
TDS on salary: Now salaried taxpayers will be able to see how much benefit of lower TDS they got in the TDS certificate statement from Q4 2024-25 onwards. Experts say due to th...
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TDS |
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Budget 2025: Cut income tax rates! The clamour is getting Louder for a Reason
Posted Date : 27-Dec-2024 , 06:34:28 pm | Posted By CASANSAAR
Budget 2025: Cut income tax rates! The clamour is getting Louder for a Reason
Budget 2025 expectations: Finance Minister Nirmala Sitharaman is under pressure to reduce income tax rates for individuals earning up to Rs 15 lakh annually. This move aims to boost consumption and revive demand. Reduci...
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Budget |
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Expect Economy to Grow at Around 6.5 Per Cent in FY25
Posted Date : 27-Dec-2024 , 04:22:39 pm | Posted By CASANSAAR
Expect Economy to grow at around 6.5 per cent in FY25; outlook appears bright: FinMin review
India's Finance Ministry is optimistic about the country's economic growth, projecting a 6.5 percent growth in FY25. Rural demand continues to be strong, with significant increases in vehicl...
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Finance |
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New GSTN guidelines for transport via Indian Railways
Posted Date : 27-Dec-2024 , 03:15:12 pm | Posted By CASANSAAR
New GSTN guidelines for transport via Indian Railways: Buyers won’t receive goods if E-Way Bill doesn’t have this detail, here’s how to do it
Goods and Services Tax (GST): GSTN in a new advisory said now freight operation information system (FOIS) of the Indian Railways ha...
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GST |
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RBI red flags increased risk of cyber-attacks, Digital Frauds and Data Breaches
Posted Date : 27-Dec-2024 , 03:10:37 pm | Posted By CASANSAAR
RBI red flags increased risk of cyber-attacks, Digital Frauds and Data Breaches
The Reserve Bank of India (RBI) highlighted increased cyber risks due to digitisation and called for stronger risk management, IT governance, and transaction monitoring in banks and NBFCs. It noted the rise in digital...
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RBI |
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RBI sets up 8-member panel on ethical use of AI
Posted Date : 27-Dec-2024 , 11:59:59 am | Posted By CASANSAAR
RBI sets up 8-member panel on ethical use of AI
The Reserve Bank has formed an eight-member committee to develop a framework for ethical AI in the financial sector. Headed by IIT Bombay professor Pushpak Bhattacharyya, the committee will assess AI adoption, review regulatory approaches, identify ...
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RBI |
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RBI sets up 8-member panel on ethical use of AI
Posted Date : 27-Dec-2024 , 11:48:28 am | Posted By CASANSAAR
RBI sets up 8-member panel on ethical use of AI
The Reserve Bank has formed an eight-member committee to develop a framework for ethical AI in the financial sector. Headed by IIT Bombay professor Pushpak Bhattacharyya, the committee will assess AI adoption, review regulatory approaches, identify ...
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RBI |
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15 income tax rule changes in 2024 that will impact your ITR filing in 2025
Posted Date : 26-Dec-2024 , 03:59:24 pm | Posted By CASANSAAR
15 income tax rule changes in 2024 that will impact your ITR filing in 2025
ITR filing: Most of the income tax changes announced in July 2024 will affect tax deductions and exemptions that can be claimed while filing an income tax return (ITR) in July 2025. ET Wealth Online has listed 15 income t...
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Income Tax |
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Rupee falls 9 paise to hit all-time low of 85.24 against US dollar in early trade
Posted Date : 26-Dec-2024 , 03:55:54 pm | Posted By CASANSAAR
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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Finance |
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Senior IAS officer Arunish Chawla is Appointed Revenue Secretary
Posted Date : 26-Dec-2024 , 03:50:41 pm | Posted By CASANSAAR
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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Finance |
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NFRA slaps Rs 2 crore fine on Deloitte Haskins for lapses in ZEEL Audit
Posted Date : 25-Dec-2024 , 07:20:02 pm | Posted By CASANSAAR
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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NFRA |
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NFRA flags deficiencies in BSR & Co's audit of Related Party Transactions
Posted Date : 25-Dec-2024 , 04:58:54 pm | Posted By CASANSAAR
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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NFRA |
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Income tax rate cut in Budget: Top economists urge Modi to lessen burden for Indians
Posted Date : 25-Dec-2024 , 04:06:35 pm | Posted By CASANSAAR
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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Income Tax |
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