RBI releases Draft Formats of Financial Statements of Co-operative Banks
Posted Date : 07-Jan-2025 , 07:08:23 pm | Posted By CASANSAAR
RBI releases Draft Formats of Financial Statements of Co-operative Banks
In terms of Section 29, read with Section 56 of the Banking Regulation Act, 1949, co-operative banks are required to prepare a balance sheet and profit and loss account as on the last working day of the year in the Forms set...
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Income Tax |
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India economy to grow 6.4 pc in 2024-25, slowest in 4 years
Posted Date : 07-Jan-2025 , 07:03:34 pm | Posted By CASANSAAR
India economy to grow 6.4 pc in 2024-25, slowest in 4 years: Govt data
NEW DELHI: India's economic growth rate is estimated to slip to a four-year low of 6.4 per cent in 2024-25, mainly on account of poor showing by the manufacturing and services sector, according to government data released ...
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Finance |
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Pre-Budget Consultation meetings 2025-26 conclude in New Delhi, today
Posted Date : 07-Jan-2025 , 06:42:51 pm | Posted By CASANSAAR
Pre-Budget Consultation meetings 2025-26 conclude in New Delhi, today
The Pre-Budget consultations chaired by Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman for the forthcoming Union Budget 2025-26 concluded in New Delhi, today. The consultations were held o...
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Budget |
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Budget 2025 Proposals, Expectations on tax slabs, estimates for corporate tax, excise duty may be difficult
Posted Date : 07-Jan-2025 , 02:25:28 pm | Posted By CASANSAAR
Budget 2025 Proposals, Expectations on tax slabs, estimates for corporate tax, excise duty may be difficult
Union Budget Expectations LIVE: The Union Budget for 2025-26 will be presented by Finance Minister Nirmala Sitharaman on February 1, 2025. Budget announcements will gain importance as...
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Budget |
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RSS Union Urge to Finance Minister for Exempt income-tax up to ?10 lakh
Posted Date : 07-Jan-2025 , 02:13:26 pm | Posted By CASANSAAR
RSS Union Urge to Finance Minister for Exempt income-tax up to ?10 lakh
Union Budget 2025: RSS-affiliated unions proposed several measures during their pre-budget consultations with Finance Minister Nirmala Sitharaman. They suggested raising the tax-exempt income to ?10 lakh, expanding MGNREGA to...
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Income Tax |
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ITR forms updated to Allow tax rebate under section 87A
Posted Date : 07-Jan-2025 , 01:57:30 pm | Posted By CASANSAAR
ITR forms updated to allow 87A tax rebate claims, but there's a catch
Income tax rebate u/s 87A: Eligible taxpayers who have income up to Rs 5 lakh/7 lakh can claim tax rebate under section 87A up to Rs 12,500/25,000. The Income Tax Department has now updated the excel utility to allow 87A ...
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Income Tax |
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SEBI relaxes settlement norms for inactive brokerage accounts
Posted Date : 07-Jan-2025 , 08:26:31 am | Posted By CASANSAAR
Capital markets regulator Sebi on Monday said it has eased norms for the settlement of client funds in trading accounts that have remained inactive for 30 days.
The revised norms will be effective immediately and are part of the markets watchdog's ongoing efforts to simplify procedures for ma...
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SEBI |
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RBI Issued Master Direction consolidating instructions on credit information of customers
Posted Date : 06-Jan-2025 , 07:08:49 pm | Posted By CASANSAAR
RBI Issued Master Direction consolidating instructions on credit information of customers
The RBI has issued a master direction consolidating instructions for banks and financial institutions on credit information reporting. Credit Information Companies must alert customers when their Credi...
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RBI |
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No Section 87A tax rebate despite ITR filing forms being updated recently
Posted Date : 06-Jan-2025 , 06:19:41 pm | Posted By CASANSAAR
No Section 87A tax rebate despite ITR filing forms being updated recently
87A tax rebate: The ITR filing utilites for ITR-2 and ITR-3 has been updated on January 4, 2025 however, the JSON schema is not yet updated and it still reflects logic as of July 5, 2024. This means you can file a revised o...
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Income Tax |
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Last opportunity for eligible taxpayers to claim 87A tax rebate
Posted Date : 04-Jan-2025 , 07:10:37 pm | Posted By CASANSAAR
Last opportunity for eligible taxpayers to claim 87A tax rebate
Income tax rebate u/s 87A: Following the Bombay High Court order to extend the revised and belated income tax return (ITR) deadline to January 15, 2025, CBDT has extended it. ?If you are eligible to claim section 87A tax rebate but p...
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Income Tax |
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Panipuri seller from Tamil Nadu receives GST notice
Posted Date : 04-Jan-2025 , 04:17:47 pm | Posted By CASANSAAR
Pani puri is one of the most popular street foods in India, which always reminds us of crowded street corners and the crunch of puris filled with spicy water and yummy fillings. But what happens when a beloved 'pani puri wale bhaiyya' suddenly finds themselves in the spotlight for reasons be...
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GST |
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RBI approves merger of National Co-operative Bank with Cosmos Co-operative Bank
Posted Date : 04-Jan-2025 , 09:23:27 am | Posted By CASANSAAR
Reserve Bank of India on January 3 said it has approved the voluntary merger of The National Co-operative Bank Ltd., Bangalore (Karnataka) with Cosmos Co-operative Bank Limited (Maharashtra).
"The Scheme of Amalgamation has been sanctioned in exercise of the powers conferred under Sub-Sectio...
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RBI |
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Deadline to declare foreign assets in ITR Ends January 15, 2025
Posted Date : 03-Jan-2025 , 07:52:35 pm | Posted By CASANSAAR
Deadline to declare foreign assets in ITR Ends January 15, 2025
Foreign assets in ITR: Indian residents must report their foreign assets and income in their income tax returns (ITRs) in accordance with the Indian Income-tax Act, 1961. The Indian government and its law enforcement agencies get det...
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ITR |
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India's forex reserves fall to $640.27 bn, down by $4.1 bn as of Dec 27
Posted Date : 03-Jan-2025 , 07:48:01 pm | Posted By CASANSAAR
India's forex reserves fall to $640.27 bn, down by $4.1 bn as of Dec 27
India's foreign exchange reserves dipped by $4.1 billion to $640.28 billion as of December 27, 2024. The significant drop was largely due to a $4.6 billion reduction in Foreign Currency Assets. Despite this, gold rese...
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Finance |
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RBI expected to cut policy rates by 50 basis points in the first half of 2025
Posted Date : 03-Jan-2025 , 07:45:04 pm | Posted By CASANSAAR
RBI expected to cut policy rates by 50 basis points in the first half of 2025
The Reserve Bank of India (RBI) is expected to cut policy rates by 50 basis points in the first half of 2025 after easing liquidity and reducing the Cash Reserve Ratio (CRR). While the rate cuts may support growth, they...
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RBI |
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UPI transactions surge to record 16.73 bn in Dec
Posted Date : 03-Jan-2025 , 07:41:25 pm | Posted By CASANSAAR
UPI transactions surge to record 16.73 bn in Dec:NPCI
National Payments Corporation of India (NPCI) has said that Unified Payments Interface (UPI) has processed nearly 16.73 billion financial transactions in a single month in December last year. UPI processed around 23.25 lakh crore rupees ...
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Finance |
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Markets regulator SEBI barred Ketan Parekh, 2 others from securities markets over front-running scheme
Posted Date : 03-Jan-2025 , 07:36:05 pm | Posted By CASANSAAR
Markets regulator SEBI barred Ketan Parekh, 2 others from securities markets over front-running scheme
Markets regulator SEBI on Thursday barred three individuals, including Ketan Parekh, from the securities markets with immediate effect for their alleged involvement in a front-running sche...
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SEBI |
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Enhancing Tax Transparency on Foreign Assets and Income
Posted Date : 03-Jan-2025 , 03:24:49 pm | Posted By CASANSAAR
Enhancing Tax Transparency on foreign assets & Income: Understanding CRS & FATCA
A. Purpose of CRS and FATCA
In this globalized economy, tax transparency and compliance has become paramount to ensure that taxpayers disclose their global income and assets accurately...
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Income Tax |
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FM Assures No Cause Over Sufficiency of GST Cess Fund
Posted Date : 03-Jan-2025 , 03:01:10 pm | Posted By CASANSAAR
FM Assures No Cause Over Sufficiency of GST Cess Fund
The finance ministry assures there is no concern regarding the sufficiency of the GST compensation cess fund. It is on track to meet all obligations, including back-to-back loan repayments, with a projected minor surplus by March 2026. Collect...
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GST |
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CBIC Clarified that Voucher transaction not liable to GST
Posted Date : 03-Jan-2025 , 12:13:35 am | Posted By CASANSAAR
Voucher transactions not liable to GST: CBIC
India's CBIC clarified transactions involving vouchers do not constitute supply of goods or services and are not liable to GST. GST will only apply to additional services such as marketing or commission-based distribution. Unredeemed vouchers are a...
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GST |
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PIL in SC seeks abolition of TDS system, cites constitutional violations
Posted Date : 03-Jan-2025 , 11:36:34 am | Posted By CASANSAAR
A Public Interest Litigation (PIL) has been filed in the Supreme Court seeking the quashing of the Tax Deducted at Source (TDS) system. The petition, filed by advocate Ashwini Kumar Upadhyay, argues that the TDS mechanism is arbitrary, irrational, and violates fundamental rights.
The TDS system r...
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Income Tax |
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NFRA's audit quality inspections flag short comings in CA firm
Posted Date : 03-Jan-2025 , 11:31:44 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has flagged certain lapses after the audit quality inspections of chartered accountants firm MSKA & Associates. In a 27-page report released on Thursday, the watchdog said there was absence of formal documentation regarding the firm's governa...
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NFRA |
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FM Nirmala Sitharaman met financial-capital market stakeholders ahead of Budget 2025
Posted Date : 02-Jan-2025 , 07:39:54 pm | Posted By CASANSAAR
FM Nirmala Sitharaman met financial-capital market stakeholders ahead of Budget 2025
Budget 2025: Finance Minister Nirmala Sitharaman held her seventh pre-Budget consultation with financial sector and capital market stakeholders. Despite India's economy growing at 5.4% in Q2 of 2024-25, lower...
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Budget |
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MCA asks Cost Auditors to tap AI to better detect inefficiency
Posted Date : 02-Jan-2025 , 03:05:30 pm | Posted By CASANSAAR
MCA asks Cost Auditors to tap AI to better detect inefficiency
The corporate affairs ministry has directed cost auditors to focus on potential risk areas, assess cost inefficiencies' impact on financial health, and utilize AI to identify unnoticed patterns or anomalies. Cost records are...
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MCA |
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Chartered accountants to report FCRA violations by NGOs - MHA
Posted Date : 01-Jan-2025 , 11:46:04 pm | Posted By CASANSAAR
The Union Home Ministry on Wednesday notified that chartered accountants filing audit returns on behalf of NGOs need to specify if the association violated provisions of the Foreign Contribution (Regulation) Act, 2010 (FCRA) or not.
The Act requires a CA to certify if an association or NGO has ut...
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NGO |
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MSME bodies seek Audit exemption for firms below Rs 5 Cr turnover
Posted Date : 02-Jan-2025 , 10:44:04 am | Posted By CASANSAAR
Industry bodies representing micro, small, and medium enterprises (MSMEs) have urged the government to exempt MSMEs with turnovers below Rs 5 crore from unnecessary audits and inspections unless major discrepancies are detected.
“Additionally, the budget should include guidelines and ...
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MSME |
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Taxpayers on Extension of E-Way Bills Expired on 31st December, 2024
Posted Date : 01-Jan-2025 , 04:08:57 pm | Posted By CASANSAAR
GST Advisory to Taxpayers on Extension of E-Way Bills Expired on 31st December, 2024
Jan 1st, 2025
It is hereby informed that the technical challenges encountered in the e-way bill generation process have been resolved, and the portal is now functioning smoothly. In connection with the technic...
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GST |
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Gross and Net GST revenue collections for the month of Dec, 2024
Posted Date : 01-Jan-2025 , 04:04:27 pm | Posted By CASANSAAR
Gross and Net GST revenue collections for the month of Dec, 2024
Jan 1st, 2025
Please click on the link below to view the gross and net GST revenue collections for the month of December, 2024.
(https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing...
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GST |
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Income tax dept allow eligible taxpayers to claim section 87A tax rebate for FY 2023-24
Posted Date : 01-Jan-2025 , 03:59:58 pm | Posted By CASANSAAR
Income tax dept to correct ITR forms to allow eligible taxpayers to claim section 87A tax rebate for FY 2023-24
Income Tax Rebate: "The updated utilities for ITR forms 2 and 3 giving effect to the Circular No. 21 dated 31st December 2024 and including the option to update 87A rebate ...
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Income Tax |
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GST Collection In December Rises 7.3% YoY To Rs 1.77 Lakh Cr
Posted Date : 01-Jan-2025 , 04:21:33 am | Posted By CASANSAAR
Rs. 1,72,129 crore gross GST revenue collected during January 2024; records 10.4% Year-on-Year growth
At Rs. 1,72,129 crore, GST collections are 2nd highest ever; crosses Rs. 1.70 lakh crore mark for the third time in FY 2023-24
With overall collection reaching Rs. 16.69 lakh c...
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GST |
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