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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Popcorn, in loose form, sold in movie theatres to attract 5% GST
Posted Date : 25-Dec-2024 , 01:27:25 pm | Posted By CASANSAAR
Popcorn, in loose form, sold in movie theatres to attract 5% GST
Popcorn sold in loose form in movie theatres will continue to attract a GST rate of 5 per cent. If popcorn is sold together with a movie ticket, it will be taxed at the rate applicable to the ticket. Popcorn mixed with salt and spic...
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GST |
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Higher GST of 18% will impact individuals and businesses
Posted Date : 25-Dec-2024 , 01:13:51 pm | Posted By CASANSAAR
Higher GST of 18% will impact individuals and businesses
GST on used car sale: Consumers buying a used car now need to pay more GST. Moreover, if a business is claiming input tax credit, then GST needs to be paid on the sale value and not margin. However smaller cars like Renault Kwid may b...
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GST |
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NFRA penalises Deloitte Haskins & Sells LLP, 2 Auditors for lapses in ZEEL Audits
Posted Date : 25-Dec-2024 , 12:42:58 pm | Posted By CASANSAAR
NFRA penalises Deloitte Haskins & Sells LLP, 2 Auditors for lapses in ZEEL Audits
The NFRA has fined Deloitte Haskins & Sells LLP and penalized two chartered accountants for auditing lapses with Zee Entertainment Enterprises Ltd during the financial years 2018-19 and 2019-20. The auditors...
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NFRA |
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Union Budget 2025: Sitharaman May Introduce a New Customs Playbook; tweaks to turn tariffs into treasure
Posted Date : 24-Dec-2024 , 05:32:23 pm | Posted By CASANSAAR
Union Budget 2025: Sitharaman May Introduce a New Customs Playbook; tweaks to turn tariffs into treasure
Budget 2025: India is considering removing customs duty exemptions on certain imported components to boost local manufacturing. The finance ministry is reviewing planned investments and domest...
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Budget |
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ICAI to have 11 centres of excellence in three years
Posted Date : 24-Dec-2024 , 05:25:59 pm | Posted By CASANSAAR
ICAI to have 11 centres of excellence in three years
The Institute of Chartered Accountants of India (ICAI) aims to establish 11 Centres of Excellence (CoEs) within three years to enhance financial and tax literacy and promote India as a global accounting hub. Focus areas include AI and Internati...
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ICAI Notification |
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ICAI expects to finalise international networking guidelines for CA firms this fiscal
Posted Date : 24-Dec-2024 , 05:16:27 pm | Posted By CASANSAAR
ICAI expects to finalise international networking guidelines for CA firms this fiscal
ICAI plans new guidelines for Indian CA firms to go global. The institute aims to create larger firms that can compete internationally. ICAI is simplifying merger norms and easing advertising restric...
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ICAI Notification |
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GST Advisory for Entry of Receipt Numbers Pertaining to Leased Wagons in the E-Way Bill System
Posted Date : 24-Dec-2024 , 12:48:21 pm | Posted By CASANSAAR
Dec 23rd, 2024
Subject: Guidelines for Accurate Entry of Receipt Numbers in the E-Way Bill (EWB) System for Leased Wagons
Dear Taxpayers,
This advisory is issued to provide specific instructions for entering Receipt Numbers related to Leased Wagons in the E-Way Bill (EWB) system.
Advisorie...
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GST |
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Income tax dispute: Avail Vivad Se Vishwas scheme before December 31, 2024 to pay lower tax Amount
Posted Date : 23-Dec-2024 , 02:30:08 pm | Posted By CASANSAAR
Income tax dispute: Avail Vivad Se Vishwas scheme before December 31, 2024 to pay lower tax Amount
Vivad se Vishwas: If you want to settle your pending tax disputes then apply for Vivad Se Vishwas Scheme, 2024 on or before December 31, 2024 to pay a lower amount of income tax. You can apply for t...
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Income Tax |
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GST Council clears "track and trace" Mechanism, Cigarettes and Pan Masala likely first Targets
Posted Date : 23-Dec-2024 , 02:23:04 pm | Posted By CASANSAAR
GST Council clears "track and trace" Mechanism, Cigarettes and Pan Masala likely first Targets
The GST Council will track cigarettes and pan masala to stop tax evasion. A unique code will be placed on products. This will help the government follow the products. The government lose...
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GST |
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Recommendations of the 55th Meeting of the GST Council
Posted Date : 22-Dec-2024 , 08:41:30 am | Posted By CASANSAAR
The 55th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Jaisalmer, Rajasthan, today.
The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary, Chief Ministers of Goa, Haryan...
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GST |
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GST Council declared that voucher transactions will not be subject to GST
Posted Date : 21-Dec-2024 , 06:48:54 pm | Posted By CASANSAAR
The GST Council declared that voucher transactions will not be subject to GST, providing relief to retailers. This decision clarifies that vouchers are not considered goods or services, resolving previous disputes and aligning with RBI's classification of vouchers as prepaid instruments. The cou...
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GST |
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RBI imposes Rs 27.30 lakh penalty on IndusInd Bank
Posted Date : 21-Dec-2024 , 06:43:09 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has fined IndusInd Bank Rs 27.30 lakh for violating deposit interest rate regulations. An inspection revealed savings accounts opened for ineligible entities. The RBI clarified the penalty addresses compliance issues and doesn't invalidate the bank's customer ...
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RBI |
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RBI Prioritizing inflation control amid slowing Economic Growth
Posted Date : 21-Dec-2024 , 06:40:44 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) held its benchmark interest rate steady at 6.25% in December, prioritizing inflation control amid slowing economic growth. Outgoing Governor Shaktikanta Das emphasized the need to balance inflation and growth, while two MPC members favored a rate cut to stimulate the ...
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RBI |
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10% Tax Instead of 5% on Dividend Income from January 1, 2025 in Switzerland
Posted Date : 21-Dec-2024 , 06:30:12 pm | Posted By CASANSAAR
10% Tax Instead of 5% on Dividend Income from January 1, 2025
Higher tax on dividend: From January 1, 2025 Indians need to pay witholding tax at 10% rate instead of 5% rate in Switzerland. Experts say this may result in burden for a company's cash flow and may also result in dead loss for cer...
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Income Tax |
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GST E-Way Bill rules changed; Buyers
Posted Date : 21-Dec-2024 , 06:20:07 pm | Posted By CASANSAAR
GST: A new advisory by GSTN alerted taxpayers about changes being made with E-Way Bill generation time limits which is now reduced to 180 days from the date of the base document. “For instance, documents dated earlier than July 5, 2024, will not be eligible for e-waybill generation starting Ja...
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GST |
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Defers insurance overhaul, recommends 18% tax on used EVs and Smaller Cars
Posted Date : 21-Dec-2024 , 06:15:47 pm | Posted By CASANSAAR
GST Council Meeting Live Updates: Defers insurance overhaul, recommends 18% tax on used EVs and smaller cars
GST Council Jaisalmer Meeting Live Updates: Key highlights so far - 5% GST on ready-to-eat popcorn mixed with salt and spices, provided it is not pre-packaged. - 12% GST on p...
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GST |
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GST Council Defers Decision on Insurance Tax Cuts Amid Lack of Consensus Among States
Posted Date : 21-Dec-2024 , 02:17:09 pm | Posted By CASANSAAR
GST Council Defers Decision on Insurance Tax Cuts Amid Lack of Consensus Among States
The GST Council's 55th meeting in Jaisalmer faced a deadlock over proposed GST rate cuts for term and health insurance. Several states, including West Bengal, Kerala, and Karnataka, expressed concerns over...
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Income Tax |
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GST Council meeting of the of the indirect tax began
Posted Date : 21-Dec-2024 , 02:09:29 pm | Posted By CASANSAAR
GST Council meeting begins: Tax rate on electric cars, food delivery apps and flavoured popcorn on cards
The 55th GST Council meeting in Jaisalmer deliberated on tax relief for insurance, increasing the tax rate on used EVs to 18%, clarifying the levy on food delivery apps, and pote...
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GST |
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Pre-Budget Consultation: States seek more fiscal support for capex plans
Posted Date : 21-Dec-2024 , 01:58:34 pm | Posted By CASANSAAR
Pre-Budget Consultation: States seek more fiscal support for capex plans
States urged the Centre for increased interest-free loans, greater capex scheme flexibility, and a higher borrowing limit to boost their economies. They also requested disaster relief funds, Jal Jeevan Mission assistance, ...
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Budget |
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Rate cut would help in reviving economic growth without worsening the inflationary situation
Posted Date : 21-Dec-2024 , 01:54:34 pm | Posted By CASANSAAR
Rate cut would help in reviving economic growth without worsening the inflationary situation: MPC's Nagesh Kumar
RBI MPC member Dr. Nagesh Kumar advocated for a 25-basis point repo rate cut and a 50-basis point CRR reduction to stimulate economic growth without exacerbating inflation. He and ...
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RBI |
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