Rate Cut Kept on Hold; RBI Sees Scope but No Immediate Move
Posted Date : 15-Oct-2025 , 08:05:20 pm | Posted By CASANSAAR
MUMBAI (Oct 15): According to the minutes released on Wednesday, RBI Governor Sanjay Malhotra and other members of the Monetary Policy Committee (MPC) acknowledged that there was scope for an interest rate cut earlier this month. However, they chose to wait for a more suitable time to make that...
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RBI |
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India’s Exports Grow, But Trade Gap Widens to USD 32.15 Billion
Posted Date : 15-Oct-2025 , 08:01:44 pm | Posted By CASANSAAR
NEW DELHI (Oct 15):
India’s exports stood at USD 36.38 billion in September, marking a 6.74% increase compared to the same month last year. However, imports rose at a much faster pace of 16.6%, reaching USD 68.53 billion, up from USD 58.74 billion in September 2023. This surge was largely d...
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Shares & Stock |
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Expert Guidance for GSTR 9/9C Submission – FY 2024-25
Posted Date : 15-Oct-2025 , 07:56:21 pm | Posted By CASANSAAR
Oct 15th, 2025
Dear Taxpayer
GSTR-9/9C for FY 2024-25 has been enabled on the GST portal from 12th October 2025. Please ensure that all returns (GSTR 1 and GSTR 3B) for FY 2024-25 are filed to enable Tile of GSTR-9/9C. Further, detailed FAQ will be published short...
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GST |
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GST Reforms in Recycling Can Unlock ₹1.82 Lakh Crore
Posted Date : 15-Oct-2025 , 11:14:20 am | Posted By CASANSAAR
A new report by the Centre for Science and Environment (CSE) reveals that India lost ₹65,300 crore in GST from informal recycling supply chains in 2024–25. This is more than twice the Rs. 30,900 crore collected from the formal recycling sector.
The study, titled ‘Rel...
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Income Tax |
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Indian Rupee Gains 2 Paise to Close at 88.67 Against Dollar
Posted Date : 14-Oct-2025 , 11:31:48 am | Posted By CASANSAAR
In the forex market, the Indian rupee gained two paise today, closing at 88.67 against the US dollar. Meanwhile, the dollar index, which measures the US dollar’s strength against a basket of six major currencies, was trading at 99.07 during intraday sessions....
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Finance |
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Sensex Drops 174 Points, Nifty Slips 58 as Markets End Lower Across Sectors
Posted Date : 14-Oct-2025 , 11:28:28 am | Posted By CASANSAAR
Benchmark domestic equity indices, Sensex and Nifty, opened lower on the first trading session of the week and remained under pressure for most of the day. Although they recovered slightly in the final hour, both indices closed down by 0.2 per cent. The Sensex declined 174 points to end at 82,327, w...
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Shares & Stock |
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Gujarat HC Directs CBDT to Mull One-Month ITR Extension for Audit Cases
Posted Date : 14-Oct-2025 , 11:11:01 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) recently extended the deadline for filing tax audit reports under Section 44AB to October 31, 2025. However, the due date for filing Income Tax Returns (ITR) under Section 139(1) remained unchanged.
This prompted the Income Tax Bar Association to approac...
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CBDT |
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Govt opens SBI MD and PSU Bank Executive Director Posts to Private Sector Candidates
Posted Date : 11-Oct-2025 , 09:21:19 pm | Posted By CASANSAAR
In a significant reform aimed at enhancing leadership diversity and efficiency in the banking sector, the Government of India has decided to open up senior management positions — including Managing Director (MD) of State Bank of India (SBI) and Executive Director (ED) roles in public sector ba...
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Banking |
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Rupee Ends Steady at 88.78 Against U.S. Dollar
Posted Date : 11-Oct-2025 , 09:20:59 pm | Posted By CASANSAAR
The rupee closed flat at 88 rupees and 78 paise against the US dollar in the Forex market today. Meanwhile, the dollar index — which measures the strength of the US dollar against a basket of six major currencies — was trading at 98.37 during intra-day trade....
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Finance |
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CBIC Launches Auto-Approval for IFSC Code Registration
Posted Date : 11-Oct-2025 , 09:20:37 pm | Posted By CASANSAAR
In another step towards streamlining Customs procedures and enhancing trade facilitation, the Central Board of Indirect Taxes and Customs (CBIC) has introduced system-based auto-approval for IFSC code registration to enhance Ease of Doing Business.
As per the new initiative, the system will...
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Finance |
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RBI Cancels Operations Licence of Satara Co-op Bank
Posted Date : 11-Oct-2025 , 09:20:10 pm | Posted By CASANSAAR
The Reserve Bank on Tuesday said it has cancelled the licence of Jijamata Mahila Sahakari Bank, Satara (Maharashtra) as the lender does not have adequate capital and earning prospects.
The banking licence of the lender was earlier cancelled vide an order dated June 30, 2016 and was restor...
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RBI |
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RBI Deputy Governor role taken over by Shirish Chandra Murmu
Posted Date : 11-Oct-2025 , 09:19:18 pm | Posted By CASANSAAR
Shirish Chandra Murmu on Thursday took charge as the Deputy Governor of Reserve Bank of India, and will look after four departments, including regulation and enforcement.
He replaces M Rajeshwar Rao, who retired on Thursday.
Murmu, who was Executive Director, has been appointed as Deputy Governo...
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RBI |
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RBI to repeal 9,000 circulars as part of move to consolidate and simplify regulations
Posted Date : 11-Oct-2025 , 02:04:00 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has launched a comprehensive exercise to streamline and simplify its regulatory framework by consolidating all regulatory instructions issued up to October 9, 2025.
Under this initiative, the RBI will repeal around 9,000 circulars, including Master Circulars, and i...
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RBI |
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FM Nirmala Sitharaman Urges Fintechs to Bolster Risk Controls Against AI Misuse
Posted Date : 07-Oct-2025 , 09:17:54 am | Posted By CASANSAAR
Mumbai, (PTI) Finance Minister Nirmala Sitharaman on Tuesday emphasised the importance of risk management for fintech firms amid the rise of AI-enabled crimes, where criminals are using AI to mimic voices, clone identities, and create lifelike videos to manipulate people.
Speaking at the ...
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Finance |
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World Bank Ups India’s FY26 Growth Forecast to 6.5% Citing Robust Demand and GST Reforms
Posted Date : 07-Oct-2025 , 09:01:48 am | Posted By CASANSAAR
The World Bank has raised India’s growth forecast to 6.5 per cent for the financial year 2026 from its earlier projection of 6.3 per cent in June, citing resilient domestic demand, strong rural recovery and the positive impact of Goods and Services Tax (GST) reforms.
In its latest S...
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GST |
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Rs.6,418 Crore Advance Tax Devolution for Maharashtra Ahead of Festive Season
Posted Date : 04-Oct-2025 , 09:20:03 am | Posted By CASANSAAR
Ahead of the festive season, Maharashtra has received an advance instalment of Rs. 6,418 crore from the Central government as part of the tax devolution. Deputy Chief Minister and Finance Minister mentioned that this funding will enable the state to speed up capital expenditure and ensure adequate s...
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Finance |
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Tax Clarification: Rajasthan High Court Declares Principal-to-Principal Service as Export
Posted Date : 04-Oct-2025 , 09:19:15 am | Posted By CASANSAAR
The Rajasthan High Court issued a common order in response to two writ petitions filed by IDP Education India Pvt. Ltd., a subsidiary of IDP Australia. The dispute centered on how the services provided by the Petitioner—such as student counseling, placement, and enrollment support—shou...
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GST |
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Income Tax Deptt Launches Crackdown on Tax Evasion on Capital Gains in Joint Deals
Posted Date : 01-Oct-2025 , 11:42:15 am | Posted By CASANSAAR
The income tax department is set to launch a drive to nudge people who entered into joint development agreements, but didn’t pay capital gains, to deposit the requisite tax. In Kolkata and Bengaluru alone, there are 25,000 to 30,000 such entities have been identified, said sources.
Joint de...
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Income Tax |
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CBDT extends various audit reports due date to 31 Oct 2025 (AY 2025-26)
Posted Date : 25-Sep-2025 , 06:18:04 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has decided to extend the specified date for filing various audit reports for the Previous Year 2024–25 (Assessment Year 2025–26), from 30th September 2025 to 31st October 2025, for assessees referred to in clause (a) of Explanation 2 to sub-secti...
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Income Tax |
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FinMin launches Goods and Services Tax Appellate Tribunal (GSTAT)
Posted Date : 24-Sep-2025 , 10:22:37 pm | Posted By CASANSAAR
The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman formally launched the Goods and Services Tax Appellate Tribunal (GSTAT) in New Delhi, today.
The launch of GSTAT marks a major milestone in the evolution of the Goods and Services Tax regime and strengthens the instituti...
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GST |
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Karnataka High Court Directs CBDT To Extend Tax Audit Due Date To 31st October
Posted Date : 24-Sep-2025 , 10:16:49 pm | Posted By CASANSAAR
The Karnataka High Court today directed the Central Board of Direct Taxes to extend the due date for filing Tax Audit Reports under Section 44AB of the Income Tax Act, 1961, by one month to 31st October, 2025
The extension was granted in view of the difficulties faced by taxpayers and professiona...
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Income Tax |
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RBI issues FREE-AI framework as roadmap for finance sector
Posted Date : 24-Sep-2025 , 07:35:09 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has released the Framework for Responsible and Ethical Enablement of Artificial Intelligence (FREE-AI) on 13 August 2025, providing a comprehensive roadmap for embedding AI into the financial sector.
Professor Pushpak Bhattacharya of IIT Bombay chaired a high-level...
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RBI |
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Rajasthan High Court Directs Extension of Tax Audit Due Date
Posted Date : 24-Sep-2025 , 04:26:18 am | Posted By CASANSAAR
The HC has directed CBDT to issue a notification for #TaxAuditExtension till 31.10.2025. At the next hearing, court will hear the matter again and ask the petitioner whether they are now satisfied with the interim order and will issue final order.
A division bench of Justice (Dr.) Pushpendr...
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Income Tax |
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GSTN Advisory for New Changes in Invoice Management System (IMS)
Posted Date : 24-Sep-2025 , 08:26:33 am | Posted By CASANSAAR
This is to bring to your notice that several new changes have been introduced in the Invoice Management System (IMS) to simplify the taxation system and reduce the compliance burden on the taxpayers. The following are the key updates
Pending action for specified records: Taxpayers can keep specif...
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GST |
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CBDT provides relief to taxpayers regarding Section 87A rebate
Posted Date : 24-Sep-2025 , 08:21:53 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has clarified the rules for waiving interest on certain income tax demands arising from corrections (rectifications) in previously filed returns. This comes as relief for taxpayers who may face interest charges due to such corrections.
Interest will be wai...
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CBDT |
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Extension of Last Date for Submitting MEF 2025-26 from 26th September to 10th October, 2025 - ICAI
Posted Date : 20-Sep-2025 , 02:15:29 pm | Posted By CASANSAAR
In order to give adequate time to members to submit MEF, it has been decided to extend the last date for submitting the MEF from 26th September 2025 to 10th October 2025. Accordingly, last date for online submission of MEF is 10th October, 2025.
It may kindly be noted that no further extension wi...
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Bank Branch Audit |
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SEBI Proposes NAV Updates for AIFs
Posted Date : 20-Sep-2025 , 10:24:49 am | Posted By CASANSAAR
To promote transparency in the Alternative Investment Fund (AIF) ecosystem, Sebi on Friday proposed that AIFs should regularly update the net asset value (NAVs) of their units in the depository system.
In its draft circular, Sebi has "proposed to leverage upon the depository infrastructure s...
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SEBI |
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Relaxation on Compliance of Guidance note on Financial Statement of Non Corporate Entities & LLP’s
Posted Date : 20-Sep-2025 , 10:21:28 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI), in August 2023 issued ‘Guidance Note on Financial Statements of Non-Corporate Entities’ and ‘Guidance Note on Financial Statements of Limited Liability Partnerships’. The said Guidance Note(s) were made effective for fin...
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ICAI |
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CAG to launch AI system for auditing and efficiency
Posted Date : 19-Sep-2025 , 12:20:34 am | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) is developing their own Large Language Model (LLM), designed to help auditors access decades of institutional knowledge, thereby improving efficiency and consistency in audit analysis using the Artificial Intelligence (AI) powered system.
The system&rsquo...
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CAG |
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NFRA puts audit quality at the core, launches nationwide outreach programmes for professionals
Posted Date : 18-Sep-2025 , 09:54:15 pm | Posted By CASANSAAR
In a first and a clear message to the industry, the National Financial Reporting Authority (NFRA) is making audit quality its prime focus with the launch of a nationwide series of outreach programmes aimed at strengthening engagement with professionals and fostering sustainable audit practices.
T...
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NFRA |
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