India will need around 50 Lakh CAs by 2050 - ICAI President
Posted Date : 10-Jun-2025 , 12:07:38 pm | Posted By CASANSAAR
Given the rapid growth of the Indian economy, the country will require nearly 5 million CAs by 2050, said Charanjot Singh Nanda, president of the Institute of Chartered Accountants of India (ICAI), during an interaction with the media. Currently, there are approximately 4.85 lakh (485,000) chartered...
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ICAI |
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CBIC removes DIN requirement for GST portal communications with RFN
Posted Date : 10-Jun-2025 , 12:03:08 pm | Posted By CASANSAAR
In an effort to ease communication, the Central Board of Indirect Taxes and Customs (CBIC) has ended the mandatory requirement of quoting the Document Identification Number (DIN) in any order or notice that carries a verifiable Reference Number (RFN).
“It is clarified that for communication...
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GST |
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SEBI Launches Settlement Scheme for Brokers Linked to Algo Platforms
Posted Date : 09-Jun-2025 , 09:00:48 am | Posted By CASANSAAR
New Delhi, June 9: The Securities and Exchange Board of India (SEBI) has announced the launch of a settlement scheme specifically targeting stock brokers associated with certain algorithmic (algo) trading platforms. The scheme is set to commence on June 16, 2025, and will remain open until September...
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SEBI |
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Lower EMIs on Home Loans from PNB, BoB, BOI & Indian Bank as RBI Cuts Repo Rate by 50 bps
Posted Date : 09-Jun-2025 , 09:00:14 am | Posted By CASANSAAR
In a significant development for home loan borrowers, four leading public sector banks—Punjab National Bank (PNB), Bank of Baroda (BoB), Indian Bank, and Bank of India (BOI)—have announced reductions in their home loan interest rates.
This move follows the Reserve Bank of India’...
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Bank |
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NSE Launches ESG Ratings for Listed Companies
Posted Date : 07-Jun-2025 , 08:23:59 am | Posted By CASANSAAR
NSE Sustainability Ratings and Analytics Ltd, an entity of the National Stock Exchange, on Friday announced the launch of its ESG ratings for listed companies.
The firm focus on assessing environmental, social, and governance (ESG) performance providing stakeholders with vital information to make...
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Shares & Stock |
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ICAI to name statutory auditors for co-operative banks soon
Posted Date : 07-Jun-2025 , 08:20:00 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is set to suggest names of the chartered accountant (CA) firms to National Bank for Agriculture and Rural Development (NABARD) for appointment/re-appointment as statutory auditors of State Co-operative Banks (StCBs) and Central Co-operative Bank...
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ICAI |
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FinMin orders CBIC probe on complaints of alleged pan-India GST data leak
Posted Date : 07-Jun-2025 , 08:17:01 am | Posted By CASANSAAR
The Finance Ministry has flagged concerns to the Central Board of Indirect Taxes and Customs (CBIC) to initiate an urgent investigation into complaints of an alleged massive data leak scandal involving the sale of confidential GST filings and e-Way Bills
The representations claim that the scam, w...
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GST |
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RBI cuts repo rates by 50 bps to 5.5%, Cuts CRR by 100 bps
Posted Date : 06-Jun-2025 , 10:28:19 am | Posted By CASANSAAR
RBI Governor Sanjay Malhotra in his address said the monetary committee has agreed to cut rates by 50 basis points to 5.5% and have changed the stance to 'neutral' from accomodative.
India’s central bank delivered an outsized cut to its benchmark policy rate, bringing it to 5.5% fro...
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RBI |
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Draft Panel for Appointment/Re-appointment of Statutory Auditors of State Co-operative Banks and Central Co-operative Banks
Posted Date : 05-Jun-2025 , 12:14:30 pm | Posted By CASANSAAR
We are pleased to inform that the Draft Panel for Appointment/Re-appointment of Statutory Auditors of State Co-operative Banks (StCCBs) and Central Co-operative Banks (CCBs) for the year 2025-26 prepared on the basis of applicable guidelines, is hosted at http://meficai.org. Please note that the MEF...
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Banking |
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Allahabad HC dismisses Patanjali’s petition against Rs. 273.5 Cr GST penalty
Posted Date : 03-Jun-2025 , 07:50:57 am | Posted By CASANSAAR
The Allahabad High Court dismissed a plea filed by Patanjali Ayurved Limited against the Rs. 273.5 Crore GST penalty levied on them.
Patanjali had argued that such penalties amount to criminal liability, however, a Division Bench comprising Justices Shekhar B Saraf and Vipin Chandra Dixit ruled t...
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GST |
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IBBI Notifies Amendments To Simplify Corporate Insolvency Procedures
Posted Date : 03-Jun-2025 , 07:47:49 am | Posted By CASANSAAR
The Insolvency Resolution Process for Corporate Persons Fourth Amendment regulations, 2025, were notified by the Insolvency and Bankruptcy Board of India on May 26, according to a recent release. These amendments to the corporate insolvency regulations are designed to streamline procedures, safeguar...
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Insolvent Professional |
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RBI imposes Rs 54.78 Cr in penalties on Banks and NBFCs in FY25 over compliance lapses
Posted Date : 02-Jun-2025 , 06:08:35 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) imposed 353 penalties totalling Rs 54.78 crore on regulated entities (REs) for non-compliance with various statutory provisions and directions during the financial year 2024-25.
The Reserve Bank of India (RBI) imposed 353 penalties totalling Rs 54.78 crore on regul...
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RBI |
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MCA shifts e-filing forms totally to new V3 portal
Posted Date : 02-Jun-2025 , 06:05:10 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) will shortly discontinue the version 2.0 (V2) of the MCA21 portal, a platform used by companies and limited liability partnerships (LLPs) to make statutory filings, incorporation and closure of companies.
In a notification, MCA said that it is launching a f...
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Income Tax |
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SEBI notifies new F&O rules with enhanced Index Position Limit
Posted Date : 30-May-2025 , 11:24:06 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India (SEBI) on Thursday issued new measures for equity Futures & Options (F&O) segment.
The key measures notified include new way of open interest measurement in equity F&O segment, linking of market wide position limit (MWPL) w...
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SEBI |
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Excel Utilities of ITR-1 and ITR-4 for AY 2025-26 are available for filing
Posted Date : 30-May-2025 , 11:18:36 am | Posted By CASANSAAR
Taxpayers can download these utilities, fill in their income details offline, validate the information, and then generate a JSON file.
ITR 1
For individuals being a resident (other than not ordinarily resident) having total income upto Rs.50 lakh and having Income from Salaries, one house prop...
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ITR |
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PwC former chief Shyamal Mukherjee moves Supreme Court against firm PwC
Posted Date : 30-May-2025 , 11:13:45 am | Posted By CASANSAAR
Shyamal Mukherjee, a former chairman of Pricewaterhouse Coopers (PwC) India, has moved the Supreme Court against the firm in a case about settlement benefits when he left the accounting company.
The appeal was filed by Mukherjee on May 16 but the case is yet to be assigned to a bench, the Supreme...
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Auditing |
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CBDT Extends ITR Filing Deadline to 15th September 2025
Posted Date : 27-May-2025 , 07:57:53 am | Posted By CASANSAAR
In a relief to taxpayers, the Central Board of Direct Taxes (CBDT) has officially extended the due date for filing Income Tax Returns (ITRs) for Assessment Year 2025-26. Initially due by 31st July 2025, the new deadline has now been moved to 15th September 2025.
This extension comes ...
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ITR |
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NFRA gets complaint for Audit Discrepancies at IndusInd Bank
Posted Date : 27-May-2025 , 10:40:54 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has received a complaint against crisis-ridden IndusInd Bank, which has prompted the audit watchdog to gather inputs from the banking regulator, a person aware of the development said.
NFRA has received the complaint over accounting discrepancies ...
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NFRA |
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Govt amends FCRA norms, asks applicants to submit financial statements, audit reports of last 3 years
Posted Date : 27-May-2025 , 10:32:24 am | Posted By CASANSAAR
The Union Home Ministry Monday notified that some amendments have been made in the Foreign Contribution (Regulation) Act (FCRA) norms, requiring applicants to submit more documents.
In a gazette notification, the MHA said, “In exercise of the powers conferred by section 48 of the Foreign Co...
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Auditing |
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Govt ratifies interest rate at 8.25% on employees' provident fund for FY25
Posted Date : 24-May-2025 , 08:36:11 pm | Posted By CASANSAAR
The government has ratified the rate of interest on employees' provident fund at 8.25 per cent for FY25, enabling retirement fund body EPFO to deposit the annual interest accumulation in the post-retirement funds of over 7 crore subscribers.
EPFO, on February 28, had decided to retain the int...
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General |
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RBI's new KYC rules to ease compliance
Posted Date : 24-May-2025 , 10:17:48 am | Posted By CASANSAAR
The RBI has proposed changes to its master direction on 'know your customer' norms-rules aimed at preventing money laundering-that will ease compliance for millions of bank customers, particularly low-risk individuals and beneficiaries of govt schemes.
The draft circular outlines relaxed ...
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RBI |
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NFRA probes Gensol's Audit books after Sebi flags fraud
Posted Date : 22-May-2025 , 10:33:22 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has launched a preliminary inquiry into the books of Gensol Engineering following fraud allegations, according to Ravneet Kaur, the head of the audit regulator.
The move follows a reference by the Securities and Exchange Board of India (Sebi), sai...
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NFRA |
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SEBI warns investors against fraudulent activities on social media platforms
Posted Date : 22-May-2025 , 10:27:44 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has issued an urgent warning to investors about the increasing number of fraudulent activities in the securities market, particularly via social media platforms. Sebi has advised investors to engage only with intermediaries registered with it and to ...
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SEBI |
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CBDT notifies revised updated ITR (ITR-U) form: Time limit extended to 48 months
Posted Date : 21-May-2025 , 09:03:04 am | Posted By CASANSAAR
The Income Tax Department notifies ITR forms every year with key updates. For the assessment year 2025-26 (AY26), all forms have been released and changes have been announced. In the latest notification dated May 19, 2025, the IT department released ITR-U, which is used by taxpayers to update their ...
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CBDT |
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SC upholds use of input tax credit for mandatory GST appeal deposit
Posted Date : 20-May-2025 , 08:22:47 am | Posted By CASANSAAR
The Supreme Court on Monday ruled that taxpayers could use their electronic credit ledger (ECrL), a digital record of tax credits earned from purchases, to make advance deposits needed in the case of disputes on goods and services tax (GST).
In the context of GST, tax credit refers to...
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GST |
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RBI eases norms for Bank Investments in AIFs
Posted Date : 20-May-2025 , 08:18:26 am | Posted By CASANSAAR
The Reserve Bank on Monday proposed to ease norms for investments by banks, NBFCs and other regulated entities in Alternate Investment Funds.
In December 2023, the central bank had issued guidelines relating to investment by the regulated entities (REs) in Alternative Investment Funds (AIFs), wit...
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RBI |
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SEBI revises norms, bars managing directors from MIIs' Audit Committees
Posted Date : 20-May-2025 , 08:07:43 am | Posted By CASANSAAR
In a bid to strengthen governance at stock exchanges, depositories and clearing corporations, the Securities and Exchange Board of India (Sebi) on Monday revised the norms on internal audit mechanisms and the composition of audit committees at market infrastructure institutions (MIIs).
The ...
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SEBI |
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ED arrests ex UCO Bank CMD on money laundering charges in Bank Fraud
Posted Date : 19-May-2025 , 06:43:08 pm | Posted By CASANSAAR
The Enforcement Directorate (ED) on Monday said it has arrested former UCO Bank CMD Subodh Kumar Goel on money laundering charges in an alleged bank loan fraud case of more than Rs 6,200 crore linked to a Kolkata-based company.
Goel was arrested from his residence here on May 16 in the case being...
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Banking |
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GSTN Advisory on reporting values in Table 3.2 of GSTR-3B
Posted Date : 17-May-2025 , 10:55:59 am | Posted By CASANSAAR
This is to inform taxpayers of the following developments concerning Table 3.2 of Form GSTR-3B:
1.As per the earlier advisory dated April 11, 2025, it was communicated that the auto-populated values in Table 3.2 of Form GSTR-3B would be made non-editable starting from the April 2025 tax period (i...
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GST |
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SEBI warns investors of Strata SM REITS as it surrenders registration
Posted Date : 15-May-2025 , 11:20:52 am | Posted By CASANSAAR
Securities and Exchange Board of India (SEBI) warned investors of Strata SM REITS that the application to surrender registration was accepted by the market regulator.
SEBI’s decision follows “certain news reports and review of certain legal proceedings against the promoter”, acc...
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SEBI |
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