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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RBI Cancels Operations Licence of Satara Co-op Bank
Posted Date : 07-Oct-2025 , 09:09:01 am | Posted By CASANSAAR
MUMBAI: (Oct 7) 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, 201...
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RBI |
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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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CBIC Launches Auto-Approval for IFSC Code Registration
Posted Date : 07-Oct-2025 , 08:28:41 am | 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 wi...
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Finance |
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Rupee Ends Steady at 88.78 Against U.S. Dollar
Posted Date : 06-Oct-2025 , 06:32:21 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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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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Govt proposes to set up multidisciplinary firms to take on global auditing giants
Posted Date : 17-Sep-2025 , 10:04:07 pm | Posted By CASANSAAR
The government has proposed to set up multi-disciplinary partnership firms to take on global consulting and auditing giants and invited public comments by September 30. Multi-disciplinary Partnership (MDP) firms will render multiple services like maintenance of cost records, accounting, auditing, as...
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Auditing |
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Finance Ministry notifies new Central GST tax rates
Posted Date : 17-Sep-2025 , 09:47:15 pm | Posted By CASANSAAR
The Union Finance Ministry has notified new Central GST (CGST) tax rates for goods, which will be effective from September 22, 2025.
States will now have to follow suit and notify the State GST (SGST) rates to be levied on goods and services beginning Monday (September 22, 2025).
Under GST, th...
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GST |
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RBI tightens norms for payment aggregators
Posted Date : 17-Sep-2025 , 11:34:43 am | Posted By CASANSAAR
The Reserve Bank has issued revised guidelines for payment aggregators (PAs) to bolster consumer protection and combat fraud. These guidelines mandate a board-approved dispute resolution policy with clear refund timelines, robust data security, and fraud prevention systems.
Under the updated fram...
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RBI |
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CBIC eases procedures for provisional assessments of imports and exports
Posted Date : 17-Sep-2025 , 11:27:40 am | Posted By CASANSAAR
The latest amendments in customs rules on provisional assessments of imports and exports will aid revenue protection, trade facilitation and bring closure to long-pending cases, industry experts said on Tuesday.
The Central Board of Indirect Taxes and Customs (CBIC) has issued the Customs (Finali...
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GST |
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No plan to dilute majority Govt ownership in PSU banks - DFS Secretary
Posted Date : 17-Sep-2025 , 11:22:11 am | Posted By CASANSAAR
There is no proposal before the government to reduce its holding in public sector banks below 51%, said M Nagaraju, Secretary, Department of Financial Services, under the Ministry of Finance.
“They will continue to be majority-owned by the government, because there is a public interest in t...
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Banking |
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ITR filing due date extension to 16 September amid portal glitches
Posted Date : 16-Sep-2025 , 08:09:41 am | Posted By CASANSAAR
The due date for filing of Income Tax Returns (ITRs) for AY 2025-26, originally due on 31st July 2025, was extended to 15th September 2025.
The Central Board of Direct Taxes has decided to further extend the due date for filing these ITRs for AY 2025-26 from 15th September, 2025 to 16th September...
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ITR |
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SEBI eases norms for foreign investors, IPOs
Posted Date : 13-Sep-2025 , 08:03:25 am | Posted By CASANSAAR
Sebi on Friday unveiled reforms easing minimum dilution norms for IPO-bound companies, and creating a single-window system for low-risk foreign investors like sovereign wealth funds, central banks, and retail funds, eliminating repeated paperwork.
The relaxation comes amid rising foreign outflows...
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SEBI |
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SEBI Board to Convene on Friday for Key Regulatory Reforms
Posted Date : 11-Sep-2025 , 07:50:22 pm | Posted By CASANSAAR
Mumbai, Sep 11 (PTI) – The Securities and Exchange Board of India (SEBI) is expected to take up a series of regulatory reforms at its upcoming board meeting scheduled for Friday.
According to sources, the agenda includes easing IPO norms for very large companies by reducing minimum public o...
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SEBI |
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Reminder to File Pending Returns Before 3-Year Limit
Posted Date : 10-Sep-2025 , 08:01:54 pm | Posted By CASANSAAR
Sep 9th, 2025
As per the Finance Act,2023 (8 of 2023), dt. 31-03-2023, implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, the taxpayers shall not be allowed file their GST returns after the expiry of a period of three years ...
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GST |
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Hosting of Multipurpose Empanelment Form (MEF)- 2025-26 - ICAI
Posted Date : 08-Sep-2025 , 12:41:48 pm | Posted By CASANSAAR
Hosting of Multipurpose Empanelment Form (MEF)- 2025-26
Professional Development Committee (PDC) is pleased to host the Multipurpose Empanelment Form (MEF) for the year 2025-26, which is available at https://meficai.org/. Before filling the Multipurpose Empanelment Form (MEF) for the year 2025-...
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ICAI |
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