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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CAG to launch AI system for auditing and efficiency
Posted Date : 18-Sep-2025 , 08:11:36 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 Comptroller ...
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CAG |
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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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Recommendations of the 56th Meeting of the GST Council held at New Delhi
Posted Date : 03-Sep-2025 , 12:29:21 pm | Posted By CASANSAAR
Next-generation GST reforms, as announced by Prime Minister Shri Narendra Modi from the ramparts of Red Fort on 15th August 2025, represent a strategic, principled, and citizen-centric evolution of a landmark tax framework, which will enhance the quality of life of every last citizen
GST Counci...
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GST |
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GST Council approves two-tier tax structure of 5% and 18%
Posted Date : 03-Sep-2025 , 10:33:23 pm | Posted By CASANSAAR
GST Council Meeting 2025: The GST Council Wednesday gave its nod to a two-tier rate structure of 5 and 18 per cent with the new structure set to implemented from September 22. At a presser, Finance Minister Nirmala Sitharaman said that the main drivers of the economy were the focus of the decision o...
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GST |
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CCI approves acquisition of certain share capital & voting rights of YES Bank by SMBC
Posted Date : 03-Sep-2025 , 07:28:27 am | Posted By CASANSAAR
The Competition Commission of India has approved the acquisition of certain share capital and voting rights of YES Bank by Sumitomo Mitsui Banking Corporation.
The proposed combination relates to the acquisition of share capital and votingrights of YES Bank by Sumitomo Mitsui Banking Corporation ...
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Banking |
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NFRA to start compliance drive as several firms fail to file annual returns
Posted Date : 03-Sep-2025 , 07:16:41 am | Posted By CASANSAAR
The NFRA is launching an outreach drive targeting small and mid-sized audit firms after many failed to file annual returns. Meetings in major cities will stress compliance, transparency, and audit quality.
Over 780 firms defaulted for FY24, raising concerns on oversight, financial reporting...
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NFRA |
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CBDT eases black money rules, revises exemption threshold from Rs. 5 lakh to Rs. 20 lakh
Posted Date : 03-Sep-2025 , 07:05:40 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has amended its instructions regarding the Black Money Act, 2015. According to the latest change, prosecution proceedings under Section 49/50 would not be initiated in cases where a penalty under Section 42/43 is not imposed or is ‘imposable’.
...
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CBDT |
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ICAI Postponed CA Inter & Final Exams Scheduled to be held on 3rd and 4th Sept 2025
Posted Date : 03-Sep-2025 , 06:57:06 am | Posted By CASANSAAR
No. 13-CA (EXAM)/SEPTEMBER/2025/II: In partial modification of the Institute’s Important Announcement No. 13-CA(EXAM)/SEPTEMBER/2025 dated 30th May 2025,
it is announced for general information that in view of the incessant rainfall and flood situation, the Chartered Accountants Final &...
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ICAI |
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Monthly GST Collections Report – August 2025
Posted Date : 01-Sep-2025 , 04:52:42 pm | Posted By CASANSAAR
Sep 1st, 2025
Please click on the link below to view the gross and net GST revenue collections for the month of August, 2025.
https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing_aug_2025.pdf
Thanks,
Team GSTN
...
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GST |
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Audit committees need to ensure independence of auditors - NFRA
Posted Date : 01-Sep-2025 , 07:26:56 am | Posted By CASANSAAR
Audit committees at companies should ensure the independence of auditors, NFRA Chairperson Nitin Gupta said on Thursday, as he stressed the importance of good corporate governance practices.
He also listed out various fundamental principles for sound financial reporting, including the key role of...
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NFRA |
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SEBI Flags Gaps in Corporate Disclosures
Posted Date : 28-Aug-2025 , 06:58:59 pm | Posted By CASANSAAR
New Delhi, Aug 28: The Securities and Exchange Board of India (Sebi) has expressed concern that many corporate disclosures to stock exchanges lack clarity and often “leave room for imagination”.
Speaking at a conference in the national capital, the Chief General Manager of Seb...
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SEBI |
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CBIC Urges against Speculation on GST Rates
Posted Date : 27-Aug-2025 , 08:21:22 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has issued an advisory requesting people and media outlets to refrain from speculating on potential changes in GST rates.
The CBIC clarified that all decisions regarding GST are taken collectively by the GST Council, which comprises bot...
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GST |
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Draft Rules for new Income Tax Act expected by year end - CBDT
Posted Date : 27-Aug-2025 , 08:16:54 am | Posted By CASANSAAR
The new Income Tax Act, 2025, which has just received Presidential assent, has sparked debate over provisions that allow tax authorities to access digital and social media data of taxpayers during search and seizure operations.
Central Board of Direct Taxes' (CBDT) member (legislation) RN Par...
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CBDT |
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Govt appoints Goldman Sachs as sole banker for stake dilution in 4 public sector banks
Posted Date : 27-Aug-2025 , 08:06:26 am | Posted By CASANSAAR
The Government of India has appointed global investment banking firm Goldman Sachs as the sole transaction advisor for the stake sale in four public sector banks (PSBs)—UCO Bank, Central Bank of India, Punjab & Sind Bank, and Indian Overseas Bank (IOB).
Goldman Sachs will be responsible...
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Banking |
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ED arrests auditor in Falcon invoice scam worth Rs.792 Cr
Posted Date : 23-Aug-2025 , 09:09:19 am | Posted By CASANSAAR
The Directorate of Enforcement (ED), Hyderabad Zonal Office, arrested chartered accountant Sharad Chandra Toshniwal on Wednesday, August 20 in connection with the Capital Protection Force Pvt. Ltd. case involving Amardeep Kumar and others. He was produced before the Special PMLA court the same day a...
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Auditing |
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Income Tax Dept Summons EY Auditors on Jane Street India's Trade Trail
Posted Date : 20-Aug-2025 , 12:05:02 pm | Posted By CASANSAAR
The Income Tax Department of India is reportedly trying to determine who called the shots at the Indian entity of US firm Jane Street. For this, it has summoned its auditor Ernst and Young (EY).
According to the Economic Times (ET), the taxman wants to question the Big Four auditor about its enga...
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Income Tax |
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HC Rules that documents like Aadhaar or PAN are not conclusive Proof of Citizenship
Posted Date : 20-Aug-2025 , 12:02:03 pm | Posted By CASANSAAR
Merely having documents such as an Aadhaar Card, PAN Card, or Voter ID does not, by itself, make someone a citizen of India. These documents are meant for identification or availing services, but they do not override the basic legal requirements of citizenship as prescribed in the Citizenship Act, 1...
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General |
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New Income Tax Bill 2025 passed in Parliament, is likely to come into effect from April 1, 2026
Posted Date : 14-Aug-2025 , 08:59:48 pm | Posted By CASANSAAR
New Income Tax Bill 2025 Passed: Parliament on Tuesday passed a new income tax Bill to replace the six-decade-old Income Tax Act, 1961. The new Bill removes redundant provisions and archaic language, and is likely to come into effect from April 1, 2026,
Speaking in the Rajya Sabha, Finance Minist...
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Income Tax |
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RBI allows transition to continuous clearing of cheques
Posted Date : 15-Aug-2025 , 07:25:25 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has decided on the transition of the Cheque Truncation System (CTS) from the current approach of batch processing to continuous clearing with settlement on realisation in two phases. Phase 1 will be implemented on October 4, 2025 and Phase 2 on January 3, 2026, the ba...
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RBI |
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AU Small Finance Bank gets first universal banking licence in a decade
Posted Date : 08-Aug-2025 , 09:00:38 pm | Posted By CASANSAAR
India's AU Small Finance Bank got the banking regulator's 'in-principle' approval to transition into a universal bank, making it the first full-fledged banking licence issued in nearly a decade.
AU Small Finance Bank applied for the licence in September 2024, which would allow it ...
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Banking |
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Govt withdraws Income-Tax Bill, 2025, updated version to be tabled on 11th August
Posted Date : 08-Aug-2025 , 05:44:08 pm | Posted By CASANSAAR
The Indian government has withdrawn Income-Tax Bill, 2025, which was introduced in the Lok Sabha on 13 February to replace the six-decade-old Income-Tax Act, 1961.
A new version of the Income Tax Bill, incorporating most of the recommendations made by the Select Committee chaired by Shri Baijayan...
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Income Tax |
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