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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GST evasion of Rs 7.08 lakh Cr detected in last five years - FinMin
Posted Date : 06-Aug-2025 , 08:04:03 am | Posted By CASANSAAR
The Centre has detected Goods and Services Tax evasion of about Rs 7.08 lakh crore in the last five years, including input tax credit fraud of Rs 1.79 lakh crore, the finance ministry informed Lok Sabha on Monday.
Over Rs 7.08 lakh crore in GST evasion detected in five years, with Rs 1.79 lakh cr...
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GST |
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MCA Flags IndusInd Bank for Potential Financial Irregularities
Posted Date : 02-Aug-2025 , 11:11:52 am | Posted By CASANSAAR
In a fresh regulatory setback for IndusInd Bank, the Ministry of Corporate Affairs (MCA), which had initiated a "suo motu inquiry" into alleged accounting lapses at the private sector lender, sources told CNBC-TV18 that “the ministry's preliminary investigation points to possible...
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MCA |
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GST collections rise 7.5% in July 2025 to Rs 1.96 Lakh Cr
Posted Date : 02-Aug-2025 , 11:02:21 am | Posted By CASANSAAR
India's Goods and Services Tax (GST) collections rose to Rs 1.96 lakh crore in July, up 7.5 per cent from the same month previous year, according to government data released on Friday.
The increase was driven by higher revenue from both domestic transactions and imports, reflecting steady eco...
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GST |
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Gross and Net GST revenue collections for the month of July, 2025
Posted Date : 01-Aug-2025 , 06:47:30 pm | Posted By CASANSAAR
Aug 1st, 2025
Please click on the link below to view the gross and net GST revenue collections for the month of July, 2025.
https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing_july_2025.pdf
Thanks,
Team GSTN
...
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GST |
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ICAI Former President Padmashri T. N. Manoharan Passed Away at Mumbai
Posted Date : 30-Jul-2025 , 05:03:16 am | Posted By CASANSAAR
Past President of ICAI, Padmashri T.N. Manoharan Passed Away this Morning at Mumbai, A big loss to CA Fraternity. CA. T.N. Manoharan was not only a towering figure in the accounting profession but also a true statesman and nation-builder. His profound wisdom, exceptional humility, and unw...
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General |
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SEBI cracks down on Zee Business trades, slaps Rs.4 Cr fine, bans 4 entities
Posted Date : 30-Jul-2025 , 01:43:48 am | Posted By CASANSAAR
Sebi on Monday barred four entities from the securities market for two yeas and imposed a penalty totalling Rs.4 crore on them for executing trades based on advance information of stock recommendations given by guest experts on the Zee Business channel.
"The said debarment period shall be re...
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SEBI |
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ICAI notifies rules to limit annual tax audits to 60 per partner
Posted Date : 30-Jul-2025 , 07:35:42 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) on Tuesday notified guidelines that limit the number of tax audits that an accounting firm partner can take up in a year to 60. The new guidelines will take effect from April 2026.
As per the extant guidelines, while a single chartered accoun...
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ICAI |
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GST Act little beyond understanding of common man - High Court
Posted Date : 28-Jul-2025 , 07:54:02 am | Posted By CASANSAAR
Uttarakhand high court has quashed the cancellation of a restaurant's GST registration and allowed it to reapply, saying the GST Act remains "technically complex for citizens focused on running their daily businesses". The division bench of Chief Justice G Narendar and Justice Alok Mah...
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GST |
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RBI proposes ban on third-party products on digital platforms
Posted Date : 24-Jul-2025 , 08:01:00 am | Posted By CASANSAAR
Reserve Bank of India proposes new digital banking guidelines. Banks cannot display third-party products on their digital platforms. Banks must monitor transactions for fraud. Customer consent is needed for digital banking services. Banks need RBI approval to launch transactional banking. These meas...
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RBI |
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System Glitch: GSTR-3A Notices Issued in Error – No Action Needed
Posted Date : 21-Jul-2025 , 01:01:12 am | Posted By CASANSAAR
Jul 20th, 2025
As per the provisions of Section 39(2) of the Central Goods and Services Tax (CGST) Act, 2017, read with Rule 68 of the CGST Rules, 2017, notices in Form GSTR-3A are required to be issued in cases of non-filing of Form GSTR-4. However, it has come to notice th...
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GST |
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Auto-Populated Table 3.2 in GSTR-3B to Become Non-Editable from July 2025
Posted Date : 19-Jul-2025 , 11:25:54 am | Posted By CASANSAAR
Jul 19th, 2025
Kindly refer to the advisory on table 3.2 of GSTR-3B, issued on 11th April 2025, wherein it was informed that, from April 2025 tax period, inter-State supplies auto-populated in Table 3.2 of GSTR-3B on the GST portal would be made non-editable and GSTR-3B must be filed ...
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GST |
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GSTN to Introduce New Consent Alerts & Access Controls for ASP / GSP Interactions
Posted Date : 18-Jul-2025 , 07:55:59 pm | Posted By CASANSAAR
Jul 17th, 2025
The GST System is being continuously enhanced to strengthen data security and improve transparency to the taxpayers.
In this effort, the below mentioned enhancement shall be shortly introduced to provide transparency and control to the taxpayers who interact ...
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GST |
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GST Portal Now Open for Filing Appeals Against SPL-07 Waiver Orders
Posted Date : 17-Jul-2025 , 07:38:41 pm | Posted By CASANSAAR
Jul 16th, 2025
1.Taxpayers who have filed waiver applications in Forms SPL 01/SPL 02 are receiving orders from the jurisdictional authorities:
&...
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GST |
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Parliamentary panel clears Income Tax Bill 2025 with 285 suggestions
Posted Date : 17-Jul-2025 , 01:16:49 pm | Posted By CASANSAAR
The Select Committee of Parliament that examines the Income Tax Bill-2025 is learnt to have finalised its report on Wednesday (July 16, 2025) with about 285 suggestions to change the legislation.
The committee, headed by senior BJP MP Baijayant Panda, is likely to submit the report in the upcomin...
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Income Tax |
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0 | Hits : 1172
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RBI launches quarterly industrial outlook survey
Posted Date : 15-Jul-2025 , 05:16:35 pm | Posted By CASANSAAR
MUMBAI: (Jul 15) The Reserve Bank on Tuesday said it has launched the quarterly industrial outlook survey of the Indian manufacturing sector to assess business sentiments.
It has also launched the 46th round of the quarterly Services and Infrastructure Outlook Survey (SIOS).
Th...
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RBI |
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IT Department Takes Action Against Bogus Claims in ITR Filings
Posted Date : 15-Jul-2025 , 06:39:58 am | Posted By CASANSAAR
Income Tax Department Launches Nationwide Crackdown on Fake Deductions and Exemptions
On 14th July 2025, the Income Tax Department initiated a large-scale verification drive across multiple states to tackle fraudulent claims of deductions and exemptions in ITR filings. The crackdown targe...
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Income Tax |
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Japan breaks internet speed record with 1.02 Pbps, it can download all of Netflix in 1 second
Posted Date : 15-Jul-2025 , 07:58:44 am | Posted By CASANSAAR
Japan has set a new world record for internet speed, reaching 1.02 petabits per second, according to the country’s National Institute of Information and Communications Technology (NICT). That’s fast enough to download the entire Netflix library or the English version of Wikipedia thousan...
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International Business |
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ED attaches immovable properties worth Rs 6.8 Cr of CA in money laundering case
Posted Date : 14-Jul-2025 , 06:21:07 pm | Posted By CASANSAAR
The Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 6.8 crore belonging to Tehmul Sethna, a practicing chartered accountant based in Ahmedabad, under the Prevention of Money Laundering Act (PMLA).
The Ahmedabad Zonal Office of the ED said the attached assets ...
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CA |
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Income Tax raids across 200 locations over fake political donation claims
Posted Date : 14-Jul-2025 , 06:13:52 pm | Posted By CASANSAAR
The Income Tax Department is conducting raids on more than 200 locations, in connection with false deductions under various heads, including political donations, tuition fees, and medical expenses, sources told ANI.
This stern action from the Income Tax Department came after they found several bo...
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Income Tax |
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Cash deposits made during demonetisation not taxable if disclosed - ITAT
Posted Date : 14-Jul-2025 , 04:51:28 pm | Posted By CASANSAAR
Cash deposits made during the 2016 demonetisation period are not liable for additional tax if they were already recorded in a taxpayer’s financial records and income tax returns, according to a recent ruling by the Income Tax Appellate Tribunal (ITAT)
The Delhi bench of the ITAT ruled in fa...
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Income Tax |
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