Income Tax Commissioner, 4 others held by CBI for Rs 70 lakh bribe
Posted Date : 11-May-2025 , 12:10:11 pm | Posted By CASANSAAR
CBI on Saturday arrested Jeevan Lal Lavidiya, commissioner of income-tax (exemptions), Hyderabad, along with four others, including a senior employee of Shapoorji Pallonji Group, in a bribery case involving Rs 70 lakh.
Jeevan Lal, a 2004 batch Indian Revenue Service officer, is the son of Wyra BR...
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Income Tax |
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CA in Custody over Rs 7.85 Cr GST Fraud by Misusing of 80 GSTINs
Posted Date : 10-May-2025 , 09:34:34 am | Posted By CASANSAAR
In a major crackdown on Goods and Service Tax (GST) fraud, the CGST Delhi South Commissionerate has uncovered a fraud on a large-scale involving fraudulent Input Tax Credit (ITC) claims amounting to Rs. 7.85 crore (approx.) by a South Delhi based Chartered Accountant.
Investigations revealed misu...
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CA |
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RBI tightens norms related to digital lending
Posted Date : 10-May-2025 , 09:28:06 am | Posted By CASANSAAR
In a bid to rein in excesses in the digital lending ecosystem, the Reserve Bank of India (RBI) rolled out a new set of master directions focused heavily on consumer protection.
Regulated entities(REs) must now furnish to borrowers digitally signed loan documents and a key fact statement, while al...
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RBI |
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Postponement of Chartered Accountants May 2025 Examination - ICAI
Posted Date : 10-May-2025 , 09:25:07 am | Posted By CASANSAAR
No. 13-CA (EXAM)/2025/II: In partial modification of the Institute’s Important Announcement No. 13-CA (EXAM)/2025 dated 13th January 2025, it is announced for general information that in view of the tense and security situation in the Country, the remaining papers of Chartered Accountants Fina...
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CA Exams |
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Invoice-wise Reporting Functionality in Form GSTR-7 on portal-reg
Posted Date : 07-May-2025 , 08:09:27 pm | Posted By CASANSAAR
May 6th, 2025
Vide Notification No. 09/2025 – Central Tax dated 11.02.2025, Form GSTR-7 has been amended to capture invoice-wise reporting with effect from 01.04.2025 i.e. the return period for April 2025 onwards.
In this regard it is to inform that development an...
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GST |
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New ITR-2 form notified for income tax return filing AY 2025-26
Posted Date : 06-May-2025 , 08:06:10 am | Posted By CASANSAAR
New ITR-2 form notified: The Central Board of Direct Taxes (CBDT) has notified the ITR-2 Form for AY 2025-26, which includes key changes such as separate reporting of capital gains, allowance of capital loss on share buybacks from October 1, 2024, and a raised threshold for reporting assets and liab...
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Income Tax |
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ICAI to help SEBI in dealing with Financial Frauds
Posted Date : 06-May-2025 , 07:56:53 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI will be preparing a research paper to help markets watchdog Sebi in dealing with financial frauds.
ICAI will prepare a research paper to assist Sebi in combating financial frauds, focusing on protecting investor interests and boosting the financial ...
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ICAI |
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RBI, DFS and CAG discuss new norms for Statutory Auditors of Public Sector Banks
Posted Date : 02-May-2025 , 09:42:56 pm | Posted By CASANSAAR
In the wake of recent developments involving IndusInd Bank, regulatory authorities are considering new norms for concerning the appointment and functioning of statutory auditors in public sector banks.
According to sources, a high-level meeting was held in the first week of April, involving the R...
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RBI |
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ITR-3 form notified for income tax return filing for FY 2024-25 / AY 2025-26
Posted Date : 03-May-2025 , 07:54:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has officially notified the ITR-3 form for the assessment year 2025–26. This form is meant for individuals and Hindu Undivided Families (HUFs) who have income from business or profession, and it is used to report income earned during the financial year ...
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ITR |
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RBI imposes penalties on five major banks for compliance failures
Posted Date : 03-May-2025 , 07:51:00 am | Posted By CASANSAAR
The Reserve Bank of India imposed a monetary penalty on five banks --ICICI Bank, Axis Bank, Bank of Maharashtra, Bank of Baroda and IDBI Bank. ICICI Bank was fined Rs.97.8 lakh, Axis Bank Rs.29.6 lakh, Bank of Maharashtra Rs.31.8 lakh, Bank of Baroda Rs.61.4 lakh and IDBI Bank Rs. 31.8 lakh on ...
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RBI |
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SEBI Proposes Mandatory Demat Accounts for KMPs in IPOs
Posted Date : 01-May-2025 , 08:26:06 am | Posted By CASANSAAR
Markets regulator Sebi on Wednesday proposed mandating select shareholders, including directors, key managerial personnel and current employees, to hold shares in demat form before filing an initial public offering (IPO) document.
These measures, if implemented, will help eliminate inefficiencies...
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SEBI |
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CBDT notified ITR-1 and ITR-4 forms for FY24-25 (AY 25-26)
Posted Date : 01-May-2025 , 08:22:22 am | Posted By CASANSAAR
The Income Tax Department has notified ITR-1 (Sahaj) and ITR-4 (Sugam) forms for Assessment Year 2025-26. With this, return filing for Financial Year 2024-25 is set to begin soon.
This year, the ITR-1 form has been revised.
Taxpayers with long-term capital gains (LTCG) under Section 112A...
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ITR |
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SEBI extends deadline for implementation of T+0 settlement to 1 Nov
Posted Date : 30-Apr-2025 , 10:12:17 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) extended the implementation timeline for the optional T+0 (T plus 0) settlement cycle for qualified stock brokers (QSBs) in equity cash markets to 1 November.
In a circular released on Tuesday, Sebi said the decision was taken due to the fee...
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SEBI |
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RBI instructs Banks, Financial Companies & other Regulated Entities to use PRAVAAH portal
Posted Date : 30-Apr-2025 , 09:38:12 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has given clear instructions that from May 1, 2025, all banks, financial companies, and other regulated entities must use the PRAVAAH portal to submit any applications for authorisations, licenses, and approvals.
In an official statement released on Monday, the RBI...
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RBI |
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CBDT Sets Aggressive FY26 Crackdown Plan, Targets Rs 2.4 Lakh Cr in Undisclosed Income
Posted Date : 29-Apr-2025 , 11:27:40 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has directed the field formations of the Income Tax Department to step up the drive against black money and tax evasion with a comprehensive time-bound strategy to bring unreported and under-reported businesses into the tax net.
The CBDT sees a poten...
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CBDT |
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Centre notifies rules for GST appellate tribunals; provides for mandatory e-filing, hybrid hearing
Posted Date : 28-Apr-2025 , 08:52:01 am | Posted By CASANSAAR
The government has notified the Goods and Services Tax Appellate Tribunal (Procedure) Rules, which provide for mandatory e-filing of applications and conducting hearings in a hybrid mode.
The rules also provide that any urgent matter filed by an applicant before 12:00 noon shall be listed before ...
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GST |
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SEBI partners with DigiLocker to protect nominee interest after investor’s death
Posted Date : 28-Apr-2025 , 08:46:19 am | Posted By CASANSAAR
India's capital markets regulator, the Securities and Exchange Board of India (Sebi), has partnered with cloud-based security platform DigiLocker to help reduce unclaimed assets and help investors securely manage their digital documents, according to a post by NSE on the social media platform X....
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SEBI |
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CBI arrests Dy Commissioner and CA in Tax Scheme Data Leak
Posted Date : 26-Apr-2025 , 01:13:05 am | Posted By CASANSAAR
The CBI arrested a deputy commissioner of the income-tax department and a chartered accountant for allegedly sharing sensitive data on pending assessment with a group of chartered accountants by sidestepping the faceless assessment system.
“Deputy Commissioner of Income Tax Vijayendra, a 20...
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CA |
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Indian Bank Manager, clerk held for Misappropriation of Funds in Chennai
Posted Date : 25-Apr-2025 , 08:51:49 am | Posted By CASANSAAR
The Bank Fraud Investigation Wing of the Central Crime Branch on Wednesday (April 23, 2025) arrested a branch manager and a clerk of Indian Bank for misappropriation of funds in Chennai.
According to the police, Sathya Narayana, regional manager of Indian Bank, lodged a complaint with the City Po...
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Banking |
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SEBI picks 9 Audit Firms to probe Corporate Fraud
Posted Date : 25-Apr-2025 , 08:50:11 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has produced a list of nine firms, down from the previously empanelled 20, for conducting forensic audits in corporate fraud cases.
The previous panel was selected in 2021. The new list is applicable for three years before the regulator empanels f...
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Auditing |
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Google forcing some remote workers to come back 3 days a week or lose their jobs
Posted Date : 24-Apr-2025 , 04:42:27 pm | Posted By CASANSAAR
Five years removed from the onset of the Covid pandemic, Google is demanding that some remote employees return to the office if they want to keep their jobs and avoid being part of broader cost cuts at the company.
Several units within Google have told remote staffers that their roles may b...
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General |
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Indian CA based in Dubai killed in Kashmir was due to return to Dubai this week
Posted Date : 24-Apr-2025 , 04:25:16 am | Posted By CASANSAAR
A chartered accountant (CA)-based in Dubai, was among the 26 people killed during a terror attack in Kashmir’s Pahalgam on Tuesday.
“He came to attend a wedding function in Chandigarh. The Kashmir trip was suddenly planned. Wish he never had this plan,” recalled Prakash Udhwani,...
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CA |
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Luxury goods costing above Rs.10 lakh will now attract 1% TCS - CBDT
Posted Date : 24-Apr-2025 , 08:05:10 am | Posted By CASANSAAR
Luxury goods like handbags, wrist watches, footwear, and sportswear, priced above ₹10 lakh will now attract a 1% tax collected at source (TCS).
The Income Tax Department has notified the applicability of TCS at the rate of 1% on sale of specified luxury goods, where the selling price exceeds Rs...
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CBDT |
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GST officers detect 25,009 fake firms fraudulently passing Rs.61,545 Cr ITC
Posted Date : 22-Apr-2025 , 01:12:02 am | Posted By CASANSAAR
Central and state GST officers have detected Rs. 25,009 fake firms involved in fraudulently passing input tax credit (ITC) worth Rs. 61,545 crore during 2024-25, officials said.
During the 2024-25 fiscal ending March 2025, Central and state GST officers recovered Rs.1,924 crore by way of blocking...
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GST |
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RBI Allows Minors over 10 Years to open Bank Accounts Independently
Posted Date : 22-Apr-2025 , 11:34:04 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is now allowing minors aged 10 years and above to open and operate savings and term deposit accounts independently.
This new directive, issued on April 21, is designed to foster greater financial inclusion among younger individuals. Issued on April 21, the ne...
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RBI |
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Bank Branch Auditor arrested for for accepting Bribe
Posted Date : 22-Apr-2025 , 11:29:57 am | Posted By CASANSAAR
A chartered accountant associated with a nationalised bank has been arrested by the Vigilance and Anti-Corruption Bureau (VACB) for accepting a bribe, VACB officials said on Sunday.
A Sudhakaran, serving as a Concurrent Auditor at the Canara bank’s Mavelikara branch, was caught red-handed o...
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Bank Branch Audit |
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CBIC issues revised instructions for processing applications for GST registration
Posted Date : 19-Apr-2025 , 01:23:52 am | Posted By CASANSAAR
Several grievances have been received by the Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Ministry of Finance, regarding difficulties being faced by applicants during the GST registration process, mainly on account of queries raised by officers on the grounds of seeking...
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GST |
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Govt appoints four new CBDT members
Posted Date : 19-Apr-2025 , 08:34:54 am | Posted By CASANSAAR
An official order issued on Thursday (April 17, 2025) said the Appointments Committee of the Cabinet (ACC) headed by Prime Minister Narendra Modi has approved the names of four 1989 batch Indian Revenue Service (IRS) officers of the Income Tax cadre -- Pankaj Kumar Mishra, Sanjay Bahadur, L. Rajasek...
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CBDT |
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RBI Imposes Rs 1.29 Cr fine on 3 Major Banks for lapses in KYC, Customer Service
Posted Date : 19-Apr-2025 , 08:31:30 am | Posted By CASANSAAR
In a significant enforcement action, the Reserve Bank of India (RBI) on Thursday imposed monetary penalties totalling Rs 1.29 crore on three major banks – Kotak Mahindra Bank, IDFC First Bank, and Punjab National Bank (PNB) – for various regulatory non-compliances.
The punitive ...
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RBI |
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RBI Issues Master Direction on Deposits, Accounts for overseas Branches
Posted Date : 18-Apr-2025 , 08:57:56 am | Posted By CASANSAAR
The RBI on Thursday said banks can open/close rupee accounts (non-interest bearing) in the name of their overseas branches or correspondents without prior reference to the central bank.
However, the opening of rupee accounts in the name of branches of Pakistani banks operating outside Pakistan re...
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RBI |
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