FM asks tax income tax dept to drop tax appeals below new thresholds in 3 months
Posted Date : 24-Jun-2025 , 11:52:45 am | Posted By CASANSAAR
Finance minister Nirmala Sitharaman on Monday asked the income tax department to withdraw within three months all appeals filed by it before tribunals and courts in which the tax claim falls below the new monetary threshold announced in last year's budget.
The government had in budget 2024-25...
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Income Tax |
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Handling of Inadvertently Rejected records on IMS
Posted Date : 21-Jun-2025 , 11:26:52 am | Posted By CASANSAAR
Jun 19th, 2025
Question 1: How can a recipient avail ITC of wrongly rejected Invoices/ Debit notes/ECO-Documents in IMS as corresponding GSTR-3B of same tax period was also filed by recipient?
Answer: In such cases recipient can request to the corresponding supplier to...
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GST |
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CBDT taking action for non-responsive taxpayers having foreign income
Posted Date : 21-Jun-2025 , 09:34:05 am | Posted By CASANSAAR
Finance Ministry on Friday said CBDT is taking action against people having foreign income and as many as 5,483 taxpayers have filed belated returns reporting foreign assets worth Rs 29,208 crore and additional income of Rs 1,089.88 crore.
Suitable action under the extant provision of law is unde...
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CBDT |
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FinMin Nirmala Sitharaman asks officials to make the GST Registration Easier
Posted Date : 20-Jun-2025 , 11:01:25 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Friday asked CBIC to make the GST registration easier, seamless, and more transparent for taxpayers, using technology and risk-based parameters.
Sitharaman, who chaired the Central Board of Indirect Taxes and Customs (CBIC) Conclave with the Principal Chief ...
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Income Tax |
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Advisory to file pending returns before expiry of three years
Posted Date : 19-Jun-2025 , 07:33:18 pm | Posted By CASANSAAR
Jun 18th, 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 from the due date...
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GST |
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Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 2025-26
Posted Date : 19-Jun-2025 , 08:05:26 am | Posted By CASANSAAR
Guidelines for compulsory selection of returns for Complete Scrutiny during the Financial Year 20 25-26- procedure for compulsory selection in such cases -regarding.
Kindly refer to the above.
The parameters for compulsory selection of returns for Complete Scrutiny during Financial Year 2025-2...
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Income Tax |
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ED conducts pan-India raids in forex trading scam
Posted Date : 19-Jun-2025 , 07:57:22 am | Posted By CASANSAAR
The Enforcement Directorate (ED) conducted raids at seven different locations across the country in connection with an illegal online forex trading case. The ED on Tuesday informed that the fraud was committed allegedly through international brokers namely OctaFX trading App and website. Hundreds of...
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Money laundering |
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Enhanced Interoperability Introduced Between E-Way Bill Portals
Posted Date : 17-Jun-2025 , 09:35:25 am | Posted By CASANSAAR
Jun 16th, 2025
GSTN is pleased to inform that NIC shall be launching the new E-Way Bill 2.0 portal (https://ewaybill2.gst.gov.in) on 1st July 2025, featuring enhanced inter-operable E-Way Bill functionalities. The portal is being introduced to provide enhanced in...
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GST |
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Auditors support CAG move to rope in private firms
Posted Date : 17-Jun-2025 , 12:10:50 pm | Posted By CASANSAAR
Audit firms back CAG’s move to engage CA and LLP firms for audits of local bodies from July 2025 to March 2027. ICAI clarifies private auditors will assist under CAG supervision, ensuring audit quality without diluting constitutional authority. Industry sees it as a global best practice.
In...
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Auditing |
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NFRA slaps notices on IndusInd Bank present and past Auditors
Posted Date : 17-Jun-2025 , 12:05:31 pm | Posted By CASANSAAR
India’s top watchdog for accounting and auditing standards, the National Financial Reporting Authority (NFRA), has initiated a probe involving several chartered accountancy firms connected with the audit of IndusInd Bank, a prominent private sector lender currently under scrutiny.
According...
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NFRA |
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CAG Set to Appoint CA Firms for Autonomous Bodies Audit Assignments
Posted Date : 13-Jun-2025 , 06:08:53 pm | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) is expected to complete the empanelment process of Chartered Accountancy (CA) firms within the next two weeks, according to senior officials. These firms will be engaged in auditing the accounts of autonomous, local, and other entities for the period spannin...
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CAG |
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Filing of SPL-01/02 Enabled for GSTR-3B Payment & Other Cases
Posted Date : 12-Jun-2025 , 08:52:06 am | Posted By CASANSAAR
Jun 12th, 2025
1. While filing amnesty applications in Form SPL-01 or SPL-02 under Section 128A of the CGST Act, 2017, some taxpayers are facing technical issues related to auto population of payment details in Table 4 of the forms.
2. In particular, it has been observed th...
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GST |
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Advisory on Filing Amnesty Applications under Section 128A of CGST Act
Posted Date : 12-Jun-2025 , 04:13:55 pm | Posted By CASANSAAR
Jun 11th, 2025
1. As on 08.06.2025, a total of 3,02,658 waiver applications have been filed through SPL-01/02. However, it has come to notice that certain taxpayers are facing difficulties in filing amnesty applications under Section 128A on the GST portal. In view of t...
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GST |
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SEBI Introduces New UPI Mechanism for Intermediaries Effective October 1, 2025
Posted Date : 12-Jun-2025 , 03:59:39 pm | Posted By CASANSAAR
Mumbai, June 11 (PTI): To bolster investor protection and curb fraudulent practices, the Securities and Exchange Board of India (SEBI) has announced the rollout of a new UPI-based payment mechanism for all SEBI-registered intermediaries involved in collecting funds from investors. The initiative is ...
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SEBI |
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System Validation Introduced for Refund Filing on GST Portal by QRMP Taxpayers
Posted Date : 10-Jun-2025 , 07:12:16 pm | Posted By CASANSAAR
Jun 10th, 2025
1.In the month of May 2025, a system-level validation was deployed on the GST Portal to ensure adherence to the provisions outlined in Para 6 of Circular No. 125/44/2019-GST dated 18.11.2019. As per the said circular:
“Any refund claim for a tax period may be filed only af...
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GST |
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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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