Bank Branch Audit 2025 Updates
Posted Date : 20-Mar-2025 , 03:26:25 am | Posted By CASANSAAR
Bank Branch Audit 2025 Updates :-
As Per Reliable Sources, Banks has started sending mails for Bank Branch Statutory Audit 2025.
Bank of Baroda, Union Bank of India, Bank of Maharshtra, Central Bank of India, Canara Bank has started sending mails to existing SBAs
Check mail on regular ...
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Bank Branch Audit |
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Banks write off bad loans worth Rs 16.35 lakh Cr in last 10 years
Posted Date : 20-Mar-2025 , 08:54:11 am | Posted By CASANSAAR
Banks have written off massive bad loans or non-performing assets (NPAs) worth Rs 16.35 lakh crore in the last 10 financial years, the Union government disclosed on Monday. This information was presented in the Lok Sabha by finance minister (FM) Nirmala Sitharaman in response to a question raised by...
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Banking |
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0 | Hits : 159
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SEBI eyes stricter internal audit norms for MIIs
Posted Date : 20-Mar-2025 , 08:40:23 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) is likely to tighten and standardise the internal audit mechanism at market infrastructure institutions (MIIs), as it feels that certain significant observations were not captured by the internal auditors, sources said.
During inspections, SEBI fo...
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SEBI |
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0 | Hits : 41
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Supreme Court notice to Govt on plea challenging CAG appointment
Posted Date : 18-Mar-2025 , 08:27:14 am | Posted By CASANSAAR
The Supreme Court on Monday agreed to examine whether the appointment process of the Comptroller and Auditor General of India (CAG) should be made more transparent and independent. The top court issued a notice to the government, seeking its response to the plea.
The petition argued that the CAG,...
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CAG |
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0 | Hits : 233
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CBDT makes all Income Tax offences compoundable, eases rules for defaulters
Posted Date : 18-Mar-2025 , 07:44:37 am | Posted By CASANSAAR
All offences under the income-tax law, including cases that involve agencies such as the Enforcement Directorate and the Central Bureau of Investigation, have been made compoundable by competent tax authorities if the applicant is not found to be involved in any anti-national or terrorist activity, ...
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CBDT |
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0 | Hits : 199
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Supreme Court Boosts the Powers of NFRA
Posted Date : 12-Mar-2025 , 01:48:05 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has got a boost to its powers with the Supreme Court allowing the audit regulator to decide on a dispute over its powers to penalize professionals guiding statutory auditors, showed an order from the apex court.
The Supreme Court on 7 March allowe...
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NFRA |
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0 | Hits : 1055
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NFRA Calls for Enhanced Auditor - Audit Committee Communication
Posted Date : 12-Mar-2025 , 12:16:23 pm | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has released the second part of its Auditor-Audit Committee Interactions Series 1, focusing on enhancing communication between statutory auditors and those charged with governance (TCWG) with audit committees in particular.
...
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NFRA |
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0 | Hits : 864
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EY on Corporate Affairs Ministrys (MCA) radar in Byju’s Case
Posted Date : 11-Mar-2025 , 08:35:23 am | Posted By CASANSAAR
The Ministry of Corporate Affairs may look into a whistleblower’s allegation against accounting firm EY in a case related to education tech startup Byju’s insolvency process. The whistleblower has come forward with allegations, claiming that the insolvency process of Byju’s was man...
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Auditing |
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0 | Hits : 1311
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SEBI amends rules to tighten SME IPO Norms
Posted Date : 11-Mar-2025 , 07:54:59 am | Posted By CASANSAAR
Markets regulator Sebi has notified a stricter regulatory framework for small and medium enterprise (SME) IPOs by introducing a profitability requirement and capping a 20% limit on offer-for-sale (OFS).
The reforms aim to provide SMEs with a sound track record an opportunity to raise funds from t...
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SEBI |
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0 | Hits : 885
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Shah Rukh Khan wins Income Tax case as ITAT Rules In his favour
Posted Date : 10-Mar-2025 , 08:34:20 am | Posted By CASANSAAR
The Income Tax department had disputed Shah Rukh Khan's declared income of Rs 83.42 crore for 2011-2012, rejecting his claims for foreign tax credit for taxes paid in the UK.
Actor Shah Rukh Khan has secured a big victory in a dispute with the Income Tax authorities, with the Income Tax Appel...
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Income Tax |
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0 | Hits : 911
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Over 30K taxpayers declare Rs 29k cr foreign assets after CBDT nudge
Posted Date : 07-Mar-2025 , 08:59:37 am | Posted By CASANSAAR
A “compliance - cum - awareness” campaign launched by the Central Board of Direct Taxes (CBDT) has prompted over 30,000 taxpayers to declare foreign assets worth over Rs 29,000 crore and additional overseas income of Rs 1,089.88 crore, government source said.
As part of the campaign, ...
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CBDT |
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RBI proposes relief from foreclosure charges on floating-rate loans
Posted Date : 06-Mar-2025 , 09:50:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed a policy change aimed at providing significant relief to borrowers by recommending the removal of foreclosure charges on floating-rate loans taken by individuals for non-business purposes. The proposal was mentioned in a draft circular titled 'Respons...
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RBI |
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0 | Hits : 974
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New income tax bill proposes allowing officers access to your email, social media
Posted Date : 06-Mar-2025 , 09:42:51 am | Posted By CASANSAAR
The new income tax bill has recently been in the news, and not for the reasons taxpayers would hope. While the government said it’s all about simplifying tax laws, buried within the bill is a provision that hands sweeping powers to tax authorities allowing them to dig through emails, trading a...
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Income Tax |
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0 | Hits : 1627
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IBC moratorium can’t defeat consumer rights - Supreme Court
Posted Date : 05-Mar-2025 , 08:42:13 am | Posted By CASANSAAR
The Supreme Court on Tuesday held that interim moratorium under the Insolvency and Bankruptcy Code does not shield individuals or companies from regulatory penalties imposed under consumer protection laws.
A bench of justices Vikram Nath and Prasanna B Varale passed the important verdict while de...
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Insolvent Professional |
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0 | Hits : 918
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MCA invites applications for NFRA chairperson and three full-time members
Posted Date : 04-Mar-2025 , 10:19:31 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) has invited application to appoint the next chairperson for National Financial Reporting Authority (NFRA). In addition, the MCA has invited applications for three full-time members at the authority. The notification mandates that NFRA chief to have an experien...
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NFRA |
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21 new NCLT members get to work after SC rap over delays
Posted Date : 02-Mar-2025 , 10:05:34 pm | Posted By CASANSAAR
The Union government has assigned benches to 21 of the 24-newly appointed judicial and technical members of the National Company Law Tribunal (NCLT), weeks after calls to fast-track the assignment-process were made by the NCLT Bar Association. The Supreme Court too had in a November 2024 ruling expr...
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Corporate Law |
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GST collections rise 9.1% to Rs.1.84 lakh Cr in Feb 2025
Posted Date : 02-Mar-2025 , 10:30:58 am | Posted By CASANSAAR
Gross GST collections grew 9.1% to about Rs 1.84 lakh crore in February.
GST collections for January reached Rs 1.96 lakh crore, marking a 12.3% increase compared to the same period last year.
In December, GST collections stood at Rs 1.77 lakh crore, reflecting a 7.3% year-on-year rise. This w...
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GST |
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0 | Hits : 1131
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NFRA's next inspection to target Audit Firms with large client base
Posted Date : 27-Feb-2025 , 08:53:06 pm | Posted By CASANSAAR
The NFRA plans to focus on auditing firms with significant listed company audits, using data analytics to detect potential issues.
Chairman Ajay Bhushan Prasad Pandey emphasized the need for auditors' independence and professionalism. Upcoming inspections of firms like Deloitte and E&am...
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NFRA |
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0 | Hits : 696
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SC upholds validity of arrests under Customs, GST laws but provides checks and balances
Posted Date : 28-Feb-2025 , 08:15:31 am | Posted By CASANSAAR
The Supreme Court on Thursday upheld the Constitutional validity of arrest and prosecution provisions under Goods and Services Tax Act and the Customs Act but provided safeguards against coercive actions including arrest. Experts highlight that the ruling is a significant development in tax enforcem...
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Income Tax |
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Revenue Secretary Tuhin Kanta Pandey appointed as SEBI Chairman
Posted Date : 28-Feb-2025 , 08:07:31 am | Posted By CASANSAAR
The government on Thursday appointed Finance and Revenue Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI).
Pandey would replace Madhabi Puri Buch, who completes her three-year tenure on Friday (February 28).
The Appointments Committee of the...
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SEBI |
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0 | Hits : 370
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EOW Summons Six Audit Firms In Fraud Probe of New India Case
Posted Date : 26-Feb-2025 , 11:28:22 am | Posted By CASANSAAR
The Economic Offences Wing (EOW) has issued summons to six audit firms in connection with the Rs.122 crore fraud at New India Co-operative Bank. Investigators have discovered discrepancies in the bank's records, particularly regarding cash-in-hand figures.
According to sources, the vault capa...
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Auditing |
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0 | Hits : 907
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RBI eases lending rules for small borrowers and NBFCs
Posted Date : 26-Feb-2025 , 11:18:44 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has eased the stricter loan rules for small borrowers and non-bank lenders at a time when the economy is showing signs of slowing down.
The RBI has also put on hold its earlier proposals to increase the capital that banks must set aside for new project loans and th...
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RBI |
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RBI relaxes certain norms for urban co-operative banks
Posted Date : 25-Feb-2025 , 07:25:45 am | Posted By CASANSAAR
India's central bank on Monday revised certain norms for urban co-operative banks (UCBs), with a view of providing them with greater operational flexibility, while meeting regulatory objectives.
UCBs are financial institutions operating in urban and semi-urban areas, offering banking services...
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RBI |
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0 | Hits : 422
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Parliament Select Committee to discuss Income Tax Bill 2025
Posted Date : 24-Feb-2025 , 08:47:46 am | Posted By CASANSAAR
The first meeting of the Select Committee examining the Income Tax Bill 2025 will be held on Monday. At the meeting, officials of the Ministry of Finance will brief the panel members on the salient features of the proposed legislation.
The 31-member committee headed by senior BJP MP Baijayant P...
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Income Tax |
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0 | Hits : 382
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SEBI revises investor charter for stock brokers
Posted Date : 22-Feb-2025 , 07:38:24 am | Posted By CASANSAAR
Sebi has revised the investor charter for stock brokers to strengthen financial consumer protection, aiming to improve financial inclusion and literacy.
This came after recent changes in the securities market, including the launch of the Online Dispute Resolution (ODR) platform and the updated SC...
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SEBI |
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0 | Hits : 652
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GST Advisory for Biometric-Based Aadhaar Authentication & Document Verification
Posted Date : 18-Feb-2025 , 07:26:46 pm | Posted By CASANSAAR
GST Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Jharkhand and Andaman and Nicobar Islands
Feb 18th, 2025
Dear Taxpayers,
This is to inform taxpayers about recent developments concerning the application process for ...
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GST |
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0 | Hits : 1655
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Enrolment of Unregistered Dealers/Persons in e-Way Bill Portal for generating e-way Bill
Posted Date : 17-Feb-2025 , 11:25:21 pm | Posted By CASANSAAR
A new feature has been introduced in the E-Way Bill (EWB) system to facilitate the enrolment of unregistered dealers supplying goods, with effect from 11.02.2025. In accordance with Notification No. 12/2024 dated 10th July 2024, Form ENR-03 has been introduced for the enrolment of unregistered deale...
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GST |
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0 | Hits : 2194
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NFRA moves Supreme Court against High Court decision to quash notices against Audit Firms
Posted Date : 18-Feb-2025 , 08:58:49 am | Posted By CASANSAAR
The National Financial Regulating Authority (NFRA) has approached the Supreme Court challenging the Delhi High Court's recent decision to quash show-cause notices issued by the auditing standards watchdog against leading audit firms, including Deloitte Haskins & Sells LLP, SRBC & Co LLP ...
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NFRA |
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0 | Hits : 1469
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Select Committee to examine new Income Tax Bill, Report in Monsoon Session
Posted Date : 14-Feb-2025 , 09:21:17 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Thursday asserted that the new Income Tax Bill does not have merely mechanical but structural changes.
She introduced the Bill in the Lok Sabha. She requested the Speaker Om Birla to constitute a Select Committee for examining the Bill. “The committee ...
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Income Tax |
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0 | Hits : 2766
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CBIC operations crippled for four days due to network failure
Posted Date : 14-Feb-2025 , 08:10:11 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC)‘s operations have remained halted throughout the country for the last four days due to a “network failure” of its ‘eOffice’ application.
This has sparked fears within the Customs department of a possible co...
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Custom |
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