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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Category :
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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0 | Hits : 361
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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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0 | Hits : 310
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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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MCA rejects ICAI
Posted Date : 18-Apr-2025 , 08:50:12 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has dismissed an application filed by the Institute of Chartered Accountants of India (ICAI) against the Institute of Chartered Tax Practitioners India (ICTPI) over the alleged misuse of the term “Chartered” in its name.
ICAI, a statutory body r...
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Chartered Accountant |
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Former sales tax officer booked for Rs 4.6 Cr GST fraud
Posted Date : 17-Apr-2025 , 08:00:48 am | Posted By CASANSAAR
The state Anti-Corruption Bureau (ACB) Wednesday booked a former sales tax officer from the Goods and Service Tax department for his alleged involvement in submitting forged documents of a private limited company and obtaining a tax refund of over Rs 4.69 crore.
According to the ACB officials, th...
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GST |
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0 | Hits : 615
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PwC exits more than a dozen countries to avoid scandals
Posted Date : 17-Apr-2025 , 07:50:15 am | Posted By CASANSAAR
PwC has shut down operations in more than a dozen countries that are deemed too small, risky or unprofitable, as the Big Four accounting firm aims to prevent repeats of scandals that have affected it, the Financial Times reported on Wednesday.
The decision was taken due to mounting differences wi...
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Category :
Auditing |
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GST Advisory on reporting values in Table 3.2 of GSTR-3B
Posted Date : 14-Apr-2025 , 05:53:31 pm | Posted By CASANSAAR
Apr 11th, 2025
1. Table 3.2 of Form GSTR-3B captures the inter-state supplies made to unregistered persons, composition taxpayers, and UIN holders out of the supplies declared in Table 3.1 & 3.1.1 of GSTR-3B. The values in Table 3.2 of GSTR-3B auto-populates from corresponding int...
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GST |
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GST Advisory on Table-12 of GSTR-1 or GSTR-1A
Posted Date : 14-Apr-2025 , 05:50:11 pm | Posted By CASANSAAR
Apr 11th, 2025
It to inform that GSTN has implemented phase wise changes in Table-12 of GSTR-1 or GSTR-1A. For the same various advisories have been issued time to time, which are available on GST Portal. GSTN is going to implement Phase-III of Table 12 of GSTR 1 & 1A from Ap...
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GST |
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RBI Cuts Repo Rate For 2nd Time To 6%
Posted Date : 10-Apr-2025 , 07:49:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cut the repo rate by 25 basis points, bringing it down from 6.25% to 6% - a move expected to ease borrowing costs for individuals and businesses.
RBI Governor Sanjay Malhotra announced the decision during the first Monetary Policy Committee (MPC) meeting of F...
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RBI |
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CBDT notifies ITR-B form for taxpayers
Posted Date : 09-Apr-2025 , 09:10:37 am | Posted By CASANSAAR
Income Tax Department has come out with a return form for block assessment (ITR-B). This is required to be filed by those who want to disclose previously undisclosed income after an income tax search or requisition operation on or after the September 1, 2024.
“The return of income required ...
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CBDT |
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Byju
Posted Date : 08-Apr-2025 , 06:29:57 pm | Posted By CASANSAAR
Edtech startup Byju’s has filed an FIR against those involved in a criminal conspiracy against the company, founder of the company Byju Raveendran said in a social media post today. The FIR has been filed against resolution professionals Pankaj Srivastava, Dinkar Venkatasubramanian of Ernst &a...
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Category :
Insolvent Professional |
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0 | Hits : 494
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GST Advisory on Case Sensitivity in IRN Generation
Posted Date : 05-Apr-2025 , 11:12:51 am | Posted By CASANSAAR
Advisory on Case Sensitivity in IRN Generation
Apr 4th, 2025
Dear Taxpayer,
1. This is to inform you that, effective 1st June 2025, the IRP (Invoice Reporting Portal) would treat invoice/document numbers as case-insensitive for the purpose of IRN generation.
...
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GST |
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0 | Hits : 835
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Poonam Gupta's appointment as RBI Deputy Governor
Posted Date : 03-Apr-2025 , 08:35:16 am | Posted By CASANSAAR
The Centre has appointed Poonam Gupta, Director General of the National Council of Applied Economic Research (NCAER), as the Deputy Governor of the Reserve Bank of India (RBI) for a three-year term.
Her appointment comes ahead of the crucial Monetary Policy Committee (MPC) meeting scheduled...
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RBI |
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GST Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Assam
Posted Date : 02-Apr-2025 , 06:49:33 pm | Posted By CASANSAAR
Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Assam
Apr 2nd, 2025
Dear Taxpayers,
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is adv...
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GST |
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Gross and Net GST revenue collections for the month of Mar, 2025
Posted Date : 02-Apr-2025 , 06:48:10 pm | Posted By CASANSAAR
Apr 1st, 2025
Please click on the link below to view the gross and net GST revenue collections for the month of March, 2025.
(https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing_mar_2025.pdf )
Thanks,
Team GSTN
...
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GST |
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0 | Hits : 1057
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President Murmu asks RBI, banks to guard against e-frauds
Posted Date : 02-Apr-2025 , 09:26:17 am | Posted By CASANSAAR
President Droupadi Murmu urged the RBI to enhance vigilance against financial fraud and cyber threats as technology advances. She praised the RBI's role in maintaining trust and stability over the past 90 years and emphasized its importance in driving financial innovation and ensuring a secure d...
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RBI |
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0 | Hits : 1133
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NFRA flags lapses in audit quality of three Audit Firms
Posted Date : 31-Mar-2025 , 09:11:13 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has flagged certain lapses in the audit quality of three audit firms.
The observations have been made in NFRA's three separate inspection reports of SRBC & Co LLP, Deloitte Haskins & Sells LLP and Walker Chandiok & Co LLP.
In it...
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NFRA |
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CA final exams to be held thrice a year from this year - ICAI
Posted Date : 28-Mar-2025 , 08:02:50 am | Posted By CASANSAAR
CA Final exams will be conducted thrice a year from 2025 instead of two, the Institute of Chartered Accountants of India (ICAI) announced on Thursday.
Last year, the ICAI took a decision to hold the Intermediate and Foundation course exams three times a year and now the CA Final exams will follow...
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ICAI |
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RBI imposes Rs.75 lakh penalty on HDFC Bank, Rs.68.2 lakh on Punjab & Sind Bank
Posted Date : 27-Mar-2025 , 09:29:10 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed monetary penalties on HDFC Bank and Punjab & Sind Bank for non-compliance with its regulatory guidelines, according to the press statement issued by the RBI on Wednesday (March 26). While HDFC Bank is slapped with a Rs.75 lakh penalty for violations re...
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RBI |
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Bank Branch Audit 2025 Updates - Panel to Banks
Posted Date : 27-Mar-2025 , 07:37:57 am | Posted By CASANSAAR
Bank Branch Audit 2025 Updates :-
As Per Reliable Sources, RBI has sent the Panel to Banks and Banks has started sending mails to New Auditorsfor Bank Branch Statutory Audit 2025.
Following Banks has started sending the mails to New Auditors.
Bank of Baroda, Canara Bank, Central B...
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Bank Branch Audit |
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3 | Hits : 15101
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SC allows Audit Regulator NFRA to initiate proceedings against CAs
Posted Date : 24-Mar-2025 , 09:22:22 pm | Posted By CASANSAAR
The Supreme Court has allowed audit regulator National Financial Reporting Authority (NFRA) to continue its proceedings against chartered accountants and firms where no audit quality review reports have been prepared and final orders are yet to be passed.
During a hearing in a case challenging an...
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NFRA |
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0 | Hits : 2753
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