RBI allowed asset reconstruction companies (ARCs) to settle dues with borrowers
Posted Date : 21-Jan-2025 , 07:09:34 pm | Posted By CASANSAAR
The RBI has revised the guidelines for asset reconstruction companies (ARCs), allowing them to settle dues with borrowers after evaluating recovery possibilities. ARCs are now required to frame a board-approved settlement policy. For accounts with over Rs 1 crore, proposals must still be reviewed by...
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RBI |
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Union Budget 2025: NPS contributions of up to Rs 50,000 to the National Pension System (NPS)
Posted Date : 21-Jan-2025 , 07:07:10 pm | Posted By CASANSAAR
Union Budget 2025: NPS contributions of up to Rs 50,000 to the National Pension System (NPS) under Section 80CCD(1B) qualify for deductions only under the old tax regime, and this benefit is not available in the new regime.
The government intends to entice people to switch to the new tax regime, ...
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Budget |
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Relief for more taxpayers in Vivad Se Vishwas Scheme
Posted Date : 21-Jan-2025 , 07:02:27 pm | Posted By CASANSAAR
Vivad Se Vishwas Scheme 2024: As per a new update now more taxpayers are eligible to apply for Vivad Se Vishwas Scheme and settle their pending income tax dispute cases. Under the Vivad Se Vishwas Scheme, taxpayers need to pay the disputed tax amount and then the government will cancel the litigatio...
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Income Tax |
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Egregious misuse of IPO money in some cases, bankers shouldn’t get bad cos to markets
Posted Date : 21-Jan-2025 , 06:54:07 pm | Posted By CASANSAAR
MUMBAI: SEBI Chairperson Madhabi Puri Buch on Tuesday said the capital markets regulator has found "egregious misuse" of funds raised through initial public offerings (IPOs) by certain companies and urged investment bankers to desist from helping such entities access the capital markets.
...
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SEBI |
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Expert Demand 87A tax rebate increase, home loans, income tax slabs linked with inflation & others
Posted Date : 21-Jan-2025 , 06:43:16 pm | Posted By CASANSAAR
Budget 2025: Experts demand 87A tax rebate increase, accessible home loans, income tax slabs linked with inflation and others from the FM. A strong case for linking income tax slabs with inflation makes sense now. "By linking income tax slabs to inflation, India could protect the purchasing pow...
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Budget |
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RBI eases norms for ARCs to settle with defaulters
Posted Date : 21-Jan-2025 , 11:32:19 am | Posted By CASANSAAR
The Reserve Bank on Monday asked Asset Reconstruction Companies (ARCs) to go for settlement with borrowers only after exhausting all possible ways to recover dues.
The central bank has revised the 'Master Direction – Reserve Bank of India (Asset Reconstruction Companies) Directions, 202...
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RBI |
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SEBI asks mutual funds to disclose information ratio of schemes
Posted Date : 18-Jan-2025 , 06:53:01 pm | Posted By CASANSAAR
The watchdog of the stock exchange directs mutual funds to disclose information ratio along with performance disclosure on daily basis to enhance transparency and aid decision-making by investors.
To bring more transparency in disclosures made by AMCs and aid better decision-making by investors, ...
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SEBI |
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India’s Forex Reserves decline by $8.7 Billion to $625.87 Billion
Posted Date : 18-Jan-2025 , 06:48:46 pm | Posted By CASANSAAR
India’s foreign exchange reserves declined by 8.7 billion dollars to 625.87 billion dollars in the week ending January 10, the latest data released by the Reserve Bank of India (RBI) showed today. In the previous week, the country’s forex reserves had dropped by 5.6 billion dollars for t...
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RBI |
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India’s Economic Growth Poised for Rebound Amid Rising Rural Demand
Posted Date : 18-Jan-2025 , 06:43:58 pm | Posted By CASANSAAR
The Reserve Bank’s monthly bulletin for January 2025 has informed us that India’s economic growth is poised to rebound as domestic demand has started to regain strength. As per the ‘State of the Economy’ article authored by a team led by RBI Deputy Governor Michael Debabrata ...
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RBI |
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FM Nirmala Sitharaman may introduce new income tax bill in Budget session
Posted Date : 18-Jan-2025 , 06:17:50 pm | Posted By CASANSAAR
Budget 2025: Finance Minister Nirmala Sitharaman is expected to present a bill for a new direct tax law during the upcoming budget session. The focus of this proposed legislation will be on simplifying existing provisions, eliminating redundant ones, and making the language more accessible to t...
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Budget |
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Rupee gains 3 paise to 86.58 against US dollar in early trade
Posted Date : 17-Jan-2025 , 07:17:09 pm | Posted By CASANSAAR
Rupee gains 3 paise to 86.58 against US dollar in early trade
At the interbank foreign exchange, the rupee opened at 86.60 and touched a high of 86.55 before trading at 86.58 against the greenback in initial deals.
The rupee rose 3 paise to 86.58 against the US dollar in early trade on Friday ...
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Finance |
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RBI injected over Rs. 40,000 crore into the banking system through 2 Auctions
Posted Date : 17-Jan-2025 , 01:46:17 am | Posted By CASANSAAR
RBI injected over Rs. 40,000 crore into the banking system through 2 Auctions
Reserve Bank of India injected over Rs.40,000 crore into the banking system through two operations, addressing a liquidity deficit that breached Rs.2 lakh crore. The RBI accepted Rs.30,760 crore from overnight VRR aucti...
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RBI |
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SC asks GST Department to Rectify issues over Fake Invoices
Posted Date : 17-Jan-2025 , 10:20:56 am | Posted By CASANSAAR
The Supreme Court flagged a recurring problem in GST matters whereby genuine purchasers who paid Goods and Services Tax (GST) face issues because their suppliers raised fictitious bills to evade crediting the GST to the department.The Court orally wondered how could the purchaser be held liable
T...
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GST |
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90k Salaried individuals withdraw Rs 1,070 Cr worth wrongful tax deduction claims
Posted Date : 17-Jan-2025 , 10:08:29 am | Posted By CASANSAAR
As many as 90,000 salaried individuals, both from PSUs and the private sector, have withdrawn wrongful tax deductions claims totalling Rs 1,070 crore as of December 31, 2024, government sources said on Thursday.
During various search & seizure and survey operations conducted by Income T...
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Income Tax |
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RBI Announces steps to encourage cross-border transactions in Indian rupee
Posted Date : 16-Jan-2025 , 06:57:40 am | Posted By CASANSAAR
RBI announces steps to encourage cross-border transactions in Indian rupee
MUMBAI: The Reserve Bank of India (RBI) on Thursday announced liberalised norms to encourage use of Indian Rupee and local/ national currencies to settle cross border transactions.
The decision comes at a time when the do...
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RBI |
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ICAI Past President’s Firm Needs Further Investigation - SEBI
Posted Date : 16-Jan-2025 , 06:34:41 am | Posted By CASANSAAR
The market regulator has restrained Pacheli Industrial Finance (PIFL) and six other entities from accessing the securities market until further orders. PIFL, according to its annual report, provides consultancy services related to hotels, lodging houses and other multiple services; and the six ...
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ICAI |
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Country’s net direct tax collection surges by nearly 16% to Rs.16.9 lakh crore
Posted Date : 14-Jan-2025 , 07:51:38 am | Posted By CASANSAAR
Country’s net direct tax collection surges by nearly 16% to Rs. 16.9 lakh crore
The Country’s net direct tax collection has surged by nearly 16 per cent to around 16 lakh 90 thousand crore rupees in the current financial year so far. According to the Central Board of Direct Taxe...
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Income Tax |
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Tax-free gratuity limit for employees
Posted Date : 14-Jan-2025 , 07:02:59 pm | Posted By CASANSAAR
Government employees can get gratuity up to Rs 25 lakh
Tax-free gratuity limit for employees: The government has hiked the maximum amount of gratuity that a government employee can receive to Rs 25 lakh. The new limit is effective from January 1, 2024. However, not many are aware of the tax-exe...
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Income Tax |
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GST Advisory for Waiver Scheme under Section 128A
Posted Date : 14-Jan-2025 , 06:57:36 pm | Posted By CASANSAAR
GST Advisory for Waiver Scheme under Section 128A
Jan 14th, 2025
1. Taxpayer’s attention is invited to the advisory on the above subject issued by GSTN on 29.12.2024. The link for the said advisory is given here:
https://services.gst.gov.in/services...
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GST |
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Insurers are seeking tax benefits, incentives in Union Budget
Posted Date : 14-Jan-2025 , 06:54:52 pm | Posted By CASANSAAR
Insurers eye tax benefits, incentives in Union Budget
NEW DELHI: Insurers are seeking tax benefits for buyers and incentives for selling policies in their wishlist for the upcoming Union Budget as the country is projected to emerge as the G20's fastest-growing insurance market.
In 2023-24,...
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Budget |
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Rupee recovers from record low to settle 8 paise higher at 86.62 against US dollar
Posted Date : 14-Jan-2025 , 06:52:51 pm | Posted By CASANSAAR
Rupee recovers from record low to settle 8 paise higher at 86.62 against US dollar
MUMBAI: The rupee rebounded from its lowest-ever level and settled 8 paise higher at 86.62 (provisional) against the US dollar on Tuesday as the American currency retreated from record high.
Some recovery in dom...
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Finance |
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FM Sitharaman extending the additional Rs 50,000 tax exemption for life insurance companies: Budget 2025
Posted Date : 14-Jan-2025 , 04:57:16 pm | Posted By CASANSAAR
FM Sitharaman extending the additional Rs 50,000 tax exemption for life insurance companies
Insurers Also Want FM Sitharaman To Consider Extending the Additional Rs 50,000 Tax Exemption for NPS Contributions to Pension Plans from Life Insurance Companies Too
Top insurance company officials want ...
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Budget |
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Generation Date for Draft GSTR 2B for December 2024
Posted Date : 14-Jan-2025 , 04:28:06 pm | Posted By CASANSAAR
Generation Date for Draft GSTR 2B for December 2024
Jan 14th, 2025
This is to inform you that, in light of the extended due dates for filing GSTR-1 and GSTR-3B returns for the month of December 2024 (Quarter Oct-Dec 2024) as per Notifications No. 01/2025 and 02/2025 dated 10th January 2025, th...
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GST |
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GDP growth, likely rate cuts in 2025 to support credit access of corporates in FY26
Posted Date : 13-Jan-2025 , 06:51:12 pm | Posted By CASANSAAR
GDP growth, likely rate cuts in 2025 to support credit access of corporates in FY26
India's GDP growth, healthier banking sector, and potential interest-rate cuts in 2025 are set to enhance corporate credit access in FY26. While sectors like cement, electricity, and telecom expect robust sale...
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Budget |
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Union home ministry has cut the budget for Census Survey and Statistics
Posted Date : 13-Jan-2025 , 06:48:02 pm | Posted By CASANSAAR
Union home ministry has cut the budget for Census Survey and Statistics.
The Union home ministry has cut the budget for Census Survey and Statistics. The Registrar General of India will still proceed with the delayed census and update the National Population Register. Additional funds can be acce...
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Budget |
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GTRI Suggests for simplified customs duty structure in Union Budget 2025
Posted Date : 13-Jan-2025 , 06:39:10 pm | Posted By CASANSAAR
GTRI Suggests for simplified customs duty structure in Union Budget 2025
The Global Trade Research Initiative suggests the government simplify the customs duty structure in the upcoming Budget. They recommend reducing slabs to five, taxing raw materials lower than finished goods, and aligning tar...
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Budget |
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RBI Said to ease rupee drought with FX swaps
Posted Date : 13-Jan-2025 , 06:35:36 pm | Posted By CASANSAAR
RBI Said to ease rupee drought with FX swaps
The Reserve Bank of India used dollar-rupee swaps to inject $3 billion worth of rupee liquidity to ease a financial squeeze. This move was made to counteract a tightening of rupee liquidity due to tax settlements and stock purchases. However, this acti...
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RBI |
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India’s rupee fell to a record low past 86.5 per dollar
Posted Date : 13-Jan-2025 , 06:31:21 pm | Posted By CASANSAAR
India’s rupee fell to a record low past 86.5 per dollar
US bond yields climb as strong economy fuels Fed rate risk; hit Indian rupee, share market US bond yields near 5 percent as strong economic data fuels Fed rate concerns, pressuring global markets. India’s rupee fell to a record l...
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Shares & Stock |
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GST officers must explain 'grounds of arrest' to offenders, obtain acknowledgement: CBIC
Posted Date : 13-Jan-2025 , 06:27:01 pm | Posted By CASANSAAR
GST officers must explain 'grounds of arrest' to offenders, obtain acknowledgement: CBIC
NEW DELHI: GST officers will now have to explain to offenders about the "grounds of arrest" and obtain a written acknowledgement from them, the CBIC said on Monday.
Modifying the guidelines...
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GST |
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Business correspondents Requested RBI to ease domestic transfer limits and rules
Posted Date : 13-Jan-2025 , 04:48:11 pm | Posted By CASANSAAR
Business correspondents Requested RBI to ease domestic transfer limits and rules
Business correspondents have requested the RBI to double the monthly transfer limit to ?50,000 and reduce two-factor authentication to once a month. They have also flagged misuse of the system by some entities to byp...
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RBI |
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