• February 22, 2025

Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update: PCAOB issues guidance on audit firms’ use of specialists: The PCAOB issued guidance on the use […]

• February 21, 2025

The Auditing and Assurance Standards Board (AASB) of Institute of Chartered Accountants of India (ICAI) has issued the 2025 Guidance Note on Audit of Banks, a must-have resource for auditors navigating the evolving banking landscape. This updated edition aligns with the latest regulatory and accounting changes, providing practical insights and structured guidance. Split into two […]

• February 20, 2025

Somesh Jain – [2025] 171 taxmann.com 450 (Article) The draft of the New Income Tax Bill, 2025 has been unveiled, sparking excitement over its streamlined structure—fewer sections, fewer provisos, and simpler language compared to the existing Income Tax Act. In her budget speech, the Hon’ble Finance Minister emphasized that the new bill is designed to […]

• February 17, 2025

Consultation Paper; Dated: 13.02.2025 SEBI has released a Consultation Paper seeking public comments on the proposals to strengthen ‘ESG Rating Providers’ (ERPs). ESG stands for environmental, social and governance. SEBI has proposed the circumstances under which ERPs can withdraw ratings under the Subscriber-Pays business model and an Issuer-Pays business model. Under the Subscriber-Pays business model, […]

• February 16, 2025

Notification no. F. No. FMRD.DIRD.14/14.03.042/2024-25; Dated: 07.02.2025 The RBI has expanded the scope of permissible contracts for the sale or purchase of Government securities, gold-related securities and money market securities. Now, any contract specifically permitted by the RBI is included under the list of permissible contracts. Earlier, the permissible contracts included only spot contracts and […]

• February 15, 2025

Details : ​​​ Publish Date : Thursday, February 13, 2025 Attachments : 1. https://incometaxindia.gov.in/Lists/Press Releases/Attachments/1219/Executive-Summary-on-the-Comprehensive-Simplification-of-the-Income-tax-Act-1961-PressRelease-13-2-25.pdf source

• February 15, 2025

This document focuses on the misapplication of Indian Accounting Standards (Ind AS), particularly Ind AS 38 and Ind AS 36, regarding the treatment of R&D expenditures and impairment losses. It examines how improper capitalization of R&D costs and the failure to recognize impairment losses in a timely manner can distort financial statements, leading to inflated […]

• February 14, 2025

Circular No. RBI/2024-25/110 REF.No.MPD.BC.398/07.01.279/2024-25, Dated: 07.02.2025 As per the MPC’s decision in the bi-monthly Monetary Policy Statement 2024-25, RBI has reduced the policy repo rate under the LAF by 25 basis points from 6.50% to 6.25%, effective immediately. Consequently, the Standing Liquidity Facility provided to Primary Dealers (PDs) as collateralized liquidity support from the RBI […]

• February 13, 2025

CA Subham Kumar & CA Sarath Karthick R – [2025] 171 taxmann.com 254 (Article) 1. Introduction The Finance Bill 2025 proposes a major change in the realm of mergers and acquisitions (M&As), particularly focusing on the carry-forward of tax losses. This budget introduces pivotal amendments that redefine the treatment of accumulated losses within corporate restructuring […]