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Posted Date : 06-May-2023 , 10:57:04 pm | Posted By CASANSAAR
A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said. Hindenburg Research in its January 2...
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Posted Date : 06-May-2023 , 07:29:19 am | Posted By CASANSAAR
The government will launch a two-month special drive starting May 16 against unscrupulous elements – individuals, professionals and firms – usurping input tax credit under the Goods and Services Tax (GST) regime through fake identity and forged documents without actually supplying produc...
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Posted Date : 04-May-2023 , 12:07:19 pm | Posted By CASANSAAR
Government notifies that following transactions done by CA, CS & CMA on behalf of their client will be covered under Prevention of Money-laundering Act, 2002. S.O. 2036(E).In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention o...
Continue Reading... Category : Money laundering | Comments : 0 | Hits : 666
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Posted Date : 04-May-2023 , 07:46:05 am | Posted By CASANSAAR
The Supreme Court on Wednesday set aside the Bombay High Court verdict which had quashed the SFIO probe against Audit Firms BSR and Associates and Deloitte Haskins and Sells, both former auditors of IL&FS Financial Services, over alleged financial irregularities. Allowing the appeal of the ...
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Posted Date : 04-May-2023 , 06:52:53 am | Posted By CASANSAAR
MahaRERA has issued show-cause notices to chartered accountants and has also written to the Institute of Chartered Accountants of India after it noticed that MahaRERA regulations were being violated as the same chartered accountant has been engaged for the role of the project auditor as well as that...
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Posted Date : 03-May-2023 , 08:39:52 am | Posted By CASANSAAR
India’s turbulent aviation sector will likely see another player go belly up with Go First of the Wadias filing for voluntary insolvency before the National Company Law Tribunal (NCLT). The budget carrier said it is cancelling all flights on May 3, 4, and 5 and will refund the full fares to...
Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 413
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Posted Date : 03-May-2023 , 08:31:06 am | Posted By CASANSAAR
The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period. The scheme was announced in the Union Budget 2023-24 by Union Finance Mi...
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Posted Date : 02-May-2023 , 06:19:53 am | Posted By CASANSAAR
The gross GST revenue collected in the month of April, 2023 is ? 1,87,035 crore of which CGST is ?38,440 crore, SGST is ?47,412 crore, IGST is ?89,158 crore (including ?34,972 crore collected on import of goods) and cess is ?12,025 crore (including ?901 crore ...
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Posted Date : 29-Apr-2023 , 07:41:52 am | Posted By CASANSAAR
The RBI has amended rules governing know-your-customer checks undertaken by lenders, according to a statement by the regulator on Friday. The changes have been made to align with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, update t...
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Posted Date : 29-Apr-2023 , 07:36:46 am | Posted By CASANSAAR
Sebi on Friday barred Karvy Stock Broking Ltd (KSBL) and its promoter Comandur Parthasarathy from the securities market for seven years and imposed a penalty of Rs 21 crore on them for misappropriating clients' funds by misusing the Power of Attorney given to it. Further, the funds raised by ple...
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Posted Date : 28-Apr-2023 , 08:32:05 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) held a meeting on Wednesday to review proposals for a new accounting standard for insurance contracts--Ind AS 117--submitted by the Institute of Chartered Accountants of India. Ind AS 117 is modelled on the IFRS 17, issued by the International Acc...
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Posted Date : 26-Apr-2023 , 11:17:14 am | Posted By CASANSAAR
The Supreme Court has held that the income tax (I-T) department cannot reopen completed assessments under the Section 153A of the I-T Act, unless “incriminating material” is unearthed during search and seizure operations. Any other material emanating from the search can’t be relied...
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Posted Date : 24-Apr-2023 , 07:47:20 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has imposed a fine and a three-year ban on two auditors for professional misconduct and other lapses in connection with the audit of SRS Ltd in 2017-18. In two separate orders, NFRA slapped a fine of Rs 3 lakh each on auditors — Pankaj Kumar an...
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Posted Date : 22-Apr-2023 , 08:48:41 am | Posted By CASANSAAR
The National Stock Exchange of India has come out with a framework to appoint forensic auditors for assignments relating to the auditing of trading members. The scope of the forensic audit varies from case to case but that is largely required to assess the status of assets and liabilities of the ...
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Posted Date : 21-Apr-2023 , 12:14:08 pm | Posted By CASANSAAR
The income tax department in India has issued notices to around 8,000 taxpayers on account of them making large donations to charitable trusts, which are believed to be attempts to evade paying tax. Tax officials say that these individuals and entities have made donations not commensurate w...
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Posted Date : 15-Apr-2023 , 08:20:23 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has issued a series of orders this week, imposing sanctions on audit firms and individual partners for deficiencies in performing statutory audits, showed the orders posted on the website of the regulator. Order in the matter of Coffee Day Global ...
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Posted Date : 15-Apr-2023 , 08:07:39 am | Posted By CASANSAAR
The Directorate General of GST Intelligence (DGGI) has sent show-cause notices to some insurance companies, such as HDFC Bank, Go Digit Insurance, and Policybazaar, for issuing fake invoices to claim input tax credit without providing any service. According to a report in The Economic Times, the sho...
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Posted Date : 14-Apr-2023 , 10:54:25 am | Posted By CASANSAAR
National Financial Reporting Authority (NFRA) has barred ASRMP & Co, auditors of Coffee Day Global (CDGL), for two years after finding it guilty of audit lapses and “professional misconduct” in FY19. In an order issued on Wednesday, the regulator of auditors of larger and listed firm...
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Posted Date : 13-Apr-2023 , 08:02:13 am | Posted By CASANSAAR
The Supreme Court (SC) on Monday held that the delay in remitting tax deducted at source (TDS) by assessees is not liable for penalty. It stated the revenue department should adopt a literal interpretation of the penal provision. While allowing the assessee to appeal against the Kerala High Court...
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Posted Date : 12-Apr-2023 , 06:23:40 am | Posted By CASANSAAR
With a view to foster and develop a green finance eco-system in India, the Reserve Bank has put in place a framework for acceptance of Green Deposits. In a statement, RBI has said that the financial sector can play a pivotal role in mobilizing and allocating resources for green activities/p...
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Posted Date : 12-Apr-2023 , 06:20:15 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified the cost inflation index (CII) number for the current financial year 2023-24. As per the notification dated April 10, 2023, the CII number for the current fiscal is 348. This CII number will be used to calculate the capital gains accrued...
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Posted Date : 10-Apr-2023 , 09:22:58 pm | Posted By CASANSAAR
Reserve Bank of India on Monday came out with detailed norms for outsourcing of IT services by banks, NBFCs and regulated financial sector entities to ensure that such arrangements do not undermine their responsibilities and obligations to customers. In its 'Master Direction on Outsourcing ...
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Posted Date : 10-Apr-2023 , 09:17:01 pm | Posted By CASANSAAR
Q. 13 Whether the Concurrent Auditor of a Branch of a Bank can undertake the assignment of LFAR of the same Branch? A. The concurrent Auditor of a Branch can undertake the assignment of LFAR only with respect to Branches which are not subject to Statutory Audit. With respect to Branches which...
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Posted Date : 07-Apr-2023 , 07:11:32 am | Posted By CASANSAAR
The Reserve Bank has imposed a penalty of Rs 6.77 crore on Mahindra & Mahindra Financial Services Ltd, Mumbai, for non-compliance with norms related to disclosure of interest rates to borrowers at the time of sanction of loans, a release said on Thursday. In another release, the RBI said a Rs...
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Posted Date : 07-Apr-2023 , 06:48:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Governor Shaktikanta Das, who surprised everyone by holding interest rates, on April 6 also announced a centralised web portal for the public to search unclaimed deposits. "At present, the depositors and beneficiaries of unclaimed bank deposits of 10 years or ...
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Posted Date : 07-Apr-2023 , 06:43:05 am | Posted By CASANSAAR
Defying expert expectations, the six-member monetary policy committee headed by RBI Governor Shaktikanta Das today announced a status quo on policy rates. While announcing the first bi-monthly monetary policy statement for 2023-24, Mr. Das said the monetary policy committee has unanimously decided t...
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Posted Date : 06-Apr-2023 , 06:29:17 am | Posted By CASANSAAR
Finance Ministry has called a meeting of heads of Public Sector Banks (PSBs) on April 13 to review progress of various financial inclusion schemes, including Jan Suraksha and Mudra Yojana. The meeting is scheduled to be chaired by Financial Services Secretary Vivek Joshi. According to sources,...
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Posted Date : 04-Apr-2023 , 08:45:30 am | Posted By CASANSAAR
The provisional figures of Direct Tax collections for the Financial Year (FY) 2022-23 show that Net collections are at Rs. 16.61 lakh crore, compared to Rs. 14.12 lakh crore in the preceding Financial Year i.e. FY 2021-22, representing an increase of 17.63%. The Budget&...
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Posted Date : 02-Apr-2023 , 09:43:06 am | Posted By CASANSAAR
The gross GST revenue collected in the month of March 2023 is Rs.1,60,122 crore of which CGST is Rs. 29,546 crore, SGST is Rs.37,314 crore, IGST is Rs. 82,907 crore (including Rs.42,503 crore collected on import of goods) and cess is Rs.10,355 crore (including Rs.960 crore collected o...
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Posted Date : 01-Apr-2023 , 07:59:01 am | Posted By CASANSAAR
Finance Act, 2023 received the assent of the President on the 31st March, 2023. Finance Bill, 2023 receives President's assent on Mar 31, 2023 and now its Finance Act, 2023. The Finance Act, 2023 has been enacted vide Gazette Notification dated today, March-31-2023. After obtainin...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
Professional News For CA,CS,CMA.Fresh Accounting News Articles On Income Tax,Service Tax,Sales Tax, Vat,Company Law,RBI,CAG,Custom,Excise On CASANSAAR
