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Posted Date : 02-Aug-2021 , 08:33:01 am | Posted By CASANSAAR
The gross GST revenue collected in July crossed 1,16,000 crore rupees indicating that the economy is recovering at a fastpace and the robust GST revenues are likely to continue in the coming months too, the Finance Ministry Said. The revenues for the month of July 2021 are 33 per cent higher t...
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Posted Date : 31-Jul-2021 , 08:43:13 am | Posted By CASANSAAR
In connection with a case involving more than Rs 1,000 crore of fake GST (Goods and Services Tax) bills in Bhavnagar, the Gujarat government on Friday transferred 36 officials from Bhavnagar ranging from the deputy state tax commissioner to employees as junior as a clerk. The move is to ensure fair ...
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Posted Date : 30-Jul-2021 , 09:25:09 am | Posted By CASANSAAR
A two-judge bench of the Supreme Court replicated the practice adopted by the Supreme Court of the United States by directing lawyers appearing in a case to confine their oral arguments to 30 minutes and submissions on law to three pages. Wondering which country in the world would allow lawyers t...
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Posted Date : 30-Jul-2021 , 09:20:35 am | Posted By CASANSAAR
Sebi, the capital markets regulator, is considering rule changes to hold controlling stakeholders accountable from the current structure that focuses on regulating the so-called promoters or founders, as more companies with diversified shareholdings line up for initial public offerings. ...
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Posted Date : 29-Jul-2021 , 09:14:53 am | Posted By CASANSAAR
Continuing efforts to foster ease of doing business as well as encourage startups ecosystem, the government on Wednesday approved amendments to the Limited Liability Partnership (LLP) Act, including decriminalising 12 offences under the law. Besides, a new definition for small LLPs will be intr...
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Posted Date : 29-Jul-2021 , 09:05:22 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a monetary penalty of ₹5 crore on private sector lender Axis Bank. The penalty is for contravention of and non-compliance with certain provisions of directions by RBI The penalty is for contravention of and non-compliance with certain provisions of dire...
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Posted Date : 29-Jul-2021 , 09:00:13 am | Posted By CASANSAAR
The Lok Sabha on Wednesday passed the IBC amendment bill without debate, which among other things provide for a pre-packaged resolution process for stressed MSMEs. Minister of State for Corporate Affairs Rao Inderjit Singh moved the bill for consideration and passage amid the din. The bill was ap...
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Posted Date : 28-Jul-2021 , 09:33:16 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 is likely to be taken up for consideration and passing in Lok Sabha today. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021, was promulgated by President Ram Nath Kovind on 4th of April to offer an alternate bankruptcy resolutio...
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Posted Date : 28-Jul-2021 , 09:32:10 am | Posted By CASANSAAR
Government has identified more than 2.38 lakh companies as shell companies in the last three years. This information was given by the Minister of State for Corporate Affairs Rao Inderjit Singh in a written reply to a question in the Rajya Sabha today. He said the Government has und...
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Posted Date : 27-Jul-2021 , 09:35:16 am | Posted By CASANSAAR
Finance Minister said in view of Covid pandemic it has made it mandatory to clear all the dues of MSMEs within a stipulated time of 45 days to provide relief to such entities. In reply to a question in the Lok Sabha, Finance Minister Nirmala Sitharaman said all the dues of MSMEs pending at ...
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Posted Date : 26-Jul-2021 , 08:49:46 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has done away with the requirement of periodic renewals of licence or registration issued to customs brokers and authorised carriers, a move which would reduce compliance burden for trade. The CBIC has amended the Customs Brokers Licensing Re...
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Posted Date : 26-Jul-2021 , 08:45:52 am | Posted By CASANSAAR
GST Intelligence officials have arrested a Delhi-based businessman here for allegedly fraudulently passing on input tax credit (ITC) worth ₹128 crore, a senior official said on Sunday. Investigations conducted by the officials of the Chandigarh zonal unit of the Directorate General of GST (...
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Posted Date : 24-Jul-2021 , 09:42:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has raised the limit of personal loan amount that can be granted by lenders to directors of other banks and their families at not more than ₹5 crore from ₹25 lakh. "The proposals for credit facilities of an amount less than ₹25 or ₹5 crore...
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Posted Date : 22-Jul-2021 , 09:52:53 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016 on 14th July, 2021. The amendment regulations enhance the discipline, transparency, and account...
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Posted Date : 21-Jul-2021 , 09:12:07 am | Posted By CASANSAAR
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authorized dealer ...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 565
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Posted Date : 20-Jul-2021 , 08:37:55 am | Posted By CASANSAAR
The Delhi High Court has directed the Central Bureau of Investigation (CBI) to launch an enquiry into an email, sent from the official address of the Income Tax Department to a taxpayer seeking adjournment of the case under e-proceedings. The court order follows the petitioner, Three C Homes, whi...
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Posted Date : 20-Jul-2021 , 08:33:05 am | Posted By CASANSAAR
Corporate houses spend a huge sum on Corporate Social Responsibility (CSR) for the welfare of workers and local people in the country. This was stated by Minister of State for the Ministry of Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in the Lok Sabha today. Giving...
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Posted Date : 17-Jul-2021 , 09:06:18 am | Posted By CASANSAAR
Insolvency resolution professionals hired by lenders to rescue bankrupt companies cannot continue in that role if any of their colleagues represent any of the parties in that case, says a new rule brought out by the Insolvency and Bankruptcy Board of India (IBBI). The change seeks to eliminate a ...
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Posted Date : 15-Jul-2021 , 09:36:14 am | Posted By CASANSAAR
In a relief to resident welfare association (RWA) members across middle and high-end housing societies, the Madras High Court has ruled that the goods and services tax (GST) is applicable to monthly maintenance amount exceeding ₹7,500 only and not on the full amount. The decision overturns ...
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Posted Date : 15-Jul-2021 , 09:30:42 am | Posted By CASANSAAR
‘Popularity is not a measure of reliability’ appears to have played on the minds of the Supreme Court, which on Wednesday said messages exchanged on social media platform WhatsApp have no evidential value and that the author of such WhatsApp messages cannot be tied to them, especially in...
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Posted Date : 15-Jul-2021 , 09:21:05 am | Posted By CASANSAAR
The Cabinet Committee chaired by the Hon’ble Prime Minister Shri Narendra Modi today has approved increase the Dearness Allowance to Central Government employees and Dearness Relief to pensioners with effect from 01.07.2021 to 28% representing an increase of 11% over the existing rate of 17% o...
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Posted Date : 14-Jul-2021 , 10:10:34 am | Posted By CASANSAAR
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intell...
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Posted Date : 13-Jul-2021 , 09:32:04 am | Posted By CASANSAAR
GST officers have busted a network of 23 entities involved in creation of fake invoices worth Rs 551 crore and passing inadmissible input tax credit worth Rs 91 crore. Based upon specific intelligence, the officers of the anti-evasion branch of Central Goods and Service Tax (CGST) Commissionerate...
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Posted Date : 10-Jul-2021 , 09:50:04 am | Posted By CASANSAAR
In a bid to address information asymmetry among investors, stock exchanges, BSE and NSE, on Friday came out with a framework for dealing with companies undergoing corporate insolvency resolution process. In the recent past, the exchanges have come across instances where the approved resolution pl...
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Posted Date : 10-Jul-2021 , 09:45:53 am | Posted By CASANSAAR
The CBIC has streamlined certain processes in Customs faceless assessment under which a customs officer would have to communicate his 'first decision' on the import document filed by an importer within three working hours. In a circular to all principal chief commissioners of customs, the...
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Posted Date : 10-Jul-2021 , 09:40:05 am | Posted By CASANSAAR
In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series IV) will be opened for the period July 12-16, 2021 with Settlement date July 20, 2021. The issue price of the Bond during the subscription period shall be Rs 4,807 (Rupees Fo...
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Posted Date : 08-Jul-2021 , 08:46:48 am | Posted By CASANSAAR
The Reserve Bank of India has imposed monetary penalties on 14 banks including Bank of Baroda and State Bank of India (SBI) for non-compliance of rules. While Bank of Baroda has been fined two crore rupees, Bandhan Bank, Bank of Maharashtra, Central Bank of India, Credit Suisse, Indian Bank, IndusIn...
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Posted Date : 07-Jul-2021 , 10:05:12 am | Posted By CASANSAAR
The economic impact the 'second wave' of Covid-19 showed on Goods and Service Tax (GST) as collections for June 2021 fell to Rs 92,849 crore, the Finance Ministry said on July 6. This is the first time in nine months that monthly GST collections have slipped below the Rs 1 lakh crore mark. ...
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Posted Date : 07-Jul-2021 , 09:29:34 am | Posted By CASANSAAR
The Union Government has created a separate Ministry of Co-operation for realizing the vision of 'Sahkar se Samriddhi'. This Ministry will provide a separate administrative, legal and policy framework for strengthening the cooperative movement in the country. It will help deepen co-operative...
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Posted Date : 06-Jul-2021 , 09:40:28 am | Posted By CASANSAAR
The Central Board of Direct Taxes, CBDT has granted further relaxation in electronic filing of Income Tax Forms 15CA and 15CB and extended the date of filing from 30th June to 15th July, 2021. The taxpayers can now submit these forms in manual format to the authorized dealers till 15th of this month...
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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
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- Bank Branch Statutory Audit Updates 2019
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- 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
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