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Posted Date : 28-Oct-2023 , 08:00:07 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) will soon open its Central Processing Centre (CPC) for processing of forms related to all compliances for companies. This is aimed to free up capacity at the offices of Regional Directors and Registrar of Companies to deal with enforcement matters, of...
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Posted Date : 28-Oct-2023 , 07:53:34 am | Posted By CASANSAAR
Income Tax Returns filed by individual taxpayers have registered an increase of 90 per cent from 3.36 crore in Assessment Year 2013-14 to 6.37 crores in 2021-22. Finance Ministry said, the average gross total income for individual taxpayers have registered an increase of 56 percent from 201...
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Posted Date : 26-Oct-2023 , 07:35:35 am | Posted By CASANSAAR
The Reserve Bank of Indiaon Wednesday asked private banks and wholly-owned subsidiaries of foreign banks to ensure at least two Whole Time Directors (WTDs), including the MD & CEO, on their boards to facilitate succession planning. Given the growing complexity of the banking sector, it becomes i...
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Posted Date : 26-Oct-2023 , 07:32:12 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA), the country's accounting regulator, has initiated an inquiry against one of the member firms of Adani Group's longtime auditors EY, Bloomberg reported on October 25, citing sources privy to the development. The inquiry was started in rece...
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Posted Date : 21-Oct-2023 , 08:37:01 am | Posted By CASANSAAR
In yet another case of loan scam, a case of cheating, criminal breach of trust and forgery has been booked against the management of the Ajanta Urban Cooperative Bank as well as the employees concerned who have worked in it since March 2006. The scam is to the tune of Rs 97.4 crore, the city poli...
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Posted Date : 21-Oct-2023 , 08:28:58 am | Posted By CASANSAAR
In a big win for revenue authorities, the Supreme Court has held that the provisions of the 'Most Favoured Nation' clause in a tax treaty are not triggered automatically and a separate notification is required. The SC's order is likely to result in re-opening of several high-value cases,...
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Posted Date : 20-Oct-2023 , 09:51:33 am | Posted By CASANSAAR
The Directorate General of GST Intelligence (DGGI) has detected GST evasion of Rs 1.36 lakh crore so far during the current financial year involving “voluntary payment” of Rs 14,108 crores. The investigation agency under Goods and Services Tax (GST) regime has been working on identifying...
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Posted Date : 17-Oct-2023 , 08:07:04 pm | Posted By CASANSAAR
The Reserve Bank on Tuesday said it has imposed a penalty or Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms. The penalty on private sector lender ICICI Bank has been imposed for contravention of norms related to 'Loans and ...
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Posted Date : 13-Oct-2023 , 12:11:50 pm | Posted By CASANSAAR
The Supreme Court has held that restaurants are not subject to service tax for take away food orders and sharing premises with an associated enterprise. While considering a civil appeal, the Supreme Court upheld the ruling of the Customs Excise Service Tax Appellate Tribunal (CESTAT) and dismissed t...
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Posted Date : 13-Oct-2023 , 12:04:23 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) invites suggestions/comments from public and regulated entities, on the Regulations for simplifying, easing and reducing cost of compliance. The suggestions are invited in pursuance of the announcement made in the Union Budget for FY 2023-24 by ...
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Posted Date : 13-Oct-2023 , 11:56:37 am | Posted By CASANSAAR
GSTN has also provided APIs for ECOs (through whom unregistered persons can supply goods) to integrate with GSTN to obtain the details and facilitate the unregistered suppliers. The APIs are for validating the demographic details of the said suppliers and also for use in tracking and repor...
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Posted Date : 13-Oct-2023 , 11:55:29 am | Posted By CASANSAAR
1.In terms of the recent amendments to the Act and the rules and notification number 34/2023 dated 31.07.2023, persons supplying goods through e-commerce operators shall be exempt from mandatory registration under the CGST Act even if they supply goods through e-commerce operators (ECO) if...
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Posted Date : 08-Oct-2023 , 08:44:12 am | Posted By CASANSAAR
Reserve Bank of India (RBI) is monitoring certain components of personal loans for signs of incipient stress, at a time when the unsecured retail loan portfolio of lenders has grown at a rapid pace. “Banks and NBFCs would be well advised to strengthen their internal surveillance mechanisms,...
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Posted Date : 04-Oct-2023 , 08:49:01 am | Posted By CASANSAAR
Market regulator Sebi has announced the introduction of a centralised system for reporting and verifying the death of an investor. This is aimed at streamlining the process of transferring assets in the securities market. This circular shall come into effect from January 01, 2024. The circular...
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Posted Date : 04-Oct-2023 , 08:45:34 am | Posted By CASANSAAR
If you are eligible for lower or NIL or lower TDS (Tax Deducted at Source) under Income Tax Act, filing for the certificate will be much easier as the Income Tax Department has finalised the e-procedure for the process. The new mechanism has come into effect from October 1. An assessee must compl...
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Posted Date : 03-Oct-2023 , 07:30:06 am | Posted By CASANSAAR
More than 30.75 lakh audit reports, including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the e-filing portal till the end of the due date on 30th September 2023 with respect to filing of Tax Audit Reports (TARs) and other audit reports...
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Posted Date : 29-Sep-2023 , 07:57:18 am | Posted By CASANSAAR
Coming down heavily on a chartered accountant (CA) for negligent review, failure to apply professional skills and lack of sufficient experience while working as an engagement quality control (EQC) partner for the audit of a listed company, the National Financial Reporting Authority (NFRA), barred CA...
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Posted Date : 29-Sep-2023 , 07:46:41 am | Posted By CASANSAAR
India's Adani group has switched the auditor of its main UK subsidiaries to the smaller London-based firm Ferguson Maidment & Co after previous auditor Crowe UK resigned in March, FT reported. Ferguson Maidment & Co audited the annual accounts that Adani Energy Holdings and its subsid...
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Posted Date : 27-Sep-2023 , 07:50:32 am | Posted By CASANSAAR
The Finance Act, 2023, brought in an amendment to bring the consideration received from non-residents for issue of shares by an unlisted company within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fai...
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Posted Date : 26-Sep-2023 , 11:29:04 am | Posted By CASANSAAR
The National Stock Exchange (NSE) is looking to increase trading hours in the equity derivatives segment in a phased manner, a move that will potentially curtail the overnight risk arising from global information flow, a senior official said on Monday. The bourse is planning a session from 6 pm t...
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Posted Date : 26-Sep-2023 , 07:49:32 am | Posted By CASANSAAR
The Reserve Bank on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms. A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on &lsq...
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Posted Date : 25-Sep-2023 , 07:40:13 am | Posted By CASANSAAR
Union Finance Secretary and senior IAS officer T.V. Somanathan on Saturday said Artificial Intelligence (AI) can replace the work being done by auditors and accountants. He was delivering the CA S. Hariharan memorial lecture here. Somanathan said that AI has specific implication for the econom...
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Posted Date : 24-Sep-2023 , 09:08:17 pm | Posted By CASANSAAR
To make surety bond business more attractive, the government is looking at making relevant changes in the Insolvency and Bankruptcy Code (IBC) to consider insurers as financial creditor in case of default of infra projects. The surety bond issued by a general insurance company is a three-party ...
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Posted Date : 23-Sep-2023 , 08:38:52 am | Posted By CASANSAAR
The Reserve Bank on Thursday proposed tighter norms for treatment of wilful defaulters under which banks and other lenders will be required to examine all accounts with outstanding amount of Rs 25 lakh and more to see if the borrower is deliberately not repaying the loan. RBI proposed that lender...
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Posted Date : 23-Sep-2023 , 07:55:05 am | Posted By CASANSAAR
SEBI provides flexibility to large corporates in raising funds through issuance of debt securities. The Securities and Exchange Board of India (SEBI) has decided to provide flexibility to large corporates in raising funds through issuance of debt securities for incremental financing needs. The de...
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Posted Date : 23-Sep-2023 , 07:51:49 am | Posted By CASANSAAR
The National Company Law Tribunal Delhi recently observed that the Insolvency and Bankruptcy Code cannot be used as a recovery tool. “We are of the view that in the present case the applicants are already having demands drafts of amount exceeding the defaulted amount in this petition and mo...
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Posted Date : 21-Sep-2023 , 06:03:26 pm | Posted By CASANSAAR
Market regulator Sebi has said it will auction the property of the Saradha Group of companies next month at a reserve price of over Rs 3 crore to recover money raised by the firm from the public through illicit schemes. The property located in West Bengal will go under the hammer, the Securities ...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 286
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Posted Date : 20-Sep-2023 , 07:36:52 am | Posted By CASANSAAR
Dear Taxpayers, 1.GSTN is pleased to inform that the geocoding functionality for the "Additional Place of Business" address is now active across all States and Union Territories. This builds upon the geocoding functionality earlier implemented for the principal place of busine...
Continue Reading... Category : GST | Comments : 0 | Hits : 253
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Posted Date : 19-Sep-2023 , 08:44:35 am | Posted By CASANSAAR
The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30.09.2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31.10.2023. The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 20...
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Posted Date : 19-Sep-2023 , 08:19:00 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs1.80 crore on Talwalkars Better Value Fitness Ltd (TBVFL) and the company's top executives, including two chairpersons, for misrepresenting the financial statements and failing to make true and adequate dis...
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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
