-
Posted Date : 13-May-2023 , 08:25:32 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday, May 12, imposed a penalty of Rs 2.92 crore on Canara Bank for non-compliance with certain provisions of directions issued by the central bank. This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the val...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1054
-
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...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1582
-
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...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 976
-
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...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 5431
-
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...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1421
-
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...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 443
-
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 ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1506
-
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&...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 443
-
Posted Date : 01-Apr-2023 , 07:45:00 am | Posted By CASANSAAR
IBBI conducts the Limited Insolvency Examination (LIE) in pursuance to regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, for prospective Insolvency Professionals. The said Regulations inter-alia empower IBBI to determine the syllabus, of LIE w...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 758
-
Posted Date : 28-Mar-2023 , 09:59:13 pm | Posted By CASANSAAR
The last date for linking PAN and Aadhaar has been extended to 30th June this year to provide some more time to the taxpayers. In a statement, Central Board of Direct Taxes, CBDT said, from 1st July, the PAN of taxpayers who have failed to intimate their Aadhaar will become inoperative. The CBDT sai...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 398
-
Posted Date : 13-Mar-2023 , 10:25:21 pm | Posted By CASANSAAR
As many as 68,000 cases have been picked up for e-verification by the income tax department for underreporting of income in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta said on Monday. Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Inf...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1223
-
Posted Date : 21-Feb-2023 , 08:12:32 am | Posted By CASANSAAR
Income tax department on Monday released a 'tax calculator' which will help an assessee decide if the new income tax regime announced in the Budget is good for him/her or if the old one is better. The tax calculator is live on the income tax department's portal. "...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 556
-
Posted Date : 23-Jul-2022 , 02:35:09 pm | Posted By CASANSAAR
To curb fraudulent availment of input tax credit (ITC) and tax evasion, the Central Board of Indirect Taxes (CBIC) will soon identify about 40,000 goods and services tax (GST) returns for 2018-19, based on the risk parameters, for scrutiny. This would be the second such batch of GST ret...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 801
-
Posted Date : 12-Jul-2022 , 09:21:32 am | Posted By CASANSAAR
The legislation for privatisation of select-public sector banks, which is considered to be in the offing for past few months, could be introduced in the upcoming Monsoon Session of the Parliament, sources told CNBC TV18 on July 11. Both the houses of Parliament will convene fo...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1122
-
Posted Date : 14-Jun-2022 , 08:15:20 am | Posted By CASANSAAR
Authorities will allow the country’s taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes. This is even if they had settled the case under the direct tax dispute resolution scheme — Vivad se Vishwas — without deviating from the o...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 507
-
Posted Date : 12-Jun-2022 , 08:32:55 am | Posted By CASANSAAR
RBL Bank on Saturday said the Reserve Bank of India (RBI) has approved the appointment of R Subramaniakumar as Managing Director and CEO of the Bank for three years tenure. Subramaniakumar's tenure will begin from the date of his taking charge, under Section 35B of the Ban...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 527
-
Posted Date : 08-Jun-2022 , 07:18:10 am | Posted By CASANSAAR
The income tax department on Tuesday directed vendor Infosys to address fresh technical glitches on the tax department’s e-filing portal. “Issue relating to the search functionality of the e-filing website has come to our notice. The income tax department is seized...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 492
-
Posted Date : 26-May-2022 , 08:47:21 am | Posted By CASANSAAR
In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following five Non-Banking Financial Companies (NBFCs): Sr. No. Name ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 809
-
Posted Date : 11-May-2022 , 11:17:21 am | Posted By CASANSAAR
Central Bureau of Investigation conducted raids at 40 locations linked to NGO representatives, their middlemen, and home ministry officials for allegedly facilitating violation of foreign funding rules. Raids were conducted at multiple locations in Delhi, Chennai, Hyderabad, Coimbatore, Mysore, and ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1642
-
Posted Date : 08-May-2022 , 09:13:08 am | Posted By CASANSAAR
The ED on Saturday arrested a chartered accountant under the anti-money laundering law in a case linked to alleged embezzlement of MGNREGA funds in Jharkhand's Khunti district as part of which state mining secretary and IAS officer Pooja Singhal and others were raided, officials said. ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 745
-
Posted Date : 05-May-2022 , 07:57:35 am | Posted By CASANSAAR
Nearly 90,000 reassessment notices that were issued by the income tax (I-T) department after April 1, 2021 under the provisions of the unamended section 148 have been held as valid by the Supreme Court (SC). These reassessment notices had been challenged in as many as 9,000 writ petitions acros...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 4386
-
Posted Date : 30-Apr-2022 , 07:26:23 am | Posted By CASANSAAR
The timeline to update #UDIN is extended till 31st May 2022 to give more time to CAs to correctly verify and upload UDINs. https://twitter.com/casansaar/status/1520208877664751616...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 584
-
Posted Date : 23-Apr-2022 , 09:52:50 am | Posted By CASANSAAR
The income tax department has made it mandatory for people who make large transactions but report incomes below the tax exemption limit to file returns, an official order said. The idea is to expand the oversight of economic activities and ensure that those who undertake large transactions file...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 766
-
Posted Date : 19-Apr-2022 , 09:07:47 am | Posted By CASANSAAR
After Goods and Services Tax (GST) department’s crackdown against bogus billing, income tax department too has started tightening its noose around the accused. After analysing the data of bogus sales and purchases and bank entries, I-T department too is regularly issuing notices to the people ...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 3038
-
Posted Date : 16-Apr-2022 , 07:54:10 am | Posted By CASANSAAR
A high-level committee has proposed an overhaul of the audit architecture, including a ban on non-audit work in “public interest” or large companies, and mandating auditors of holding companies to look into the accounts of subsidiaries. The panel, whose recommendations were released...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 809
-
Posted Date : 09-Apr-2022 , 08:17:18 am | Posted By CASANSAAR
While announcing the monetary policy on Friday, the Reserve Bank of India (RBI) Governor Shaktikanta Das said RBI has proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI). RBI Governor said the absence of need...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1166
-
Posted Date : 06-Apr-2022 , 08:28:24 am | Posted By CASANSAAR
The Parliament has passed the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022 with the Rajya Sabha approving it today. The Lok Sabha has already passed the Bill. The Bill seeks to amend the Chartered Accountants Act, 1949, the Cost and Works A...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 789
-
Posted Date : 31-Mar-2022 , 09:19:28 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Wednesday clarified on the new norms governing related party transactions that will come into effect from April 1. The regulator said listed companies need not seek fresh approval from the shareholders for a related party transaction (RPT) th...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 826
-
Posted Date : 31-Mar-2022 , 08:09:54 am | Posted By CASANSAAR
Under the provisions of the Income-tax Act, 1961 (“the Act”), every person who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before 31st March, 2022. On failure to do so, his PA...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 561
-
Posted Date : 30-Mar-2022 , 10:19:28 pm | Posted By CASANSAAR
Bank Branch Audit 2022 - Update on allotment of Branches As per information received, RBI has approved the Bank Branch Audit Panel. Banks start sending mails for allotment of Branches.. We Have Posted all details of Bank Branch Audit Allotment at our Twitter Account, ...
Continue Reading... Category : Income Tax | Comments : 5 | Hits : 20640
- 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
Fresh Income tax news only on casansaar covering details for Income tax return,efiling, calculator,refund, income tax slab,forms,rates etc in india
