NFRA finds certain lapses in audit quality of Walker Chandiok & Co
Posted Date : 30-Dec-2023 , 10:01:13 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) on Friday found certain lapses in the auditing-related activities of audit firm Walker Chandiok & Co LLP during detailed audit quality inspections.
The regulator initiated an audit quality inspection of Walker Chandiok & Co LLP in Decemb...
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NFRA |
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CBDT clarifies applicability of TDS liability for e-retailers on ONDC
Posted Date : 29-Dec-2023 , 09:14:26 am | Posted By CASANSAAR
The income tax department on Thursday clarified the applicability of TDS liability of e-retailers trading through the government's ONDC initiative.
As per the FAQ issued by the Central Board of Direct Taxes (CBDT), a 1 per cent TDS will have to be deducted from the gross sale amou...
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CBDT |
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Zomato receives Rs. 402 Cr show cause notice for unpiad GST on delivery charges collected from customers
Posted Date : 28-Dec-2023 , 08:50:41 am | Posted By CASANSAAR
Online delivering platform Zomato Ltd, on December 28, announced that it has received show cause notice (SCN) from theGoods and Services Tax (GST) office for supposed tax liability of ?401.7 crore, in addition to interest and penalty on the delivery fee collection from its customer from the period o...
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GST |
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SEBI extends deadline for demat and mutual fund nomination
Posted Date : 28-Dec-2023 , 08:45:30 am | Posted By CASANSAAR
Capital markets regulator Securities and Exchange Board of India (SEBI) on Wednesday extended the deadline for demat and mutual fund account holders to provide a nomination. As per the market regulator, the deadline has now been extended to 30 June 2024.
Earlier, the deadline to nominate a ...
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SEBI |
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RBI drafts new rules for Authorised Persons to become Money Changers.
Posted Date : 28-Dec-2023 , 08:19:14 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is drafting new rules to allow ‘authorised persons' to become money changers under the Foreign Exchange Management Act (FEMA)
First announced in RBI's statement on Development and Regulatory Politics dated June 8, 2023, a draft licensing framework in ...
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RBI |
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GST Amnesty Scheme appeals applicable till 31st January 2024
Posted Date : 27-Dec-2023 , 08:10:23 am | Posted By CASANSAAR
In a bid to assist taxpayers grappling with Goods and Services Tax (GST) issues, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant amnesty scheme. This initiative allows specified GST taxpayers to lodge appeals against GST tax demand orders until January 31, 2024.
...
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GST |
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RBI Releases Draft Licensing Framework for Authorised Persons Under FEMA
Posted Date : 27-Dec-2023 , 08:02:57 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today released a draft 'Licensing Framework for Authorised Persons (APs)' under Foreign Exchange Management Act (FEMA), 1999.
According to RBI release, the focus of the draft norms is on rationalising the authorisation framework for money changers in ...
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RBI |
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CBDT Notifies ITR (Income Tax Return) forms 1 and 4 for AY 2024-25
Posted Date : 23-Dec-2023 , 10:13:10 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified ITR forms 1 (SAHAJ) and 4 (SUGAM), which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25.
ITR forms for a particular financial year are usually notified b...
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CBDT |
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NFRA Flags Gaps in Statutory Audits done by top Audit Firms
Posted Date : 23-Dec-2023 , 09:34:02 pm | Posted By CASANSAAR
NFRA flags documentation gaps in some Big Four firms
The National Financial Reporting Authority (NFRA) has found deficiencies in the audit processes of BSR & Co, Deloitte Haskins & Sells, SRBC & Co, and Price Waterhouse Chartered Accountants (PwC) in its inspection report 2022, releas...
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NFRA |
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CBDT amends definition of intra-group loans for safe harbour
Posted Date : 21-Dec-2023 , 08:33:03 am | Posted By CASANSAAR
In line with new business practices, the Union finance ministry has amended the definition of intra-group loans and has removed the condition of sourcing the loan in Indian rupees. It has also amended the circumstances when they can be treated as safe harbour.
The Central Board of Direct Ta...
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CBDT |
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GST Act amendments to strengthen tribunals passed by Parliament
Posted Date : 21-Dec-2023 , 08:29:50 am | Posted By CASANSAAR
The Rajya Sabha on Wednesday passed the Central Goods and Services Tax (Second Amendment) Bill, 2023, which seeks to increase the upper age limit of president and members of the GST Appellate Tribunal and allows advocates with 10 years of experience to be eligible to become a member of the tribunal....
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GST |
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Supreme Court quashes GST department's plea against HC order on input tax credit
Posted Date : 19-Dec-2023 , 08:38:39 am | Posted By CASANSAAR
The Supreme Court has quashed a petition filed by the authorities against a Calcutta High Court ruling that said that input tax credit (ITC) to a buyer cannot be denied on the ground that a seller has not paid tax under the goods and services tax (GST) regime unless there was a proper investigation....
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GST |
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SEBI allows brokers to invest clients’ fund in overnight MF Schemes
Posted Date : 14-Dec-2023 , 09:07:54 am | Posted By CASANSAAR
Capital market regulator SEBI has allowed stock brokers and clearing members to park client funds in mutual fund overnight schemes as they invest only in risk-free government securities.
Brokers and clearing members should ensure that the overnight schemes invest only in government bond, overnigh...
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SEBI |
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Ashneer Grover moves NCLT, alleges oppression, mismanagement at BharatPe
Posted Date : 12-Dec-2023 , 08:43:07 pm | Posted By CASANSAAR
Ashneer Grover, former managing director of BharatPe, has moved the National Company Law Tribunal (NCLT), Delhi, alleging opression and mismanagement at the company.
The case came up for hearing on December 6, wherein his lawyer sought additional time to address the tribunal on maintainability. T...
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Corporate Law |
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0 | Hits : 666
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Punjab Govt orders Audit of 19,000 Co-op Societies across State
Posted Date : 06-Dec-2023 , 08:36:48 am | Posted By CASANSAAR
The government has asked the Registrar, Cooperative Societies, to get an audit of all finances and assets of 19,000 cooperative societies in the state.
The order has been issued by the Special Chief Secretary, Cooperatives, asking for immediate compliance from the department.
Following this, R...
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Auditing |
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21,791 fake GST registrations, suspected tax evasion of Rs 24,000 Cr detected in special drive
Posted Date : 06-Dec-2023 , 08:33:50 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on December 5 said GST officers have detected 21,791 fake GST registrations and over Rs 24,000 crore of suspected tax evasion during a two-month-long special drive. In a written reply to a question in Rajya Sabha, the minister said to safeguard the interest of hon...
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GST |
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Indian Banks write off Rs.10.6 Lakh Cr in 5 years, 50% linked to Large Corporates
Posted Date : 05-Dec-2023 , 07:21:56 am | Posted By CASANSAAR
The government on Monday informed the Lok Sabha that all Scheduled Commercial Banks have written off nearly Rs 10.6 lakh crore in the last 5 years, out of which nearly 50 per cent belong to large industrial houses. It also said that nearly 2300 borrowers, each having a loan amount of Rs 5 crore or m...
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Banking |
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NFRA has Superior Powers over ICAI for Professional Misconduct - NCLAT
Posted Date : 05-Dec-2023 , 07:12:34 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has superior and overriding powers over the Institute of Chartered Accountants of India (ICAI) in matters relating to professional misconduct of chartered accountants (CAs), the National Company Law Appellate Tribunal (NCLAT) has ruled in a judgment ...
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NFRA |
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Investment firm BlackRock stake in Suzlon Energy surpasses 5% level
Posted Date : 03-Dec-2023 , 08:09:56 am | Posted By CASANSAAR
Investment firm BlackRock Inc's equity holding has surpassed the five per cent level in renewable energy solution provider Suzlon Energy with the acquisition of about 24.73 lakh shares.
"The aggregate holdings of BlackRock, Inc. (on behalf of discretionary management clients) in Su...
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Shares & Stock |
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0 | Hits : 997
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Cabinet approves Terms of Reference for the Sixteenth Finance Commission
Posted Date : 30-Nov-2023 , 07:39:23 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Terms of Reference for the Sixteenth Finance Commission.
The Terms of Reference for the Sixteenth Finance Commission will be notified in due course of time. The 16th Finance Commission’s recommendations, ...
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Finance |
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GSTN Advisory for the procedures and provisions related to the GST Amnesty Scheme
Posted Date : 30-Nov-2023 , 07:35:33 am | Posted By CASANSAAR
Advisory for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline for the orders passed on or before March 31, 2023.
1. Amnesty for Taxpayers: The GST Council, in its 52nd meeting, recommended granting amnesty to taxpayers who...
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GST |
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Income tax Department introduces new ‘Discard ITR’ facility on Income Tax Website
Posted Date : 29-Nov-2023 , 07:21:13 am | Posted By CASANSAAR
The income tax (I-T) department has introduced a crucial functionality on its website allowing taxpayers to discard their previously filed but unverified Income Tax Returns (ITR). Earlier, taxpayers were allowed to revise the ITR only in case of error or omission.
“The income tax portal has...
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Income Tax |
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0 | Hits : 570
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Delhi HC imposes Rs 2 lakh fine on ex-Bharat Pe MD Ashneer Grover for derogatory posts
Posted Date : 29-Nov-2023 , 07:18:00 am | Posted By CASANSAAR
The Delhi High Court on November 28 imposed a fine of Rs 2 lakh on Ashneer Grover, the former Managing Director and co-founder of Bharat Pe, for sharing inappropriate posts about Bharat Pe. The action, however, was taken despite Grover giving assurance to the court that he would refrain from doing s...
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Income Tax |
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0 | Hits : 391
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RBI updates the Alert List of unauthorized forex trading platforms
Posted Date : 28-Nov-2023 , 07:16:09 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has added the following entities/platforms/websites to the Alert List of unauthorized forex trading platforms. Updated Alert List is available here.
Sr. No
Name
Website
1
Admiral Market
https://admiralmarket...
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RBI |
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0 | Hits : 399
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SEBI Plans to Introduce Same-Day Trade Settlement by March 2024
Posted Date : 27-Nov-2023 , 08:21:09 pm | Posted By CASANSAAR
Capital markets regulator Sebi aims to introduce same-day settlement of trades on stock exchanges by March 2024 and eventually have real time settlement, its Chairperson Madhabi Puri Buch said on Saturday. Already, the watchdog reduced the settlement timelines to as short as one day.
“Sebi ...
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SEBI |
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0 | Hits : 308
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Faceless scrutiny assessment under GST may take some time - GSTN
Posted Date : 23-Nov-2023 , 07:09:48 am | Posted By CASANSAAR
GST authorities may take some time to introduce faceless scrutiny assessment of tax returns filed under Goods and Services Tax (GST), a senior official said on Wednesday. The faceless assessment — under which there is no physical interaction between the tax officer and the assessee and no phys...
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GST |
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GST notice of Rs. 400 Cr Sent to Zomato, Rs. 350 Cr to Swiggy
Posted Date : 23-Nov-2023 , 07:06:55 am | Posted By CASANSAAR
Zomato and Swiggy, the country's top two food delivery aggregators, have reportedly come under the scrutiny of tax authorities, with notices of a combined value of ?750 crore sent to them, a report said on November 22.
Zomato, which has the biggest share in India's online food delivery ma...
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GST |
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0 | Hits : 608
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CBDT Amended ITR-7 Permitting Assesses Taxable Income to File ITR-7 for AOPs Tax Rate
Posted Date : 22-Nov-2023 , 08:10:32 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) through its Notification No. 94/2023 dated 31/10/2023 has introduced changes to the ITR-7 form to accommodate the taxable income of individuals eligible to file the ITR-7 form under the tax rates applicable to AOP, which aligns with the slab rates applicable ...
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Income Tax |
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Centre plans to appoint advocates as judicial members in GST Appellate Tribunal Benches
Posted Date : 22-Nov-2023 , 08:00:50 am | Posted By CASANSAAR
The government plans to amend the CGST Act in the winter session of Parliament that will allow advocates with experience in litigation to be appointed as judicial members in GST appellate tribunal benches.
Finance ministry officials said the amendments would increase the maximum age of the presid...
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GST |
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0 | Hits : 639
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SEBI eases rule for physical securities' holders without PAN, KYC details
Posted Date : 18-Nov-2023 , 08:41:41 pm | Posted By CASANSAAR
Capital markets regulator Sebi on Friday decided to do away with the provision of requiring the freezing of folios without PAN, KYC details and nomination for all holders of physical securities.
The move, aimed at simplifying the rule, will come into force with immediate effect, the Securities an...
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SEBI |
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