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Remuneration to a director for providing corporate guarantee to be taxed under GST - CBIC
Posted Date : 31-Oct-2023 , 07:23:58 am | Posted By CASANSAAR

Remuneration or consideration received, directly/indirectly by a serving or separated director, for providing corporate guarantee will be treated as taxable value for GST, the Central Board of Indirect Taxes & Customs (CBIC) has said. This is part of a clarificatory circular, sent by CBIC to its...

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Category : GST | Comments : 0 | Hits : 426

GSTN Advisory related to changes in GSTR-5A
Posted Date : 30-Oct-2023 , 08:13:49 am | Posted By CASANSAAR

"Notification 51/2023 dated 29.09.2023 has introduced Table 5B in GSTR 5A w. e. f 01.10.2023. In this notification, Table 5B has been introduced to report supplies made to Registered GSTINs (B2B supplies). This would be implemented shortly at GSTN and till such time, OIDARs are advised to file ...

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Category : GST | Comments : 0 | Hits : 322

Bank Fraud - ED arrests 2 Promoters, CA of Pharma company, Searches Ashoka University
Posted Date : 29-Oct-2023 , 09:11:45 am | Posted By CASANSAAR

The Enforcement Directorate (ED) on Saturday arrested two promoters of a Chandigarh-based pharma company, who are also the co-founders of the Sonepat-based Ashoka University, and a chartered accountant in a money-laundering probe linked to an alleged bank fraud. Official sources said the central ...

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Category : Banking | Comments : 0 | Hits : 393

Finance Ministry Notifies Prospective 18% GST on Corporate Guarantees
Posted Date : 28-Oct-2023 , 08:07:06 am | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) has said that Goods and Services Tax (GST) will apply to corporate guarantees between related entities such as parent firms and subsidiaries from Thursday, 26 October. The order gives effect to the decision announced by the GST Council on 8 Octo...

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Category : GST | Comments : 0 | Hits : 739

MCA to soon launch centre to process all compliances for companies
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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Category : MCA | Comments : 0 | Hits : 486

Income Tax Returns filed by individual taxpayers registered increase of 90%
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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Category : Income Tax | Comments : 0 | Hits : 334

RBI asks Private Bbanks to have at least 2 Whole-Time Directors
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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Category : RBI | Comments : 0 | Hits : 390

Adani Auditor EY Faces Inquiry by Accounting Regulator NFRA
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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Category : Auditing | Comments : 0 | Hits : 950

Rs. 97.4 Cr Scam in Ajanta Urban Coop Bank, Police Arrested Auditor
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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Category : Bank Branch Audit | Comments : 0 | Hits : 2155

Supreme Court rejects lower tax on dividend under treaties
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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Category : Income Tax | Comments : 0 | Hits : 471

GST Evasion of Rs 1.36 lakh Cr Detected so Far in FY24 - DGGI
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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Category : GST | Comments : 0 | Hits : 426

RBI imposes penalty on ICICI Bank, Kotak Mahindra Bank for violation of norms
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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Category : RBI | Comments : 0 | Hits : 576

SC says restaurants not subject to service tax for take away food orders
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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Category : GST | Comments : 0 | Hits : 1261

IBBI invites suggestions to simplify, ease & reduce cost of compliance of Regulations notified under IBC
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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Category : Insolvent Professional | Comments : 0 | Hits : 629

Facility for the e- commerce operators through whom unregistered suppliers of goods can supply goods - GSTN
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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Category : GST | Comments : 0 | Hits : 504

Facility of enrolment for supply of goods through e-commerce operators by GST un-registered suppliers - GSTN
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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Category : GST | Comments : 0 | Hits : 458

RBI asks banks to monitor personal loans
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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Category : RBI | Comments : 0 | Hits : 911

SEBI to introduce centralised system for reporting, verifying death of an investor
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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Category : SEBI | Comments : 0 | Hits : 976

Simplified e-procedure for nil and lower TDS certificates effective from October 1
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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Category : Income Tax | Comments : 0 | Hits : 2216

More than 30 lakh Audit Reports filed on Income Tax Department’s e-filing portal
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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Category : Tax Audit | Comments : 0 | Hits : 976

NFRA imposed Penalty of Rs. 1 Lakh and Debarred Auditor of SRS Ltd. for 1 year
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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Category : NFRA | Comments : 0 | Hits : 1667

Adani Group appoints new Auditor for UK subsidiaries
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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Category : Auditing | Comments : 0 | Hits : 643

CBDT notifies changes to Rule 11UA in respect of ANGEL TAX
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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Category : CBDT | Comments : 0 | Hits : 532

NSE plans to extend F&O trading hours
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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Category : Shares & Stock | Comments : 0 | Hits : 943

RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank
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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Category : RBI | Comments : 0 | Hits : 538

AI Can Replace Work Being Done by Auditors and Accountants - Union Finance Secretary
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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Category : Auditing | Comments : 0 | Hits : 3967

Govt considers giving financial creditor status to insurers issuing surety bond during resolution
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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Category : Insolvent Professional | Comments : 0 | Hits : 274

RBI proposes stringent norms for wilful defaulters
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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Category : RBI | Comments : 0 | Hits : 568

SEBI eases borrowing norms for large corporates
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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Category : SEBI | Comments : 0 | Hits : 229

IBC Cannot Be Used As A Tool For Recovery - NCLT Delhi
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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Category : Insolvent Professional | Comments : 0 | Hits : 328

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