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SEBI to auction property of Saradha Group's property on Oct 17
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 ...

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Category : SEBI | Comments : 0 | Hits : 274

GSTN Advisory - Geocoding Functionality for the Additional Place of Business
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...

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Category : GST | Comments : 0 | Hits : 245

CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the A,Y. 2023-24
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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Category : CBDT | Comments : 0 | Hits : 387

SEBI Imposes Rs.2.46 Cr Penalty on Company, Directors for Misrepresenting Financial Statements
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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Category : SEBI | Comments : 0 | Hits : 895

SBI to send chocolates to borrowers who are likely to default on monthly repayments
Posted Date : 17-Sep-2023 , 09:27:15 pm | Posted By CASANSAAR

The nation's largest lender State Bank of India is adopting a novel way to ensure timely repayments, especially by its retail borrowers, by greeting those likely to default on monthly installments with a pack of chocolates. According to the bank, it has been found that a borrower who is plann...

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Category : Banking | Comments : 0 | Hits : 405

GSTN Advisory - Time limit for Reporting Invoices on the IRP Portal
Posted Date : 16-Sep-2023 , 03:35:19 pm | Posted By CASANSAAR

Dear Taxpayers,   1.It is to inform you that it has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than 100 crores.   2.To ensure timely compliance, taxpayers in this category will n...

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Category : GST | Comments : 0 | Hits : 296

Government notifies 31 Benches of GST Appellate Tribunal
Posted Date : 16-Sep-2023 , 10:07:29 am | Posted By CASANSAAR

The Finance Ministry notified the constitution of 31 Appellate Tribunals across 28 States and eight Union Territories for the Goods and Services Tax (GST) late on Thursday night, setting the stage to resolve a growing number of taxpayer disputes with the Revenue Department. The establishment of t...

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Category : GST | Comments : 0 | Hits : 369

CBI registers corruption case against former Income-Tax Additional Commissioner and others
Posted Date : 16-Sep-2023 , 10:03:53 am | Posted By CASANSAAR

The Central Bureau of Investigation (CBI) has registered an alleged corruption case against a former Additional Commissioner of Income Tax, Santosh Karnani, his wife, one director of an Ahmedabad-based firm and others. It is based on the findings of another case taken over by the agency in Octobe...

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Category : Income Tax | Comments : 0 | Hits : 2114

Special Parliament Session Starts from Monday, 18th September 2023
Posted Date : 14-Sep-2023 , 05:26:13 pm | Posted By CASANSAAR

A five-day-long Special Parliament Session will be held from Monday. A Parliamentary Bulletin said, that on the first day a discussion on the Parliamentary Journey of 75 years starting from Samvidhan Sabha - Achievements, Experiences, Memories, and Learnings will be held in Lok Sabha.  The G...

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Category : General | Comments : 0 | Hits : 265

CA Praveena Anjana Crowned Miss International India 2023
Posted Date : 14-Sep-2023 , 08:13:47 am | Posted By CASANSAAR

Praveena Anjana of Udaipur has been crowned Miss International India 2023, gaining her position to represent India at the Miss International pageant in Japan this October. Praveena Anjana of Udaipur has been crowned Miss International India 2023, gaining her position to represent India at the Mis...

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Category : Chartered Accountant | Comments : 0 | Hits : 2320

RBI directs banks to release property documents within 30 days of loan repayment
Posted Date : 14-Sep-2023 , 08:06:48 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has directed banks and other financial institutions to release all the movable and immovable property documents within 30 days of the full repayment of loans. Besides that, it has also stated that lenders will need to compensate borrowers in case of any delay in relea...

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Category : RBI | Comments : 0 | Hits : 360

RBI Issues Revised Guidelines for Investment of Commercial Banks
Posted Date : 13-Sep-2023 , 09:16:57 am | Posted By CASANSAAR

The Reserve Bank of India on Tuesday issued revised classification, valuation and operation guidelines for the investment portfolio of commercial banks, which will be effective from April 1, 2024. Banks will have to categorise investments into three categories from the next financial year: availa...

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Category : RBI | Comments : 0 | Hits : 214

Goods in Transit can't be Seized under GST law without inquiry - High Court
Posted Date : 12-Sep-2023 , 08:36:21 am | Posted By CASANSAAR

Court rules the items cannot be confiscated without investigation even if the original supplier does not have GST registration. The case relates to a trader who bought iron scrap from a company in Vijayawada. The Andhra Pradesh High Court has ruled that the goods and services tax (GST) authoritie...

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Category : GST | Comments : 0 | Hits : 1064

Average Processing time of Income Tax Returns (ITR) reduced to 10 days
Posted Date : 07-Sep-2023 , 08:51:24 am | Posted By CASANSAAR

Average processing time of Income Tax Returns (ITR) has reduced to ten days in the Assessment Year 2023-24. Average processing time of ITR was 82 days in the Assessment Year 2019-20, and 16 days in Assessment Year 2022-23.   Income Tax Department said, it is committed to process the ITR in a ...

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Category : ITR | Comments : 0 | Hits : 418

Govt to reassess mandatory joint audit plan for big companies
Posted Date : 07-Sep-2023 , 08:48:25 am | Posted By CASANSAAR

The government is having a rethink on a proposal to mandate joint audits of large firms by amending the Companies Act, as it weighs larger deliberations on the issue of fixing audit accountability when things go wrong, said a person aware of the details. In a joint audit, two or more audit firms ...

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Category : Auditing | Comments : 0 | Hits : 1034

Govt notifies valuation methodology for calculating GST on online gaming, casino
Posted Date : 07-Sep-2023 , 08:43:17 am | Posted By CASANSAAR

The government on September 1 notified amendments to GST law in relation to the valuation methodology to be adopted by online gaming companies and casinos for calculating tax. The Ministry of Finance notified amendments to Central GST law for calculating value of supply in case of online gaming a...

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Category : GST | Comments : 0 | Hits : 334

CBDT processed 88 percent ITR, refunds over Rs 2.45 Cr issued till Sep. 5
Posted Date : 06-Sep-2023 , 08:53:59 am | Posted By CASANSAAR

The Income Tax Department has processed refunds of over Rs 2.45 crore for 6.84 crore verified Income tax returns (ITRs), bringing down the average processing time to 10 days for the assessment year 2023-24 “The department’s efforts to provide seamless and expeditious taxpayer services...

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Category : ITR | Comments : 0 | Hits : 434

RBI allows Pre-Sanctioned Credit Lines through UPI
Posted Date : 05-Sep-2023 , 12:38:29 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) Monday said the Unified Payments Interface (UPI) System will also include pre-sanctioned credit lines issued by banks for transactions. Earlier, only the deposited amount could be transacted through the UPI System.     On April 6, 2023, the Reserve Bank...

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Category : RBI | Comments : 0 | Hits : 1030

GST revenue rises 11% to Rs 1.59 lakh Cr in August 23
Posted Date : 02-Sep-2023 , 07:21:42 am | Posted By CASANSAAR

The gross GST revenue collected in August is 1,59,069 crore rupees. This includes CGST of 28,328 crores, SGST of 35,794 crores, and IGST of 83,251 crores.  The government has settled 37,581 crores to CGST and 31,408 crores to SGST from IGST. The total revenue of Centre and the States in Augu...

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Category : GST | Comments : 0 | Hits : 650

AI (Artificial Intelligence) can't substitute human intelligence in court - High Court
Posted Date : 28-Aug-2023 , 08:19:19 am | Posted By CASANSAAR

Artificial intelligence can substitute neither the human intelligence nor the humane element in the adjudicatory process, the Delhi high court has held and said ChatGPT can't be the basis of adjudication of legal or factual issues in a court of law. Justice Prathiba M Singh stated that the ac...

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Category : General | Comments : 0 | Hits : 792

SEBI proposes brokers stay away from unregulated financial influencers
Posted Date : 26-Aug-2023 , 07:45:51 am | Posted By CASANSAAR

Market regulator Securities Exchange Board of India (SEBI) on Friday released a consultation paper on the association of registered intermediaries with ‘finfluencers’ or digital and social media influencers broadly operating in the space of financially literacy and business.  The...

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Category : SEBI | Comments : 0 | Hits : 497

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Posted Date : 25-Aug-2023 , 04:40:15 pm | Posted By CASANSAAR

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Category : General | Comments : 0 | Hits : 792

Govt plans to reduce income tax refund processing time
Posted Date : 25-Aug-2023 , 08:23:48 am | Posted By CASANSAAR

The income tax department is planning to reduce the average processing time for getting tax refunds. As per a report in Business Standard, the tax department is mulling over the reduction of days to 10 from the current 16 days. The report says that the new timeline is expected to be implemented d...

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Category : Income Tax | Comments : 0 | Hits : 517

CBIC Notifies Common Authority to Adjudicate GST Notices from Multiple States
Posted Date : 22-Aug-2023 , 08:29:47 am | Posted By CASANSAAR

In a move that is likely to help firms struggling with GST notices from different states, the Central Board of Indirect Taxes and Customs has started designating a single common authority to deal with similar matters of an assesses who has different GST numbers across the country.  The CBIC ...

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Category : GST | Comments : 0 | Hits : 617

Delhi HC seeks Centre’s stand in plea against including CA, CS among Reporting Entities under PMLA
Posted Date : 22-Aug-2023 , 08:27:09 am | Posted By CASANSAAR

The Delhi High Court Monday sought the Centre’s stand in a plea against a notification where chartered accountants, company secretaries and cost accountants have been included among “reporting entities” under the Prevention of Money Laundering Act (PMLA) A division bench of Chie...

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Category : General | Comments : 0 | Hits : 927

CBDT notifies rules for valuing rent-free accommodation perquisite provided by employers
Posted Date : 20-Aug-2023 , 06:28:43 am | Posted By CASANSAAR

Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to save more and get a higher take-home salary as the income tax department has revised norms for valuing such perquisites. The Central Board of Direct Taxes (CBDT) on August 18 ...

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Category : CBDT | Comments : 0 | Hits : 389

CBI arrests CGST official for demanding Rs 30 lakh bribe
Posted Date : 19-Aug-2023 , 08:01:59 am | Posted By CASANSAAR

The CBI has arrested a CGST official in Mumbai for allegedly demanding Rs 30 lakh as bribe for settling tax issues related to a company based in China, officials said on Friday. Hemant Kumar, the Central Goods and Services Tax (CGST) superintendent, posted at Bhiwandi Commissionerate demanded Rs 30 ...

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Category : GST | Comments : 0 | Hits : 572

RBI launches UDGAM portal for searching unclaimed deposits across multiple banks
Posted Date : 18-Aug-2023 , 08:29:18 am | Posted By CASANSAAR

The Reserve Bank of India on Thursday launched a centralised Web portal, UDGAM (Unclaimed Deposits Gateway to Access Information), for members of the public to make it easier to search their unclaimed deposits across multiple banks at one place. UDGAM, which was launched by RBI Governor Shaktikan...

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Category : RBI | Comments : 1 | Hits : 1643

CBDT invites comments on Form 6C for inventory valuation by Cost Accountants in Special Audit
Posted Date : 17-Aug-2023 , 10:10:32 am | Posted By CASANSAAR

CBDT invites comments on draft Form No. 6C formulated for implementing the amendment to sub-section (2A) of Section 142 of the Income-tax Act, 1961, introduced vide Finance Act, 2023, pertaining to inventory valuation by Cost Accountant.  Suggestions/Comments on the draft Form No. 6C have be...

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Category : CBDT | Comments : 0 | Hits : 709

ChatGPT costs $700,000 daily, maker may go bankrupt in 2024
Posted Date : 17-Aug-2023 , 08:04:24 am | Posted By CASANSAAR

OpenAI spends roughly $700,000 per day (around Rs. 5.8 crore) to run ChatGPT and Microsoft and other recent investors are covering these costs out of their own pockets. They, however, could turn off the tap if Sam Altman-led company doesn't turn a profit soon and it may go bankrupt by the end of...

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Category : General | Comments : 0 | Hits : 452

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