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Mahindra looks to scale up global play after cheating and fraud with indian customers
Posted Date : 16-Aug-2023 , 09:04:02 am | Posted By CASANSAAR

Mahindra looks to scale up global play after cheating and fraud with indian customers Mahindra & Mahindra on said it aims to bolster its presence globally as it unveiled a pickup concept, which it plans to introduce in the international markets. but the reality is they dont have the capaci...

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Category : General | Comments : 0 | Hits : 400

Parliament passes bills to levy 28% GST on e-gaming making registration mandatory for offshore platforms
Posted Date : 12-Aug-2023 , 08:24:24 am | Posted By CASANSAAR

Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs. The Central GST (Amendment) Bill, 2023, and the Integrated GST (Amendment) Bill, 2023, piloted by Finance Minister...

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Category : GST | Comments : 0 | Hits : 945

PwC resigns as auditor of Paytm Payments Services
Posted Date : 09-Aug-2023 , 09:30:45 pm | Posted By CASANSAAR

Price Waterhouse Chartered Accountants LLP (PwC) on Monday resigned as the statutory auditor of Paytm Payments Services Ltd (PPSL). One 97 Communications, the parent company of Paytm, said PwC has not raised any concern or issue. PwC was appointed as statutory auditor of PPSL for five years fr...

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Category : Auditing | Comments : 0 | Hits : 459

Delhi HC dismisses Ashneer Grover's plea against income tax notice issued under Black Money Act
Posted Date : 04-Aug-2023 , 07:36:03 am | Posted By CASANSAAR

The Delhi High Court on Tuesday dismissed a plea filed by Ashneer Grover, former managing director of BharatPe, challenging an income tax notice issued to him under Section 8 of the Black Money Act.  The high court asked Grover's counsel to withdraw the petition voluntarily, or the court...

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Category : Income Tax | Comments : 0 | Hits : 1000

Results of CA Foundation June 2023 Exams likely to be declared on 7th/8th Aug.2023
Posted Date : 04-Aug-2023 , 07:14:16 am | Posted By CASANSAAR

Examination Department The Institute of Chartered Accountants of India 3rd August, 2023IMPORTANT ANNOUNCEMENT The results of the Chartered Accountants Foundation Examination held in June 2023 are likely to be declared on late evening (9.00 p.m.) of Monday, the 7th August, 2023/early mornin...

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Category : CA Exams | Comments : 0 | Hits : 570

Recommendations of 51st GST Council Meeting
Posted Date : 03-Aug-2023 , 08:42:50 am | Posted By CASANSAAR

GST Council recommends certain amendments in CGST Act 2017 and IGST Act 2017, including amendment in Schedule III of CGST Act, 2017, to provide clarity on taxation of supplies in casinos, horse racing and online gaming GST Council also recommends inserting a specific provision in IGST Act, 2017 t...

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Category : GST | Comments : 0 | Hits : 1203

UGC declares 20 Universities as FAKE and not empowered to confer any degree
Posted Date : 03-Aug-2023 , 08:33:44 am | Posted By CASANSAAR

  The University Grants Commission (UGC) on Wednesday announced that it has identified and declared 20 universities across India as "fake." These institutions are not authorized to grant any degrees to students. Among these universities, the highest number (eight) is located in Del...

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Category : General | Comments : 0 | Hits : 1249

Over 96,000 companies voluntarily wound up operations in last five years
Posted Date : 01-Aug-2023 , 06:56:00 am | Posted By CASANSAAR

Over 96,000 companies have wound up their operations in the past five years, according to the Ministry of Corporate Affairs. Businesses opt for winding up for various reasons, including financial unviability. From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily,...

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Category : Corporate Law | Comments : 0 | Hits : 1490

Hostel / PG accommodation to attract 12% GST - AAR
Posted Date : 30-Jul-2023 , 08:53:50 am | Posted By CASANSAAR

Students will have to shell out more for hostel accommodation as a 12 per cent GST would be applicable on the rent paid, the Authority of Advance Ruling said in two separate cases. The Bengaluru bench of the Authority of Advance Ruling (AAR) said hostels are not akin to residential dwelling units...

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Category : GST | Comments : 0 | Hits : 678

Loan re-negotiation does not free Company, Auditors from showing interest liability in financial statements - NFRA
Posted Date : 29-Jul-2023 , 08:10:25 am | Posted By CASANSAAR

NFRA debarred an Ahmedabad-based auditor for one year and imposed a monetary penalty of Rs.100,000 in the case which involved audit of a clothing company after its investigation found alleged irregularities in the financial statements of FY16. Ongoing negotiations with banks and non-bank lenders ...

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Category : NFRA | Comments : 0 | Hits : 680

E- invoicing under GST mandatory for businesses with aggregate turnover of Rs 5 Cr from August 1
Posted Date : 29-Jul-2023 , 07:19:03 am | Posted By CASANSAAR

Starting August 1, businesses with aggregate turnover of Rs 5 crore or more will have to mandatorily opt for e-invoicing under the Goods and Services Tax (GST).  “GST taxpayers whose aggregate turnover exceeds Rs 5 crore in any financial year ... Generating e-invoices for both supply o...

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Category : GST | Comments : 0 | Hits : 472

Govt to set up online audit mechanism under GST, - arliamentary panel
Posted Date : 28-Jul-2023 , 07:22:10 am | Posted By CASANSAAR

The Union government will set up an online audit mechanism under the Goods and Services Tax (GST) in order to streamline the process, as suggested by a parliamentary panel in its report on ‘anti-competitive practices by the big tech companies’. “The ministry has accepted the rec...

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Category : GST | Comments : 0 | Hits : 346

RBI permits banks to open vostro accounts from 22 countries for trade in rupee
Posted Date : 27-Jul-2023 , 07:07:30 am | Posted By CASANSAAR

The Reserve Bank has permitted 20 banks operating in the country to open 92 Special Rupee Vostro Accounts (SRVAs) of partner banks from 22 countries as part of efforts to promote bilateral trade in local currencies, the government said on Wednesday. In a written reply to Lok Sabha, Minister of St...

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Category : RBI | Comments : 0 | Hits : 442

GST evasion by nearly 15,000 entities worth Rs 38,000 Cr detected
Posted Date : 26-Jul-2023 , 06:54:32 am | Posted By CASANSAAR

Even as tax authorities plan to plug loopholes to tighten compliance for goods and services tax (GST), they have already identified nearly 15,000 entities and have detected evasion of more than Rs 38,000 crore over the years. This includes fraudulent cases of GST registration by misusing PAN and Aad...

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Category : GST | Comments : 0 | Hits : 295

Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
Posted Date : 25-Jul-2023 , 01:32:36 pm | Posted By CASANSAAR

CLICK ON THE LINK FOR COMPLETE VIDEO, https://youtu.be/bbla_-LmrJQ A cavalier attitude towards filing of income tax returns (ITRs), complete with fake rent receipts from close relatives, extra claims against home loans, false donations and a slew of dodgy practices encouraged by some of the ta...

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Category : Income Tax | Comments : 0 | Hits : 336643

Over 4 Cr ITRs filed for FY23 so far, 7% new filers this time - CBDT
Posted Date : 25-Jul-2023 , 07:57:16 am | Posted By CASANSAAR

More than four crore income tax returns (ITRs) for the 2022-23 financial year have been filed so far and about 7 per cent of these are new or first-time filers, CBDT chairperson Nitin Gupta said on Monday. He said that more than half of these ITRs have been processed leading to 80 lakh refunds ti...

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Category : ITR | Comments : 0 | Hits : 297

Interest rate on deposits under EPF scheme hiked to 8.15% for FY 2022-23
Posted Date : 25-Jul-2023 , 07:55:11 am | Posted By CASANSAAR

The government has approved an interest rate of 8.15 percent on deposits under the Employees Provident Fund scheme for the financial year 2022-23. According to the Employees' Provident Fund Organization (EPFO), the Ministry of Labour and Employment has conveyed the approval of the Central gov...

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Category : Income Tax | Comments : 0 | Hits : 278

e-Invoice Exemption Declaration Functionality Now Available - GSTN
Posted Date : 25-Jul-2023 , 07:53:01 am | Posted By CASANSAAR

  Dear Taxpayers, 1.GSTN is pleased to inform you that the e-Invoice Exemption Declaration functionality is now live on the e-Invoice portal. This functionality is specifically designed for taxpayers who are by default enabled for e-invoicing but are exempted from implementing it under th...

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Category : GST | Comments : 0 | Hits : 564

Banks write off Bad Loans worth Rs 2.09 lakh crore in 2022-23 - RBI
Posted Date : 24-Jul-2023 , 07:24:07 am | Posted By CASANSAAR

Banks wrote off bad loans worth over Rs 2.09 lakh crore (around US $ 25.50 billion) during the year ended March 2023, taking the total loan write-off by the banking sector to Rs 10.57 lakh crore (around $ 129 billion) in the last five years, the Reserve Bank of India (RBI) said in a Right to Informa...

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Category : RBI | Comments : 0 | Hits : 237

Auditors must follow process, Auditing must not be ticking exercise - NFRA
Posted Date : 22-Jul-2023 , 11:14:56 am | Posted By CASANSAAR

Audit regulator NFRA's chief Ajay Bhushan Prasad Pandey on Friday said auditors should follow the due process and auditing should not be just a "ticking" exercise. Highlighting the importance of financial reporting, he said that audit documentation should speak for themselves. &q...

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Category : NFRA | Comments : 0 | Hits : 1887

Notice to Kumar Vishwas by a CA for his Derogatory Remarks against Professionals
Posted Date : 20-Jul-2023 , 07:30:34 am | Posted By CASANSAAR

Notice Sent to Kumar Vishwas by Advocate (CA) Dr. Suneel Maggo for his Derogatory Remarks against Professionals (Chartered Accountants and Company Secretaries). We had discussed the matter with Advocate Suneel Maggo and the same has been uploaded on the youtube but on the pressure of Kumar Vishwa...

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Category : ICAI | Comments : 0 | Hits : 3392

Income tax dept processed 1.5 Cr ITRS of total 3 Cr filed
Posted Date : 20-Jul-2023 , 07:12:55 am | Posted By CASANSAAR

Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday. "Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 9...

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Category : Income Tax | Comments : 0 | Hits : 636

Listed Companies will have to make all business deals Public - SEBI
Posted Date : 19-Jul-2023 , 08:24:42 am | Posted By CASANSAAR

Listed companies must disclose to the public all information on business deals and arrangements that have a bearing on their prospects.  Securities and Exchange Board of India (Sebi) last week tightened the listing obligations and disclosure requirements (LODR) regulations that mandated firm...

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Category : SEBI | Comments : 0 | Hits : 504

ED arrests former I-T officer, 2 Associates in Rs 263-crore TDS scam
Posted Date : 15-Jul-2023 , 06:53:35 am | Posted By CASANSAAR

The Enforcement Directorate (ED) on Friday arrested former Income-Tax (I-T) officer Tanaji Mandal Adhikari and his associates Bhushan Patil and Rajesh Shetty in connection with a Rs 263-crore TDS scam. Adhikari allegedly generated fake TDS (Tax Deducted at Source) refunds to the tune of Rs 263 crore...

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Category : Income Tax | Comments : 0 | Hits : 1229

Brought GST under PMLA purview to empower investigators in fighting financial fraud - Centre
Posted Date : 13-Jul-2023 , 08:26:45 am | Posted By CASANSAAR

The Centre’s move to bring the Goods and Services Tax Network (GSTN) under the purview of the Prevention of Money Laundering Act (PMLA) was to empower the relevant investigating agencies to deal with tax fraud and money laundering matters, and not giving outright access to data to any party, s...

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Category : Income Tax | Comments : 0 | Hits : 596

Recommendations of 50th Meeting of GST Council
Posted Date : 12-Jul-2023 , 07:03:37 am | Posted By CASANSAAR

In the 50th Meeting of the GST Council, inter-alia the following recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST were made: Changes in GST Tax Rates: Recommendations relating to GST rate...

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Category : GST | Comments : 0 | Hits : 421

GST Council agrees to levy 28 per cent tax on online gaming on full face value
Posted Date : 11-Jul-2023 , 09:21:32 pm | Posted By CASANSAAR

The GST Council on Tuesday agreed to levy a 28 per cent tax on online gaming, casinos and horse racing and the tax would be levied on full face value. West Bengal finance minister Chandrima Bhattacharya said the Council has also approved the exemption of GST on import of cancer drug Dinutuximab...

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Category : GST | Comments : 0 | Hits : 322

SEBI Enhances Accountability of Mutual Fund Trustees
Posted Date : 11-Jul-2023 , 10:52:24 am | Posted By CASANSAAR

Amidst the growing scale of the mutual fund industry, Securities and Exchange Board of India (SEBI) has increased the role and accountability of the Trustees in a bid to safeguard unit holder’s interest.   SEBI has further said that a unit holder protection committee (UHPC) by the board...

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Category : SEBI | Comments : 0 | Hits : 327

Around 25% of 69,000 Suspected GST Accounts Fake, Rs 15,000 Cr Evasion likely
Posted Date : 08-Jul-2023 , 05:50:14 pm | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) has found that nearly 25 percent of suspected Goods and Services Tax accounts do not exist or have vanished after availing benefits of around Rs 15,000 crore. Rs. The evasion and fake accounts have been unearthed as part of an ongoing two-mon...

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Category : GST | Comments : 0 | Hits : 1140

CBIC plans tighter GST regulation norms using geo-tagging, biometrics
Posted Date : 08-Jul-2023 , 05:48:37 pm | Posted By CASANSAAR

Following detection of about 12,500 fake entities, Goods and Services Tax (GST) authorities are looking to tighten registration norms with biometric authentication and geo-tagging of risky entities. Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri on Saturday said the return f...

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Category : GST | Comments : 0 | Hits : 396

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