Deloitte Resigns as statutory auditor of Byju's and Aakash Educational
Posted Date : 23-Jun-2023 , 09:35:51 am | Posted By CASANSAAR
Deloitte, one of the biggest audit firms in the world, has tendered its resignation as the statutory auditor of Byju's, adding to a long list of troubles for India's most valued startup.
"The financial statements of the Company for the year ended March 31, 2022 are long delayed. We h...
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Category :
Auditing |
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Byju's faces more trouble as its Auditor & 3 Directors quit
Posted Date : 23-Jun-2023 , 09:31:10 am | Posted By CASANSAAR
Three board members of Ed tech company Byju’s resigned on Thursday, June 22. According to reports, Peak XV Partners' GV Ravishankar, Prosus' Russell Dreisenstock and Chan Zuckerberg Initiative's Vivian Wu have stepped down from their responsibilities from the board. The company spo...
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Category :
Corporate Law |
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MCA plans to further intensify Crackdown on Shell Companies
Posted Date : 21-Jun-2023 , 09:37:45 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has already struck off hundreds of thousands of shell companies that are often used to funnel black money, the report said quoting sources in the know
The Ministry of Corporate Affairs (MCA) is planning to further intensify its crackdown against non-functional (s...
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MCA |
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Credit Card holders may have to file declaration with banks for TCS Levy
Posted Date : 21-Jun-2023 , 09:30:00 pm | Posted By CASANSAAR
The tax department is considering a proposal under which credit card holders will have to file a declaration with the issuer entity within a stipulated time, specifying the nature of expenses incurred in foreign currency for the purpose of TCS levy, sources said.
The I-T department is in talks wi...
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Category :
International Business |
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Bombay HC stays RBI Circular allowing Banks to classify accounts as Fraud
Posted Date : 20-Jun-2023 , 09:08:50 am | Posted By CASANSAAR
The division bench of justice Gautam Patel and justice Neela Gokhale was hearing a clutch of petitions, including those filed by Naresh Goyal, the promoter of now defunct Jet Airways, and his wife Anita Goyal among others, contending that the master circular authorised banks to arbitrarily classify ...
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RBI |
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MCA to Consult Practitioners on MCA-21 Glitches
Posted Date : 20-Jun-2023 , 09:02:49 am | Posted By CASANSAAR
With the critical Corporate Affairs Ministry portal, MCA-21, still ridden with glitches, hampering everything from registration of new firms to routine filings by existing firms, the Ministry has decided to hold parleys on the challenges faced by industry.
“Stakeholders’ consultations...
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MCA |
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0 | Hits : 315
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RBI issued new guidelines for locker holders in public sector banks
Posted Date : 14-Jun-2023 , 08:37:40 am | Posted By CASANSAAR
RBI has issued a new guideline for those who have lockers in government banks of the country. In such a situation, now the agreement of the bank locker is being changed. SBI has asked customers to contact their branch soon.
SBI New Bank Locker Agreement: There is great news for SBI customers. Giv...
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RBI |
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0 | Hits : 768
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GST Evasion of Rs.30,000 Cr Unearthed Nationwide
Posted Date : 14-Jun-2023 , 08:20:30 am | Posted By CASANSAAR
A nationwide crackdown by the Goods and Services Tax authorities uncovered tax evasion to the tune of Rs.30,000 crore, allegedly carried out via stolen identities including as many as 18,000 Permanent Account Number (PAN) and Aadhaar cards, people familiar with the development said.
The identitie...
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Category :
GST |
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0 | Hits : 1348
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Wilful Defaulters, Fraudsters can go for Compromise settlement - RBI
Posted Date : 13-Jun-2023 , 08:18:14 am | Posted By CASANSAAR
Wilful defaulters and companies involved in fraud can go for a compromise settlement or technical write-offs by banks and finance companies, as per a circular by Reserve Bank of India (RBI).
Banks can undertake compromise settlements or technical write-offs regarding accounts categorised as wilfu...
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RBI |
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0 | Hits : 497
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10,000 Cr GST Fraud - 3,000 Shell Companies Created on Fake Details
Posted Date : 10-Jun-2023 , 09:44:40 am | Posted By CASANSAAR
A multi-agency probe launched by the Centre to investigate Noida police's claim of having busted a racket of GST fraud to the tune of Rs 10,000 crore has revealed at least 3,000 shell companies were created on fake Aadhaar and PAN details.
On Thursday, the Directorate General of GST Intellige...
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Category :
GST |
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E-Invoice Verifier App by GSTN - Advisory by GSTN
Posted Date : 10-Jun-2023 , 09:34:10 am | Posted By CASANSAAR
1. The E-Invoice Verifier App developed by GSTN, has been introduced which offers a convenient solution for verifying e-Invoices and other related details. GSTN understands the importance of efficient and accurate e-invoice verification, and this app aims to simplify the process for your...
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GST |
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0 | Hits : 588
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Govt seeks applications for hiring 15 judicial, technical members at NCLT, NCLAT
Posted Date : 09-Jun-2023 , 10:08:15 am | Posted By CASANSAAR
The Government has sought applications for a total of 15 positions of judicial and technical members at the National Company Law Tribunal (NCLT) as well as the appellate tribunal NCLAT.
As many as 15 posts, including that of 5 judicial members and 5 technical members, are to be filled up at the...
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Category :
Income Tax |
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0 | Hits : 699
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Big 5 Auditors handle nearly every 2 out of 3 Nifty500 Companies
Posted Date : 09-Jun-2023 , 09:52:52 am | Posted By CASANSAAR
India's five largest audit firms managed as many as 310 assignments of Nifty500 companies in FY23, or almost two out of every 3 audits, shows an analysis by PRIME Database Group.
Out of the Nifty500 companies, auditor details were not available for 2 companies.
In terms of all companies wh...
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Category :
Auditing |
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0 | Hits : 1514
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Company Delays Quarterly Results because its Chartered Accountant Disappeared
Posted Date : 08-Jun-2023 , 12:00:53 pm | Posted By CASANSAAR
In a bizarre case of poor corporate governance, Milestone Furniture, a BSE-SME listed company has delayed announcing its quarterly results because its chartered accountant has “disappeared”.
In a statement to the stock exchange, the company said, “The Board Meeting held on 25th ...
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Category :
Chartered Accountant |
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RBI issues updated list of entities not authorized to deal in forex transactions
Posted Date : 08-Jun-2023 , 09:20:22 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today issued an updated alert list of entities that are not authorized to deal in foreign exchange (forex) transactions or operate electronic trading platforms (ETPs) for forex.
The Apex Bank in its press release issued today added eight names of platforms/we...
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RBI |
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RBI permits banking units at IFSC to settle NDDCs in rupee
Posted Date : 07-Jun-2023 , 07:02:58 am | Posted By CASANSAAR
The Reserve Bank of India said it has permitted banks operating International Financial Services Centre (IFSC) to offer non-deliverable derivatives contracts utilising rupees to resident non-retail users for hedging.
The step has been taken in order to develop the onshore rupee non-deliverable de...
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RBI |
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0 | Hits : 311
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ICAI and Public Sector Banks to set up common platform for balance confirmations
Posted Date : 07-Jun-2023 , 07:01:50 am | Posted By CASANSAAR
Statutory auditors may have cause for cheer as a new mechanism in the form of a common balance confirmation portal is now being put in place to provide “external confirmation of balances” for aiding the audit of financial statements.
Over the years, auditors have been using &ldq...
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ICAI |
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0 | Hits : 1870
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RBI imposes Rs 2.2 Cr Penalty on Indian Overseas Bank
Posted Date : 02-Jun-2023 , 10:17:05 pm | Posted By CASANSAAR
Reserve Bank on Friday imposed a penalty of Rs 2.20 crore on state-owned Indian Overseas Bank (IOB) for non-compliance of income recognition and other deficiencies in regulatory compliance.
The fine is imposed for contravention of the provisions of certain directions issued by RBI on &lsquo...
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RBI |
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0 | Hits : 1323
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CBDT Notifies Scheme for Online Filing and Processing of Appeals
Posted Date : 31-May-2023 , 07:34:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) notified E-Appeals Scheme, 2023 which will speed up hearing of appeals in I-T matters. The Finance Bill in February had proposed a new authority for hearing appeals: Joint Commissioner of Income-Tax (Appeals) or JCIT (A).
As the explanatory memorandu...
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CBDT |
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Advisory on Filing of Declaration In Annexure V by Goods Transport Agency (GTA)
Posted Date : 31-May-2023 , 07:19:40 am | Posted By CASANSAAR
Advisory on Filing of Declaration In Annexure V by Goods Transport Agency (GTA) opting to pay tax under forward charge mechanism
The GTAs, who commence business or cross registration threshold on or after 1st April, 2023, and wish to opt for payment of tax under forward charge mechan...
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Category :
GST |
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0 | Hits : 490
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RBI Governor advises Bank Boards to adopt fair practices for customer protection
Posted Date : 29-May-2023 , 10:43:37 pm | Posted By CASANSAAR
Reserve Bank of India’s Governor Shaktikanta Das advised Bank Boards to adopt fair practices and customer protection including digital lending. Quick and effective redress of customers' grievances reflect the efficacy of a bank’s overall functioning, he added.
Mr. Das was ad...
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RBI |
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Income Tax Dept. to conduct Scrutiny where assessees failed to respond to I.T. Notices
Posted Date : 29-May-2023 , 10:21:25 am | Posted By CASANSAAR
The Income Tax department has come out with guidelines for selection of cases for scrutiny, under which cases wherein assessees have not responded to I-T notices will be picked up for compulsory examination. The department will also undertake cases for scrutiny where specific information regarding t...
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Category :
Income Tax |
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CBIC issues SoPs for scrutiny of GST returns for FY20 onwards
Posted Date : 29-May-2023 , 10:18:16 am | Posted By CASANSAAR
Detailing the standard operating procedure (SoP) for scrutiny of tax returns from the financial year 2019-20 onwards under the Goods and Services Tax (GST) regime, the Central Board of Indirect Taxes and Customs (CBIC) has stated that the analytics unit will identify returns for scrutiny depending o...
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GST |
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0 | Hits : 728
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RBI Slaps Penalty of Rs. 84.50 Lakh on Central Bank for Regulatory Non Compliance
Posted Date : 27-May-2023 , 08:58:13 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has taken action against Central Bank of India by imposing a monetary penalty of ?84.50 lakh (Rupees Eighty four lakh fifty thousand only). The penalty has been imposed due to the bank’s failure to comply with specific provisions outlined in the ‘Reserve B...
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RBI |
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0 | Hits : 427
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Income Tax exemption limit for leave encashment on retirement for salaried employees hiked to Rs 25 lakh
Posted Date : 26-May-2023 , 09:55:45 am | Posted By CASANSAAR
In line with the Budget announcement, the finance ministry on Thursday hiked the tax exemption limit for leave encashment upon retirement for private sector salaried employees to Rs 25 lakh.
So far, the tax exemption on leave encashment for non-government employees was Rs 3 lakh which was fixed...
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Category :
Income Tax |
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0 | Hits : 740
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SEBI asks all foreign funds to identify their parent financial institution
Posted Date : 26-May-2023 , 09:48:25 am | Posted By CASANSAAR
SEBI has asked all foreign funds investing in the country to identify their parent financial institution to help unravel opaque ownership structures, according to a letter seen by Reuters. The letter was sent by the Securities and Exchange Board of India (Sebi) to custodian banks, through which fund...
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SEBI |
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0 | Hits : 336
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10,000 Fraud GST Registrations turn up in first week of drive
Posted Date : 25-May-2023 , 07:38:29 am | Posted By CASANSAAR
Central and state goods and services tax officials have detected about 10,000 fake GST registrations in the first week of a joint drive. The officials are conducting door-to-door physical verification of addresses before initiating any action, people aware of details said. The campaign against fraud...
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Category :
GST |
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0 | Hits : 2449
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CBIC to launch additional disclosures from June 1 to fast-track clearances
Posted Date : 23-May-2023 , 08:31:25 am | Posted By CASANSAAR
The Customs Department is proposing to introduce additional disclosures for the export and import of medicinal products from June 1 to fast-track clearances of shipments. These additional disclosures, once introduced, will reduce queries of Customs officials, which are frequently posed to EXIM trade...
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Category :
Custom |
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0 | Hits : 651
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RBI Governor asks Public Sector Banks to Strengthen Governance
Posted Date : 23-May-2023 , 08:24:10 am | Posted By CASANSAAR
Reserve Bank of India Governor Shaktikanta Das on Monday asked public sector banks to further strengthen their governance and risk management with a view to identify and mitigate risks at an early stage.
The governor was addressing a Conference for the Directors on the Boards of Public ...
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RBI |
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0 | Hits : 420
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NFRA Slapped Rs 5 lakh Fine and 5 Year Ban on Auditor for Lapses
Posted Date : 21-May-2023 , 11:07:57 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) on Friday slapped a fine of Rs 5 lakh and a five-year ban on Auditor (CA Rakesh Puri) for alleged professional misconduct in connection with the audit of Sun and Shine Worldwide Ltd (SSWL) for the financial years 2012-13 and 2013-14.
Besides, Puri...
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NFRA |
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