Delhi High Court refused to stay Netflix Show Tribhuvan Mishra CA Topper
Posted Date : 27-Jul-2024 , 12:50:27 am | Posted By CASANSAAR
Delhi High Court Refuses To Stay Netflix Release Of 'Tribhuvan Mishra CA Topper' Show On ICAI's Plea.
The Delhi High Court has refused to impose an interim stay on the release of Netflix series Tribhuvan Mishra CA Topper, saying it appeared to be in the genre of comedy and cannot be p...
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CA |
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RBI unveils new PCA framework for UCBs
Posted Date : 27-Jul-2024 , 08:36:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday launched the prompt corrective action (PCA) framework for urban co-operative banks (UCBs), on the lines of PCA norms for scheduled commercial banks and non-banking finance companies. The framework will come into effect from April 1, 2025.
The banking regu...
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RBI |
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Punjab losing Rs 20,000 Cr to GST evasion each year
Posted Date : 27-Jul-2024 , 08:33:18 am | Posted By CASANSAAR
At a time when Punjab is passing through the toughest financial crisis, the SGST Department has completely failed to check the evasion of revenue. Due to such evaders, the state is losing huge revenue of more than Rs 20,000 crore a year. The Federation of Punjab Small Industries Association (FOPSIA)...
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GST |
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GSTN Advisory for FORM GSTR-1A
Posted Date : 27-Jul-2024 , 08:23:01 am | Posted By CASANSAAR
FORM GSTR-1A
1. The Government vide notification No. 12/2024 – Central Tax dated 10.07.2024, has introduced FORM GSTR-1A which is an optional Form/ facility. This has been provided to the taxpayers to add or amend particulars of a supply of the current t...
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GST |
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Tax Clearance Certificate Mandatory for Indians before Leaving India
Posted Date : 26-Jul-2024 , 02:40:31 am | Posted By CASANSAAR
The Budget has made the rules stricter for obtaining clearance certificates, which are needed to leave India. Starting October 1, anyone living in India will need a clearance certificate confirming they are clear under the Black Money Act.
According to section 230 of the Income-tax (I-T) Act, any...
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Budget |
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RBI tightens norms for cash pay-outs at Banks
Posted Date : 25-Jul-2024 , 10:39:39 pm | Posted By CASANSAAR
The RBI on Wednesday tightened norms related to cash pay-out service at banks, making it mandatory for lenders to keep a record of recipients.
Cash pay-out refers to arrangements for amounts being transferred out of bank accounts to beneficiaries not having a bank account.
The Reserve Bank of ...
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RBI |
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RBI has declared these 10 types of transactions as Fraud
Posted Date : 25-Jul-2024 , 08:37:22 am | Posted By CASANSAAR
Banks must now designate a specific person or team (nodal point) to report fraud to law enforcement agencies (LEAs) and coordinate with them to meet their needs. If fraud is found, it also needs to be reported to the RBI quickly.
How will reporting work? To ensure consistency, banks will use a sp...
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RBI |
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FAQs issued by CBDT on the new capital gains tax regime proposed in the Budget 2024
Posted Date : 25-Jul-2024 , 08:33:09 am | Posted By CASANSAAR
FREQUENTLY ASKED QUESTIONS (FAQs)
Q1. What are the major changes brought about in the taxation of capital gains by the Finance (No.2) Bill, 2024?
Ans. The taxation of capital gains has been rationalised and simplified. There are 5 broad parameters to this rationalisation ...
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Budget |
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Union Budget 2024 - Capital Gains Taxation Simplified and Rationalised
Posted Date : 23-Jul-2024 , 03:52:55 pm | Posted By CASANSAAR
Simplification and Rationalization of the Capital Gains Tax was one of the key focus areas of the Union Budget 2024-25, presented by the Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman in the Parliament today.
As proposed by Smt. Sitharaman, short term gains on ce...
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Budget |
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Union Budget 2024 - Govt Makes New Tax Regine More Attractive
Posted Date : 23-Jul-2024 , 05:21:07 am | Posted By CASANSAAR
Several attractive benefits to provide tax relief to salaried individuals and pensioners opting for the new tax regime were announced by the Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman while presenting the Union Budget 2024-25 in the Parliament today.
Finance Minister p...
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Budget |
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Summary of the Union Budget 2024-2025
Posted Date : 23-Jul-2024 , 03:45:41 pm | Posted By CASANSAAR
PART A
Despite global economy remaining under the grip of policy uncertainties, India’s economic growth continues to be the shining exception and will remain so in the years ahead. Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman, while presenting the Union Budget 2024-25 in...
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Budget |
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Highlights of the Union Budget 2024-25
Posted Date : 23-Jul-2024 , 03:43:58 pm | Posted By CASANSAAR
The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament today. The highlights of the budget are as follows:
Part-A
Budget Estimates 2024-25:
Total receipts other than borrowings: `32.07 lakh crore.
Total expenditure: `4...
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Budget |
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ITR filing deadline on July 31 - Will Govt extend last date to file tax return?
Posted Date : 23-Jul-2024 , 08:21:53 am | Posted By CASANSAAR
With the July 31 deadline for filing income tax returns rapidly approaching, taxpayers across the country are in a rush to complete their filings.
The Income Tax Department’s website shows that 3.58 crore ITRs have been filed as of July 19, marking an 11% increase compared to the same perio...
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ITR |
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Union Budget 2024 - FM Nirmala Sitharaman's record seventh Budget today
Posted Date : 23-Jul-2024 , 08:12:16 am | Posted By CASANSAAR
Finance minister Nirmala Sitharaman is set to present the Union Budget 2024-25 today after tabling the Economic Survey. The Union Budget will be presented in Parliament at 11am- making it the first budget of Prime Minister Narendra Modi's third term.
This will be Nirmala Sitharaman&rsqu...
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Budget |
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Banks must be fair in conduct with consumers - RBI Governor
Posted Date : 20-Jul-2024 , 08:14:34 am | Posted By CASANSAAR
RBI Governor Shaktkanta Das on Friday said banks and NFCs must be fair in their conduct and practices with consumers as this fosters confidence and public trust in financial institutions which strengthens their stability.
He pointed out that RBI has issued guidelines on Key Facts Statement (KFS),...
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Income Tax |
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RBI mandates lenders to listen to loan defaulters before declaring accounts as fraud
Posted Date : 18-Jul-2024 , 08:25:02 am | Posted By CASANSAAR
The Reserve Bank of India has recently said that lenders should give defaulting borrowers enough time to respond before they are classified as "fraud accounts". The necessary action has been taken to ensure adherence to the principles of natural justice, a fundamental aspect of which is af...
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RBI |
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IRDAI imposes Rs 2 crore penalty on Bajaj Finance for violating regulations
Posted Date : 18-Jul-2024 , 08:21:52 am | Posted By CASANSAAR
Insurance Regulatory and Development Authority of India (IRDAI) has levied a penalty of Rs 2 crore on Bajaj Finance for the violation of regulatory norms, the Pune-based NBFC said in an exchange filing on July 16.
The non-banking financial company said the insurance regulator had conducted an ons...
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General |
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NCLT admits Byju's to Insolvency Resolution Process
Posted Date : 17-Jul-2024 , 08:18:55 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) on July 16 admitted embattled ed-tech company Byju's parent Think and Learn to insolvency resolution process in a plea filed by the Board of Control for Cricket in India (BCCI).
The tribunal has appointed Pankaj Srivastava as the interim resolution pro...
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Insolvent Professional |
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Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals
Posted Date : 16-Jul-2024 , 09:45:21 pm | Posted By CASANSAAR
GSTN wish to inform that NIC is releasing the integrated services from e-invoice-1 and e-invoice-2 portals on 18th July 2024 on sandbox portals and 1st Aug 2024 on the production portals. These portals run in parallel and now allow for seamlessly inter-operations. The highlights of th...
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GST |
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RBI issues revised circular to declare accounts as fraud, incorporates SC ruling on borrower rights
Posted Date : 16-Jul-2024 , 08:23:14 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on July 15 issued revised master directions on the classification of frauds to incorporate Supreme Court’s 2023 judgment on ‘natural justice’ for borrowers before their account was tagged as fraudulent.
The master circular issued on July 15 ...
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RBI |
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Refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports
Posted Date : 15-Jul-2024 , 07:11:37 am | Posted By CASANSAAR
1. GST Council has approved that application of refund of additional IGST paid on account of upward revision in prices of goods subsequent to exports may also be processed by Tax Administration. Accordingly, Notification No. 12/2024-Central Tax dt. 10th July, 2024 has also been issued. GST...
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GST |
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Audit Panels of Companies should step up Engagement with Auditors - NFRA
Posted Date : 13-Jul-2024 , 09:54:03 am | Posted By CASANSAAR
Audit panels of companies, comprising mostly independent directors, need to deepen their engagement with auditors to ensure transparent reporting of financials, National Financial Reporting Authority (NFRA) chairman Ajay Bhushan Prasad Pandey said.
The audit committees typically oversee the statu...
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NFRA |
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CBIC issues fresh norm for recovery of GST dues
Posted Date : 13-Jul-2024 , 09:50:36 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has issued a fresh guideline to address the recovery of outstanding dues till the Goods and Services Tax Appellate Tribunal (GSTAT) becomes functional.
Taxpayers can escape the tax recovery process by paying the pre-deposit amount via their e...
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GST |
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SEBI recognises BSE as supervisory body for research analysts, investment advisers
Posted Date : 13-Jul-2024 , 08:34:40 am | Posted By CASANSAAR
Capital markets regulator Sebi on Friday said it has recognised BSE Ltd as a supervisory body for research analysts and investment advisers to oversee their management and administration.
In its circular, Sebi said, "BSE Ltd has been granted recognition under regulation 14 of the RA regulati...
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SEBI |
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CA Intermediate and Final May 2024 Exam Pass percentage and Toppers
Posted Date : 11-Jul-2024 , 03:56:55 am | Posted By CASANSAAR
ICAI CA Inter & Final Result 2024 Updates: Pass percentage of Inter exam
- Group I: 27.15% pass
- Group II: 18.28% pass
- Both groups: 18.42% pass
ICAI CA Inter & Final Result 2024 Updates: Pass Percentage of Final exam
- Group I: 27.35% pass
- Group II: 36.35...
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CA Results |
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RBI urges CFOs of Banks to maintain open, honest communication with Auditors
Posted Date : 10-Jul-2024 , 08:59:50 am | Posted By CASANSAAR
Reserve Bank of India (RBI) Deputy Governor Swaminathan J on July 9 urged the chief financial officers (CFOs) of commercial banks and All India Financial Institutions to maintain open and honest communication within their organisations as well as with auditors and supervisors.
“Integral to ...
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RBI |
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Increase in size of documents upload for GST New Registration and Amendment
Posted Date : 10-Jul-2024 , 08:13:42 am | Posted By CASANSAAR
GSTN is pleased to inform that changes have been made in size of document upload in Principal Place of Business and Additional Place of Business for New Registration and Amendment catering to the grievances received in the matter from trade.
Taxpayer can now upload following documents up to ...
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GST |
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NCLT bars CA from being appointed as statutory auditor for colluding with company’s fraudulent activities
Posted Date : 09-Jul-2024 , 01:00:31 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT), Bengaluru Bench, has prohibited a city-based chartered accountant (CA) from being appointed as a statutory auditor of any company for a period of five years for “committing fraud along with the company by not reporting the discrepancies and fraudu...
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Auditing |
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ICAI allowed to issue orders against Big Four affiliates - Delhi High Court
Posted Date : 07-Jul-2024 , 09:31:12 am | Posted By CASANSAAR
The Delhi High Court has said that the Institute of the Chartered Accountants of India (ICAI) is "fully empowered" to act against the affiliates of the Big Four firms. In a July 3 order, it also lifted the stay issued against the ICAI orders earlier.
The court also said that the firms, ...
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ICAI |
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FM Nirmala Sitharaman to Present Union Budget on July 23
Posted Date : 06-Jul-2024 , 06:48:15 am | Posted By CASANSAAR
Union Parliamentary Affairs Minister Kiren Rijiju announced on Saturday (July 6) that Parliament's Budget Session is set to begin on July 22, 2024, and will run until August 12, 2024.
Taking to X (formerly Twitter), he also announced the date for the presentation of the budget, i.e., on...
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Budget |
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