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Recommendations of 47th GST Council Meeting
Posted Date : 30-Jun-2022 , 09:12:25 am | Posted By CASANSAAR

The 47th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here in Chandigarh today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Choudhary besides Finance Ministers of States...

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Category : GST | Comments : 0 | Hits : 119

IRS officer Nitin Gupta appointed new CBDT chairman
Posted Date : 28-Jun-2022 , 07:56:42 am | Posted By CASANSAAR

The government has appointed Nitin Gupta as Chairman of the Central Board of Direct Taxes (CBDT).   A Committee of Secretaries held a meeting on June 25 and selected Gupta, a 1986 batch IRS officer, as the Chairman of the apex body of Income Tax. &n...

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Category : CBDT | Comments : 0 | Hits : 196

FinMin asks banks to explore fintech partnership, co-lending opportunities
Posted Date : 27-Jun-2022 , 08:33:00 am | Posted By CASANSAAR

The Finance Ministry has asked public sector banks to explore fintech partnerships and co-lending opportunities to expand their business.   In the recently concluded performance review of PSBs by the Finance Ministry, sources said, lenders were asked to foc...

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Category : Finance | Comments : 0 | Hits : 181

GST Council likely to consider changes in monthly tax payment form
Posted Date : 25-Jun-2022 , 09:56:20 am | Posted By CASANSAAR

The GST Council in its meeting next week is likely to consider a proposal for making changes in the monthly tax payment form -- GSTR-3B, which would include auto-population of outward supplies from sales return and non-editable tax payment table, officials said.   ...

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Category : GST | Comments : 0 | Hits : 535

RBI imposes monetary penalty on Indian Overseas Bank for Non-Compliance
Posted Date : 25-Jun-2022 , 09:53:23 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of ₹57.50 lakh on the government-owned Indian Overseas Bank for non-compliance with certain directions. The penalty was related to the directions issued by RBI on Frauds – Classification and Reporting ...

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Category : RBI | Comments : 0 | Hits : 264

RBI issues guidelines for outsourcing of IT services by Banks, NBFCs
Posted Date : 24-Jun-2022 , 08:10:30 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has put forward a few norms on Thursday for the outsourcing of IT services to ring-fence banks and other regulated entities from financial, operational and reputational risks. The RBI has also invited comments from stakeholders by 22 July. ...

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Category : RBI | Comments : 0 | Hits : 294

NFRA penalises Maharashtra firm’s CA for professional misconduct
Posted Date : 23-Jun-2022 , 09:41:11 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA), an independent regulator for the auditing profession, imposed ₹1 lakh fine on a chartered accountant (CA) for professional misconduct and debarred him from undertaking any auditing work for one year.   &l...

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Category : NFRA | Comments : 0 | Hits : 553

NFRA finds huge lapses in Auditing of IL&FS
Posted Date : 23-Jun-2022 , 08:44:11 am | Posted By CASANSAAR

The National Finance Reporting Authority has found a number of gaping holes in the audit of Infrastructure Leasing & Financial Services (IL&FS) for the year 2017-18. These include failure to comply with the basic requirements of audit and violation of norms on quality c...

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Category : NFRA | Comments : 0 | Hits : 342

NFRA finds EY arm SRBC's appointment as Auditor of IL&FS illegal
Posted Date : 23-Jun-2022 , 08:41:42 am | Posted By CASANSAAR

India’s accounting watchdog, the National Financial Reporting Authority, has found the appointment of EY’s audit affiliate, SRBC and Co, as auditors of Infrastructure Leasing & Financial Services Ltd (IL&FS) “illegal”, and said that the audit fir...

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Category : NFRA | Comments : 0 | Hits : 601

400 Chartered Accountants, Company Secretaries under scanner for helping Chinese firms
Posted Date : 19-Jun-2022 , 08:38:12 am | Posted By CASANSAAR

The Central government has recommended disciplinary action against 400 Chartered Accountants (CAs) and Company Secretaries (CSs) for their alleged role in incorporating Chinese shell companies in metropolitan cities by flouting norms and rules, The Hindu has learnt. &nb...

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Category : Chartered Accountant | Comments : 0 | Hits : 1687

RBI lifts business restrictions imposed on Mastercard
Posted Date : 17-Jun-2022 , 08:53:52 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on June 16 lifted the restrictions imposed on Mastercard citing improvement compliance.   "In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) c...

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Category : RBI | Comments : 0 | Hits : 310

47th Meeting of the GST Council on June 28-29 in Srinagar
Posted Date : 17-Jun-2022 , 08:46:13 am | Posted By CASANSAAR

The 47th Meeting of the GST Council will be held on 28th and 29th of this month in Srinagar. GST Council’s last meeting which was held in New Delhi had recommended to defer the decision to change the rates on textiles. The GST Council had decided to reta...

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Category : GST | Comments : 0 | Hits : 277

CBIC issues guidelines for post audit and refund claims under GST
Posted Date : 16-Jun-2022 , 08:59:15 am | Posted By CASANSAAR

The Central Board of Indirect Taxes & Customs (CBIC) has put out a procedure relating to sanction, post-audit and review of refund claims for taxpayers.   This is following several reports CBIC received about different practices being followed by the fi...

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Category : GST | Comments : 0 | Hits : 446

CBDT issues fresh guidance on cross-border disputes for taxpayers
Posted Date : 14-Jun-2022 , 08:15:20 am | Posted By CASANSAAR

Authorities will allow the country’s taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes.   This is even if they had settled the case under the direct tax dispute resolution scheme — Vivad se Vishwas — withou...

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Category : Income Tax | Comments : 0 | Hits : 330

RBI approves appointment of R Subramaniakumar as MD and CEO of RBL Bank
Posted Date : 12-Jun-2022 , 08:32:55 am | Posted By CASANSAAR

RBL Bank on Saturday said the Reserve Bank of India (RBI) has approved the appointment of R Subramaniakumar as Managing Director and CEO of the Bank for three years tenure.   Subramaniakumar's tenure will begin from the date of his taking charge, under ...

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Category : Income Tax | Comments : 0 | Hits : 398

ED attaches assets worth Rs 2.14 Cr of entry operators in PMLA Case
Posted Date : 10-Jun-2022 , 10:56:17 am | Posted By CASANSAAR

The Enforcement Directorate (ED) on Thursday said it has provisionally attached various immovable and movable properties worth Rs 2.14 crore of entry operators working for Shakti Bhog Foods Limited and their Chartered Accountants, in connection with a money laundering case pert...

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Category : Finance | Comments : 0 | Hits : 1356

RBI allows credit cards to be linked with UPI platform
Posted Date : 10-Jun-2022 , 10:40:04 am | Posted By CASANSAAR

The Reserve Bank on Wednesday allowed credit cards to be linked with the unified payments interface (UPI), which will enable more people to make payments using the popular platform.   At present, UPI facilitates transactions by linking savings or current ac...

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Category : RBI | Comments : 0 | Hits : 399

RBI increases repo rate by 50 basis points
Posted Date : 08-Jun-2022 , 10:31:24 am | Posted By CASANSAAR

Reserve Bank of India (RBI) once again increased its key interest rate by 50 bps on June 8, 2022, in a bid to target rising inflation.   The repo rate — the rate at which RBI lends to commercial banks — stands at 4.90%. Last month the central ba...

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Category : RBI | Comments : 0 | Hits : 1117

Infosys directed to fix glitches on income tax e-filing portal
Posted Date : 08-Jun-2022 , 07:18:10 am | Posted By CASANSAAR

The income tax department on Tuesday directed vendor Infosys to address fresh technical glitches on the tax department’s e-filing portal.   “Issue relating to the search functionality of the e-filing website has come to our notice. The income ta...

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Category : Income Tax | Comments : 0 | Hits : 382

RBI comes out with provisioning norms for large NBFCs
Posted Date : 07-Jun-2022 , 08:50:37 am | Posted By CASANSAAR

Reserve Bank of India (RBI) on Monday came out with a set of norms for provisioning for standard assets by large Non-Banking Financial Companies (NBFCs) in view of the increasing role played by such entities in the financial system.   In October last year, ...

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Category : RBI | Comments : 0 | Hits : 997

RBI penalises two co-operative banks for rule violations
Posted Date : 07-Jun-2022 , 08:15:48 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on June 6 imposed a monetary penalty on Bassein Catholic Co-operative Bank and Jila Sahakari Kendriya Bank Maryadit for non-compliance with certain directives issued by it.   The central bank imposed a monetary penalty of Rs ...

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Category : RBI | Comments : 0 | Hits : 307

Govt clearance must for Chinese nationals' appointment as directors in Indian companies
Posted Date : 04-Jun-2022 , 09:03:51 am | Posted By CASANSAAR

In a bid to prevent Chinese companies from circumventing Indian laws to do business in the country, the government has come up with a notification that requires land border-sharing nations' citizens who are appointed as directors on boards of companies to obtain a security ...

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Category : Companies Act | Comments : 0 | Hits : 1110

RBI imposes monetary penalty on Punjab and Sind Bank for Non Compliance
Posted Date : 04-Jun-2022 , 08:58:02 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of ₹27.50 lakh on a public sector bank, Punjab & Sind Bank for non-compliance with certain directions of the central bank.   The penalty was for non-compliance with RBI directions on...

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Category : RBI | Comments : 0 | Hits : 871

GST revenue collections touch Rs 1,40,885 crore for May 2022
Posted Date : 02-Jun-2022 , 08:28:00 am | Posted By CASANSAAR

The Gross Goods and Services Tax, GST revenue collections in the month of  May 2022 remained at  one lakh 40 thousand and 885 crore rupees. This is the fourth time when the GST collection crossed 1.40 lakh crore mark since its inception and  third month at a stre...

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Category : GST | Comments : 0 | Hits : 546

Two private banks to be sold in the country, centre to speed up law change process
Posted Date : 28-May-2022 , 08:39:52 am | Posted By CASANSAAR

The Centre speed up the process of privatising two State-owned banks. News agency PTI quoted a source from the Centre as saying on Wednesday. The Modi government at the Centre had earlier amended the 'Banking Regulation Act' to pave the way for private investment in Sta...

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Category : Banking | Comments : 0 | Hits : 731

GST officials can’t force recovery during searches
Posted Date : 27-May-2022 , 11:05:03 am | Posted By CASANSAAR

Tax authorities will now face action if a taxpayer makes voluntary payment of tax during a search. In a move aimed at curbing instances of use of force or coercion, the Central Board of Indirect Taxes and Customs (CBIC) has directed its field formations that recovery of tax due...

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Category : GST | Comments : 0 | Hits : 609

RBI cancels registration of 5 NBFCs due to irregular lending practices
Posted Date : 26-May-2022 , 08:47:21 am | Posted By CASANSAAR

In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following five Non-Banking Financial Companies (NBFCs): Sr. N...

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Category : Income Tax | Comments : 0 | Hits : 680

RBI-constituted panel to review customer service standards in banks, NBFCs
Posted Date : 24-May-2022 , 04:12:40 pm | Posted By CASANSAAR

The RBI on Monday said it has set up a committee to evaluate the efficacy, adequacy and quality of customer service in banks, NBFCs, and other entities regulated by it.   The six-member committee headed by former RBI deputy governor B P Kanungo has been ask...

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Category : RBI | Comments : 0 | Hits : 602

Finance Minister discusses Fraud GST Refunds with Chartered Accountants delegation
Posted Date : 24-May-2022 , 09:00:13 am | Posted By CASANSAAR

Amid some chartered accountants coming under the scanner for alleged fraudulent GST refunds, Finance Minister Nirmala Sitharaman held discussions with a delegation of chartered accountants' apex body Institute of Chartered Accountants of India (ICAI) on "various issues...

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Category : ICAI | Comments : 0 | Hits : 642

600 branches closed down, Central Bank of India employees to go on two-day strike on May 30-31
Posted Date : 24-May-2022 , 08:47:48 am | Posted By CASANSAAR

To oppose blatant privatisation of public sector banks, lakhs of employees associated with the two public sector banks – Bank of Baroda and Central Bank of India – have announced two-day nationwide strike on May 30-31.   Bank of Baroda is the th...

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Category : Banking | Comments : 0 | Hits : 579

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