HighLights of Union Budget 2022-23
Posted Date : 01-Feb-2023 , 01:56:04 pm | Posted By CASANSAAR
The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2023-24 in Parliament today. The highlights of the Budget are as follows:
PART A
Per capita income has more than doubled to ₹1.97 lakh in around nine years.
Indian economy has increased in s...
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Budget |
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Summary of Union Budget 2022-23
Posted Date : 01-Feb-2023 , 01:54:55 pm | Posted By CASANSAAR
In the 75th year of India’s Independence, the World has recognized the Indian Economy as a ‘bright star’ as the Economic Growth is estimated at 7 per cent, which is the highest among all major economies, in spite of the massive global slowdown caused by COVID-19 and Russia-Ukraine ...
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Economic Survery 2022-2023 - High Lights
Posted Date : 31-Jan-2023 , 02:36:09 pm | Posted By CASANSAAR
Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, presented the Economic Survey 2022-23 in the Union Parliament today. The highlights of the Survey are as follows:
State of the Economy 2022-23: Recovery Complete
Recovering from pandemic-induced contraction, Russi...
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Summary of the Economic Survery 2022 - 23
Posted Date : 31-Jan-2023 , 09:03:18 am | Posted By CASANSAAR
India to witness GDP growth of 6.0 per cent to 6.8 per cent in 2023-24, depending on the trajectory of economic and political developments globally.
The optimistic growth forecasts stem from a number of positives like the rebound of private consumption given a boost to production ...
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Budget |
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Income Tax Case reopened in light of SC judgment in Ashish Agarwal to be completed by 31.05.2023
Posted Date : 30-Jan-2023 , 09:31:26 am | Posted By CASANSAAR
Time barring for completion of assessment in the cases reopened in consonance with the Judgement of Hon’ble Supreme Court of India in civil appeal No. 3005/2022 in the case of UoI vs. Ashish Agarwal and ors. (2022 SCC Online SC 543) – Regarding-
Ref: CBDT Instruction No. 0...
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Income Tax |
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SC notice on Kerala GST law permitting levy of tax under repealed VAT regime
Posted Date : 23-Jan-2023 , 08:28:57 am | Posted By CASANSAAR
The Supreme Court has sought response from commercial tax authorities in a petition challenging the legality of provisions in the Kerala Goods and Services Tax (GST) law which allows assessment, levy and collection of tax under the repealed Value Added Tax (VAT) regime.
A Bench of Justices S. Ravin...
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GST |
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NFRA to introduce annual transparency report requirement for Audit Firms
Posted Date : 18-Jan-2023 , 09:15:43 am | Posted By CASANSAAR
In a first of its kind move aimed at improving audit quality, the National Financial Reporting Authority (NFRA) on Monday proposed introducing annual transparency reports requirement for audit firms. The watchdog has come out with draft requirements to be followed by auditors and audit firms for pre...
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NFRA |
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NFRA seeks e-locker for auditors to keep digital docs safe
Posted Date : 14-Jan-2023 , 11:28:13 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has been working to implement a mechanism for auditors which could help them to keep their files safe in a tamper-proof way.
The authority has been looking for a similar mechanism like DigiLocker which caters to individuals.
Wiser f...
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NFRA |
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Cost Accountants to do Audit of companies under Companies Act 2013?
Posted Date : 11-Jan-2023 , 07:21:59 am | Posted By CASANSAAR
The President of Institute of Cost Accountant of India (ICAI) in his January News letter has informed the members that the Institute is making regular follow-up with the Ministry on its representation submitted to the Hon’ble Union Minister for Finance and Corporate Affairs to allow Cost Accou...
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ICAI |
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CBI files chargesheet against Ludhiana based Pvt Co., Directors & Statutory Auditor
Posted Date : 05-Jan-2023 , 05:02:10 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Tuesday filed chargesheet against a Ludhiana-based private company and its three directors, statutory auditor and two group concerns based in Punjab, in a case of bank fraud of around ₹1,530.99 crore.
The CBI submitted the chargesheet in Mohali...
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ICAI |
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UIDAI enables ‘Head of Family’ based online address update in Aadhaar
Posted Date : 05-Jan-2023 , 09:01:56 am | Posted By CASANSAAR
The Unique Identification Authority of India (UIDAI) has put in place a resident friendly facility to help them update address in Aadhaar online with the consent of the Head of Family (HoF).
The HoF based online address update in Aadhaar will be of great help to the relative(s) of a residen...
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General |
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RBI to Audit 9,500 NBFCs to check on levels of compliance
Posted Date : 04-Jan-2023 , 02:45:46 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) is likely to engage the services of external auditors to audit majority of the 9,500-odd non-banking finance companies (NBFCs) to delve into their operations and check whether their registered office is at the place mentioned in their application for registration, amo...
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RBI |
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Rs 1,49,507 crore GST Revenue collected for December 2022
Posted Date : 02-Jan-2023 , 08:50:51 am | Posted By CASANSAAR
The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and Cess is Rs 11,005 crore (including Rs 850 cror...
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GST |
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Small Savings Schemes become attractive with up to 8% Returns
Posted Date : 31-Dec-2022 , 11:01:50 am | Posted By CASANSAAR
Small Savings Schemes Interest Rate For January-March 2023: Even as the interest rates have been revised upwards on all small savings schemes, except Sukanya Samridhhi Yojana and public provident fund (PPF), the interest rate offerings on such schemes have become attractive. Now, post office FDs are...
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General |
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CA Institute open to allow UK, Canadian Professionals to provide Audit Services in India
Posted Date : 20-Dec-2022 , 07:48:28 am | Posted By CASANSAAR
ICAI is now open to offer market access in auditing services to audit and accounting professionals from the UK and Canada.
The Central Council of the Institute of Chartered Accountants of India (ICAI) has at its recent meeting approved a draft market access offer from India in the ong...
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ICAI |
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GST Authorites issued 50000 Show-Cause Notices to Companies, Partnership Firms
Posted Date : 20-Dec-2022 , 09:01:20 am | Posted By CASANSAAR
The goods and services tax (GST) authorities have issued around 50,000 show-cause notices (SCN) to several companies and partnership firms across sectors, including real estate and jewellery, following the findings of an audit exercise they started earlier this financial year.
This is the f...
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GST |
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Key Recommendations of 48th GST Council Meeting
Posted Date : 19-Dec-2022 , 08:21:48 am | Posted By CASANSAAR
The 48th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman via virtual mode in New Delhi today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Choudhary besides Finance Ministers of States & UTs ...
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GST |
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RBI asks banks to make enhanced disclosures in notes to accounts
Posted Date : 16-Dec-2022 , 08:33:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has asked banks to make enhanced disclosures relating to material items in their notes to accounts wherever any item under the head “Other Liabilities and Provisions” and “Other Assets” exceeds one per cent of the total assets.
This is...
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RBI |
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CBDT exempts Non Resident taxpayers from mandatory Form 10F e-filing
Posted Date : 14-Dec-2022 , 03:58:45 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has given partial relief to non-resident taxpayers by exempting them from mandatory electronic filing of Form 10F until March 2023. Filing this form is required to claim the benefits of tax treaty.
The Form 10F is signed physically by non-resident ta...
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Income Tax |
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CA among five held for Rs 11 Cr GST Fraud, used fake bills to claim refund
Posted Date : 10-Dec-2022 , 08:45:14 am | Posted By CASANSAAR
Police’s economic offences wing (EOW) arrested five people, including a New Delhi-based chartered accountant (CA), in relation with an alleged goods and services tax (GST) fraud. Police officials said they uncovered transactions of over ₹100 crore made by over 100 shell companies as ide...
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GST |
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RBI increases repo rate by 35 bps to 6.25%
Posted Date : 07-Dec-2022 , 12:50:34 pm | Posted By CASANSAAR
Reserve Bank of India announced a 35-basis-point increase in the repo rate to 6.25 per cent. The RBI Monetary Policy Committee (MPC) voted to raise the rate to bring elevated inflation back towards its target of 4 per cent, governor Shaktikanta Das said.
The six-member MPC, which held its b...
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RBI |
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SEBI relaxes rules for Govt for PSU disinvestment
Posted Date : 07-Dec-2022 , 07:17:08 am | Posted By CASANSAAR
Capital markets regulator Sebi can relax regulatory norms for the central government in relation to strategic disinvestment of public sector undertakings (PSUs), according to a notification. "The Board (Sebi) may after due consideration of the interest of the investors and the securities market and ...
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Income Tax |
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NFRA begins inspections of five audit firms
Posted Date : 05-Dec-2022 , 08:56:35 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA), the country’s sole independent audit regulator, has started inspections of five audit firms. NFRA Chairman Ajay Bhushan Pandey said the inspections will take three weeks to complete and a draft report is expected before financial year end.
In...
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NFRA |
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Chartered Accountant cheated of Rs.3 lakhs by offering part time work
Posted Date : 02-Dec-2022 , 10:18:55 am | Posted By CASANSAAR
A 30-year-old chartered accountant (CA) was cheated to the tune of ₹2.85 lakhs by unknown frauds who posed as executives of a multinational company offering her a part time job. The accused initially asked her to follow certain celebrities and even paid her money for that and later started asking ...
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Income Tax |
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GST revenue collected for the month of november 2022 - Rs. 1,45,867 Cr.
Posted Date : 02-Dec-2022 , 08:24:42 am | Posted By CASANSAAR
The gross GST revenue collected in the month of November 2022 is ₹1,45,867 crore of which CGST is ₹25,681 crore, SGST is ₹32,651 crore, IGST is ₹77,103 crore (including ₹38,635 crore collected on import of goods) and Cess is ₹10,433 crore (includin...
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GST |
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Verify Aadhaar before accepting it as a proof of identity - UIDAI
Posted Date : 28-Nov-2022 , 12:10:27 pm | Posted By CASANSAAR
UIDAI Verify Aadhaar for correct identification and to curb any possible misuse Before accepting an Aadhaar either in physical or electronic form for establishing identity of an individual, entities should verify the Aadhaar.
The Unique Identification Authority of India (UIDAI) mainta...
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General |
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About Rs.400 Cr tax deposited by filing updated ITRs so far
Posted Date : 25-Nov-2022 , 09:56:33 am | Posted By CASANSAAR
The recently introduced provision of allowing taxpayers to update their tax returns has seen as many as 5 lakh re-filings with about ₹400 crore additional tax coming in, a senior government official said on Thursday.
The Finance Act of 2022 introduced a new concept of updated returns, per...
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Income Tax |
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Auditors' timely red flag may have stopped many financial misdoings - NFRA
Posted Date : 22-Nov-2022 , 09:39:34 am | Posted By CASANSAAR
Many financial misdoings could have been detected and averted at an early stage if the auditors concerned had pointed out such instances to stakeholders in time, a top NFRA official has said.
The National Financial Reporting Authority (NFRA) was set up in October 2018 and has more...
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NFRA |
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FM Sitharaman to begin pre-budget consultations from Monday
Posted Date : 21-Nov-2022 , 07:11:04 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will begin her pre-budget meetings from Monday starting with industry leaders and experts in infrastructure and climate change.
The meetings will be held virtually by Sitharaman seeking suggestions for the 2023-24 budget-making from stakeholders.
...
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Budget |
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SEBI to regulate financial influencers on social media platforms
Posted Date : 18-Nov-2022 , 08:52:20 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Thursday said it is working on a set of guidelines for financial influencers, or finfluencers, giving unsolicited financial advice on social media platforms.
“We are working on guidelines for financial influencers," Sebi whole-time member S...
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SEBI |
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