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RBI imposed penalty on bank for not complying with fraud monitoring mechanism
Posted Date : 04-Oct-2022 , 09:02:34 am | Posted By CASANSAAR

The Reserve Bank of India (RBI), on Monday, imposed a monetary penalty of Rs 20 lakh on Vasai Vikas Sahakari Bank Ltd., Vasai, Maharashtra for non-compliance with the banking regulator’s directions on the ‘Frauds monitoring and reporting mechanism’.   RBI, in a statement...

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Category : RBI | Comments : 0 | Hits : 30

RBI hike repo rate by 50 bps to 5.9%
Posted Date : 30-Sep-2022 , 11:05:13 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on September 30 announced a 50 basis points hike in the repo rate stepping up its fight against persistently high inflation.Repo is the rate at which the central bank lends short-term funds to banks. One bps is one-hundredth of a percentage point.   With the la...

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Category : RBI | Comments : 0 | Hits : 397

GST officers detect Rs. 824 Cr GST Fraud by insurance companies
Posted Date : 30-Sep-2022 , 07:56:42 am | Posted By CASANSAAR

GST officers have detected ₹824 crore tax evasion by 15 insurance companies, intermediaries and banks through issuance of fake invoices, officials said on Thursday.   Acting on specific inputs, GST Intelligence Officers in Mumbai searched the premises of a number of corporates -- insurance ...

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Category : GST | Comments : 0 | Hits : 192

Ceiling on Number of Tax Audit by ICAI to be decided by Supreme Court
Posted Date : 27-Sep-2022 , 08:44:30 am | Posted By CASANSAAR

A Division Bench of the Supreme Court of India on September 22 continued hearing the challenge against a rule issued by the Institute of Chartered Accountants Of India (ICAI) barring members from accepting more than the "specified number of tax audit assignments" (at present, the upper limit is set ...

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Category : Income Tax | Comments : 0 | Hits : 1615

Govt cannot order blocking of Twitter Accounts without notice to users - Twitter
Posted Date : 27-Sep-2022 , 08:34:41 am | Posted By CASANSAAR

The Union government cannot block Twitter accounts without first issuing notices to the users and Twitter itself, the social media platform told the Karnataka High Court Monday, citing norms laid down by the Supreme Court and Section 69A of the Information Technology Act, 2000.   The court wa...

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Category : General | Comments : 0 | Hits : 252

IBBI Suspend Registration of IP for a period of Three Years
Posted Date : 27-Sep-2022 , 08:18:00 am | Posted By CASANSAAR

This Order disposes the Show Cause Notice (SCN) No. IBBI/IP/INSP/2021/74/3678/553 dated 17th June, 2022 issued to Mr. Manish Kumar Gupta, Insolvency Professional under section 220 of the Insolvency and Bankruptcy Code, 2016 (Code) read with regulation 13 of the Insolvency and Bankruptcy Board of Ind...

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Category : Insolvent Professional | Comments : 0 | Hits : 295

Govt extends Foreign Trade Policy for Six Months
Posted Date : 26-Sep-2022 , 08:15:25 pm | Posted By CASANSAAR

The government has received requests from Export Promotion Councils and leading exporters that we should continue with current Foreign Trade Policy (2015-20), which had been extended from time to time.   In recent days, exporters and industry bodies have strongly urged the government that in ...

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Category : International Business | Comments : 0 | Hits : 260

Tax Advisories / Audit should be treated as Management Services - NFRA
Posted Date : 23-Sep-2022 , 03:28:01 am | Posted By CASANSAAR

At present, the Companies Act prohibits auditors from offering eight specified services including ‘management service’ to the companies they are auditing.   But in the absence of a definition in the law of what constitutes management service, audit regulator National Financial Rep...

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Category : Tax Audit | Comments : 0 | Hits : 1085

Two firms can face IBC proceedings if both are corporate debtors - Supreme Court
Posted Date : 23-Sep-2022 , 08:42:05 am | Posted By CASANSAAR

The Supreme Court said if two corporate bodies fall within the ambit of corporate debtors, there is no reason why insolvency proceedings cannot be initiated against both under the IBC.   Section 7 of the Insolvency and Bankruptcy Code (IBC) deals with the initiation of the corporate insolvenc...

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Category : Insolvent Professional | Comments : 0 | Hits : 301

NFRA fines and bars Chartered Accountant for 5 years from undertaking Audit work
Posted Date : 20-Sep-2022 , 09:46:05 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) on Monday imposed a fine on a chartered accountant and barred him for five years from undertaking audit work for various lapses in a case.   The lapses pertain to the performance of Chartered Accountant (CA) Rajiv Bengali of Subramaniam Bengal...

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Category : NFRA | Comments : 0 | Hits : 1875

Sebi comes out with detailed framework for social stock exchange
Posted Date : 20-Sep-2022 , 09:42:08 am | Posted By CASANSAAR

Capital markets regulator Sebi on Monday came out with a detailed framework for social stock exchange, specifying minimum requirements for a Not-for-Profit Organisation (NPO) for registering with the bourse and disclosure requirements. This came after the Securities and Exchange Board of India (Sebi...

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Category : SEBI | Comments : 0 | Hits : 255

CBDT makes some offences under Income Tax Act Compoundable
Posted Date : 18-Sep-2022 , 05:39:22 am | Posted By CASANSAAR

The Central Board of Direct Taxes on Saturday unveiled revised guidelines for compounding of offences under the Income Tax Act, aimed at facilitating ease of doing business and decriminalisation of violations.   Some of the major changes made for the benefit of taxpayers include making offenc...

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Category : CBDT | Comments : 0 | Hits : 450

NFRA debars Chartered Accountant for lapses in Audit
Posted Date : 13-Sep-2022 , 09:03:37 am | Posted By CASANSAAR

National Financial Reporting Authority (NFRA) on Monday debarred a chartered accountant, Som Prakash Aggarwal for lapses in the audit of Vikas WSP, a listed company that manufactures and exports guar gum powder.   The independent regulator overseeing auditing and accounting professions has al...

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Category : NFRA | Comments : 0 | Hits : 3164

Businesses will be able to claim pre-GST tax credits from October 1
Posted Date : 13-Sep-2022 , 09:01:46 am | Posted By CASANSAAR

The businesses that could not claim tax credits for taxes paid during the pre-goods and services tax (GST) era may soon get an opportunity to do so. The government, from October 1, is likely open a special window for businesses to file their claims, according to a report by Mint.   According ...

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Category : GST | Comments : 0 | Hits : 417

Finance ministry mulls changes in laws to boost insurance penetration in India
Posted Date : 11-Sep-2022 , 09:33:16 pm | Posted By CASANSAAR

The finance ministry is contemplating changes in insurance laws, including reduction in minimum capital requirement, with a view to increasing the insurance penetration in the country.    Insurance penetration in India increased from 3.76 per cent in 2019-20 to 4.20 per cent in 2020-21, ...

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Category : Finance | Comments : 0 | Hits : 366

Direct Tax Collections for F.Y. 2022-23 up to 08.09.2022
Posted Date : 10-Sep-2022 , 09:23:40 am | Posted By CASANSAAR

The provisional figures of Direct Tax collections up to 8th September, 2022 continue to register steady growth.   Direct Tax collections up to 8th September, 2022 show that gross collections are at Rs. 6.48 lakh crore, which is 35.46% higher than the gross collections for the corresponding pe...

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Category : Income Tax | Comments : 0 | Hits : 374

Finance ministry to kick-start budgetary exercise from October 10
Posted Date : 09-Sep-2022 , 08:13:17 am | Posted By CASANSAAR

The finance ministry will kick-start the exercise to prepare the annual budget for 2023-24 from October 10, in the backdrop of revival of the Indian economy and fears of recession in developed countries. The budget for the next year will have to address critical issues of high inflation, job creati...

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Category : Budget | Comments : 0 | Hits : 358

RBI Issues Alert List on entities not authorised to Deal In Forex Trading
Posted Date : 08-Sep-2022 , 08:43:07 am | Posted By CASANSAAR

The Reserve Bank on Wednesday came out with an 'Alert List' containing the names of 34 entities, including OctaFX, Alpari, HotForex, and Olymp Trade, that are not authorised to deal in forex and operate electronic trading platforms in the country.   In a statement, the Reserve Bank of India (...

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Category : Income Tax | Comments : 0 | Hits : 417

Over 1.55 lakh updated income tax returns (ITR-U) have been filed up to September 2
Posted Date : 06-Sep-2022 , 09:02:10 am | Posted By CASANSAAR

Over 1.55 lakh updated income tax returns (ITR-U) have been filed up to September 2, the income tax department said.   The income tax department had in May this year notified a form for filing updated income tax returns (ITRs). The taxpayer will have to pay an additional amount over and above...

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Category : Income Tax | Comments : 0 | Hits : 561

Comply with digital lending norms for existing loans by Nov 30 - RBI
Posted Date : 03-Sep-2022 , 06:07:15 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday said that regulated entities engaged in credit delivery through digital lending will have time till November 30 to comply with the lending norms for existing digital loans.   However, for new and existing customers availing fresh loans, these norms wi...

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Category : RBI | Comments : 0 | Hits : 982

SC gives finance ministry 30 more days for opening of GST Portal
Posted Date : 03-Sep-2022 , 08:40:54 am | Posted By CASANSAAR

The Supreme Court on Friday gave the finance ministry further extension of 30 days for opening of the GST common portal. It also directed the GSTN to open the portal for 60 days from October 1 till December 31 so as to “give full effect” to its July 22 order that had allowed taxpayers to...

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Category : GST | Comments : 0 | Hits : 820

Revision of fees applicable for Limited Insolvency Examination and Valuation Examinations - IBBI
Posted Date : 01-Sep-2022 , 07:32:54 am | Posted By CASANSAAR

Presently, the examination fee of Rs. 1,500+ applicable GST, i.e. Rs.1,770 is payable per enrolment for each of these exams. It has been decided that the fee of Rs. 5,000+ applicable GST, i.e. Rs. 5,900 for the LIE or Valuation Examinations shall be payable for each enrolment on or after 01st Octobe...

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Category : Insolvent Professional | Comments : 0 | Hits : 1093

BCCI is a SHOP, Provisions of ESI Act applicable - SC
Posted Date : 01-Sep-2022 , 04:36:59 am | Posted By CASANSAAR

The activities of the Board of Control for Cricket in India (BCCI) are commercial in nature and can be termed as a "shop" for the purposes of attracting the provisions of the Employees State Insurance Act, the Supreme Court has said. The top court said ESI Act is welfare legislation enacted by the ...

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Category : Corporate Law | Comments : 0 | Hits : 739

RBI considers new registry to minimise bank frauds
Posted Date : 30-Aug-2022 , 06:26:03 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) is planning to set up a fraud registry to create a comprehensive database of fraudulent websites, phone numbers and other details, to prevent unscrupulous elements from duping people through virtual transactions.   Briefing reporters in New Delhi, RBI executive...

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Category : RBI | Comments : 0 | Hits : 583

Income Tax dept going into new areas to check tax evasion - CBDT
Posted Date : 27-Aug-2022 , 08:45:39 am | Posted By CASANSAAR

The Income-Tax department is going into "new areas" of the economy to check tax evasion even as its investigation units are using analytics to sift through voluminous data on Indians holding assets abroad, CBDT Chairman Nitin Gupta has said.   The Central Board of Direct Taxes, the administra...

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Category : Income Tax | Comments : 0 | Hits : 1299

SC ruling on IBC will have overriding effect over indirect tax recoveries
Posted Date : 27-Aug-2022 , 08:40:50 am | Posted By CASANSAAR

The Supreme Court (SC), in a significant verdict, has ruled that liquidation proceedings in the case of a bankrupt firm will take precedence over recoveries of indirect taxes once a moratorium has been imposed under the Insolvency and Bankruptcy Code (IBC).   The court judgment is on a disput...

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Category : Insolvent Professional | Comments : 0 | Hits : 281

Govt contract winners must share all details for GST assessment - SC
Posted Date : 25-Aug-2022 , 11:08:10 am | Posted By CASANSAAR

The Supreme Court has said all details of the bidder winning a government contract need to be shared with the Goods and Services Tax (GST) jurisdictional officers concerned to enable them to correctly assess tax liability.   The Supreme Court also held that it is the responsibility of the bid...

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Category : GST | Comments : 0 | Hits : 548

Revenue Secretary Tarun Bajaj gets additional charge of MCA Secretary
Posted Date : 23-Aug-2022 , 08:53:17 am | Posted By CASANSAAR

The Centre has given additional charge of the post of Corporate Secretary to Tarun Bajaj, who is a incumbent Revenue Secretary.    Tarun Bajaj has over 33 years experience in administration, management and public policy....

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Category : Finance | Comments : 0 | Hits : 310

IBBI suspends Deloitte partner for 3 years, imposes penalty
Posted Date : 23-Aug-2022 , 08:46:20 am | Posted By CASANSAAR

Disciplinary action against Savan Godiawala for withdrawal of excessive fees; wrongful hiring of related party Deloitte Touché Tohmatsu   Insolvency regulator IBBI has suspended Deloitte Touche Tohmatsu India LLP (DTTI) Partner Savan Godiawala three years on account of his contra...

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Category : Insolvent Professional | Comments : 0 | Hits : 1568

Govt clarifies there is no plan to levy any charges for UPI services
Posted Date : 23-Aug-2022 , 08:37:33 am | Posted By CASANSAAR

Government has clarified that there is no plan to levy any charges for UPI services. In a series of tweets, Finance Ministry said, UPI is a digital public good with immense convenience for the public and productivity gains for the economy. The clarification came amid some reports that there may be p...

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Category : Banking | Comments : 0 | Hits : 286

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