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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GST |
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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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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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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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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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Income Tax |
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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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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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GST |
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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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Custom |
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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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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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RBI Withdraws Rs. 2000 Notes from Circulation, Asks All to Exchange or Deposit
Posted Date : 20-May-2023 , 01:56:43 pm | Posted By CASANSAAR
THE RESERVE Bank of India (RBI) Friday announced the withdrawal of its highest value currency note, Rs 2,000, from circulation, adding that the notes will continue to be legal tender. It said the existing Rs 2,000 notes can be deposited or exchanged in banks until September 30, but set a limit of &l...
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General |
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Annual Forex Spends up to Rs.7 lakh Exempted from TCS
Posted Date : 20-May-2023 , 08:29:24 am | Posted By CASANSAAR
Concerns have been raised about the applicability of Tax Collection at Source (TCS) to small transactions under the Liberalized Remittance Scheme (LRS) from July 1, 2023. To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Cred...
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International Business |
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CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities
Posted Date : 19-May-2023 , 09:52:20 pm | Posted By CASANSAAR
In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of shares within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fa...
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CBDT |
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Company Secretaries in Practice can act as Trade Marks Agent / IPR - ICSI
Posted Date : 19-May-2023 , 09:55:22 am | Posted By CASANSAAR
ICSI Council has allowed Company Secretaries in Practice to be registered and act as Trade Marks Agent / IPR Agent.
In this regard, the Council of the Institute pursuant to the powers conferred under Clause (0 of Sub-Section (2) of Section 2 of the Company Secretaries Act, 1980 read with Regulati...
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ICSI |
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20% TCS to be charged on Credit Card spends outside India
Posted Date : 19-May-2023 , 09:41:02 am | Posted By CASANSAAR
The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, to include international credit card payments in the LRS. Any remittance beyond USD 2.5 lakh or its equivalent in foreign currency would require approval from the RBI.
Earlier, ...
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International Business |
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Business visit expenses borne by employer not covered under RBI's remittance scheme
Posted Date : 18-May-2023 , 09:38:55 pm | Posted By CASANSAAR
The finance ministry on Thursday said expenses incurred by an employee on a business visit, when such expenses are borne by the employer, will not be covered under RBI's liberalised remittance scheme.
A clarification to this effect was provided in a set of FAQs issued by the finance ministr...
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RBI |
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Union Cabinet Approves MoU between ICAI and CA Maldives
Posted Date : 18-May-2023 , 08:14:23 am | Posted By CASANSAAR
The Union Cabinet, chaired by the Hon'ble Prime Minister Shri Narendra Modi, approved the signing of Memorandum of Understanding between Institute of Chartered Accountants of India (ICAI) and The Chartered Accountants of the Maldives (CA Maldives).
Details:
ICAI and CA Maldives ai...
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ICAI |
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Govt Panel may ready new list of Public Sector Banks for Privatisation
Posted Date : 17-May-2023 , 08:44:41 am | Posted By CASANSAAR
The government is likely to set up a panel of experts to prepare a list of Public Sector Banks (PSBs) that can be privatised, an Economic Times (ET) report said, quoting people aware of the developments. The centre is looking for ways to privatise PSBs as they have turned profitable and bigger, and ...
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Banking |
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Banks request RBI for more time to implement new loan provisioning norms
Posted Date : 17-May-2023 , 08:05:20 am | Posted By CASANSAAR
Lenders have sought a one-year extension from the Reserve Bank of India (RBI) for implementation of the Expected Credit Loss (ECL)-based loan loss provisioning framework.
In January this year, the RBI came out with a draft guidelines proposing adoption of expected credit loss approach for credit ...
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Banking |
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Centre, States to initiate 2 Months Special Drive against Fake GST registration
Posted Date : 16-May-2023 , 07:56:52 am | Posted By CASANSAAR
A Special All-India Drive may be launched by all tax administrations to detect fake GSTINs and to conduct verification to weed out these fake billers from the GST ecosystem and to safeguard govt revenue.
During this campaign, suspicious GST accounts will be identified, and counterfeit invoices wi...
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GST |
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GST Dept to Get Access to Banking Transactions
Posted Date : 16-May-2023 , 07:47:38 am | Posted By CASANSAAR
Goods and Services Tax authorities are seeking near real-time access to banking transactions of the taxpayers, as a means to detect fake invoices and excess use of input tax credit (ITC) by sections of businesses.
The move follows recent investigations that revealed that undue tax credits accumul...
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GST |
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RBI imposes Rs 2.9 Crore Penalty on Canara Bank
Posted Date : 13-May-2023 , 08:25:32 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday, May 12, imposed a penalty of Rs 2.92 crore on Canara Bank for non-compliance with certain provisions of directions issued by the central bank.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the val...
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Income Tax |
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J&K Bank Auditors Raise Red Flags in FY 2022-23 Accounts
Posted Date : 12-May-2023 , 06:10:05 pm | Posted By CASANSAAR
Statutory auditors of Jammu and Kashmir Bank have issued a qualified opinion on the lender’s accounts for the financial year 2022-23, raising red flags in the employee stock purchase scheme (ESPS). In accounting parlance, a qualified opinion means that financials are fairly represented but wit...
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Auditing |
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ED Searches 2 former IL&FS Auditor Firms in connection with Money-Laundering Case
Posted Date : 12-May-2023 , 06:09:38 pm | Posted By CASANSAAR
ED carried out searches against two former auditor firms of IL&FS -- BSR and Associates and Deloitte Haskins and Sells in connection with its money-laundering probe into alleged financial irregularities at the infrastructure development and finance company, official sources said.
The pr...
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Auditing |
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Former AGM of Punjab National Bank, 3 others get five-year jail term for bank fraud
Posted Date : 12-May-2023 , 06:09:06 pm | Posted By CASANSAAR
The Special Judge for CBI Cases, Hyderabad, on Tuesday sentenced former Assistant General Manager of Punjab National Bank, Banjara Hills, and three others, in a bank fraud case registered in February 2016.
The court sentenced Mr.Garg, Jitender Kumar Agarwal, then MD of M/s. Sheetal Refineries Lim...
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Banking |
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GST Automated Returns Scrutiny Set to Roll Out
Posted Date : 10-May-2023 , 09:15:28 pm | Posted By CASANSAAR
Businesses will have to more careful while filing gst returns as the automated scrutiny system for the goods and services tax (GST) is about to use advanced artificial intelligence and data analytics to monitor mismatches.
Expected to be rolled out over the next few days, the new system is expect...
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GST |
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GSTN defers by 3 months implementation of e-invoice reporting time limit
Posted Date : 08-May-2023 , 07:43:51 am | Posted By CASANSAAR
GSTN has deferred by 3 months the implementation of time limit for businesses with turnover of over Rs 100 crore to upload their old e-invoices.
Last month the GST Network had imposed a timeline for businesses with turnover of Rs 100 crore and above for uploading e-invoices on the Invoice Registr...
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GST |
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Govt Mulls Size Threshold for Auditors of Large Companies
Posted Date : 07-May-2023 , 09:58:55 am | Posted By CASANSAAR
The Govt is examining whether to reserve auditing of large companies and public interest entities to audit firms of certain size, repute and technological prowess. Discussions in this regard, though at an early stage, are revolving around a graded approach to addressing the issue of inadequate audit...
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Auditing |
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