Parliamentary Panel pitches for ending ICAI’s statutory monopoly
Posted Date : 24-Mar-2022 , 08:12:30 am | Posted By CASANSAAR
A Parliamentary panel has said that government should consider setting up Indian institutes of accounting (IIAs) akin to IITs and IIMs across the country for enhancing the development of accounting and finance profession.
This observation was made by the standing committee on finance in its rep...
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Income Tax |
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CGST Delhi officials bust a syndicate of 7 firms in GST evasion of more than Rs 85 crore
Posted Date : 11-Mar-2022 , 08:14:04 pm | Posted By CASANSAAR
Through extensive analysis of E-way bills, CGST Delhi East Commissionerate had busted a syndicate of five firms who were engaged in availing and utilising fake Input Tax Credit (ITC) of Goods and Services Tax (GST).
During further investigation it was found that this syndicate was using two mor...
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Income Tax |
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RBI clarifies on the mode of receipt of complaints under Ombudsman Scheme
Posted Date : 10-Mar-2022 , 11:17:28 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has clarified on the mode of receipt of complaints under the integrated ombudsman scheme(RB-IOS), saying it has taken note of various instances of misinformation being spread through social media about the scheme.
Instances of misinformation being spread through ...
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Income Tax |
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Statutory Auditors may not get large companies’ non-audit operations
Posted Date : 21-Feb-2022 , 10:12:24 pm | Posted By CASANSAAR
The government is looking to ban statutory auditors from taking up non-audit work on “public interest” companies — which means those that are listed or are above a certain threshold — and their subsidiaries.
Besides, it is exploring the possibility of joint audit for cer...
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Income Tax |
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Over 6.2 cr ITRs, 21 lakh audit reports filed on new e-filing portal
Posted Date : 12-Feb-2022 , 09:58:55 am | Posted By CASANSAAR
“More than 6.2 crore Income Tax Returns (ITRs) and about 21 lakh major Tax Audit Reports (TARs) have been filed on the new e-Filing portal of the Income Tax Department as on 10th February 2022,” the tax department said in a statement.
Out of the 6.2 crore ITRs filed for AY 2021-22, ...
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Income Tax |
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Around 6.17 crore ITRs, 19 lakh TARs filed on the new e-Filing portal of IT Department
Posted Date : 08-Feb-2022 , 09:12:54 am | Posted By CASANSAAR
Around 6.17 crore Income Tax Returns, ITRs and about 19 lakh major Tax Audit Reports TARs have been filed on the new e-Filing portal of the Income Tax Department as of yesterday. Out of 6.17 crore ITRs filed for Assessment Year 2021-22, 48 percent of these are ITR-1, 9 percent is ITR-2, 13 percent i...
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Income Tax |
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CBDT extends due dates for filling Audit reports and IT Returns for 2021-22
Posted Date : 11-Jan-2022 , 10:26:50 pm | Posted By CASANSAAR
On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act, 1961 (the Act), the Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for fil...
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Income Tax |
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Income Tax department eases norms for ‘faceless’ appeal scheme
Posted Date : 30-Dec-2021 , 09:54:16 am | Posted By CASANSAAR
The Income Tax department has brought in changes to the existing faceless appeal scheme, easing the process for taxpayers wanting a personal hearing through video conference while appealing against a tax demand by the department.
The Central Board of Direct Taxes (CBDT) on December 28, notified...
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Income Tax |
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SEBI releases framework for advisory, portfolio management services
Posted Date : 22-Dec-2021 , 08:55:14 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Tuesday came up with a framework pertaining to fees for investment advisory services for accredited investors. Also, the capital markets regulator put in place guidelines on exit load charges applicable to the client of the portfolio manager.
...
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Income Tax |
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Delhi High Court quashes Income Tax reassessment notices issued after March 31
Posted Date : 16-Dec-2021 , 08:40:58 am | Posted By CASANSAAR
The Delhi High Court on Wednesday quashed all the re-assessment notices issued by the I-T Department after March 31 this year under a provision of the Income Tax Act. The court, which passed a common judgement in a batch of 1,346 petitions, was dealing with a question as to whether the government or...
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Income Tax |
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Cabinet clears draft Bill for linking Aadhaar & voter ID
Posted Date : 16-Dec-2021 , 08:36:42 am | Posted By CASANSAAR
The Union Cabinet on Wednesday cleared proposed amendments to the electoral law seeking to bring in key electoral reforms such as linkage of voter ID with Aadhaar so as to weed out bogus and duplicate entries in the electoral roll. Sources indicated that another reform sought to be implemented is al...
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Income Tax |
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CBIC detects bogus tax credit claims worth ₹38,000 cr since last November
Posted Date : 01-Dec-2021 , 08:28:35 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has since last November detected ₹38,000 crore of bogus claims from businesses for input tax credit in a technology and data analytics enabled drive against tax evasion, said a person familiar with the development.
The result of the C...
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Income Tax |
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Profile, Vision & Mission of CA. Vivek Khurana - Ballot No. 14 of Central Council Election.
Posted Date : 27-Nov-2021 , 09:22:37 am | Posted By CASANSAAR
Elections to the Central & Regional Councils of The Institute of Chartered Accountants of India are round the corner. With the God’s grace, blessings of my Late Parents & Elders, Support of my Friends and well Wishers I have filed the Nomination Papers for my candidature for the ...
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Income Tax |
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SEBI mulls overhauling preferential allotment rules
Posted Date : 27-Nov-2021 , 09:20:25 am | Posted By CASANSAAR
Sebi on Friday proposed relaxing pricing norms and lock-in requirements to make it easier for companies to raise funds through preferential allotment of shares.
In addition, the regulator has proposed allowing pledging of shares allotted to promoter or promoter group under preferential issue duri...
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Income Tax |
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Income Tax Department conducts searches in Gurugram
Posted Date : 16-Nov-2021 , 08:28:26 am | Posted By CASANSAAR
The Income Tax Department carried out search and seizure operations on 10.11.2021 on two groups, one engaged in real estate and hospitality and the other, a tools and equipment manufacturing group at Gurugram.
Various incriminating documents and electronic data relating to unaccounted investment ...
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Income Tax |
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Taxpayers can now access new I-T annual info statement on e-filing portal
Posted Date : 15-Nov-2021 , 08:20:27 am | Posted By CASANSAAR
The Income Tax (IT) department today said taxpayers can now access the new Annual Information Statement (AIS), which includes additional categories of information like interest, dividends, securities and MF transactions, and remittances from abroad, on the e-filing portal.
The I-T department ha...
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Income Tax |
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RBI clarifies norms for upgrading of accounts classified as NPAs
Posted Date : 13-Nov-2021 , 09:22:18 am | Posted By CASANSAAR
The Reserve Bank of India on Friday clarified that lenders should reclassify a non-performing asset to “standard” asset only when the entire arrears of interest and principal are paid by the borrower.
The regulator has noted that some lending institutions were upgrading accounts cla...
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Income Tax |
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NFRA extends public consultation on small companies’ audit till Nov End
Posted Date : 11-Nov-2021 , 07:54:50 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has extended its public consultation to decide on relaxing the statutory audit obligation of small companies till end of November, showed an official order. The earlier due date for receiving comments and suggestions was 10 November.
The audit r...
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Income Tax |
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Income Tax Deptt Roll out of new Annual Information Statement (AIS)
Posted Date : 02-Nov-2021 , 08:07:47 am | Posted By CASANSAAR
Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information Statemen...
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Income Tax |
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Canadian immigration is making major changes to the NOC in 2022
Posted Date : 01-Nov-2021 , 08:14:59 am | Posted By CASANSAAR
Canada has introduced NOC 2021 and the immigration system will incorporate the changes in 2022.
The National Occupational Classification (NOC) is a major part of Canada’s immigration system. Skilled worker candidates and temporary foreign workers need to demonstrate their work experience ...
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Income Tax |
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HC notice to Centre on petition challenging faceless income tax assessment
Posted Date : 29-Oct-2021 , 08:03:15 am | Posted By CASANSAAR
The Madras High Court has issued notice to the union government on a writ petition challenging the constitutional validity of the faceless assessment system under the Income Tax Act.
The court restrained the tax department from recovering additional demand and posted the matter to Novemb...
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Income Tax |
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Tax Audit Utility for Form 3CA-CD & 3CB-CD enabled by CBDT
Posted Date : 27-Oct-2021 , 08:36:48 am | Posted By CASANSAAR
Common Offline Utilities for filing Statutory Income-tax forms (Enabled for Form 3CA-CD & 3CB-CD)
The form is enabled for AY 2021-22 and AY 2020-21, prior years would be available shortly.
This version can be used for Tax Audits in cases not involving large number of records. T...
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Income Tax |
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RBI imposes monetary penalty on two cooperative banks
Posted Date : 27-Oct-2021 , 08:19:38 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on 26 October imposed monetary penalty on two cooperative banks for various rule violations. These two banks are Vasai Vikas Sahakari Bank, Maharashtra and the Citizens Urban Co-operative Bank Ltd., Jalandhar, Punjab.
A penalty of Rs 7 lakhs was imposed on Citizens Urb...
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Income Tax |
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NFRA asks ICAI to reconsider structure of its accounting standards proposal
Posted Date : 04-Oct-2021 , 10:01:49 am | Posted By CASANSAAR
The National Financial Regulatory Authority (NFRA) has asked the Institute of Chartered Accountants of India (ICAI) to conduct a regulatory impact assessment of its proposed revisions to the existing accounting standards of companies.
These standards are for companies that are not required to f...
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Income Tax |
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NFRA issued consultation paper for REMOVING COMPULSORY AUDIT for Micro, Small & Medium Companies
Posted Date : 30-Sep-2021 , 08:15:37 am | Posted By CASANSAAR
India is unique among the big economies of the world in statutorily mandating compulsory audit for all companies, irrespective of their size and characteristics. In view of the significant role played by companies in India in the economic growth and development of the Nation, it is essential that th...
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Income Tax |
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I-T dept asks taxmen to accept applications till Sep 30 for settlement before Interim Board
Posted Date : 30-Sep-2021 , 07:46:17 am | Posted By CASANSAAR
The Income Tax department has issued an order asking taxmen to accept till September 30, applications for settlement of pending tax cases.
The 2021-22 Budget, through the Finance Act, amended the provisions of the Income-Tax Act, 1961 to provide that the Income-tax Settlement Commission (ITSC...
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Income Tax |
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Legitimate tax planning not illegal - ITAT
Posted Date : 23-Sep-2021 , 08:02:10 am | Posted By CASANSAAR
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that minimisation of tax liability through legitimate tax planning is not illegal.
In the case of Michael E Desa, a US-based non-resident, it upheld in a recent order the set-off of loss arising on sale of shares of a private c...
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Income Tax |
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Govt relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act
Posted Date : 18-Sep-2021 , 07:58:41 am | Posted By CASANSAAR
The Central Government in exercise of the powers conferred by sub-section(1F) of section 197A of the Income-tax Act, 1961(“the Act”) notified that no deduction of tax shall be made on the following payment under section 194A of the Act, namely payment in the nature of interest, other tha...
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Income Tax |
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FM Nirmala Sitharaman announces over Rs 30,000 cr guarantee for bad bank
Posted Date : 17-Sep-2021 , 08:16:38 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Thursday announced a formal government guarantee on the securities receipts that the planned ‘bad bank’ will issue to banks as it takes on non-performing assets from their books. The government guarantee will be Rs 30,600 crore, she said.
The Uni...
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Income Tax |
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Responsibility of Govt to design convenient tax system so that individuals can budget & plan - SC
Posted Date : 10-Sep-2021 , 10:50:13 am | Posted By CASANSAAR
The Supreme Court on Thursday said that in a taxation regime there is no room for presumption and it is the responsibility of the government to design a tax system which is convenient and simple so that an individual or a corporate can budget and plan.
The top court, which allowed a batch of appe...
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