Clarification regarding applicability of new tax regime and old tax regime
Posted Date : 01-Apr-2024 , 08:00:53 pm | Posted By CASANSAAR
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without...
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Income Tax |
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HUL's Cost Auditor Steps Down Due To Conflict Of Interest
Posted Date : 29-Mar-2024 , 08:24:18 am | Posted By CASANSAAR
Hindustan Unilever Ltd. has announced that its cost auditor has been disqualified from continuing amid a conflict of interest.
The decision was made after it was discovered that Rasesh Vipin Chokshi, who is a partner at the firm R.A. & Co., was holding shares in the company.
Ac...
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Auditing |
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0 | Hits : 950
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CBI books 3 GST officials for demanding Rs 22 lakh bribe
Posted Date : 27-Mar-2024 , 04:12:07 pm | Posted By CASANSAAR
The CBI has booked two superintendents of central GST along with another official for allegedly demanding a sum of Rs 22 lakh from a bullion trader to settle a dispute.
The accused individuals have been identified as Satish Sharma and Ankur Godyan, both serving as superintendents of central GST a...
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GST |
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CBDT allows I-T dept to file appeals irrespective of monetary threshold, includes TDS disputes
Posted Date : 23-Mar-2024 , 09:02:23 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has said the Income Tax department can file appeals irrespective of monetary threshold in cases relating to TDS/TCS, undisclosed foreign income, or information received from investigating agencies like ED and GST Intelligence.
As per the present rules, tax...
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CBDT |
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Two Multimillionaires Masterminds arrested in Rs. 10,000 Cr GST fraud case
Posted Date : 22-Mar-2024 , 07:36:27 am | Posted By CASANSAAR
The two suspects are multimillionaires, owning metal and scrap factories. Over the last three years, they have caused huge loss to the government by availing of ITCs fraudulently.
With the arrest of two Haryana-based businessmen, the Noida Police on Wednesday evening claimed to have nabbed the &l...
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GST |
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0 | Hits : 1788
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SEBI introduces optional same-day settlement for select stocks
Posted Date : 22-Mar-2024 , 07:32:27 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi), the country's market regulator, has announced the launch of an optional same-day (T+0) settlement cycle for a select group of 25 stocks starting March 28, as per a circular published on its website last Thursday. This new initiative, referred to...
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SEBI |
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High Court grants bail to Concurrent Auditor in bank loan fraud case
Posted Date : 22-Mar-2024 , 07:29:56 am | Posted By CASANSAAR
The Bombay High Court has granted bail to Anita Kirdat, a former concurrent auditor of the Punjab and Maharashtra Cooperative (PMC) Bank, in connection with a multi-crore loan fraud case.
Kirdat, 48, a chartered accountant (CA) from Bhandup, who runs a firm, Anita Kirdat and Company, was arrested...
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Auditing |
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0 | Hits : 2953
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RBI imposes monetary penalty on 5 co-operative banks for rule violation
Posted Date : 22-Mar-2024 , 07:25:21 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on March 21 said it has imposed monetary penalty on five co-operative banks for rule violations.
These banks are Pragati Mahila Nagrik Sahakari Bank, Janata Co-operative Bank, Jila Sahakari Kendriya Bank, Karad Urban Co-operative Bank, and The Kalupur Commercial Co...
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RBI |
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0 | Hits : 1333
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RBI organises Annual Conference of the RBI Ombudsmen
Posted Date : 20-Mar-2024 , 02:52:01 pm | Posted By CASANSAAR
The Reserve Bank of India organised the Annual Conference of RBI Ombudsmen, on March 15, 2024 in Mumbai. The theme of the conference was “Protecting the Consumers – Building Robust Systems and Procedures”. The Conference was attended by Chairman/ Managing Director & C...
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RBI |
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0 | Hits : 1399
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RBI alerts banks on heightened cyber security threats
Posted Date : 19-Mar-2024 , 07:54:39 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cautioned some banks, urging them to fortify their defences against potential cyber attacks, as per a Moneycontrol report citing industry sources.
The warnings, issued to select banks, follow the central bank's recent Cyber Security and Information Technolo...
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RBI |
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0 | Hits : 1254
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Bank Branch Audit 2024 Updates
Posted Date : 16-Mar-2024 , 09:37:33 pm | Posted By CASANSAAR
Bank Branch Audit 2024 Updates :-
Bank started sending mails. (Plz also confirm with your Bank).
Few Bank also started to New Auditors,
Bank Wise Details Updated on CA Sansaar Twitter Handle ...Can Check on Twitter Plz
https://twitter.com/casansaar
Check mail on regular Basis (Also Sp...
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Bank Branch Audit |
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11 | Hits : 35468
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100K Subscribers on CA Sansaar YouTube Channel
Posted Date : 15-Mar-2024 , 10:30:42 am | Posted By CASANSAAR
Thank You all for 100K Subscribers on CA Sansaar YouTube Channel
Thank you everyone for your continued support. We have now crossed 1,00,000 subscribers on your Youtube channel CA Sansaar.
https://www.youtube.com/c/casansaarca
...
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CA |
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0 | Hits : 854
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ICAI found gross negligence by Byju's auditors, recommended punitive actions against it
Posted Date : 15-Mar-2024 , 08:30:40 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has found gross negligence by edtech firm Byju's auditors, ICAI president Ranjeet Kumar Agarwal said on Wednesday.
"Our inspection has found gross negligence on accounting practices by individual auditors of Byju's an...
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ICAI |
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GSTN Advisory on GSTR-1/IFF - Introduction of New 14A and 15A tables
Posted Date : 12-Mar-2024 , 09:06:33 pm | Posted By CASANSAAR
It is informed to all taxpayers that as per Notification No. 26/2022 – Central Tax dated 26th December 2022 two new Table 14A and Table 15A have been introduced in GSTR-1 to capture the amendment details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are ...
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GST |
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0 | Hits : 446
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RBI Ombudsman received more complaints against private banks per branch in FY23
Posted Date : 13-Mar-2024 , 07:32:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) received 6.52 complaints per branch against RBL Bank between April 1, 2022 and March 31, 2023 through the offices of RBI Ombudsman (ORBIOs), according to the latest annual report. This is the highest number of complaints per branch against any private banks, as per th...
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RBI |
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0 | Hits : 1432
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Income Tax Dept starts sending emails, SMSs to assessees for mismatches in tax profiles, financial transactions
Posted Date : 10-Mar-2024 , 09:22:59 pm | Posted By CASANSAAR
The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions.
To flag the mismatches in payment of taxes in financial year 2023-24 (assessment year 2024-25) and the financia...
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Income Tax |
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0 | Hits : 481
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Pay 6% Interest for delayed GST Refund - HC directs GST Department
Posted Date : 10-Mar-2024 , 08:06:27 am | Posted By CASANSAAR
The Delhi High Court has directed the GST department to pay 6% interest on delayed IGST refund.
The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja has observed that Section 56 of the CGST/DGST Act deals with the interest on delayed refunds. It provides that if any tax ordered to be...
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GST |
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0 | Hits : 351
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MCA revises thresholds for mergers and amalgamation under Competition Act
Posted Date : 10-Mar-2024 , 07:49:41 am | Posted By CASANSAAR
In a relief to India Inc, the Ministry of Corporate Affairs (MCA) has raised the threshold limit for mergers and amalgamations (M&As) that need approval of the Competition Commission of India (CCI).
In its latest notification, the MCA has enhanced the threshold value by 150 per cent on the ba...
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MCA |
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0 | Hits : 353
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NFRA to look at feasibility of ranking Auditors
Posted Date : 08-Mar-2024 , 10:36:06 am | Posted By CASANSAAR
National Financial Reporting Authority (NFRA) chief Ajay Bhushan Prasad Pandey on Wednesday said the agency will assess the feasibility of ranking auditors on qualitative parameters and auditors ranking companies on governance matters.
Besides, he said, the agency responsible for assessing audito...
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NFRA |
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0 | Hits : 509
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Audit Profession under Great Pressure - Uday Kotak
Posted Date : 07-Mar-2024 , 08:40:57 am | Posted By CASANSAAR
Tighter regulations and lower fees are making the auditing profession challenging, said panelists at an international conference held by the National Financial Reporting Authority (NFRA) here on Tuesday. “The business model of pure audit is under significant pressure. It’s getting tighte...
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Auditing |
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CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust / institution to another trust / institution
Posted Date : 07-Mar-2024 , 08:32:55 am | Posted By CASANSAAR
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered und...
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Income Tax |
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0 | Hits : 402
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FinMin Sitharaman asks CBIC to settle classification issues
Posted Date : 06-Mar-2024 , 08:55:41 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman has asked enforcement heads of state and central goods and services tax (GST) to settle tax cases linked to classification at its earliest.
In her address at a conference of enforcement chief of the state and the central GST formations in New Delhi, she told of...
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GST |
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CBDT allows certain trusts / institutions to furnish the audit report on or before 31st March, 2024
Posted Date : 05-Mar-2024 , 09:01:50 pm | Posted By CASANSAAR
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered und...
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CBDT |
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0 | Hits : 2070
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Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 is 31.03.2024
Posted Date : 05-Mar-2024 , 08:36:20 am | Posted By CASANSAAR
The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the taxpayer for ...
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Income Tax |
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0 | Hits : 277
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Income Tax Department to send notice to taxpayers for ITR mismatch
Posted Date : 05-Mar-2024 , 08:19:44 am | Posted By CASANSAAR
The Income Tax Department on Monday said it is in the process of issuing notice to taxpayers pertaining to a ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assess...
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Income Tax |
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FinMin looking to modify income tax rule on payments to MSMEs within 45 days
Posted Date : 05-Mar-2024 , 08:13:08 am | Posted By CASANSAAR
The finance ministry is looking to modify the income tax rule on payments to micro, small and medium enterprises (MSMEs) within 45 days.
The new rule, to take effect from April 1, is being reviewed by the North Block officials following demands from industry.
While some businesses have sought ...
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Income Tax |
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0 | Hits : 352
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Bank Branch Audit 2024 Updates
Posted Date : 05-Mar-2024 , 08:09:09 am | Posted By CASANSAAR
Bank Branch Audit 2024 Updates :-
As Per Reliable Sources, RBI has sent the Branch Audit Panel to Banks. Bank will start sending mails soon. (Plz also confirm with your Bank).
Bank Wise Details Updated on CA Sansaar Twitter Handle ...Can Check on Twitter Plz
https://twitter.com/casansaar
...
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Bank Branch Audit |
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3 | Hits : 19005
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CAG announces setting up of Supreme Audit Institution iCAL in Rajkot
Posted Date : 02-Mar-2024 , 07:32:28 am | Posted By CASANSAAR
The Comptroller and Auditor General of India (CAG), Girish Chandra Murmu, on Friday announced the setting up of the Supreme Audit Institution India’s International Centre for Audit of Local Governance (iCAL) in Rajkot, Gujarat.
At the conclusion of the three-day international conference on ...
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Auditing |
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0 | Hits : 3457
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GST revenue collected during February 2024 gross Rs. 1,68,337 Cr
Posted Date : 01-Mar-2024 , 09:09:02 pm | Posted By CASANSAAR
Gross Goods and Services Tax (GST) revenue collected for February 2024 is ?1,68,337 crore, marking a robust 12.5% increase compared to that in the same month in 2023. This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5% increase in GST from import of goods...
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GST |
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0 | Hits : 529
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FIU-IND imposes penalty of Rs. 5,49,00,000 on Paytm Payments Bank Ltd under PMLA
Posted Date : 01-Mar-2024 , 09:04:33 pm | Posted By CASANSAAR
The Financial Intelligence Unit-India (FIU-IND), in furtherance of the powers conferred upon the Director FIU-IND under Section 13(2)(d) of the Prevention of Money Laundering Act (PMLA), 2002, has imposed a monetary penalty of Rs. 5,49,00,000 (rupees five crore forty nine lakh) on Paytm Payments Ban...
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Banking |
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0 | Hits : 395
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