CBDT issues new guidelines for handling delayed income tax refund claim
Posted Date : 05-Oct-2024 , 10:39:48 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued new guidelines for condonation of delay in filing income tax returns (ITRs) claiming refunds or carrying forward losses. These rules supersede all previous instructions.
Claims up to ?1 crore: Principal Commissioners of Income Tax (Pr. CsIT) can...
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CBDT |
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SC overturns HCs, allows Income Tax department to reopen 90,000 cases
Posted Date : 04-Oct-2024 , 11:53:39 am | Posted By CASANSAAR
In a significant ruling, the Supreme Court upheld the validity of nearly 90,000 income tax reassessment notices issued to individuals and businesses after April 1, 2021.
These notices, spanning assessment years 2013-14 to 2017-18, had been challenged in over 9,000 writ petitions across various hi...
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Income Tax |
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SEBI tightens F&O rules to curb derivatives market frenzy, protect small investor
Posted Date : 03-Oct-2024 , 08:25:42 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) Tuesday tightened the norms for equity derivatives (F&Os or futures and options) trading by raising the entry barrier and making it more expensive for retail investors to trade in F&Os. The new rules will come into effect from November 20, 20...
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SEBI |
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GSTN e-Services App to Replace e-Invoice QR Code Verifier App Shortly
Posted Date : 02-Oct-2024 , 11:18:44 am | Posted By CASANSAAR
Advisory: GSTN e-Services App to Replace e-Invoice QR Code Verifier App Shortly
Oct 1st, 2024
Dear Taxpayers,
GSTN is pleased to inform the launch of the new GSTN e-Services app, which replaces the old e-Invoice QR Code Verifier App. This app offers the following features:
Veri...
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GST |
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Gross and Net GST revenue collections for the month of Sep, 2024
Posted Date : 01-Oct-2024 , 08:51:01 am | Posted By CASANSAAR
Gross and Net GST revenue collections for the month of Sep, 2024
Please click on the link below to view the gross and net GST revenue collections for the month of September, 2024.
(https://tutorial.gst.gov.in/downloads/news/revenue_report_sep24.pdf )
Thanks,
Team G...
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GST |
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RBI flags irregularities in Gold Loan Practices, asks lenders to review policies
Posted Date : 30-Sep-2024 , 09:49:22 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has uncovered significant irregularities in the processing of loans against gold jewellery by supervised entities.
Following a recent review and on-site inspections of select financial institutions, the RBI found several deficiencies in processing of gold loans, an...
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RBI |
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Centre canvasses for inputs on simpler IT rules from private sector and tax experts
Posted Date : 01-Oct-2024 , 08:19:04 am | Posted By CASANSAAR
The government has proposed to invite suggestions on the Income Tax Act, 1961, from the private sector and tax experts beginning in October as part of an exercise to simplify the direct tax law, sources said.
In a meeting with industry chambers earlier this month, the government said that functio...
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Income Tax |
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GSTN Restores 2017 GST Returns Data
Posted Date : 30-Sep-2024 , 08:30:00 am | Posted By CASANSAAR
GST Network on Sunday said the monthly returns data of July and August 2017, the initial months of the Goods and Services Tax rollout, has been restored on the portal.
The GSTN had last week said it is implementing its data policy, as per which data for taxpayers will be retained for seven years ...
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GST |
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Issuance of Notices/Orders without digital signatures of the issuing authorities - GSTN
Posted Date : 26-Sep-2024 , 09:48:52 am | Posted By CASANSAAR
Advisory on issuance of Notices/Orders without digital signatures of the issuing authorities
Sep 26th, 2024
Doubts have been created regarding the validity of documents issued by the tax officers on the common portal viz. SCN/Orders without the Digital signatures on the pdf. document downl...
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GST |
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CAG plans its own AI for fast writing of Audit Reports
Posted Date : 26-Sep-2024 , 11:57:34 am | Posted By CASANSAAR
Comptroller and Auditor General of India G C Murmu on Wednesday said the supreme audit institution is in the process of developing its own Artificial Intelligence (AI) protocol for faster writing of its audit reports.
"For data analysis and various other things, we have our own system in pla...
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CAG |
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Archival of GST Returns data on GST portal - GSTN
Posted Date : 25-Sep-2024 , 12:37:38 am | Posted By CASANSAAR
Archival of GST Returns data on GST portal
Sep 24th, 2024
1. Section 39 (11) of the CGST Act, 2017 , implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, provides that the taxpayers shall not be allowed file their GST returns after the expir...
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GST |
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SEBI Study Shows 93% Individual F&O Traders Incur Losses
Posted Date : 24-Sep-2024 , 11:05:42 am | Posted By CASANSAAR
A new study conducted by the Securities and Exchange Board of India (SEBI) has revealed that over 9 out of 10 individual traders in the equity futures and options (F&O) segment continue to incur significant losses. The aggregate losses of individual traders exceeded ?1 .8 lakh crores over the th...
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SEBI |
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NHRC Investigates Death of EY Chartered Accountant
Posted Date : 23-Sep-2024 , 09:00:52 am | Posted By CASANSAAR
The National Human Rights Commission (NHRC) has taken suo motu cognizance of the reported death of a chartered accountant girl from Kerala that allegedly died due to excessive workload.
The 26-year-old girl was found to have died from Pune due to long hours of work at Ernst & Young, a company...
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Chartered Accountant |
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EY Employee's Death Case - Father Appeals to the EY
Posted Date : 21-Sep-2024 , 02:47:18 am | Posted By CASANSAAR
Sibi Joseph, father of Anna Sebastian Perayil, the 26-year-old EY employee who died due to 'work-related stress' recently broke his silence. In an interview to news agency IANS, he said that said that his daughter was "hardly getting any sleep and was unable to eat proper food". Jo...
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Chartered Accountant |
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Centre Probes 26-Year-Old EY Employee's Death as Mother Blames 'Overwork'
Posted Date : 20-Sep-2024 , 01:56:17 am | Posted By CASANSAAR
Amid massive outrage over the death of a 26-year-old chartered accountant with Ernst and Young India, allegedly due to work stress, the Union Labour Ministry has said it has taken up a complaint and will be investigating the circumstances that led to the death of Anna Sebastian Perayil.
"D...
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Chartered Accountant |
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NFRA issues Revised Standards on Auditing (SA) 600 for Public Consultation
Posted Date : 18-Sep-2024 , 12:44:07 am | Posted By CASANSAAR
The National Financial Reporting Authority on Tuesday issued the revised Standards on Auditing 600 (SA 600) for public consultation that would address deficiencies in group audit of firms that were highlighted in several cases of corporate frauds. As per the revised norms, the group auditor would be...
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NFRA |
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Hosting of Multipurpose Empanelment Form (MEF)- 2024-25 - ICAI
Posted Date : 18-Sep-2024 , 09:19:23 am | Posted By CASANSAAR
Professional Development Committee (PDC) is pleased to host the Multipurpose Empanelment Form (MEF) for the year 2024-25, which is available at https://meficai.org/. Before filling the Multipurpose Empanelment Form (MEF) for the year 2024-25, Members are advised to go through the Advisory. Informati...
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ICAI |
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0 | Hits : 1993
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GST evasion doubles in FY24; Mumbai top in detection list
Posted Date : 17-Sep-2024 , 10:42:46 am | Posted By CASANSAAR
Tax evasion of Rs 2.01 lakh crore was detected in the financial year 2023-24, nearly double from Rs 1.01 lakh crore detection in the previous financial year under the Goods and Services Tax (GST) regime, data released by the Directorate General of GST Intelligence (DGGI) on Saturday showed. Mumbai t...
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GST |
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0 | Hits : 1982
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CBIC issues clarification on place of supply for advertising services provided to foreign clients
Posted Date : 13-Sep-2024 , 10:54:57 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Custom (CBIC) on Thursday clarified different taxation related issues concerning advertising services provided to foreign clients by Indian advertisement companies. This is based on GST Council’s recommendation as agreed upon in September 9 meeting.
...
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GST |
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Filing Complaint of alleged violation of Election Code of Conduct-ICAI
Posted Date : 09-Sep-2024 , 10:18:32 pm | Posted By CASANSAAR
As members are aware, for the forthcoming elections to the Council and Regional Councils of the Institute, the undersigned in terms of Rule 16 of the Chartered Accountants (Election to the Council) Rules, 2006 has issued an Election Code of Conduct approved by the Council for maintaining a healthy a...
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Income Tax |
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Recommendations during 54th meeting of the GST Council
Posted Date : 10-Sep-2024 , 08:19:07 am | Posted By CASANSAAR
The 54th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in New Delhi today.
The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary, Chief Ministers of Goa and Meghalaya; Deputy Chief M...
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GST |
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Biometric-Based Aadhaar Authentication & Document Verification for GST Registration Applicants of Bihar, Delhi, Karnataka and Punjab
Posted Date : 06-Sep-2024 , 09:56:58 pm | Posted By CASANSAAR
Dear Taxpayers,
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.
1. Rule 8 of the CGST Rules, 2017 has been amended to provide ...
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GST |
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CAG of India signs MoU with U.A.E. Accountability Authority
Posted Date : 07-Sep-2024 , 08:22:54 am | Posted By CASANSAAR
The Comptroller and Auditor General of India (CAG) has signed a Memorandum of Understanding (MoU) with the Accountability Authority of the United Arab Emirates (UAE) during a bilateral meeting with its President in Abu Dhabi.
The objective of this MoU is to promote and develop cooperation between...
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CAG |
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Ministry wants ICAI to have a broader view on ISA 600
Posted Date : 06-Sep-2024 , 08:36:46 am | Posted By CASANSAAR
The ongoing tussle between the Institute of Chartered Accountants of India (ICAI) and the National Financial Reporting Authority (NFRA) over the latter’s proposed new audit standards is due to a “communication gap”, a senior official at the ministry of corporate affairs (MCA) said ...
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Income Tax |
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NFRA may refuse to budge on proposed audit upgrade plan
Posted Date : 04-Sep-2024 , 06:47:05 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) is unlikely to roll back or materially change its proposed plan to upgrade to International Standard on Auditing (ISA) 600, despite the concerns raised by the Institute of Chartered Accountants of India (ICAI).
FE has learnt from sources privy to ...
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NFRA |
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Advisory on Reporting of supplies to un-registered dealers in GSTR1/GSTR 5 - GSTN
Posted Date : 04-Sep-2024 , 06:32:15 am | Posted By CASANSAAR
Vide Notification No. 12/2024 – Central Tax dated 10th July, 2024, the Government has reduced the threshold limit for reporting of invoice wise details of inter-state taxable outward supplies made to unregistered dealers from 2.5 Lakh to 1 Lakh which needs to be reported in Table 5 of Form GST...
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GST |
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GST Collections Rise 10% to Rs 1.75 lakh Cr. in August 2024
Posted Date : 01-Sep-2024 , 09:30:05 am | Posted By CASANSAAR
Goods and Services Tax (GST) collections in August went up by 10 per cent from the same period last year to Rs 1,74,962 crore, according to official statement of government. This growth was observed across all categories: Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess.
A ye...
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GST |
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CBDT launches new e-DRS Scheme to ease tax disputes
Posted Date : 31-Aug-2024 , 05:18:00 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has introduced the Dispute Resolution Scheme (e-DRS), 2022, as a streamlined and efficient platform for taxpayers to resolve their income tax disputes. The scheme aims to reduce litigation and provide a faster and more cost-effective resolution for taxpayers....
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CBDT |
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RBI allows foreign investors in IFSC to invest in Sovereign Green Bonds
Posted Date : 30-Aug-2024 , 10:33:07 am | Posted By CASANSAAR
The Reserve Bank on Thursday introduced a scheme to permit foreign investors in the International Financial Services Centre (IFSC) to invest in sovereign green bonds to facilitate wider non-resident participation in such instruments.
The government issued sovereign green bonds (SGrBs) in January ...
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RBI |
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CBI arrests principal commissioner of Income Tax in Rs 10 lakh bribery case
Posted Date : 28-Aug-2024 , 09:24:52 am | Posted By CASANSAAR
The CBI on Tuesday arrested the principal commissioner of the Income Tax (Patna and Dhanbad) Department and four others over alleged bribery of Rs 10 lakh from different tax assessees, officials said.
Principal Commissioner of Income Tax Santosh Kumar was arrested along with four private individu...
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Income Tax |
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