CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
Posted Date : 25-Apr-2024 , 12:40:03 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT), has issued Circular No. 07/2024 dated 25.04.2024 further extending the due date for filing Form 10A/ Form 10AB under the Income-tax Act, 1961 (the ‘Act’) upto 30th June, 2024.
CBDT had earlier extended the due date for fi...
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CBDT |
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RBI comes out with FEMA regulations for direct listing on international exchange
Posted Date : 25-Apr-2024 , 09:57:44 am | Posted By CASANSAAR
Listing of an Indian company on international stock exchanges got a push with the Reserve Bank of India (RBI) coming out with regulations under Foreign Exchange Management (FEMA). Experts believe new regulations will help companies utilise foreign exchange more effectively.
Regulations have been ...
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RBI |
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RBI directs payment firms to track high-value, fishy transactions during elections
Posted Date : 23-Apr-2024 , 08:19:47 am | Posted By CASANSAAR
The Lok Sabha elections 2024 are in full swing with electioneering adding much colour to the entire process. However, to ensure that there is no wrongdoing, the Reserve Bank of India (RBI) has sent a missive to Payment System Operators (PSOs) asking them to keep a watch on all suspicious high-value ...
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RBI |
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NCLT orders insolvency proceedings against Subhash Chandra
Posted Date : 23-Apr-2024 , 08:07:10 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) on Monday ordered insolvency proceedings against media baron Subhash Chandra on a plea filed by Indiabulls Housing Finance.
A two-member Delhi bench of the NCLT directed initiation of personal insolvency proceedings against Zee Entertainment En...
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Insolvent Professional |
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Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
Posted Date : 22-Apr-2024 , 07:51:53 am | Posted By CASANSAAR
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt.
To be precise, the cases pending in ...
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Income Tax |
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SC issues notices on plea challenging anti-profiteering provisions
Posted Date : 20-Apr-2024 , 06:47:11 am | Posted By CASANSAAR
The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition ch...
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GST |
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SC upholds CESTAT order for Service Tax on Patanjali Trust
Posted Date : 20-Apr-2024 , 06:40:13 am | Posted By CASANSAAR
In a setback to the Patanjali Yogpeeth Trust, the Supreme Court on Friday upheld an appellate tribunal’s ruling that the organisation is liable to pay service tax for charging an entry fee for organising Yoga camps, both residential and non-residential.
A bench of Justices Abhay S Oka and U...
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Service Tax |
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Malabar Parota to attract 5% GST and not 18%, rules Kerala HC
Posted Date : 18-Apr-2024 , 11:18:55 am | Posted By CASANSAAR
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance R...
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GST |
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RBI Issues Draft Guidelines on Payment Aggregators
Posted Date : 18-Apr-2024 , 11:05:18 am | Posted By CASANSAAR
he Reserve Bank on Tuesday came out with draft guidelines to further strengthen regulations on payment aggregators, a move aimed at boosting the payment ecosystem.
The draft also covers the physical point-of-sale activities of payment aggregators (PAs).
The RBI said that given the growth in di...
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RBI |
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RBI eases rules on hedging of gold price risk in overseas markets
Posted Date : 16-Apr-2024 , 01:54:54 am | Posted By CASANSAAR
The RBI on Monday eased rules to allow resident entities to hedge their exposures to the price risk of gold using the OTC derivatives in the International Financial Services Centre (IFSC) in addition to the derivatives on the exchanges in the IFSC.
Resident entities such as banks were permitted t...
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RBI |
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NFRA acts against Joint Auditor of Reliance Capital
Posted Date : 15-Apr-2024 , 08:17:27 am | Posted By CASANSAAR
National Financial Reporting Authority (NFRA), the regulator for auditors and audit firms for listed and large companies, has acted against Pathak HD & Associates - the joint auditor for Reliance Capital, then an Anil Ambani group company - and its two auditors for multiple failures flagged by t...
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NFRA |
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Businessman arrested in Rs.15,000 Cr GST fraud case, Claimed ITC through 35 fake Companies
Posted Date : 13-Apr-2024 , 08:40:47 am | Posted By CASANSAAR
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case.
The police revealed th...
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GST |
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Supreme Court upholds NCLAT order against Errant Auditors
Posted Date : 12-Apr-2024 , 12:01:28 pm | Posted By CASANSAAR
In a boost to the National Financial Reporting Authority (NFRA), the regulator for auditors and audit firms dealing with large and listed companies, the Supreme Court has upheld an order by the National Company Law Appellate Tribunal (NCLAT) related to disciplinary action against errant auditors.
...
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Auditing |
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Govt extends implementation of special registration, return filing for pan masala, gutkha companies
Posted Date : 12-Apr-2024 , 07:56:31 am | Posted By CASANSAAR
The government has extended the deadline for implementation of special procedure for registration and monthly return filing of manufacturers of pan masala, gutkha and similar tobacco products till May 15.
Earlier in January, the Central Board of Indirect Taxes and Customs (CBIC) had announced the...
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GST |
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CBDT clarifies on media reports claiming special drive to reopen cases with reference to HRA claims
Posted Date : 10-Apr-2024 , 08:02:32 am | Posted By CASANSAAR
Certain instances of mismatch of information as filed by the taxpayer and as available with the Income Tax Department have come to the notice of the Department as part of its routine exercise of verification of data. In such cases, the Department has alerted the taxpayers to enable them to take corr...
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CBDT |
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SEBI orders youtuber who gives stock market training to pay Rs.12 Cr
Posted Date : 08-Apr-2024 , 07:45:43 am | Posted By CASANSAAR
A financial influencer, also known as finfluencer, who was also involved in imparting training related to stock market trading has been asked to part with a little over ?12 crore, which it made unlawfully.
The funds are to be credited or deposited by Ravindra Balu Bharti into an interest-bearing ...
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SEBI |
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Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
Posted Date : 06-Apr-2024 , 08:59:31 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers...
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Income Tax |
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NSE to launch four new indices in capital markets from April 8
Posted Date : 04-Apr-2024 , 06:44:34 am | Posted By CASANSAAR
NSE will introduce four indices from April 8 in both the cash and derivatives segments.
These include Nifty Tata Group 25 per cent Cap, Nifty 500 Multicap India Manufacturing 50:30:20, Nifty 500 Multicap Infrastructure 50:30:20, and Nifty MidSmall Healthcare.
Nifty Tata Group 25 per cent Cap I...
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Shares & Stock |
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GSTN Advisory for Self Enablement For e-Invoicing
Posted Date : 04-Apr-2024 , 06:35:54 am | Posted By CASANSAAR
1. If your turnover exceeds INR 5 crores in the financial year 2023-2024, you will be required to start e-Invoicing from the next financial year, i.e., from 1st April 2024 onwards
2. For those who meet the notification criteria but have not yet been enabled on the po...
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GST |
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March 24 GST collection grows 11.5% to Rs 1.78 trillion - FinMin
Posted Date : 01-Apr-2024 , 08:05:45 pm | Posted By CASANSAAR
The Gross Goods and Services Tax (GST) collection in March registered a 11.5 per cent year-on-year growth at Rs 1.78 trillion, the Finance Ministry informed on Monday.
Driven by significant increase in tax collections from domestic transactions, it was the second-highest GST collection ever...
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GST |
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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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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 : 2160
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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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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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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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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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