NFRA pushes for revised ISA 600 to Curb Corporate Frauds
Posted Date : 27-Aug-2024 , 02:54:24 am | Posted By CASANSAAR
The National Financial Reporting Authority plans to adopt the revised International Standard of Audit 600 (ISA 600) to enhance auditor oversight and address significant audit lapses. To advance this initiative, NFRA will convene a meeting next week with key financial regulators, including the Reserv...
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NFRA |
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Delhi court rejects CA's plea to turn approver in Jal Board money laundering case
Posted Date : 24-Aug-2024 , 10:37:01 am | Posted By CASANSAAR
The Rouse Avenue court has dismissed an application by Chartered Accountant Tejinder Pal Singh to become an approver in a money laundering case involving the Delhi Jal Board. The Enforcement Directorate (ED) had charged Tejinder Pal Singh without arrest, and he sought pardon in the case.
The ED r...
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CA |
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Introduction of RCM Liability/ITC Statement - GSTN
Posted Date : 24-Aug-2024 , 09:36:41 am | Posted By CASANSAAR
To assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called "RCM Liability/ITC Statement" has been introduced on the GST Portal. This statement will enhance accuracy and transparency for RCM transactions by capturing the RCM liability show...
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GST |
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Over Rs 80,000 Cr worth GST notices issued for Assessment Year 2018-22
Posted Date : 23-Aug-2024 , 07:46:09 am | Posted By CASANSAAR
The investigation arm of the Goods and Services Tax (GST) authority has issued over 20,000 notices pan-India for assessment year (AY) 2017-18 to AY2021-22, involving tax demand of over Rs 80,000 crore, according to an initial estimation.
The Directorate General of GST Intelligence has shot the no...
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GST |
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Income Tax Act Review to Wrap Up In 6 Months - CBDT Chairman
Posted Date : 23-Aug-2024 , 07:39:02 am | Posted By CASANSAAR
CBDT Chairman Ravi Agrawal stated on Wednesday that the review of the Income Tax Act of 1961 is set to be completed within the designated six-month timeframe.
Union Finance Minister Nirmala Sitharaman, in her Budget speech last month, announced that the direct tax law of the country would be revi...
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Income Tax |
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SBI Life gets GST demand notice of Rs 239 Cr
Posted Date : 23-Aug-2024 , 07:29:16 am | Posted By CASANSAAR
SBI Life on Thursday said tax authorities have slapped a demand notice of about Rs 239.27 crore on it for short payment of Goods and Services Tax (GST) for the financial year 2019-20.
The company has received an order for interest and penalty from the Deputy Excise & Taxation Commissioner, Ro...
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GST |
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NFRA imposes Rs. 10 Cr penalty on BSR & Associates, debars two partners
Posted Date : 21-Aug-2024 , 03:16:56 am | Posted By CASANSAAR
Audit regulator National Financial Reporting Authority (NFRA) on Monday imposed a hefty penalty of Rs.10 crore, one of the highest in the history of the regulator, on BSR & Associates LLP, an independent audit firm which has a contractual relationship with KPMG, for alleged lapses in the audit o...
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NFRA |
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Rs.3.86 Lakh Annual Fixed Salary to CAs in ICAI Campus Placement
Posted Date : 20-Aug-2024 , 11:54:49 pm | Posted By CASANSAAR
Tata Consultancy Services (TCS) is offering just Rs 3.86 lakh annual fixed salary to qualified chartered accountants (CAs) in the latest campus placements at the Institute of Chartered Accountants of India (ICAI). Of the total cost-to-company (CTC) of Rs 7.5 lakh annually, TCS is offering a variable...
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ICAI |
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Gift received from NRI brother can be excluded from taxation - ITAT
Posted Date : 21-Aug-2024 , 09:53:43 am | Posted By CASANSAAR
The Income Tax Appellate Tribunal (ITAT) has recently held that a gift of Rs 20 lakh received by a taxpayer from his Non-Resident Indian (NRI) brother was not chargeable to the tax as the the assessee was the close relative of the donor.
“As such the gift from a brother is not chargeable to...
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Income Tax |
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CBIC to begin special drive to weed out fake GST registration on Aug 16
Posted Date : 13-Aug-2024 , 09:34:57 pm | Posted By CASANSAAR
Central and state GST officers will launch a pan-India special two-month drive against fake registration beginning August 16, the CBIC said on Monday.
This is the second such drive to identify fake registrations under Goods and Services Tax (GST). Fake GST registrations are usually taken to fraud...
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GST |
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SEBI chief’s consulting firm shares address with its Auditor
Posted Date : 13-Aug-2024 , 09:30:26 pm | Posted By CASANSAAR
A consulting firm set up by Madhabi Buch before she became a member and chairperson of the Securities and Exchange Board of India is registered at the same address as its statutory auditor, regulatory filings by the firm show.
The firm, Agora Advisory Private Limited, has come under scrutiny afte...
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SEBI |
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Bill introduced to allow upto 4 Nominees in Bank Account
Posted Date : 10-Aug-2024 , 08:48:28 am | Posted By CASANSAAR
A bill seeking to improve governance standards in banks, allowing nominations of up to four persons by an account holder and ensuring the protection of depositors and investors has been introduced in the Lok Sabha on Friday.
The Banking Laws (Amendment) Bill, 2024, which was introduced by Ministe...
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Banking |
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MCA explores Disciplinary Action against CA, CS in 500 Chinese Companies
Posted Date : 10-Aug-2024 , 08:45:55 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has asked the Institute of Chartered Accountants of India (ICAI) and Institute of Company Secretaries of India to look into instances where action against their members may be merited. This is in regard to incorporation frauds in about 500 Chinese companies th...
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MCA |
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RBI increased UPI transaction limit from Rs 1 lakh to Rs 5 lakh
Posted Date : 10-Aug-2024 , 08:43:54 am | Posted By CASANSAAR
In a latest move to facilitate higher payments through UPI, the RBI proposes to increase the per transaction limit under the payment system from Rs 1 lakh to Rs 5 lakh.
According to the RBI, the increased limit will further ease tax payments by consumers through UPI.
In another proposal, the R...
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RBI |
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GST Registration Can't Be Cancelled on Unspecific Show Cause Notice - High Court
Posted Date : 10-Aug-2024 , 08:37:44 am | Posted By CASANSAAR
The Delhi High Court has held that the GST registration cannot be cancelled on cryptic allegations and on the basis of the Show Cause Notice, which did not state any specific allegation, which could be explained by the taxpayer.
The court held that a show cause notice must clearly state the reaso...
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GST |
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0 | Hits : 866
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Brightcom Group Auditors Resign citing lack of information and cooperation
Posted Date : 09-Aug-2024 , 12:54:39 am | Posted By CASANSAAR
The resignation letter said that the action was prompted by several significant issues and listed lack of required information, inadequate cooperation in providing essential information, absence of shareholder approval for appointment of auditors, and delay in quarterly reviews.
The auditor's...
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Auditing |
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0 | Hits : 1915
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RBI announces Continuous Clearing of Cheques under CTS
Posted Date : 09-Aug-2024 , 12:41:29 am | Posted By CASANSAAR
For expeditious clearance of cheques, the RBI has announced measure on Continuous Clearing of Cheques under Cheque Truncation System (CTS). Once implemented cheques would be cleared within hours of submission instead of two days taken currently.
CTS currently processes cheques with a clearing cyc...
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RBI |
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0 | Hits : 715
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Income Tax Department warns against rising ITR Refund Scams
Posted Date : 07-Aug-2024 , 07:32:43 am | Posted By CASANSAAR
The last date to file ITR or income tax returns has passed and scammers have become active. As per the reports, frauds are being reported in the name of income tax refunds, so the people who have filed ITRs have to stay cautious. The Income Tax Department has issued a warning to the taxpayers, to st...
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Income Tax |
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0 | Hits : 1709
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RBI proposes additional authentication for digital transactions
Posted Date : 01-Aug-2024 , 08:52:59 am | Posted By CASANSAAR
Aiming at further strengthening the security of digital transactions, the Reserve Bank of India (RBI) on Wednesday proposed to introduce additional factors of authentication for digital transactions.
In the draft guidelines on ‘Alternative Authentication Mechanisms for Digital Payment&rsquo...
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RBI |
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0 | Hits : 1751
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Infosys gets GST demand for alleged GST evasion of Rs 32,000 Cr
Posted Date : 01-Aug-2024 , 08:48:43 am | Posted By CASANSAAR
India’s second-largest IT company Infosys has received demand for alleged tax evasion of over Rs 32,000 crore from the Directorate General of GST Intelligence (DGGI), according to a document viewed by Moneycontrol.
"In lieu of receipt of supplies from overseas branch offices, the Compa...
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GST |
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RBI mandates real-time fraud monitoring for non-bank payment operators
Posted Date : 31-Jul-2024 , 08:42:42 am | Posted By CASANSAAR
The RBI on Tuesday said non-bank payment system operators will have to put in place a real-time fraud monitoring solution to identify suspicious transactional behaviour and generate alerts.
Also, non-bank payment system operators (PSOs) will have to ensure that an online session on mobile applica...
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RBI |
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Fake ITC Claims Up 51% to Rs 36,374 Cr in FY24 - GST
Posted Date : 30-Jul-2024 , 08:44:48 am | Posted By CASANSAAR
Fake input tax credit (ITC) claims detection by central GST officers increased 51 per cent to Rs 36,374 crore in 2023-24, Parliament was informed on Monday.
Minister of State for Finance Pankaj Chaudhary shared details of the fake input tax Credit (ITC) cases booked by Central Tax formations duri...
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GST |
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0 | Hits : 1092
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Married traders make more profit than bachelor traders in Intraday trading - SEBI Study
Posted Date : 30-Jul-2024 , 08:41:43 am | Posted By CASANSAAR
Sebi's study on intraday trading in the equity cash segment suggest that married traders consistently outperformed single traders in several key metrics during the financial years FY19, FY22, and FY23. The proportion of loss-makers was lower among married traders compared to their single counter...
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SEBI |
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0 | Hits : 1013
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Big update from Income Tax dept as ITR filing deadline for FY 2023-24 nears
Posted Date : 27-Jul-2024 , 09:44:46 pm | Posted By CASANSAAR
The income tax department on Saturday announced that over 5 crore tax returns for the Assessment Year 2024-25 have been filed so far through its e-filing portal, an 8% increase from the previous year.
On July 26, the portal received an 28 lakh ITRs, indicating the surge in last-minute filings as ...
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Income Tax |
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0 | Hits : 2805
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Delhi High Court refused to stay Netflix Show Tribhuvan Mishra CA Topper
Posted Date : 27-Jul-2024 , 12:50:27 am | Posted By CASANSAAR
Delhi High Court Refuses To Stay Netflix Release Of 'Tribhuvan Mishra CA Topper' Show On ICAI's Plea.
The Delhi High Court has refused to impose an interim stay on the release of Netflix series Tribhuvan Mishra CA Topper, saying it appeared to be in the genre of comedy and cannot be p...
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CA |
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0 | Hits : 2419
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RBI unveils new PCA framework for UCBs
Posted Date : 27-Jul-2024 , 08:36:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday launched the prompt corrective action (PCA) framework for urban co-operative banks (UCBs), on the lines of PCA norms for scheduled commercial banks and non-banking finance companies. The framework will come into effect from April 1, 2025.
The banking regu...
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RBI |
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0 | Hits : 781
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Punjab losing Rs 20,000 Cr to GST evasion each year
Posted Date : 27-Jul-2024 , 08:33:18 am | Posted By CASANSAAR
At a time when Punjab is passing through the toughest financial crisis, the SGST Department has completely failed to check the evasion of revenue. Due to such evaders, the state is losing huge revenue of more than Rs 20,000 crore a year. The Federation of Punjab Small Industries Association (FOPSIA)...
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GST |
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GSTN Advisory for FORM GSTR-1A
Posted Date : 27-Jul-2024 , 08:23:01 am | Posted By CASANSAAR
FORM GSTR-1A
1. The Government vide notification No. 12/2024 – Central Tax dated 10.07.2024, has introduced FORM GSTR-1A which is an optional Form/ facility. This has been provided to the taxpayers to add or amend particulars of a supply of the current t...
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GST |
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0 | Hits : 740
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Tax Clearance Certificate Mandatory for Indians before Leaving India
Posted Date : 26-Jul-2024 , 02:40:31 am | Posted By CASANSAAR
The Budget has made the rules stricter for obtaining clearance certificates, which are needed to leave India. Starting October 1, anyone living in India will need a clearance certificate confirming they are clear under the Black Money Act.
According to section 230 of the Income-tax (I-T) Act, any...
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Budget |
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0 | Hits : 1414
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RBI tightens norms for cash pay-outs at Banks
Posted Date : 25-Jul-2024 , 10:39:39 pm | Posted By CASANSAAR
The RBI on Wednesday tightened norms related to cash pay-out service at banks, making it mandatory for lenders to keep a record of recipients.
Cash pay-out refers to arrangements for amounts being transferred out of bank accounts to beneficiaries not having a bank account.
The Reserve Bank of ...
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RBI |
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