BharatPe Ex-CEO Ashneer Grover, Family Made Fake Multi-Crore Invoices - Sources
Posted Date : 16-Nov-2023 , 07:44:11 am | Posted By CASANSAAR
The Economic Offences Wing's (EOW) investigation into the alleged fraud at payments firm BharatPe has found a host of unexplained payments made to allegedly fake human resource consultancies by co-founder Ashneer Grover, his wife and the company's former head of controls Madhuri Jain Grover ...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1415
|
![](images/text_strip.jpg) |
GSTN Advisory for Online Compliance Pertaining to ITC mismatch -GST DRC-01C
Posted Date : 16-Nov-2023 , 07:36:32 am | Posted By CASANSAAR
Difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed in the GSTR-R3B
Dear Taxpayers,
1. It is informed that GSTN has developed a functionality to generate automated intimation in Form GST DRC-01C which enables the taxpayer to explain the difference in Input tax credi...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 634
|
![](images/text_strip.jpg) |
SEBI asks stock brokers to simplify terms and conditions for investors
Posted Date : 14-Nov-2023 , 07:50:34 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has directed stock brokers to publish a narrow list of terms and conditions labelled as ‘most important terms and conditions’ (MITC) to convey risks, tariffs, and policy-related information in an easy format to investors.
Investors and...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 624
|
![](images/text_strip.jpg) |
Over 100,000 small and mid-sized businesses flout GST e-invoicing rules
Posted Date : 10-Nov-2023 , 09:02:59 am | Posted By CASANSAAR
Over 100,000 small and medium-sized businesses are non-compliant with e-invoicing norms under the goods and services tax (GST) regime, a mandatory requirement for businesses with an annual turnover of over Rs 5 crore.
E-invoicing provides real-time access to invoices that are prepared by the supp...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 711
|
![](images/text_strip.jpg) |
11.5 Cr PAN Cards Deactivated after missing deadline for linking with Aadhaar
Posted Date : 09-Nov-2023 , 09:12:24 am | Posted By CASANSAAR
A total of 11.5 crore PAN cards were deactivated for not being linked to Aadhaar cards before the stipulated deadline, a Right to Information (RTI) reply by the Central Board of Direct Taxes (CBDT) stated.
The deadline for linking PAN with Aadhaar expired on June 30 earlier this year. ...
Continue Reading...
Category :
PAN |
Comments :
0 | Hits : 1752
|
![](images/text_strip.jpg) |
CBIC clarifies on GST implications for electricity charges
Posted Date : 07-Nov-2023 , 09:04:29 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has clarified that when electricity charges are bundled with renting of immovable property and/or maintenance of premises, it will be considered a composite supply and subject to Goods and Services Tax (GST) at 18%. This is applicable even if th...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 765
|
![](images/text_strip.jpg) |
Govt approves extension of BoM, Central Bank MDs' tenure
Posted Date : 06-Nov-2023 , 08:32:49 am | Posted By CASANSAAR
The government has cleared the extension of tenure of managing directors of two public sector lenders -- Bank of Maharashtra (BoM) and Central Bank of India.
According to sources, Appointments Committee of the Cabinet (ACC) has approved extension of term of office of A S Rajeev, MD and CEO of B...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 706
|
![](images/text_strip.jpg) |
FinMin launches GST Amnesty Scheme for filing appeals against demand orders
Posted Date : 04-Nov-2023 , 10:25:05 am | Posted By CASANSAAR
The finance ministry has come out with an amnesty scheme for filing appeals against Goods and Services Tax (GST) demand orders.
The scheme, which will be open till January 31, 2024, will be available for entities that were unable to submit their appeals against orders issued by the tax officer on...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1191
|
![](images/text_strip.jpg) |
RBI imposes Penalty on PNB, Federal Bank, 2 other entities
Posted Date : 03-Nov-2023 , 08:15:34 pm | Posted By CASANSAAR
The Reserve Bank on Friday said it has imposed a Rs 72 lakh penalty on state-owned Punjab National Bank and a Rs 30 lakh penalty on private sector Federal Bank for non-compliance with certain regulatory norms.
It has also imposed a penalty of Rs 10 lakh on Mercedes-Benz Financial Services India P...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1307
|
![](images/text_strip.jpg) |
People can send Rs 2,000 notes by post to RBI offices for direct credit in bank accounts
Posted Date : 03-Nov-2023 , 07:03:33 am | Posted By CASANSAAR
People can send their Rs 2,000 banknotes to specified regional offices of the Reserve Bank through the insured post for credit in their bank accounts.
This is a hassle-free option for the people who are away from the regional offices of the Reserve Bank.
Besides, the RBI is offering TLR (Tripl...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 602
|
![](images/text_strip.jpg) |
CBI begins probe into multi-crore PNB embezzlement case
Posted Date : 03-Nov-2023 , 06:50:54 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) has started probe into the multi-crore banking fraud in which a former Punjab National Bank (PNB) employee, M.P. Rijil, allegedly swindled ?21 crore from multiple bank accounts, including the eight accounts maintained by the Kozhikode Corporation.
T...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 547
|
![](images/text_strip.jpg) |
Govt appoints Sanjay Kallapur and R. Narayanaswamy as part-time members of NFRA
Posted Date : 01-Nov-2023 , 08:17:35 pm | Posted By CASANSAAR
The Central Government has appointed Sanjay Kallapur and R. Narayanaswamy as the part-time members of India’s independent accounting regulator, the National Financial Reporting Authority (NFRA).
The appointment is valid for a period of three years.
A notification issued by the Ministry o...
Continue Reading...
Category :
NFRA |
Comments :
0 | Hits : 1310
|
![](images/text_strip.jpg) |
GST revenue collection for Oct. 2023 is second highest ever, records increase of 13% Y-o-Y
Posted Date : 01-Nov-2023 , 08:13:06 pm | Posted By CASANSAAR
The gross GST revenue collected in the month of October, 2023 is ? 1,72,003 crore out of which ? 30,062 crore is CGST, ? 38,171 crore is SGST, ? 91,315 crore (including ? 42,127 crore collected on import of goods) is IGST and ? 12,456 crore (includin...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 631
|
![](images/text_strip.jpg) |
J&K Bank's Central Statutory Auditors Removed Prematurely
Posted Date : 01-Nov-2023 , 08:08:38 am | Posted By CASANSAAR
The removal came in the backdrop of the auditors issuing a qualified opinion on the bank’s FY23 accounts with respect to funds raised via the employee stock purchase scheme 2023 (ESPS).
The central statutory auditors of Jammu and Kashmir Bank have been removed prematurely.
The Comp...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 3207
|
![](images/text_strip.jpg) |
CA firms classified as professional, not eligible for ESI benefits - Gujarat HC
Posted Date : 31-Oct-2023 , 07:28:54 am | Posted By CASANSAAR
A bench of justice Bharav D Karia had observed that the activity of a CA includes that of accounting, auditing, refereeing, receivers, arbitrators and special commissioners as prescribed by the ICAI to be carried out on-premises and at places of managing partner may determine
The Gujarat high cou...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 722
|
![](images/text_strip.jpg) |
Remuneration to a director for providing corporate guarantee to be taxed under GST - CBIC
Posted Date : 31-Oct-2023 , 07:23:58 am | Posted By CASANSAAR
Remuneration or consideration received, directly/indirectly by a serving or separated director, for providing corporate guarantee will be treated as taxable value for GST, the Central Board of Indirect Taxes & Customs (CBIC) has said. This is part of a clarificatory circular, sent by CBIC to its...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 443
|
![](images/text_strip.jpg) |
GSTN Advisory related to changes in GSTR-5A
Posted Date : 30-Oct-2023 , 08:13:49 am | Posted By CASANSAAR
"Notification 51/2023 dated 29.09.2023 has introduced Table 5B in GSTR 5A w. e. f 01.10.2023. In this notification, Table 5B has been introduced to report supplies made to Registered GSTINs (B2B supplies). This would be implemented shortly at GSTN and till such time, OIDARs are advised to file ...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 338
|
![](images/text_strip.jpg) |
Bank Fraud - ED arrests 2 Promoters, CA of Pharma company, Searches Ashoka University
Posted Date : 29-Oct-2023 , 09:11:45 am | Posted By CASANSAAR
The Enforcement Directorate (ED) on Saturday arrested two promoters of a Chandigarh-based pharma company, who are also the co-founders of the Sonepat-based Ashoka University, and a chartered accountant in a money-laundering probe linked to an alleged bank fraud.
Official sources said the central ...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 421
|
![](images/text_strip.jpg) |
Finance Ministry Notifies Prospective 18% GST on Corporate Guarantees
Posted Date : 28-Oct-2023 , 08:07:06 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has said that Goods and Services Tax (GST) will apply to corporate guarantees between related entities such as parent firms and subsidiaries from Thursday, 26 October. The order gives effect to the decision announced by the GST Council on 8 Octo...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 755
|
![](images/text_strip.jpg) |
MCA to soon launch centre to process all compliances for companies
Posted Date : 28-Oct-2023 , 08:00:07 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) will soon open its Central Processing Centre (CPC) for processing of forms related to all compliances for companies.
This is aimed to free up capacity at the offices of Regional Directors and Registrar of Companies to deal with enforcement matters, of...
Continue Reading...
Category :
MCA |
Comments :
0 | Hits : 506
|
![](images/text_strip.jpg) |
Income Tax Returns filed by individual taxpayers registered increase of 90%
Posted Date : 28-Oct-2023 , 07:53:34 am | Posted By CASANSAAR
Income Tax Returns filed by individual taxpayers have registered an increase of 90 per cent from 3.36 crore in Assessment Year 2013-14 to 6.37 crores in 2021-22.
Finance Ministry said, the average gross total income for individual taxpayers have registered an increase of 56 percent from 201...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 359
|
![](images/text_strip.jpg) |
RBI asks Private Bbanks to have at least 2 Whole-Time Directors
Posted Date : 26-Oct-2023 , 07:35:35 am | Posted By CASANSAAR
The Reserve Bank of Indiaon Wednesday asked private banks and wholly-owned subsidiaries of foreign banks to ensure at least two Whole Time Directors (WTDs), including the MD & CEO, on their boards to facilitate succession planning. Given the growing complexity of the banking sector, it becomes i...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 469
|
![](images/text_strip.jpg) |
Adani Auditor EY Faces Inquiry by Accounting Regulator NFRA
Posted Date : 26-Oct-2023 , 07:32:12 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA), the country's accounting regulator, has initiated an inquiry against one of the member firms of Adani Group's longtime auditors EY, Bloomberg reported on October 25, citing sources privy to the development.
The inquiry was started in rece...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 975
|
![](images/text_strip.jpg) |
Rs. 97.4 Cr Scam in Ajanta Urban Coop Bank, Police Arrested Auditor
Posted Date : 21-Oct-2023 , 08:37:01 am | Posted By CASANSAAR
In yet another case of loan scam, a case of cheating, criminal breach of trust and forgery has been booked against the management of the Ajanta Urban Cooperative Bank as well as the employees concerned who have worked in it since March 2006.
The scam is to the tune of Rs 97.4 crore, the city poli...
Continue Reading...
Category :
Bank Branch Audit |
Comments :
0 | Hits : 2210
|
![](images/text_strip.jpg) |
Supreme Court rejects lower tax on dividend under treaties
Posted Date : 21-Oct-2023 , 08:28:58 am | Posted By CASANSAAR
In a big win for revenue authorities, the Supreme Court has held that the provisions of the 'Most Favoured Nation' clause in a tax treaty are not triggered automatically and a separate notification is required. The SC's order is likely to result in re-opening of several high-value cases,...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 495
|
![](images/text_strip.jpg) |
GST Evasion of Rs 1.36 lakh Cr Detected so Far in FY24 - DGGI
Posted Date : 20-Oct-2023 , 09:51:33 am | Posted By CASANSAAR
The Directorate General of GST Intelligence (DGGI) has detected GST evasion of Rs 1.36 lakh crore so far during the current financial year involving “voluntary payment” of Rs 14,108 crores. The investigation agency under Goods and Services Tax (GST) regime has been working on identifying...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 441
|
![](images/text_strip.jpg) |
RBI imposes penalty on ICICI Bank, Kotak Mahindra Bank for violation of norms
Posted Date : 17-Oct-2023 , 08:07:04 pm | Posted By CASANSAAR
The Reserve Bank on Tuesday said it has imposed a penalty or Rs 12.19 crore on ICICI Bank and Rs 3.95 crore on Kotak Mahindra Bank for non-compliance of certain regulatory norms.
The penalty on private sector lender ICICI Bank has been imposed for contravention of norms related to 'Loans and ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 595
|
![](images/text_strip.jpg) |
SC says restaurants not subject to service tax for take away food orders
Posted Date : 13-Oct-2023 , 12:11:50 pm | Posted By CASANSAAR
The Supreme Court has held that restaurants are not subject to service tax for take away food orders and sharing premises with an associated enterprise. While considering a civil appeal, the Supreme Court upheld the ruling of the Customs Excise Service Tax Appellate Tribunal (CESTAT) and dismissed t...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1289
|
![](images/text_strip.jpg) |
IBBI invites suggestions to simplify, ease & reduce cost of compliance of Regulations notified under IBC
Posted Date : 13-Oct-2023 , 12:04:23 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) invites suggestions/comments from public and regulated entities, on the Regulations for simplifying, easing and reducing cost of compliance.
The suggestions are invited in pursuance of the announcement made in the Union Budget for FY 2023-24 by ...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 642
|
![](images/text_strip.jpg) |
Facility for the e- commerce operators through whom unregistered suppliers of goods can supply goods - GSTN
Posted Date : 13-Oct-2023 , 11:56:37 am | Posted By CASANSAAR
GSTN has also provided APIs for ECOs (through whom unregistered persons can supply goods) to integrate with GSTN to obtain the details and facilitate the unregistered suppliers. The APIs are for validating the demographic details of the said suppliers and also for use in tracking and repor...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 579
|
![](images/text_strip.jpg) |
|