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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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Category : GST | Comments : 0 | Hits : 782

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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Category : CBDT | Comments : 0 | Hits : 2652

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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Category : Income Tax | Comments : 0 | Hits : 756

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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Category : Income Tax | Comments : 0 | Hits : 960

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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Category : Income Tax | Comments : 0 | Hits : 871

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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Category : Bank Branch Audit | Comments : 3 | Hits : 19577

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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Category : Auditing | Comments : 0 | Hits : 4063

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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Category : GST | Comments : 0 | Hits : 1026

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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Category : Banking | Comments : 0 | Hits : 913

SEBI slaps Rs 4.8 mn fine on 8 entities for flouting regulatory norms
Posted Date : 01-Mar-2024 , 08:51:56 am | Posted By CASANSAAR

Capital markets regulator Sebi on Thursday slapped a fine of Rs 48 lakh on eight entities, including promoters of United Polyfab Gujarat Ltd (UPGL), for manipulating the share prices of the company. These entities have to pay the penalty jointly and severally within 45 days, as per an order. T...

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Category : SEBI | Comments : 0 | Hits : 2281

RBI urges financial institutions to disclose climate risks
Posted Date : 29-Feb-2024 , 05:25:15 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday proposed a four-year road map starting 2025-26 for regulated entities (REs) – banks, financial institutions, and non-banking finance companies (NBFCs) – to disclose climate-related financial risks under the standard framework. The regulated...

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Category : RBI | Comments : 0 | Hits : 685

RBI to examine overseas investment rules
Posted Date : 22-Feb-2024 , 09:32:08 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) will meet banks to sort out the grey areas in overseas investment (OI) regulations which have stalled the plans of several wealthy Indians, business families, and startups from taking exposures to foreign securities, funds and companies. Can a resident individual s...

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Category : RBI | Comments : 0 | Hits : 1138

Chartered Accountants from UK, Canada might be allowed to Practice in India - ICAI
Posted Date : 22-Feb-2024 , 09:15:15 am | Posted By CASANSAAR

Chartered accountants from the UK and Canada might be allowed to practice in India on a reciprocal basis, with the apex body ICAI making the proposal to the Government. ICAI President Ranjeet Kumar Agarwal, on February 21, said the proposal will be implemented strictly on the reciprocal basis tha...

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Category : International Business | Comments : 0 | Hits : 2401

NFRA set to Initiate first Annual Inspection of Key Audit Firms by April, 2024
Posted Date : 20-Feb-2024 , 08:06:26 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) is set to commence its inaugural annual review of major auditing organizations, including the Big Five, by April at the latest. This review will focus on evaluating their procedures and adopted standards, according to sources familiar with the regula...

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Category : NFRA | Comments : 0 | Hits : 1919

CBDT drops small tax demands but not TCS, TDS Claims
Posted Date : 20-Feb-2024 , 07:49:08 am | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) on Monday ordered withdrawal of small tax demands that finance minister Nirmala Sitharaman had announced in her FY25 budget speech to improve ease of living. CBDT said that tax demand up to ?25,000 for assessment year up to 2010-11 and demands up to ?10,000 fr...

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Category : CBDT | Comments : 0 | Hits : 1350

SC refused to interfere in High Court's Guidelines on Reopening of Income Tax Assessments
Posted Date : 16-Feb-2024 , 04:03:49 pm | Posted By CASANSAAR

The Supreme Court has refused to interfere with a 2017 Delhi High Court judgment which issued a set of guidelines to the Income Tax Department regarding the reopening of assessments.  A bench comprising Justice PS Narasimha and Justice Aravind Kumar dismissed a Special Leave Petition filed b...

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Category : Income Tax | Comments : 0 | Hits : 1931

Delhi HC upholds TDS on external development charges
Posted Date : 15-Feb-2024 , 07:42:18 am | Posted By CASANSAAR

The Delhi High Court on Tuesday upheld Tax Deducted at Source (TDS) on External Development Charges (EDC) in a real estate project. This means that home buyers will have to bear the burden of TDS. A division Bench of Delhi High Court Comprising Justices Yashwant Varma and Purushaindra Kumar Kaura...

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Category : TDS | Comments : 0 | Hits : 1488

RBI asks Visa, Mastercard to stop card-based commercial payments
Posted Date : 15-Feb-2024 , 07:37:33 am | Posted By CASANSAAR

The Reserve Bank has asked international payments major Visa and Mastercard to stop card-based commercial payments made by small and large businesses due to concerns over KYC compliance. While Visa has acknowledged to a communication to this effect from the regulator on February 8, a response fro...

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Category : RBI | Comments : 0 | Hits : 1096

SEBI Issues caution against unregistered entities promising High Returns
Posted Date : 14-Feb-2024 , 08:38:14 am | Posted By CASANSAAR

Sebi alerts investors about the growing trend of unregistered entities falsely claiming Sebi registration and offering unrealistic returns. Investors are advised to verify the registration status and consider the inherent risks associated with high-return investments. The Securities and Exchange ...

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Category : SEBI | Comments : 0 | Hits : 1223

SC issues notice to central govt on GST anti-profiteering provisions
Posted Date : 14-Feb-2024 , 08:32:40 am | Posted By CASANSAAR

The Supreme Court on Monday issued a notice to the union government in a case relating to the constitutional validity of anti-profiteering provisions under the goods and services tax (GST). A three-judge bench comprising Chief Justice D Y Chandrachud, Justice J B Pardiwala and Justice Manoj Misra...

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Category : GST | Comments : 0 | Hits : 1048

NFRA to crack down on Big 4, Other Auditors on Non Audit Services
Posted Date : 12-Feb-2024 , 07:42:27 am | Posted By CASANSAAR

Auditors, including the Big Four, may come under stringent scrutiny by the National Financial Reporting Authority (NFRA) for providing “non-audit services” to the same clients of which they are the statutory auditors, according to people privy to the regulator’s plans. The NFRA&...

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Category : NFRA | Comments : 0 | Hits : 2302

CBIC cautions against fake GST summons, asks to check communications
Posted Date : 12-Feb-2024 , 07:35:34 am | Posted By CASANSAAR

The CBIC cautioned against fraudsters issuing fake GST summons and asked taxpayers to check the veracity of any communication received from GST authorities. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said the Directorate General of GST Intelligence (DGGI) has recently ...

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Category : GST | Comments : 0 | Hits : 991

Paytm Payments Bank Seeks To Hire External Firm To Audit Compliance, KYC
Posted Date : 10-Feb-2024 , 09:58:26 am | Posted By CASANSAAR

Paytm Payments Bank Ltd. has floated a request for a proposal to external auditors, according to four people with knowledge of the matter.  The bank has floated this RFP on a restricted basis to external auditors and hence, it is not available in the public domain, as the people quoted above...

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Category : Auditing | Comments : 0 | Hits : 2531

SEBI bars 15 guest experts of Zee Business Channel for Unlawful Trading, Fine them Rs.7.41 Cr
Posted Date : 10-Feb-2024 , 09:57:50 am | Posted By CASANSAAR

Capital markets regulator Sebi on Thursday issued orders of action against 15 guest experts of the Zee Business channel for unlawful trading. The entities made unlawful gains to the tune of Rs. 7.41 crore from such trades and the profit was shared with guest experts as per prior understanding, Sebi ...

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Category : SEBI | Comments : 0 | Hits : 2227

HC orders CAG Audit in Accounts of Delhi Jal Board from 2018 to 2021
Posted Date : 08-Feb-2024 , 07:39:06 am | Posted By CASANSAAR

The Delhi high court on Tuesday ordered the Comptroller and Auditor General of India (CAG) to expeditiously audit the annual accounts of Delhi Jal Board (DJB) for the period between 2018-19 and 2020-21. The court’s direction comes months after chief minister Arvind Kejriwal in December 2023...

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Category : Auditing | Comments : 0 | Hits : 1110

GST authorities issue notices over input tax credit discrepancies
Posted Date : 08-Feb-2024 , 07:26:30 am | Posted By CASANSAAR

Goods and services tax (GST) authorities have issued notices to several companies for discrepancy in claim of input tax credit, or ITC, people aware of the matter said. This follows close scrutiny of input tax availed by the companies and mismatch with their annual return. GST authorities have is...

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Category : GST | Comments : 0 | Hits : 723

ED Conducts Raid at AAP MP and Past President of ICAI ND Gupta’s Residence
Posted Date : 06-Feb-2024 , 01:18:52 pm | Posted By CASANSAAR

The Enforcement Directorate (ED) raided premises linked to Delhi Chief Minister Arvind Kejriwal’s personal secretary Bibhav Kumar, and Aam Aadmi Party (AAP) Rajya Sabha MP, Past President of ICAI Sh.ND Gupta in connection with a money laundering probe related to the Jal Board case. The cent...

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Category : ICAI | Comments : 0 | Hits : 2807

GST Council may consider pan-India rollout of biometric-based authentication for registration - CBIC
Posted Date : 02-Feb-2024 , 09:45:15 pm | Posted By CASANSAAR

The GST Council may take up a proposal to make biometric-based Aadhaar authentication mandatory pan-India for suspicious persons, seeking GST registration, CBIC chief Sanjay Kumar Agarwal said on Friday. Currently, two states — Gujarat and Andhra Pradesh — and the Union Territory of P...

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Category : GST | Comments : 0 | Hits : 1408

Interim Budget Proposes to retian Tax Rates for Direct and Indirect Taxes
Posted Date : 02-Feb-2024 , 08:47:52 am | Posted By CASANSAAR

  “Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, whi...

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Category : Budget | Comments : 0 | Hits : 1110

Highlights of the Interim Union Budget 2024-25
Posted Date : 02-Feb-2024 , 08:46:08 am | Posted By CASANSAAR

With the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the whole of nation approach of “Sabka Prayas”, the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 ...

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Category : Budget | Comments : 0 | Hits : 1151

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