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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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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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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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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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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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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