CBI files charge sheet against principal commissioner of Income Tax in bribery case
Posted Date : 30-Oct-2024 , 09:14:36 am | Posted By CASANSAAR
The CBI has filed a charge sheet against a principal commissioner of Income Tax of Patna and four other people in connection with alleged bribery of Rs 10 lakh, officials said on Tuesday.
The agency has booked Santosh Kumar and four middlemen and conduits on allegations that they were receiving b...
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Income Tax |
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Barring of GST Return on expiry of three years - GSTN
Posted Date : 29-Oct-2024 , 01:06:46 pm | Posted By CASANSAAR
Barring of GST Return on expiry of three years
Oct 29th, 2024
As per the Finance Act,2023 (8 of 2023), dt. 31-03-2023, implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, the taxpayers shall not be allowed file their GST returns after the...
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GST |
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Top Auditors, Consultants back NFRA's tighter group Audit Norms; Notification Soon
Posted Date : 28-Oct-2024 , 11:19:40 am | Posted By CASANSAAR
The National Financial Reporting Authority's (NFRA) board will soon consider enforcing tighter norms for statutory audits of conglomerates, two people aware of the development said, a move that has received support from some of the top audit and consulting firms.
The period for receiving publ...
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NFRA |
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Indians lost Rs 120 Cr in digital arrest frauds in January-April 2024
Posted Date : 28-Oct-2024 , 11:17:40 am | Posted By CASANSAAR
INDIANS LOST Rs 120.30 crore in “digital arrest” frauds, which was highlighted by Prime Minister Narendra Modi Sunday, in the first quarter of this year alone, government cybercrime data shows.
According to the Ministry of Home Affairs (MHA), which monitors cybercrime at the central l...
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General |
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Fake Company in Auto Driver’s Name, DGGI Unearths Rs 8,000 Cr Scam
Posted Date : 26-Oct-2024 , 11:34:42 am | Posted By CASANSAAR
Probing into a fake Pune based company registered in the name of an auto rickshaw driver, officials of the Directorate of GST Intelligence (DGGI) have unearthed a major fake GST firm scam to the tune of Rs 5,000 crores to Rs 8,000 crores.
Rushi Prakash (39), an officer at DGGI, Pune Zonal Unit, l...
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GST |
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Extension of Due Date for furnishing Return of Income for A.Y. 2024-25.
Posted Date : 26-Oct-2024 , 12:04:57 pm | Posted By CASANSAAR
CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.
The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024.
Circular No. 13/2024 dated 26.10.2024 issued. ...
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Income Tax |
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SEBI seeks public feedback on criteria to designate specified digital platforms
Posted Date : 23-Oct-2024 , 08:29:28 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) On Tuesday issued a draft circular inviting public feedback on the criteria for recognizing digital platforms as Specified Digital Platforms (SDPs).
According to Sebi, the recognition of these platforms is crucial to ensure they do not enable ille...
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SEBI |
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RBI adds 13 more entities in 'Alert List' of unauthorised forex trading
Posted Date : 23-Oct-2024 , 08:25:15 am | Posted By CASANSAAR
The Reserve Bank on Tuesday updated the 'Alert List' of unauthorised forex trading platforms by adding 13 more entities, including TDFX and Inefex, taking the total to 88.
The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Ma...
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RBI |
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GST Advisory - Reg 07
Posted Date : 22-Oct-2024 , 07:00:15 pm | Posted By CASANSAAR
Advisory - Reg 07
Oct 22nd, 2024
Dear Taxpayer,
GSTN has introduced an update to facilitate the registration compliance for buyers of metal scrap through form GST REG-07. This update follows the new GST provisions for metal scrap buyers as outlined in the advisory issued on October 13.
Tax...
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GST |
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Validation of bank account details while adding bank account as Non Core amendment
Posted Date : 22-Oct-2024 , 06:58:51 pm | Posted By CASANSAAR
Attention: Validation of bank account details while adding bank account as Non Core amendment
Oct 22nd, 2024
Dear Taxpayer,
GSTN has implemented a validation process for cases where a taxpayer attempts a non-core amendment to update bank account details. Taxpayers are requested to follow the ...
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GST |
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NFRA Imposes Rs. 5 Lakh Penalty on UIL Auditor for Professional Misconduct
Posted Date : 22-Oct-2024 , 01:41:01 pm | Posted By CASANSAAR
The CBI had registered an FIR back in 2022 alleging large-scale bank fraud involving UIL, based on a complaint from the State Bank of India.
The EP was charged with failure to discharge his responsibilities relating to fraud as laid down in SA 240, reporting obligations under Section 143(12) of t...
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NFRA |
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FinMin approves 64 new CGM posts in Public Sector Banks
Posted Date : 22-Oct-2024 , 01:29:08 pm | Posted By CASANSAAR
To step up oversight given the substantial business growth, finance minister Nirmala Sitharaman has approved an increase in the number of chief general manager (CGM) posts in nationalised banks to 144 from 80.
Accordingly, the number of general manager (GM) posts has been revised from 440 to 576,...
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Banking |
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ICAI Election 2024 - Exercising the Option for Any Where Voting
Posted Date : 19-Oct-2024 , 08:25:17 pm | Posted By CASANSAAR
Election Cell
The Institute of Chartered Accountants of India
17th October 2024
Election - 2024
Exercising the Option for Any Where Voting
We are pleased to inform that the Member whose name is borne on the Register on 1st day of April 2024 and is entitled to Vote by Poll, the option ...
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ICAI |
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Attention – Hard - Locking of auto-populated liability in GSTR-3B
Posted Date : 18-Oct-2024 , 07:33:19 pm | Posted By CASANSAAR
Attention – Hard - Locking of auto-populated liability in GSTR-3B
Oct 17th, 2024
1. In order to assist taxpayers in filing their returns and minimizing human errors, GSTN has continuously improving the GST return filing process and in this endeavor the GST Portal now provides a ...
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GST |
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CBDT issues Form 12BAA to tell employer about other taxes paid by you
Posted Date : 17-Oct-2024 , 07:49:33 am | Posted By CASANSAAR
To implement the Budget 2024 announcement regarding the adjustment of TDS and TCS from other sources against salary TDS, the Central Board of Direct Taxes (CBDT) has issued a new form called Form 12BAA.
This form will be utilized by employees to report to their employers the tax deductions from s...
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CBDT |
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ICAI’s New Standards are Legally Void - NFRA
Posted Date : 17-Oct-2024 , 07:46:07 am | Posted By CASANSAAR
NFRA board, including members like SEBI, CAG and RBI, is of the opinion that SQMs have to be notified as auditing standards (with legal backing) whereas the ICAI maintains that SQMs are not standards of auditing.
The National Financial Reporting Authority (NFRA) is understood to have taken strong...
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NFRA |
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SC Unveils New Lady of Justice Statue without Blindfold, Holding Constitution
Posted Date : 17-Oct-2024 , 07:37:27 am | Posted By CASANSAAR
A new statue of the 'Lady of Justice,' representing the goddess of justice, has been unveiled in the Supreme Court. Notably, the statue's blindfold has been removed, symbolizing a shift from the traditional notion that "the law is blind."
Additionally, the figure now holds a...
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General |
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GST Advisory on IMS - GSTN
Posted Date : 15-Oct-2024 , 05:58:06 am | Posted By CASANSAAR
Attention - Advisory on IMS
Oct 14th, 2024
Invoice Management System (IMS) is made available to taxpayers from Today, 14th Oct, 2024. The new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (IT...
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GST |
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GSTN Important advisory for GSTR-9 / 9C
Posted Date : 15-Oct-2024 , 05:57:42 am | Posted By CASANSAAR
Important advisory for GSTR-9/9C
Oct 15th, 2024
Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be availab...
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GST |
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New GST Provision for Metal Scrap Transactions - GSTN Advisory
Posted Date : 14-Oct-2024 , 06:45:19 am | Posted By CASANSAAR
The government has issued Notification 25/2024-Central Tax, on October 9, 2024.under GST Section 51 of the CGST Act, 2017 mandating compliance by the businesses dealing with Metal Scrap.
The GST portal will soon be updated to enable compliance of registration through FORM GST REG-07 by thes...
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GST |
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NFRA Slaps Penalty of Rs 2 Cr on Auditors of Cafe Coffee Day, Debars CAs
Posted Date : 12-Oct-2024 , 09:35:04 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) on Thursday slapped a penalty of Rs 2 crore on the statutory auditor and Rs 15 lakh on two chartered accountants for professional misconduct in the audit of Coffee Day Enterprises Limited (CDEL) in FY 2019-20.
NFRA in its Thursday order has debarr...
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NFRA |
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SEBI extends deadline for direct pay out of securities to client account to Nov. 11, 2024
Posted Date : 11-Oct-2024 , 06:23:27 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Thursday extended the deadline to implement direct payout of securities to demat account from October 14 to November 11 to ensure a hassle free implementation.
The market regulator took this decision after getting representation from key instit...
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SEBI |
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RBI proposes beneficiary name verification for RTGS and NEFT transactions
Posted Date : 10-Oct-2024 , 04:41:38 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed to provide a facility to the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction in Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).
Payment Systems like UPI and IMPS p...
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RBI |
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No GST on foreign airlines for service imports from offshore branches - CBIC
Posted Date : 10-Oct-2024 , 09:16:28 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has notified that foreign airline companies in India would be exempt from paying GST on services imported from their offshore branches. The circular follows a recommendation made by GST Council on September 9.
Experts say this would grant rel...
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GST |
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NFRA Aims for Global Accounting & Auditing Standards
Posted Date : 09-Oct-2024 , 10:42:49 am | Posted By CASANSAAR
NFRA Chairperson Ajay Bhushan Prasad Pandey on Tuesday said the regulator's efforts are to incorporate best global standards, which are required for the country to have big homegrown accounting and auditing firms.
Amid NFRA and chartered accountants' apex body ICAI having differences over...
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NFRA |
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ICSI Started Certificate Course on Forensic Audit for ICSI Members
Posted Date : 09-Oct-2024 , 10:41:36 am | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) is now offering a course on Forensic Audit (FORA) for interested and eligible candidates. Registrations for the course opened on October 7 and will close on November 4, 2024.
This program aims to equip professionals with comprehensive kno...
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ICSI |
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SEBI provides exemption to CMAs from seeking registration as Investment Advisers with SEBI
Posted Date : 07-Oct-2024 , 10:41:23 pm | Posted By CASANSAAR
SEBI has granted exemption to Cost Accountants (CMA Members) from registering as Investment Advisers - Incidental to his Professional Service.
This landmark decision recognizes the expertise and professionalism of CMAs in investment and financial matters. Kudos to ICMAI for their tireless ef...
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SEBI |
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Public inputs and suggestions sought for Income Tax Act Review
Posted Date : 08-Oct-2024 , 08:16:44 am | Posted By CASANSAAR
The committee invites public inputs and suggestions in four categories — simplification of language; litigation reduction; compliance reduction; and redundant/obsolete provisions.
To facilitate this, a webpage has been launched on the e-filing portal, which can be accessed here: https://epo...
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Income Tax |
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Union Govt launches process to revamp income-tax regime
Posted Date : 08-Oct-2024 , 07:39:23 am | Posted By CASANSAAR
The Union government on Monday formally launched the process to revamp the existing income-tax regime with four key objectives in mind – simplification of language, reduction of litigations, ease of compliance, and scrapping of obsolete provisions.
This initiative is in line with announceme...
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Income Tax |
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0 | Hits : 1617
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CBIC orders immediate de-mapping of retired, transferred officers from GST portal
Posted Date : 05-Oct-2024 , 10:41:57 am | Posted By CASANSAAR
The CBIC on Friday issued a directive to zonal heads to immediately de-map officers from the GST portal upon their retirement or transfer. This aims to prevent unauthorised access and potential fraudulent activities.
The move was initiated on the reference received from the Directorate Gene...
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GST |
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