SEBI launches 'Saarthi 2.0' App on personal finance for investors
Posted Date : 04-Jun-2024 , 08:13:24 am | Posted By CASANSAAR
Market regulator the Securities and Exchange Board of India (Sebi) launched 'Saa?thi 2.0' mobile app in Mumbai on Monday. The updated Saa?thi app has introduced a user-friendly interface with comprehensive tools aimed at simplifying complex financial concepts, a Sebi release said.
It incl...
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SEBI |
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Multi-Crore GST Scam - 33 booked under Gangster Act, properties to be attached
Posted Date : 04-Jun-2024 , 08:09:01 am | Posted By CASANSAAR
The Noida police on Monday said that charges under the Gangsters Act have been invoked against 33 of the 45 accused arrested till date in the Goods and Services Tax (GST) fraud case.
On June 1, 2023, police claimed to have busted a gang suspected of orchestrating a ?10,000 crore GST fraud, the op...
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GST |
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CBIC issues instructions for initiating early GST recovery
Posted Date : 03-Jun-2024 , 09:02:50 am | Posted By CASANSAAR
The CBIC has said the Principal Commissioner or commissioner level officers can issue directions to recover GST dues before the stipulated three months of serving of demand order.
Under the GST law, if a taxable person does not pay the amount specified in an order passed under the CGST Act ...
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GST |
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GST appeal process to be fully digitised - GSTN
Posted Date : 03-Jun-2024 , 09:00:36 am | Posted By CASANSAAR
The Goods and Services Tax Network (GSTN) will digitilse the entire process of dispute resolution via appeal to the GST Appellate Tribunal (GSTAT), a senior official told FE. A portal is likely to be ready for this purpose before the full operationalisation of all the benches of the tribunal.
FE ...
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GST |
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SEBI launches beta version of settlement calculator
Posted Date : 01-Jun-2024 , 09:06:37 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has launched a beta version of a settlement calculator for arriving at the indicative settlement amount, in a move to simplify and provide more transparency in the system.
According to the settlement mechanism, an alleged wrongdoer can settle a pe...
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SEBI |
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Income Tax department issues fresh reminder on PAN-Aadhaar linking to avoid higher TDS
Posted Date : 29-May-2024 , 11:41:32 pm | Posted By CASANSAAR
The Income Tax Department has issued a fresh notification to taxpayers, asking them to link their Permanent Account Number (PAN) with Aadhaar by May 31, 2024. The tax department posted this reminder on X, highlighting the importance of meeting the deadline to avoid higher tax deductions at source (T...
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Income Tax |
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GSTN Advisory on launch of E-Way Bill 2 Portal
Posted Date : 30-May-2024 , 09:52:29 am | Posted By CASANSAAR
GSTN is pleased to inform that NIC is releasing the E-Way Bill 2 Portal (https://ewaybill2.gst.gov.in) on 1st June 2024. This portal ensures high availability and runs in parallel to the e-way Bill main portal (https://ewaybillgst.gov.in). The e-way bill 2 portal s...
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GST |
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NFRA unrelenting, to inspect top Auditors again
Posted Date : 27-May-2024 , 11:59:23 pm | Posted By CASANSAAR
The regulator continues to be unrelenting in its drive to enforce audit quality. While the top five firms auditors came under its scrutiny last year, the National Financial Reporting Authority (NFRA) has decided to widen the ambit of its annual inspection this year.
The Big Five, three more audit...
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NFRA |
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CBDT notifies Cost Inflation Index (CII) for FY 2024-25 / AY 2025-26
Posted Date : 25-May-2024 , 05:54:52 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT), issued Notification No. 44/2024-Income-Tax on May 24, 2024, detailing the Cost Inflation Index (CII) for the financial year 2024-25 i.e. Assessment Year 2025-26.
The notification specifies that for the financial year 2024-25, the Cost Inflation Index is...
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CBDT |
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SEBI releases norms for sharing of real-time price data with third parties
Posted Date : 25-May-2024 , 01:47:29 am | Posted By CASANSAAR
With an aim to curb misuse of real-time, securities-price data by various entities including online gaming apps and virtual-trading services, the market regulator has issued norms for the sharing of this price data.
In a circular issued on May 24, the Securities and Exchange Board of India (Sebi)...
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Income Tax |
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Delhi High Court upholds NFRA Penalty of Rs 4.5 Cr on CAs and Audit Firm
Posted Date : 24-May-2024 , 02:17:32 am | Posted By CASANSAAR
The Delhi High Court dismissed an interim application filed against the decision of the NFRA (National Financial Reporting Authority) which imposed penalties on CAs and audit firm for lapses in the audit of Reliance Capital Limited for the FY 2018-19.
According to the consolidated financial state...
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NFRA |
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RBI approves highest-ever dividend of Rs 2.11 lakh Cr to Govt
Posted Date : 22-May-2024 , 08:09:13 pm | Posted By CASANSAAR
The Reserve Bank of India will pay a record Rs 2.1 lakh crore dividend to the government for the fiscal ended March 31, more than double of what was budgeted expectation, helping shore up revenue ahead of a new government taking office.
The RBI board, at its 608th meeting on Wednesday, approved t...
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RBI |
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SEBI issues guidelines to manage stock impact from market rumours
Posted Date : 22-May-2024 , 08:53:34 am | Posted By CASANSAAR
Capital markets regulator SEBI has issued a fresh set of guidelines for managing stock price impact emerging from market rumours. The circular, issued on May 21, said that the capital markets regulator will introduce a concept of ‘unaffected price’ in order to mitigate the artificial sto...
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SEBI |
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Only 2% personal guarantee claims recovered under IBC so far - IBBI
Posted Date : 22-May-2024 , 08:47:41 am | Posted By CASANSAAR
Creditors have recovered 2.16 per cent, or Rs 102.78 crore, of their admitted claims from personal guarantors under the Insolvency and Bankruptcy Code (IBC), the latest data from the Insolvency and Bankruptcy Board of India (IBBI) shows.
Personal guarantors’ insolvency resolution, exp...
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Insolvent Professional |
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RBI may transfer dividend of around Rs 1 lakh Cr to Government
Posted Date : 20-May-2024 , 04:39:29 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) is expected to transfer a substantial dividend, possibly around Rs 1 lakh crore, to the government, significantly higher than last year's payout, reported The Economic Times.
Recently, the RBI announced a significant reduction in the government's borrowing ...
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RBI |
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SC quash the disciplinary proceedings of ICAI against the CA in the matter of accepting more Tax Audit
Posted Date : 17-May-2024 , 01:55:14 am | Posted By CASANSAAR
Supreme Court quash the disciplinary proceedings initiated against the CA in the matter of ICAI barring members from accepting more than the "specified number of tax audit assignments" (at present, the upper limit is set at 60) in a financial year. Section 44 AB of Income tax act , popular...
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Tax Audit |
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Information from manufacturers of Pan Masal and Tobacco taxpayers - GSTN
Posted Date : 17-May-2024 , 09:05:57 am | Posted By CASANSAAR
Government had issued a notification to seek information from taxpayers dealing in the goods mentioned therein vide Notification No. 04/2024 – Central Tax dated 05-01-2024. Two forms have been notified vide this notification namely GST SRM-I and GST SRM-II. The former pertains to reg...
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GST |
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SEBI eases KYC compliance norms for mutual fund investors
Posted Date : 16-May-2024 , 12:00:05 pm | Posted By CASANSAAR
In a major relief for mutual fund investors, the Securities and Exchange Board of India (Sebi) has removed the requirement to link the Permanent Account Number (PAN) with Aadhaar to obtain "KYC-registered" status for mutual fund transactions.
Know Your Client (KYC) is a mandatory proces...
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SEBI |
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Advocates can't be held liable for deficiency in service - Supreme Court
Posted Date : 16-May-2024 , 11:54:08 am | Posted By CASANSAAR
The Supreme Court ruled that the complaint alleging "deficiency in service" against advocates would not be maintainable under the Consumer Protection Act (CP Act) as it noted that the legal profession is unique in nature and cannot be compared with any other occupation.
A bench of Justi...
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Corporate Law |
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E-commerce firms seek clarity on registration under GST regime
Posted Date : 14-May-2024 , 07:39:35 am | Posted By CASANSAAR
With the rapid sprouting up of dark stores as part of their quick commerce strategies, e-commerce companies are seeking clarity from tax authorities for the registration process under the goods and services tax (GST) regime for their suppliers.
A dark store typically is a large warehouse and is u...
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GST |
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CBDT releases new functionality in AIS for taxpayers
Posted Date : 14-May-2024 , 07:35:19 am | Posted By CASANSAAR
The Annual Information Statement (AIS) is available to all registered Income Taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). AIS provides details of a large number of financial transactions undertaken by the taxpayer which may have tax im...
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CBDT |
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Auditor of Zomato Hyperpure, Blink Commerce resigns with immediate effect
Posted Date : 12-May-2024 , 07:18:56 pm | Posted By CASANSAAR
Zomato on Sunday said the auditor of its subsidiaries Zomato Hyperpure and Blink Commerce has resigned with immediate effect, paving the way for the food tech platform's auditor Deloitte Haskins & Sells to be appointed in its place to make the audit process more efficient.
Batliboi & ...
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Auditing |
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ICAI Inviting Public Comments on Review of Rules specified under the Chartered Accountants Act, 1949
Posted Date : 11-May-2024 , 12:18:08 am | Posted By CASANSAAR
Council Affairs
The Institute of Chartered Accountants of India
10th May, 2024
Subject: Inviting Public Comments on Review of Rules specified under the Chartered Accountants Act, 1949
This is to bring to your attention an important initiative by the Ministry of Corporate Affairs regard...
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ICAI |
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SEBI proposes direct transfer of securities to clients' accounts
Posted Date : 10-May-2024 , 10:27:09 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) is mulling direct payout of securities to the clients’ demat accounts by clearing corporations. Currently, the process is voluntary. The clearing corporation follows the process of crediting the securities payout in the broker's pool accoun...
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SEBI |
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Arrest under GST Act should not be based on mere suspicion - SC
Posted Date : 10-May-2024 , 10:18:41 am | Posted By CASANSAAR
The Supreme Court told the Centre on Thursday that any arrest under the Goods and Services Tax (GST) Act should not be on mere suspicion but has to be based on cogent material and adherence to proper procedure.
A bench of Justices Sanjiv Khanna, M M Sundresh and Bela M Trivedi said the material u...
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GST |
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PwC and EY hit with multimillion-pound fines over LCF audit failures
Posted Date : 09-May-2024 , 07:04:29 am | Posted By CASANSAAR
The UK accounting watchdog has imposed multimillion-pound fines on PwC and EY for failures in their audits of London Capital & Finance, the defunct investment group at the centre of one of the biggest retail savings scandals in recent years.
The Financial Reporting Council said on Tuesday tha...
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Auditing |
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RBI directs NBFCs to adhere to cash disbursal limit of Rs 20,000 for loans
Posted Date : 09-May-2024 , 07:00:56 am | Posted By CASANSAAR
The Reserve Bank of India has directed non-bank finance companies (NBFC) to strictly adhere to IT Act on cash disbursements. This means, NBFCs must stick to a cap of Rs 20,000 while disbursing cash loans.
According to a Reuters report, this direction comes in a bid to deter cash transactions.
...
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RBI |
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CBDT issues guidelines for compulsory selection of returns for complete scrutiny
Posted Date : 08-May-2024 , 09:17:18 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued the guidelines for compulsory selection of income tax returns for scrutiny for the fiscal year under which it has outlined a number of cases that would be taken up.
While the guidelines are largely in line with those of previous years, exp...
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CBDT |
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RBI asks fintechs not to pursue blistering growth
Posted Date : 06-May-2024 , 12:53:20 am | Posted By CASANSAAR
RBI’s concern is that despite curbs in risk weights in unsecured loans, there is little or no moderation in growth.
After asking banks and non-banking finance companies to take a calibrated approach to growth, the Reserve Bank of India has signalled fintechs to tamp down.
In a meet...
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Shares & Stock |
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RBI proposes tighter project finance rules
Posted Date : 04-May-2024 , 07:53:12 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday proposed tighter rules to govern lending to projects under implementation. The central bank’s draft rules include a classification of the projects as per their phase and higher provisioning of up to 5 per cent during the construction phase, even if the...
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RBI |
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