CGST Delhi officials arrest man for input tax credit fraud of around Rs 94 Cr
Posted Date : 27-Mar-2021 , 08:21:55 am | Posted By CASANSAAR
The officers of CGST Delhi North Commissionerate upon data analysis and gathering of intelligence zeroed in on Shri Krishan Kumar who was involved in creating and operating fake firms using identification documents of his friends/employees.
As per investigation conducted so far, a total of 5 fake...
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GST |
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0 | Hits : 521
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Mandatory Accounting Software with Recording Audit Trail for Companies - MCA
Posted Date : 26-Mar-2021 , 02:52:25 pm | Posted By CASANSAAR
MCA had issued Companies (Audit and Auditors) Amendment Rules, 2021.
From Financial year commencing on or after the 1st day of April, 2021, every company which uses accounting software for maintaining its books of ...
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Corporate Law |
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0 | Hits : 2318
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GST technical glitches behind input tax credit frauds - CAG
Posted Date : 25-Mar-2021 , 08:50:04 am | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) of India has found that the goods and services tax (GST) system is prone to input tax credit (ITC) frauds due to complexity in the compliance system.
“The originally envisaged system-validated ITC through ‘invoice matching’ had not been ...
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GST |
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0 | Hits : 23449
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Govt hikes PF threshold limit to Rs 5 lakh for earning tax-free interest
Posted Date : 24-Mar-2021 , 10:05:28 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Tuesday raised the limit for tax exemption on interest earned on provident fund contribution by employees to Rs 5 lakh per annum in specified cases as against Rs 2.5 lakh proposed in the Budget. In her Budget for 2021-22, Sitharaman had capped the tax-free inte...
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Income Tax |
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0 | Hits : 1797
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SEBI to follow new format for its annual report
Posted Date : 24-Mar-2021 , 09:17:07 am | Posted By CASANSAAR
Markets regulator Sebi will follow a new format for its annual report as part of efforts to have a "true and full account" of its activities, policies and programmes during a financial year, according to a notification. Under the new rules notified by the finance ministry, source of income...
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SEBI |
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0 | Hits : 658
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Supreme Court lifts blanket ban on NPA classification
Posted Date : 24-Mar-2021 , 09:07:10 am | Posted By CASANSAAR
The Supreme Court on Tuesday said the interim relief granted earlier to not declare the accounts of respective borrowers as non-performing assets stands vacated, ending the blanket ban on classification of non-performing assets (NPAs).
“However, there shall be no order as to costs,” t...
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NPA |
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0 | Hits : 1432
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Govt considers blocking IP addresses of cryptocurrency exchanges
Posted Date : 23-Mar-2021 , 07:55:48 am | Posted By CASANSAAR
The government is considering the blocking of internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening, said a source in the know.
Two months ago, the government had said it intended to bring a Bill to ban private cryptocurrencies and introduce I...
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Bitcoins |
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0 | Hits : 1319
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1.38 lakh new companies registered in India in pandemic year - Govt
Posted Date : 23-Mar-2021 , 07:43:58 am | Posted By CASANSAAR
The Minister of State (MoS) for Finance & Corporate Affairs Anurag Singh Thakur said that 1,38,051 new companies registered in the current Financial Year from April 2020 to February 2021 while 10,113 of Companies have been struck off by invoking the provisions of section 248 of th...
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Corporate Law |
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0 | Hits : 395
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Bank Branch Audit 2021 Updates
Posted Date : 22-Mar-2021 , 07:14:36 pm | Posted By CASANSAAR
Bank Branch Audit 2021 Updates :-
RBI has sent the Branch Audit Panel to Banks.
(www.casansaar.com)
As per information from Members, Following Banks has started sending emails which can be either to Existing or to New Auditors (as informed):-
- Bank of Baroda,
- Punjab & Sin...
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Bank Branch Audit |
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26 | Hits : 92119
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CA Final, Foundation Results Declared - ICAI
Posted Date : 22-Mar-2021 , 09:23:04 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has declared the results for CA Final and Foundation papers for the January session on the official website icai.org.in. All the candidates who have appeared for the examinations will have to login to the ICAI official portal with their username...
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ICAI |
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1 | Hits : 685
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IBBI releases Handbook of Ethics for IPs
Posted Date : 22-Mar-2021 , 09:19:40 am | Posted By CASANSAAR
Insolvency regulator IBBI has come out with a “Handbook on Ethics” for Insolvency Professionals to stimulate the highest standards of ethics and professionalism.
This handbook has been prepared by the Insolvency and Bankruptcy Board of India in association with the British High Commis...
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Insolvent Professional |
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0 | Hits : 691
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Taxpayers are free to utilise ITC available in their credit ledger as permissible by law
Posted Date : 22-Mar-2021 , 08:52:49 am | Posted By CASANSAAR
Unconfirmed reports have appeared in certain sections of the media that some GST officers are using unauthorised communication means such as phone calls, WhatsApp and messages asking taxpayers to discharge 'maximum tax liability' in 'cash' in order to ensure that targets f...
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Category :
GST |
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0 | Hits : 658
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Panel recommends structural changes to boost GST revenues
Posted Date : 19-Mar-2021 , 08:37:27 am | Posted By CASANSAAR
The government needs to make structural changes in the goods and services tax (GST) regime and step up compliance to boost revenues, given the need to make up for the gap in states’ GST revenue receipts, a parliamentary panel has advised the finance ministry.
Due to the pandemic, several st...
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Category :
GST |
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0 | Hits : 927
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Delhi HC asks Finance Ministry and RBI to consider parity between IBC and Sarfaesi Act
Posted Date : 19-Mar-2021 , 08:24:47 am | Posted By CASANSAAR
The Delhi High Court on Thursday asked the Ministry of Finance and the Reserve Bank of India (RBI) to consider bringing in parity in certain sections of the Insolvency and Bankruptcy Code (IBC) and the Sarfaesi Act, which has created hurdles in the resolution plans of bankrupt telcos Reliance Commun...
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RBI |
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0 | Hits : 409
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Download List of Important Circulars for the Purpose of Bank Audit
Posted Date : 18-Mar-2021 , 10:36:14 am | Posted By CASANSAAR
Download List of Important Circulars for the Purpose of Bank Audit.
Shared by CA. Ajay Kumar Jain Ji, Download Telegram on Mobile and Search casaansaar
Here is the link, Open in Mobile.
https://t.me/casaansaar/92
...
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Category :
Income Tax |
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0 | Hits : 1935
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Madras HC allows claiming input tax credit on TDS from VAT
Posted Date : 18-Mar-2021 , 08:56:53 am | Posted By CASANSAAR
The Madras High Court has allowed assessees to claim input tax credit for tax deducted at source (TDS) pending from the value-added tax (VAT) regime under the current goods and services tax (GST) system. The order, passed by Justice Anita Sumant, stated that any deducti...
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Category :
GST |
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0 | Hits : 415
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Clarification on continuation of concessional rate of tax on certain interest income of the FPIs
Posted Date : 18-Mar-2021 , 08:51:52 am | Posted By CASANSAAR
Section 115AD of the Income-tax Act, 1961 (the ‘Act’) inter alia contains provisions for taxation of income of FPIs. Proviso to section 115AD(1)(i) provides that the tax shall be chargeable at the concessional rate of 5% on interest income referred to in section ...
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Income Tax |
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0 | Hits : 406
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No proposal for scrutiny of GST assessment in faceless mode - Fin Min
Posted Date : 17-Mar-2021 , 08:30:29 am | Posted By CASANSAAR
There is no proposal of faceless scrutiny assessment of GST returns as the Goods and Services Tax rule already provide for electronic filing and assessment, Minister of State for Finance Anurag Singh Thakur said on Tuesday.
Income tax assessments are being done in a faceless manner except in cert...
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GST |
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0 | Hits : 503
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UGC to Treat CA/CS/CMA qualification as equivalent to PG Degree
Posted Date : 16-Mar-2021 , 08:28:34 am | Posted By CASANSAAR
UGC had received requests from the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India and the Institute of Cost Accountants of India to consider the qualification being awarded by them, i.e., Chartered Accountant (CA), Company Secretary (CS) and Cost and Works...
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ICAI |
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0 | Hits : 440
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Tax rules amended to step up tax payer data collection
Posted Date : 14-Mar-2021 , 09:31:53 am | Posted By CASANSAAR
Banks, stock exchanges and companies will have to share data on large investor transactions with the Income Tax Dept as frequently as sought by a designated official, according to rule change notified by the Income Tax Department on Friday.
Till now, these entities were only mandated to give a st...
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Category :
Income Tax |
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0 | Hits : 1068
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Finmin asks Sebi to make greater disclosure in the annual report
Posted Date : 14-Mar-2021 , 09:25:58 am | Posted By CASANSAAR
The Finance Ministry has suggested several changes in the Securities and Exchange Board of India’s (Sebi's) annual report format seeking “true and full account of its activities”, policies and programmes of the whole year. The new format demands greater disclosure and in-depth ...
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SEBI |
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0 | Hits : 306
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RBI asks banks, NBFCs to report accounts restructured due to COVID-19 separately
Posted Date : 13-Mar-2021 , 09:43:42 am | Posted By CASANSAAR
The Reserve Bank of India on Friday asked the banks and other lenders to report the accounts restructured due to coronavirus separately to credit bureaus. Lenders should make necessary modification to their system and report it to credit bureaus within two months, the banking regulator said.
All ...
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RBI |
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0 | Hits : 532
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Parliament empowered to enact special laws on GST - High Court
Posted Date : 13-Mar-2021 , 09:38:34 am | Posted By CASANSAAR
Four years after the Central Goods and Services Tax (CGST) Act was enacted, the Punjab and Haryana High Court today expressed prime facie view that Parliament was empowered under the Constitution to come up with special laws on the issue.
The assertion came as the Bench of Justice Rajan Gupta and...
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GST |
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0 | Hits : 310
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Mumbai trader arrested for Rs.10 Cr GST fraud
Posted Date : 13-Mar-2021 , 09:21:24 am | Posted By CASANSAAR
The Central Goods and Services Tax (CGST) officials have arrested a Borivli trader for GST fraud of Rs.10.59 crore. The accused illegally availed Input Tax Credit (ITC) and also passed on the same to other offenders, causing revenue loss to the government.
Input tax credit is an option that allow...
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Category :
GST |
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GST officers arrest one person for Rs 43 crore Input Tax Credit fraud
Posted Date : 12-Mar-2021 , 10:37:56 am | Posted By CASANSAAR
GST officers have arrested one person for creating fictitious firms on forged documents and passing on fake ITC worth Rs 43 crore, Finance Ministry said on Thursday.
The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, has arrested Ravinder Kumar (aka Ravinder Ga...
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Category :
Income Tax |
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0 | Hits : 544
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Bank Branch Audit Updates - Join CA Sansaar official Telegram Channel
Posted Date : 10-Mar-2021 , 09:50:22 am | Posted By CASANSAAR
RBI is finalising the Panel for Bank Branch Audit and will send it to Banks very soon.
Join CA Sansaar official Telegram Channel for all Bank Branch Audit and other updates.
Download Telegram in Mobile & Search casaansaar (spell check plz)
https://t.me/casaansaar
If you have any...
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Bank Branch Audit |
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4 | Hits : 15658
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DGGI Gurugram officials arrest 2 men for defrauding exchequer of more than Rs 690 Cr
Posted Date : 10-Mar-2021 , 09:00:57 am | Posted By CASANSAAR
In an ongoing investigation the Directorate General of GST Intelligence, Gurugram Zonal Unit, were able to arrest two gang members of a fake invoicing syndicate, namely Shri Vikas and Shri Manish, who were involved in GST fraud by way of issuance of fake GST invoices in excess of Rs 4,800 crore whic...
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GST |
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1 | Hits : 24233
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3,82,875 number of Companies struck off in three years up to FY 2020
Posted Date : 10-Mar-2021 , 08:59:23 am | Posted By CASANSAAR
Based on non-filing of Financial Statements (FS) consecutively for two years or more, “Shell Companies” were identified and after following due process of law as provided under Section 248 of the Act, 2013 read with the Companies (Removal of Names of Companies from the Reg...
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Category :
MCA |
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0 | Hits : 479
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MCA strikes off 10,113 companies between April 2020 to February 2021
Posted Date : 09-Mar-2021 , 09:19:03 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) administers the Companies Act, 2013 (the Act), Limited Liability Partnership Act, 2008 and Insolvency and Bankruptcy Code, 2016. There is no provision for weeding out the Companies in the Act.
This was stated by Shri Anurag Singh Thakur, Union Ministe...
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MCA |
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0 | Hits : 430
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GST not mandatory for MSME Udyam registration, PAN card can be used
Posted Date : 09-Mar-2021 , 09:15:17 am | Posted By CASANSAAR
The requirement for registering on the Udyam Registration Portal has been further simplified.
The Modi government’s paperless portal to ease MSME registration was launched on July 1, 2020. The objective of the portal is to provide a single-page registration, consume less time and simplify p...
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Category :
MSME |
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0 | Hits : 1225
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