RBI Withdraws Rs. 2000 Notes from Circulation, Asks All to Exchange or Deposit
Posted Date : 20-May-2023 , 01:56:43 pm | Posted By CASANSAAR
THE RESERVE Bank of India (RBI) Friday announced the withdrawal of its highest value currency note, Rs 2,000, from circulation, adding that the notes will continue to be legal tender. It said the existing Rs 2,000 notes can be deposited or exchanged in banks until September 30, but set a limit of &l...
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General |
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Annual Forex Spends up to Rs.7 lakh Exempted from TCS
Posted Date : 20-May-2023 , 08:29:24 am | Posted By CASANSAAR
Concerns have been raised about the applicability of Tax Collection at Source (TCS) to small transactions under the Liberalized Remittance Scheme (LRS) from July 1, 2023. To avoid any procedural ambiguity, it has been decided that any payments by an individual using their international Debit or Cred...
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International Business |
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CBDT proposes changes to Rule 11UA in respect of ANGEL TAX- Also proposes to notify Excluded Entities
Posted Date : 19-May-2023 , 09:52:20 pm | Posted By CASANSAAR
In the Finance Act, 2023, an amendment has been introduced to bring the consideration received from non-residents for issue of shares within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fa...
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CBDT |
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Company Secretaries in Practice can act as Trade Marks Agent / IPR - ICSI
Posted Date : 19-May-2023 , 09:55:22 am | Posted By CASANSAAR
ICSI Council has allowed Company Secretaries in Practice to be registered and act as Trade Marks Agent / IPR Agent.
In this regard, the Council of the Institute pursuant to the powers conferred under Clause (0 of Sub-Section (2) of Section 2 of the Company Secretaries Act, 1980 read with Regulati...
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ICSI |
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20% TCS to be charged on Credit Card spends outside India
Posted Date : 19-May-2023 , 09:41:02 am | Posted By CASANSAAR
The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023, to include international credit card payments in the LRS. Any remittance beyond USD 2.5 lakh or its equivalent in foreign currency would require approval from the RBI.
Earlier, ...
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International Business |
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Business visit expenses borne by employer not covered under RBI's remittance scheme
Posted Date : 18-May-2023 , 09:38:55 pm | Posted By CASANSAAR
The finance ministry on Thursday said expenses incurred by an employee on a business visit, when such expenses are borne by the employer, will not be covered under RBI's liberalised remittance scheme.
A clarification to this effect was provided in a set of FAQs issued by the finance ministr...
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RBI |
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Union Cabinet Approves MoU between ICAI and CA Maldives
Posted Date : 18-May-2023 , 08:14:23 am | Posted By CASANSAAR
The Union Cabinet, chaired by the Hon'ble Prime Minister Shri Narendra Modi, approved the signing of Memorandum of Understanding between Institute of Chartered Accountants of India (ICAI) and The Chartered Accountants of the Maldives (CA Maldives).
Details:
ICAI and CA Maldives ai...
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ICAI |
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Govt Panel may ready new list of Public Sector Banks for Privatisation
Posted Date : 17-May-2023 , 08:44:41 am | Posted By CASANSAAR
The government is likely to set up a panel of experts to prepare a list of Public Sector Banks (PSBs) that can be privatised, an Economic Times (ET) report said, quoting people aware of the developments. The centre is looking for ways to privatise PSBs as they have turned profitable and bigger, and ...
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Banking |
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Banks request RBI for more time to implement new loan provisioning norms
Posted Date : 17-May-2023 , 08:05:20 am | Posted By CASANSAAR
Lenders have sought a one-year extension from the Reserve Bank of India (RBI) for implementation of the Expected Credit Loss (ECL)-based loan loss provisioning framework.
In January this year, the RBI came out with a draft guidelines proposing adoption of expected credit loss approach for credit ...
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Banking |
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Centre, States to initiate 2 Months Special Drive against Fake GST registration
Posted Date : 16-May-2023 , 07:56:52 am | Posted By CASANSAAR
A Special All-India Drive may be launched by all tax administrations to detect fake GSTINs and to conduct verification to weed out these fake billers from the GST ecosystem and to safeguard govt revenue.
During this campaign, suspicious GST accounts will be identified, and counterfeit invoices wi...
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GST |
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GST Dept to Get Access to Banking Transactions
Posted Date : 16-May-2023 , 07:47:38 am | Posted By CASANSAAR
Goods and Services Tax authorities are seeking near real-time access to banking transactions of the taxpayers, as a means to detect fake invoices and excess use of input tax credit (ITC) by sections of businesses.
The move follows recent investigations that revealed that undue tax credits accumul...
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GST |
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RBI imposes Rs 2.9 Crore Penalty on Canara Bank
Posted Date : 13-May-2023 , 08:25:32 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday, May 12, imposed a penalty of Rs 2.92 crore on Canara Bank for non-compliance with certain provisions of directions issued by the central bank.
This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the val...
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Category :
Income Tax |
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J&K Bank Auditors Raise Red Flags in FY 2022-23 Accounts
Posted Date : 12-May-2023 , 06:10:05 pm | Posted By CASANSAAR
Statutory auditors of Jammu and Kashmir Bank have issued a qualified opinion on the lender’s accounts for the financial year 2022-23, raising red flags in the employee stock purchase scheme (ESPS). In accounting parlance, a qualified opinion means that financials are fairly represented but wit...
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Auditing |
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ED Searches 2 former IL&FS Auditor Firms in connection with Money-Laundering Case
Posted Date : 12-May-2023 , 06:09:38 pm | Posted By CASANSAAR
ED carried out searches against two former auditor firms of IL&FS -- BSR and Associates and Deloitte Haskins and Sells in connection with its money-laundering probe into alleged financial irregularities at the infrastructure development and finance company, official sources said.
The pr...
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Auditing |
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Former AGM of Punjab National Bank, 3 others get five-year jail term for bank fraud
Posted Date : 12-May-2023 , 06:09:06 pm | Posted By CASANSAAR
The Special Judge for CBI Cases, Hyderabad, on Tuesday sentenced former Assistant General Manager of Punjab National Bank, Banjara Hills, and three others, in a bank fraud case registered in February 2016.
The court sentenced Mr.Garg, Jitender Kumar Agarwal, then MD of M/s. Sheetal Refineries Lim...
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Banking |
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GST Automated Returns Scrutiny Set to Roll Out
Posted Date : 10-May-2023 , 09:15:28 pm | Posted By CASANSAAR
Businesses will have to more careful while filing gst returns as the automated scrutiny system for the goods and services tax (GST) is about to use advanced artificial intelligence and data analytics to monitor mismatches.
Expected to be rolled out over the next few days, the new system is expect...
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GST |
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GSTN defers by 3 months implementation of e-invoice reporting time limit
Posted Date : 08-May-2023 , 07:43:51 am | Posted By CASANSAAR
GSTN has deferred by 3 months the implementation of time limit for businesses with turnover of over Rs 100 crore to upload their old e-invoices.
Last month the GST Network had imposed a timeline for businesses with turnover of Rs 100 crore and above for uploading e-invoices on the Invoice Registr...
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GST |
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Govt Mulls Size Threshold for Auditors of Large Companies
Posted Date : 07-May-2023 , 09:58:55 am | Posted By CASANSAAR
The Govt is examining whether to reserve auditing of large companies and public interest entities to audit firms of certain size, repute and technological prowess. Discussions in this regard, though at an early stage, are revolving around a graded approach to addressing the issue of inadequate audit...
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Category :
Auditing |
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Auditor named in Hindenburg Report Resigns from Adani Group
Posted Date : 06-May-2023 , 10:57:04 pm | Posted By CASANSAAR
A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said.
Hindenburg Research in its January 2...
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Auditing |
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Govt to launch a special 2-month Nationwide Drive against GST Frauds
Posted Date : 06-May-2023 , 07:29:19 am | Posted By CASANSAAR
The government will launch a two-month special drive starting May 16 against unscrupulous elements – individuals, professionals and firms – usurping input tax credit under the Goods and Services Tax (GST) regime through fake identity and forged documents without actually supplying produc...
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Category :
GST |
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Govt. brings transactions by CA, CS and CMAs for Clients under PMLA Act
Posted Date : 04-May-2023 , 12:07:19 pm | Posted By CASANSAAR
Government notifies that following transactions done by CA, CS & CMA on behalf of their client will be covered under Prevention of Money-laundering Act, 2002.
S.O. 2036(E).In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention o...
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Category :
Money laundering |
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SC sets aside Bombay HC order, paves way for prosecution of 2 former IL&FS Audit Firms
Posted Date : 04-May-2023 , 07:46:05 am | Posted By CASANSAAR
The Supreme Court on Wednesday set aside the Bombay High Court verdict which had quashed the SFIO probe against Audit Firms BSR and Associates and Deloitte Haskins and Sells, both former auditors of IL&FS Financial Services, over alleged financial irregularities.
Allowing the appeal of the ...
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Auditing |
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MahaRERA issues Show-Cause Notice to Chartered Accountants
Posted Date : 04-May-2023 , 06:52:53 am | Posted By CASANSAAR
MahaRERA has issued show-cause notices to chartered accountants and has also written to the Institute of Chartered Accountants of India after it noticed that MahaRERA regulations were being violated as the same chartered accountant has been engaged for the role of the project auditor as well as that...
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Chartered Accountant |
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Go First Airlines files for Voluntary Insolvency before NCLT
Posted Date : 03-May-2023 , 08:39:52 am | Posted By CASANSAAR
India’s turbulent aviation sector will likely see another player go belly up with Go First of the Wadias filing for voluntary insolvency before the National Company Law Tribunal (NCLT).
The budget carrier said it is cancelling all flights on May 3, 4, and 5 and will refund the full fares to...
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Insolvent Professional |
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0 | Hits : 402
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Govt launches Vivad se Vishwas scheme for relief to MSMEs for COVID-19 period
Posted Date : 03-May-2023 , 08:31:06 am | Posted By CASANSAAR
The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period. The scheme was announced in the Union Budget 2023-24 by Union Finance Mi...
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MSME |
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GST revenue collection for April 2023 highest ever at Rs 1.87 lakh Cr
Posted Date : 02-May-2023 , 06:19:53 am | Posted By CASANSAAR
The gross GST revenue collected in the month of April, 2023 is ? 1,87,035 crore of which CGST is ?38,440 crore, SGST is ?47,412 crore, IGST is ?89,158 crore (including ?34,972 crore collected on import of goods) and cess is ?12,025 crore (including ?901 crore ...
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GST |
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RBI Amends Rules Governing Know-Your-Customer (KYC) Checks
Posted Date : 29-Apr-2023 , 07:41:52 am | Posted By CASANSAAR
The RBI has amended rules governing know-your-customer checks undertaken by lenders, according to a statement by the regulator on Friday.
The changes have been made to align with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, update t...
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RBI |
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SEBI Bans Karvy Stock Broking, Promoters from Security Market for 7 Years and Fine Rs. 21 Cr
Posted Date : 29-Apr-2023 , 07:36:46 am | Posted By CASANSAAR
Sebi on Friday barred Karvy Stock Broking Ltd (KSBL) and its promoter Comandur Parthasarathy from the securities market for seven years and imposed a penalty of Rs 21 crore on them for misappropriating clients' funds by misusing the Power of Attorney given to it. Further, the funds raised by ple...
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SEBI |
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NFRA reviews proposals for new accounting standards for insurance contracts
Posted Date : 28-Apr-2023 , 08:32:05 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) held a meeting on Wednesday to review proposals for a new accounting standard for insurance contracts--Ind AS 117--submitted by the Institute of Chartered Accountants of India.
Ind AS 117 is modelled on the IFRS 17, issued by the International Acc...
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NFRA |
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SC ruling on Income Tax Searches, Big relief to taxpayers
Posted Date : 26-Apr-2023 , 11:17:14 am | Posted By CASANSAAR
The Supreme Court has held that the income tax (I-T) department cannot reopen completed assessments under the Section 153A of the I-T Act, unless “incriminating material” is unearthed during search and seizure operations. Any other material emanating from the search can’t be relied...
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Category :
Income Tax |
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