SEBI tightens disclosure requirements for FPIs, reduces IPO timeline
Posted Date : 30-Jun-2023 , 07:22:32 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Wednesday tightened the disclosure requirements for foreign portfolio investors (FPIs) in a bid to get a better handle on them and prevent the possible circumvention of minimum public shareholding (MPS) and takeover norms.
The Sebi board also a...
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SEBI |
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Govt defers higher TCS on Overseas Spending to Oct 1, 2023
Posted Date : 29-Jun-2023 , 08:40:55 am | Posted By CASANSAAR
The finance ministry on June 28 said that the higher Tax Collected at Source (TCS) on overseas spending will now be implemented three months after the original deadline of July 1.
At the same time, the finance ministry also said that transactions conducted via international credit cards while abr...
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TDS |
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SEBI to enhance disclosure requirements for certain class of FPIs
Posted Date : 29-Jun-2023 , 08:35:48 am | Posted By CASANSAAR
To ensure greater transparency, markets regulator Sebi on Wednesday decided to mandate enhanced disclosures from certain class of Foreign Portfolio Investors (FPIs), including furnishing granular level details about ownership and economic interests.
The new norms will be applicable for FPIs that ...
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SEBI |
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0 | Hits : 180
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ED attaches properties and Bank Balance of Chartered Accountant and Others
Posted Date : 28-Jun-2023 , 08:57:33 am | Posted By CASANSAAR
Directorate of Enforcement has provisionally attached 59 immovable and movable properties including 53 plots, commercial shops, Industrial plots, agricultural land located at Delhi, Noida, Sonepat, Jalandhar, Hyderabad and balances in bank accounts having value of Rs. 28.67 Crore belonging to ...
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Chartered Accountant |
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0 | Hits : 1062
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Over one cr Income Tax Returns filed till 26th June, 2023
Posted Date : 28-Jun-2023 , 07:03:35 am | Posted By CASANSAAR
Over one crore Income Tax Returns have been filed till 26th of this month. This milestone was reached 12 days early this year compared to the corresponding period in the preceding year. Last year, one crore ITRs were filed till 8th of July.
The Income Tax Department has reiterated its commitment ...
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ITR |
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0 | Hits : 262
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Income Tax Dept tweaks disclosure norms for Charitable Institutions
Posted Date : 27-Jun-2023 , 08:58:41 am | Posted By CASANSAAR
The income tax department has tweaked disclosure norms for charitable institutions claiming I-T exemption by seeking additional details.
As per amendments to the Income Tax Rules, which will come into effect from October 1, charitable institutions will have to now disclose whether the activities ...
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Income Tax |
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0 | Hits : 771
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Restricting revocation of the UDINs within 48 hours - ICAI
Posted Date : 23-Jun-2023 , 08:17:37 pm | Posted By CASANSAAR
The Council, in its 420th meeting held on 23rd-24th March, 2023, decided that revocation of UDINs would now be possible within 48 hours from the time of its generation. This means that now onwards, the members will be able to revoke the UDINs, if they so desire, only within 48 hours from the time th...
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ICAI |
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0 | Hits : 388
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Deloitte Resigns as statutory auditor of Byju's and Aakash Educational
Posted Date : 23-Jun-2023 , 09:35:51 am | Posted By CASANSAAR
Deloitte, one of the biggest audit firms in the world, has tendered its resignation as the statutory auditor of Byju's, adding to a long list of troubles for India's most valued startup.
"The financial statements of the Company for the year ended March 31, 2022 are long delayed. We h...
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Auditing |
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Byju's faces more trouble as its Auditor & 3 Directors quit
Posted Date : 23-Jun-2023 , 09:31:10 am | Posted By CASANSAAR
Three board members of Ed tech company Byju’s resigned on Thursday, June 22. According to reports, Peak XV Partners' GV Ravishankar, Prosus' Russell Dreisenstock and Chan Zuckerberg Initiative's Vivian Wu have stepped down from their responsibilities from the board. The company spo...
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Corporate Law |
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0 | Hits : 911
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MCA plans to further intensify Crackdown on Shell Companies
Posted Date : 21-Jun-2023 , 09:37:45 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs has already struck off hundreds of thousands of shell companies that are often used to funnel black money, the report said quoting sources in the know
The Ministry of Corporate Affairs (MCA) is planning to further intensify its crackdown against non-functional (s...
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MCA |
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Credit Card holders may have to file declaration with banks for TCS Levy
Posted Date : 21-Jun-2023 , 09:30:00 pm | Posted By CASANSAAR
The tax department is considering a proposal under which credit card holders will have to file a declaration with the issuer entity within a stipulated time, specifying the nature of expenses incurred in foreign currency for the purpose of TCS levy, sources said.
The I-T department is in talks wi...
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International Business |
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0 | Hits : 664
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Bombay HC stays RBI Circular allowing Banks to classify accounts as Fraud
Posted Date : 20-Jun-2023 , 09:08:50 am | Posted By CASANSAAR
The division bench of justice Gautam Patel and justice Neela Gokhale was hearing a clutch of petitions, including those filed by Naresh Goyal, the promoter of now defunct Jet Airways, and his wife Anita Goyal among others, contending that the master circular authorised banks to arbitrarily classify ...
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RBI |
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0 | Hits : 465
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MCA to Consult Practitioners on MCA-21 Glitches
Posted Date : 20-Jun-2023 , 09:02:49 am | Posted By CASANSAAR
With the critical Corporate Affairs Ministry portal, MCA-21, still ridden with glitches, hampering everything from registration of new firms to routine filings by existing firms, the Ministry has decided to hold parleys on the challenges faced by industry.
“Stakeholders’ consultations...
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MCA |
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0 | Hits : 322
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RBI issued new guidelines for locker holders in public sector banks
Posted Date : 14-Jun-2023 , 08:37:40 am | Posted By CASANSAAR
RBI has issued a new guideline for those who have lockers in government banks of the country. In such a situation, now the agreement of the bank locker is being changed. SBI has asked customers to contact their branch soon.
SBI New Bank Locker Agreement: There is great news for SBI customers. Giv...
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RBI |
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0 | Hits : 771
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GST Evasion of Rs.30,000 Cr Unearthed Nationwide
Posted Date : 14-Jun-2023 , 08:20:30 am | Posted By CASANSAAR
A nationwide crackdown by the Goods and Services Tax authorities uncovered tax evasion to the tune of Rs.30,000 crore, allegedly carried out via stolen identities including as many as 18,000 Permanent Account Number (PAN) and Aadhaar cards, people familiar with the development said.
The identitie...
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GST |
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Wilful Defaulters, Fraudsters can go for Compromise settlement - RBI
Posted Date : 13-Jun-2023 , 08:18:14 am | Posted By CASANSAAR
Wilful defaulters and companies involved in fraud can go for a compromise settlement or technical write-offs by banks and finance companies, as per a circular by Reserve Bank of India (RBI).
Banks can undertake compromise settlements or technical write-offs regarding accounts categorised as wilfu...
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RBI |
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0 | Hits : 498
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10,000 Cr GST Fraud - 3,000 Shell Companies Created on Fake Details
Posted Date : 10-Jun-2023 , 09:44:40 am | Posted By CASANSAAR
A multi-agency probe launched by the Centre to investigate Noida police's claim of having busted a racket of GST fraud to the tune of Rs 10,000 crore has revealed at least 3,000 shell companies were created on fake Aadhaar and PAN details.
On Thursday, the Directorate General of GST Intellige...
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GST |
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0 | Hits : 1743
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E-Invoice Verifier App by GSTN - Advisory by GSTN
Posted Date : 10-Jun-2023 , 09:34:10 am | Posted By CASANSAAR
1. The E-Invoice Verifier App developed by GSTN, has been introduced which offers a convenient solution for verifying e-Invoices and other related details. GSTN understands the importance of efficient and accurate e-invoice verification, and this app aims to simplify the process for your...
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GST |
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0 | Hits : 595
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Govt seeks applications for hiring 15 judicial, technical members at NCLT, NCLAT
Posted Date : 09-Jun-2023 , 10:08:15 am | Posted By CASANSAAR
The Government has sought applications for a total of 15 positions of judicial and technical members at the National Company Law Tribunal (NCLT) as well as the appellate tribunal NCLAT.
As many as 15 posts, including that of 5 judicial members and 5 technical members, are to be filled up at the...
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Income Tax |
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0 | Hits : 700
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Big 5 Auditors handle nearly every 2 out of 3 Nifty500 Companies
Posted Date : 09-Jun-2023 , 09:52:52 am | Posted By CASANSAAR
India's five largest audit firms managed as many as 310 assignments of Nifty500 companies in FY23, or almost two out of every 3 audits, shows an analysis by PRIME Database Group.
Out of the Nifty500 companies, auditor details were not available for 2 companies.
In terms of all companies wh...
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Auditing |
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0 | Hits : 1518
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Company Delays Quarterly Results because its Chartered Accountant Disappeared
Posted Date : 08-Jun-2023 , 12:00:53 pm | Posted By CASANSAAR
In a bizarre case of poor corporate governance, Milestone Furniture, a BSE-SME listed company has delayed announcing its quarterly results because its chartered accountant has “disappeared”.
In a statement to the stock exchange, the company said, “The Board Meeting held on 25th ...
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Chartered Accountant |
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0 | Hits : 1094
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RBI issues updated list of entities not authorized to deal in forex transactions
Posted Date : 08-Jun-2023 , 09:20:22 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today issued an updated alert list of entities that are not authorized to deal in foreign exchange (forex) transactions or operate electronic trading platforms (ETPs) for forex.
The Apex Bank in its press release issued today added eight names of platforms/we...
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RBI |
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RBI permits banking units at IFSC to settle NDDCs in rupee
Posted Date : 07-Jun-2023 , 07:02:58 am | Posted By CASANSAAR
The Reserve Bank of India said it has permitted banks operating International Financial Services Centre (IFSC) to offer non-deliverable derivatives contracts utilising rupees to resident non-retail users for hedging.
The step has been taken in order to develop the onshore rupee non-deliverable de...
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RBI |
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0 | Hits : 315
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ICAI and Public Sector Banks to set up common platform for balance confirmations
Posted Date : 07-Jun-2023 , 07:01:50 am | Posted By CASANSAAR
Statutory auditors may have cause for cheer as a new mechanism in the form of a common balance confirmation portal is now being put in place to provide “external confirmation of balances” for aiding the audit of financial statements.
Over the years, auditors have been using &ldq...
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ICAI |
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0 | Hits : 1873
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RBI imposes Rs 2.2 Cr Penalty on Indian Overseas Bank
Posted Date : 02-Jun-2023 , 10:17:05 pm | Posted By CASANSAAR
Reserve Bank on Friday imposed a penalty of Rs 2.20 crore on state-owned Indian Overseas Bank (IOB) for non-compliance of income recognition and other deficiencies in regulatory compliance.
The fine is imposed for contravention of the provisions of certain directions issued by RBI on &lsquo...
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RBI |
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0 | Hits : 1326
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CBDT Notifies Scheme for Online Filing and Processing of Appeals
Posted Date : 31-May-2023 , 07:34:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) notified E-Appeals Scheme, 2023 which will speed up hearing of appeals in I-T matters. The Finance Bill in February had proposed a new authority for hearing appeals: Joint Commissioner of Income-Tax (Appeals) or JCIT (A).
As the explanatory memorandu...
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CBDT |
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Advisory on Filing of Declaration In Annexure V by Goods Transport Agency (GTA)
Posted Date : 31-May-2023 , 07:19:40 am | Posted By CASANSAAR
Advisory on Filing of Declaration In Annexure V by Goods Transport Agency (GTA) opting to pay tax under forward charge mechanism
The GTAs, who commence business or cross registration threshold on or after 1st April, 2023, and wish to opt for payment of tax under forward charge mechan...
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GST |
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0 | Hits : 493
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RBI Governor advises Bank Boards to adopt fair practices for customer protection
Posted Date : 29-May-2023 , 10:43:37 pm | Posted By CASANSAAR
Reserve Bank of India’s Governor Shaktikanta Das advised Bank Boards to adopt fair practices and customer protection including digital lending. Quick and effective redress of customers' grievances reflect the efficacy of a bank’s overall functioning, he added.
Mr. Das was ad...
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RBI |
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0 | Hits : 540
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Income Tax Dept. to conduct Scrutiny where assessees failed to respond to I.T. Notices
Posted Date : 29-May-2023 , 10:21:25 am | Posted By CASANSAAR
The Income Tax department has come out with guidelines for selection of cases for scrutiny, under which cases wherein assessees have not responded to I-T notices will be picked up for compulsory examination. The department will also undertake cases for scrutiny where specific information regarding t...
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Income Tax |
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0 | Hits : 3144
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CBIC issues SoPs for scrutiny of GST returns for FY20 onwards
Posted Date : 29-May-2023 , 10:18:16 am | Posted By CASANSAAR
Detailing the standard operating procedure (SoP) for scrutiny of tax returns from the financial year 2019-20 onwards under the Goods and Services Tax (GST) regime, the Central Board of Indirect Taxes and Customs (CBIC) has stated that the analytics unit will identify returns for scrutiny depending o...
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GST |
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