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RBI alerts banks on heightened cyber security threats
Posted Date : 19-Mar-2024 , 07:54:39 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has cautioned some banks, urging them to fortify their defences against potential cyber attacks, as per a Moneycontrol report citing industry sources. The warnings, issued to select banks, follow the central bank's recent Cyber Security and Information Technolo...

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Category : RBI | Comments : 0 | Hits : 3

Bank Branch Audit 2024 Updates
Posted Date : 16-Mar-2024 , 09:37:33 pm | Posted By CASANSAAR

Bank Branch Audit 2024 Updates :- Bank started sending mails. (Plz also confirm with your Bank). Few Bank also started to New Auditors, Bank Wise Details Updated on CA Sansaar Twitter Handle ...Can Check on Twitter Plz https://twitter.com/casansaar Check mail on regular Basis (Also Sp...

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Category : Bank Branch Audit | Comments : 4 | Hits : 16358

100K Subscribers on CA Sansaar YouTube Channel
Posted Date : 15-Mar-2024 , 10:30:42 am | Posted By CASANSAAR

Thank You all for 100K Subscribers on CA Sansaar YouTube Channel Thank you everyone for your continued support. We have now crossed 1,00,000 subscribers on your Youtube channel CA Sansaar. https://www.youtube.com/c/casansaarca ...

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Category : CA | Comments : 0 | Hits : 163

ICAI found gross negligence by Byju's auditors, recommended punitive actions against it
Posted Date : 15-Mar-2024 , 08:30:40 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) has found gross negligence by edtech firm Byju's auditors, ICAI president Ranjeet Kumar Agarwal said on Wednesday.   "Our inspection has found gross negligence on accounting practices by individual auditors of Byju's an...

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Category : ICAI | Comments : 0 | Hits : 326

GSTN Advisory on GSTR-1/IFF - Introduction of New 14A and 15A tables
Posted Date : 12-Mar-2024 , 09:06:33 pm | Posted By CASANSAAR

It is informed to all taxpayers that as per Notification No. 26/2022 – Central Tax dated 26th December 2022 two new Table 14A and Table 15A have been introduced in GSTR-1 to capture the amendment details of the supplies made through e-commerce operators (ECO) on which e-commerce operators are ...

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Category : GST | Comments : 0 | Hits : 317

RBI Ombudsman received more complaints against private banks per branch in FY23
Posted Date : 13-Mar-2024 , 07:32:36 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) received 6.52 complaints per branch against RBL Bank between April 1, 2022 and March 31, 2023 through the offices of RBI Ombudsman (ORBIOs), according to the latest annual report. This is the highest number of complaints per branch against any private banks, as per th...

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Category : RBI | Comments : 0 | Hits : 339

Income Tax Dept starts sending emails, SMSs to assessees for mismatches in tax profiles, financial transactions
Posted Date : 10-Mar-2024 , 09:22:59 pm | Posted By CASANSAAR

The income tax department on Sunday said it has started sending emails and SMSs to assessees whose taxes paid during the current fiscal are not commensurate with financial transactions. To flag the mismatches in payment of taxes in financial year 2023-24 (assessment year 2024-25) and the financia...

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Category : Income Tax | Comments : 0 | Hits : 374

Pay 6% Interest for delayed GST Refund - HC directs GST Department
Posted Date : 10-Mar-2024 , 08:06:27 am | Posted By CASANSAAR

The Delhi High Court has directed the GST department to pay 6% interest on delayed IGST refund. The bench of Justice Sanjeev Sachdeva and Justice Ravinder Dudeja has observed that Section 56 of the CGST/DGST Act deals with the interest on delayed refunds. It provides that if any tax ordered to be...

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Category : GST | Comments : 0 | Hits : 259

MCA revises thresholds for mergers and amalgamation under Competition Act
Posted Date : 10-Mar-2024 , 07:49:41 am | Posted By CASANSAAR

In a relief to India Inc, the Ministry of Corporate Affairs (MCA) has raised the threshold limit for mergers and amalgamations (M&As) that need approval of the Competition Commission of India (CCI). In its latest notification, the MCA has enhanced the threshold value by 150 per cent on the ba...

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Category : MCA | Comments : 0 | Hits : 259

NFRA to look at feasibility of ranking Auditors
Posted Date : 08-Mar-2024 , 10:36:06 am | Posted By CASANSAAR

National Financial Reporting Authority (NFRA) chief Ajay Bhushan Prasad Pandey on Wednesday said the agency will assess the feasibility of ranking auditors on qualitative parameters and auditors ranking companies on governance matters. Besides, he said, the agency responsible for assessing audito...

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Category : NFRA | Comments : 0 | Hits : 405

Audit Profession under Great Pressure - Uday Kotak
Posted Date : 07-Mar-2024 , 08:40:57 am | Posted By CASANSAAR

Tighter regulations and lower fees are making the auditing profession challenging, said panelists at an international conference held by the National Financial Reporting Authority (NFRA) here on Tuesday. “The business model of pure audit is under significant pressure. It’s getting tighte...

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Category : Auditing | Comments : 1 | Hits : 860

CBDT clarifies provisions under Finance Act 2023 relating to donations made by a trust / institution to another trust / institution
Posted Date : 07-Mar-2024 , 08:32:55 am | Posted By CASANSAAR

  Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered und...

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Category : Income Tax | Comments : 0 | Hits : 288

FinMin Sitharaman asks CBIC to settle classification issues
Posted Date : 06-Mar-2024 , 08:55:41 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman has asked enforcement heads of state and central goods and services tax (GST) to settle tax cases linked to classification at its earliest. In her address at a conference of enforcement chief of the state and the central GST formations in New Delhi, she told of...

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Category : GST | Comments : 0 | Hits : 244

CBDT allows certain trusts / institutions to furnish the audit report on or before 31st March, 2024
Posted Date : 05-Mar-2024 , 09:01:50 pm | Posted By CASANSAAR

  Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to in specified sub-clauses of section 10 (23C) of the Income-tax Act, 1961 (the ‘Act’) or any trust or institution registered und...

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Category : CBDT | Comments : 0 | Hits : 772

Last date for filing of updated returns (ITR-U) for A.Y. 2021-22 is 31.03.2024
Posted Date : 05-Mar-2024 , 08:36:20 am | Posted By CASANSAAR

The Income Tax Department receives information of specified financial transactions of taxpayers from various sources. To increase transparency and to promote voluntary tax compliance, this information is reflected in the Annual Information Statement (AIS) module and is available to the taxpayer for ...

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Category : Income Tax | Comments : 0 | Hits : 194

Income Tax Department to send notice to taxpayers for ITR mismatch
Posted Date : 05-Mar-2024 , 08:19:44 am | Posted By CASANSAAR

The Income Tax Department on Monday said it is in the process of issuing notice to taxpayers pertaining to a ‘mismatch’ between the information filed in the Income Tax Return (ITR) vis-a-vis information of specified financial transactions, as available with the department, for the assess...

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Category : Income Tax | Comments : 0 | Hits : 367

FinMin looking to modify income tax rule on payments to MSMEs within 45 days
Posted Date : 05-Mar-2024 , 08:13:08 am | Posted By CASANSAAR

The finance ministry is looking to modify the income tax rule on payments to micro, small and medium enterprises (MSMEs) within 45 days. The new rule, to take effect from April 1, is being reviewed by the North Block officials following demands from industry. While some businesses have sought ...

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Category : Income Tax | Comments : 0 | Hits : 273

Bank Branch Audit 2024 Updates
Posted Date : 05-Mar-2024 , 08:09:09 am | Posted By CASANSAAR

Bank Branch Audit 2024 Updates :- As Per Reliable Sources, RBI has sent the Branch Audit Panel to Banks. Bank will start sending mails soon. (Plz also confirm with your Bank). Bank Wise Details Updated on CA Sansaar Twitter Handle ...Can Check on Twitter Plz https://twitter.com/casansaar ...

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Category : Bank Branch Audit | Comments : 3 | Hits : 13404

CAG announces setting up of Supreme Audit Institution iCAL in Rajkot
Posted Date : 02-Mar-2024 , 07:32:28 am | Posted By CASANSAAR

The Comptroller and Auditor General of India (CAG), Girish Chandra Murmu, on Friday announced the setting up of the Supreme Audit Institution India’s International Centre for Audit of Local Governance (iCAL) in Rajkot, Gujarat. At the conclusion of the three-day international conference on ...

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Category : Auditing | Comments : 0 | Hits : 2138

GST revenue collected during February 2024 gross Rs. 1,68,337 Cr
Posted Date : 01-Mar-2024 , 09:09:02 pm | Posted By CASANSAAR

Gross Goods and Services Tax (GST) revenue collected for February 2024 is ?1,68,337 crore, marking a robust 12.5% increase compared to that in the same month in 2023. This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5% increase in GST from import of goods...

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Category : GST | Comments : 0 | Hits : 440

FIU-IND imposes penalty of Rs. 5,49,00,000 on Paytm Payments Bank Ltd under PMLA
Posted Date : 01-Mar-2024 , 09:04:33 pm | Posted By CASANSAAR

The Financial Intelligence Unit-India (FIU-IND), in furtherance of the powers conferred upon the Director FIU-IND under Section 13(2)(d) of the Prevention of Money Laundering Act (PMLA), 2002, has imposed a monetary penalty of Rs. 5,49,00,000 (rupees five crore forty nine lakh) on Paytm Payments Ban...

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Category : Banking | Comments : 0 | Hits : 305

SEBI slaps Rs 4.8 mn fine on 8 entities for flouting regulatory norms
Posted Date : 01-Mar-2024 , 08:51:56 am | Posted By CASANSAAR

Capital markets regulator Sebi on Thursday slapped a fine of Rs 48 lakh on eight entities, including promoters of United Polyfab Gujarat Ltd (UPGL), for manipulating the share prices of the company. These entities have to pay the penalty jointly and severally within 45 days, as per an order. T...

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Category : SEBI | Comments : 0 | Hits : 630

RBI urges financial institutions to disclose climate risks
Posted Date : 29-Feb-2024 , 05:25:15 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday proposed a four-year road map starting 2025-26 for regulated entities (REs) – banks, financial institutions, and non-banking finance companies (NBFCs) – to disclose climate-related financial risks under the standard framework. The regulated...

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Category : RBI | Comments : 0 | Hits : 255

RBI to examine overseas investment rules
Posted Date : 22-Feb-2024 , 09:32:08 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) will meet banks to sort out the grey areas in overseas investment (OI) regulations which have stalled the plans of several wealthy Indians, business families, and startups from taking exposures to foreign securities, funds and companies. Can a resident individual s...

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Category : RBI | Comments : 0 | Hits : 729

Chartered Accountants from UK, Canada might be allowed to Practice in India - ICAI
Posted Date : 22-Feb-2024 , 09:15:15 am | Posted By CASANSAAR

Chartered accountants from the UK and Canada might be allowed to practice in India on a reciprocal basis, with the apex body ICAI making the proposal to the Government. ICAI President Ranjeet Kumar Agarwal, on February 21, said the proposal will be implemented strictly on the reciprocal basis tha...

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Category : International Business | Comments : 0 | Hits : 1922

NFRA set to Initiate first Annual Inspection of Key Audit Firms by April, 2024
Posted Date : 20-Feb-2024 , 08:06:26 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) is set to commence its inaugural annual review of major auditing organizations, including the Big Five, by April at the latest. This review will focus on evaluating their procedures and adopted standards, according to sources familiar with the regula...

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Category : NFRA | Comments : 0 | Hits : 1436

CBDT drops small tax demands but not TCS, TDS Claims
Posted Date : 20-Feb-2024 , 07:49:08 am | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) on Monday ordered withdrawal of small tax demands that finance minister Nirmala Sitharaman had announced in her FY25 budget speech to improve ease of living. CBDT said that tax demand up to ?25,000 for assessment year up to 2010-11 and demands up to ?10,000 fr...

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Category : CBDT | Comments : 0 | Hits : 834

SC refused to interfere in High Court's Guidelines on Reopening of Income Tax Assessments
Posted Date : 16-Feb-2024 , 04:03:49 pm | Posted By CASANSAAR

The Supreme Court has refused to interfere with a 2017 Delhi High Court judgment which issued a set of guidelines to the Income Tax Department regarding the reopening of assessments.  A bench comprising Justice PS Narasimha and Justice Aravind Kumar dismissed a Special Leave Petition filed b...

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Category : Income Tax | Comments : 0 | Hits : 1466

Delhi HC upholds TDS on external development charges
Posted Date : 15-Feb-2024 , 07:42:18 am | Posted By CASANSAAR

The Delhi High Court on Tuesday upheld Tax Deducted at Source (TDS) on External Development Charges (EDC) in a real estate project. This means that home buyers will have to bear the burden of TDS. A division Bench of Delhi High Court Comprising Justices Yashwant Varma and Purushaindra Kumar Kaura...

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Category : TDS | Comments : 0 | Hits : 965

RBI asks Visa, Mastercard to stop card-based commercial payments
Posted Date : 15-Feb-2024 , 07:37:33 am | Posted By CASANSAAR

The Reserve Bank has asked international payments major Visa and Mastercard to stop card-based commercial payments made by small and large businesses due to concerns over KYC compliance. While Visa has acknowledged to a communication to this effect from the regulator on February 8, a response fro...

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Category : RBI | Comments : 0 | Hits : 673

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