RBI urges CFOs of Banks to maintain open, honest communication with Auditors
Posted Date : 10-Jul-2024 , 08:59:50 am | Posted By CASANSAAR
Reserve Bank of India (RBI) Deputy Governor Swaminathan J on July 9 urged the chief financial officers (CFOs) of commercial banks and All India Financial Institutions to maintain open and honest communication within their organisations as well as with auditors and supervisors.
“Integral to ...
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RBI |
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Increase in size of documents upload for GST New Registration and Amendment
Posted Date : 10-Jul-2024 , 08:13:42 am | Posted By CASANSAAR
GSTN is pleased to inform that changes have been made in size of document upload in Principal Place of Business and Additional Place of Business for New Registration and Amendment catering to the grievances received in the matter from trade.
Taxpayer can now upload following documents up to ...
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GST |
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0 | Hits : 1279
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NCLT bars CA from being appointed as statutory auditor for colluding with company’s fraudulent activities
Posted Date : 09-Jul-2024 , 01:00:31 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT), Bengaluru Bench, has prohibited a city-based chartered accountant (CA) from being appointed as a statutory auditor of any company for a period of five years for “committing fraud along with the company by not reporting the discrepancies and fraudu...
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Auditing |
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ICAI allowed to issue orders against Big Four affiliates - Delhi High Court
Posted Date : 07-Jul-2024 , 09:31:12 am | Posted By CASANSAAR
The Delhi High Court has said that the Institute of the Chartered Accountants of India (ICAI) is "fully empowered" to act against the affiliates of the Big Four firms. In a July 3 order, it also lifted the stay issued against the ICAI orders earlier.
The court also said that the firms, ...
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ICAI |
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FM Nirmala Sitharaman to Present Union Budget on July 23
Posted Date : 06-Jul-2024 , 06:48:15 am | Posted By CASANSAAR
Union Parliamentary Affairs Minister Kiren Rijiju announced on Saturday (July 6) that Parliament's Budget Session is set to begin on July 22, 2024, and will run until August 12, 2024.
Taking to X (formerly Twitter), he also announced the date for the presentation of the budget, i.e., on...
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Budget |
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RBI Levies Rs 1.31 Cr Penalty On Punjab National Bank (PNB)
Posted Date : 06-Jul-2024 , 09:01:18 am | Posted By CASANSAAR
The Reserve Bank of India on Friday has imposed a monetary penalty of Rs 1.31 crore on Punjab National Bank for non-compliance. In a statement, the central bank said that the penalty was levied on the basis of supervisory evaluation of March 2022 accounts.
The bank extended loans to two sta...
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RBI |
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PSU Bank Merger - Four PSU Banks likely to be Merged
Posted Date : 06-Jul-2024 , 08:56:07 am | Posted By CASANSAAR
Govt plan for Round 2 of the merger of PSU banks is ready. Centre Govt is considering two options for the merger of 4 small government banks. The central government is preparing to make changes in the Banking Regulation Amendment Act for the merger.
Out of the two options that the government is c...
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Banking |
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0 | Hits : 104300
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SEBI notifies institutional mechanism for brokers to prevent mkt abuse
Posted Date : 03-Jul-2024 , 02:45:45 pm | Posted By CASANSAAR
Markets regulator Sebi has notified an institutional mechanism that requires stock brokers to put in place systems for detection and prevention of market abuse.
Before this, there were no specific regulatory provisions that cast responsibility on brokers to have a system to prevent market abuse...
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SEBI |
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Less than 2% of taxpayers served CGST notices - FinMin
Posted Date : 23-Jun-2024 , 04:38:17 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Saturday firmly asserted that the Centre’s intent was to make GST assessees’ life ‘easier, simpler and less cumbersome’, stressing that criticism about the harassment of taxpayers and excessive notices being sent was misinformed opinion ...
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GST |
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0 | Hits : 2311
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Recommendations of 53rd GST Council Meeting
Posted Date : 22-Jun-2024 , 11:53:15 am | Posted By CASANSAAR
GST Council recommends waiving interest and penalties for demand notices issued under Section 73 of the CGST Act (i.e. the cases not involving fraud, suppression or wilful misstatement, etc.) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid upto 31.03.2025
GST C...
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GST |
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GST Council meeting may focus on procedural, compliance issues
Posted Date : 21-Jun-2024 , 06:23:45 pm | Posted By CASANSAAR
The upcoming meeting of the Goods and Services Tax Council is likely to focus on procedural issues and clarifications as well as pre-Budget discussions. Major decisions such as the review of the 28% tax on online gaming may be taken at a later date.
The 53rd meeting of the Goods and Services Tax ...
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GST |
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SEBI Introduces System Audit Framework for Professional Clearing Members
Posted Date : 21-Jun-2024 , 06:21:15 pm | Posted By CASANSAAR
In a significant move to enhance the integrity and efficiency of the financial markets, the Securities and Exchange Board of India (Sebi) announced on Thursday a comprehensive framework for the system audit of Professional Clearing Members (PCMs). This directive mandates PCMs to report both major an...
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Income Tax |
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0 | Hits : 2024
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Malabar porotta to attract 18% GST - Kerala High Court
Posted Date : 18-Jun-2024 , 08:59:02 pm | Posted By CASANSAAR
The Goods and Services Tax (GST) rate on Malabar porotta and whole wheat Malabar porotta will remain at 18% for two more months as a Division Bench of the Kerala High Court has stayed a single judge’s order that reduced the tax to 5%.
The Bench consisting of Justices A. Muhamed Mustaque and...
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GST |
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0 | Hits : 1409
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IBBI invites applications for Whole-Time Member post
Posted Date : 18-Jun-2024 , 08:55:11 am | Posted By CASANSAAR
Insolvency regulator IBBI has invited applications for the post of a Whole Time Member. Insolvency and Bankruptcy Board of India (IBBI) is a statutory regulatory body established under the Insolvency and Bankruptcy Code (IBC) 2016.
The term of office of the Whole-Time Member would be five y...
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Insolvent Professional |
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0 | Hits : 1665
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RBI imposes Rs 1.45 Cr Penalty on Central Bank of India for non-compliance
Posted Date : 14-Jun-2024 , 09:36:02 pm | Posted By CASANSAAR
The Reserve Bank on Friday said it has imposed a penalty of Rs 1.45 crore on the Central Bank of India for non-compliance with certain directions related to 'loans and advances' and 'customer protection'.
The RBI had conducted a statutory inspection for Supervisory Evaluation (ISE...
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RBI |
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GST Council to meet on Jun 22, may take up review of online gaming taxation
Posted Date : 13-Jun-2024 , 10:35:52 pm | Posted By CASANSAAR
The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet after a gap of eight months on June 22, and is likely to review the implementation of 28 per cent GST on the online gaming sector.
"The 53rd meeting of the GST Council will be held on 22nd June, 2024 at New Delhi,&quo...
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GST |
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0 | Hits : 1095
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RBI suffers system failure in automated system for Banks
Posted Date : 13-Jun-2024 , 12:41:47 pm | Posted By CASANSAAR
India's central bank system that enables lenders to manage their day-to-day liquidity needs did not work on Tuesday due to a technical issue, treasury officials said, its first such failure since it was set up nearly four years ago.
The automated sweep-in and sweep-out system (ASISO), u...
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RBI |
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0 | Hits : 1238
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SEBI wants Auditors to certify utilisation of funds raised pre-IPO
Posted Date : 11-Jun-2024 , 12:16:12 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) has asked for auditor-certified disclosures about utilisation of pre-IPO proceeds towards objects of the issue. If this is not done, the proceeds will have to be attributed or adjusted towards the portion reserved for general corporate purposes (GCP)...
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Auditing |
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0 | Hits : 1351
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RBI Monetary Policy - RBI keeps repo rate unchanged at 6.5%
Posted Date : 07-Jun-2024 , 10:42:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Governor Shaktikanta Das announced the second bi-monthly monetary policy of the financial year 2024-25 on Friday.
This is the first RBI policy after the Lok Sabha election results 2024. The RBI Governor headed six-member Monetary Policy Committee (MPC) decide...
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RBI |
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0 | Hits : 1995
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IBBI issues new guidelines to streamline process of appointing IPs as resolution professionals
Posted Date : 07-Jun-2024 , 10:35:52 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has issued a new set of guidelines to streamline the process for appointing insolvency professionals (IPs) as interim resolution professionals, liquidators, and bankruptcy trustees. Under the new guidelines, issued on June 5, a panel of IPs will be...
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Insolvent Professional |
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0 | Hits : 1788
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SEBI mandates direct transfer of securities to client's demat account
Posted Date : 06-Jun-2024 , 08:44:56 am | Posted By CASANSAAR
Securities will now have to be directly transferred to the clients' demat accounts by the clearing corporations, stated the guidelines issued by the market regulator.
On June 5, the Securities and Exchange Board of India (Sebi) issued a circular titled "Enhancement of operational efficie...
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SEBI |
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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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0 | Hits : 1919
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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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0 | Hits : 1031
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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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0 | Hits : 1569
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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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0 | Hits : 1971
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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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0 | Hits : 688
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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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