NFRA slapped a penalty of Rs 20 lakh on CA & 10 year debarment for professional misconduct
Posted Date : 09-Jan-2024 , 09:04:18 pm | Posted By CASANSAAR
The National Financial Regulatory Authority (NFRA) has slapped a penalty of Rs 20 lakh and a ten-year debarment on a chartered accountant for professional misconduct, failure to exercise due diligence, and gross negligence in the Statutory Audit of Seya Industries Limited on Tuesday. In another matt...
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NFRA |
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CA Final & Intermediate Nov. 2023 Exam Pass Percentage and Toppers
Posted Date : 09-Jan-2024 , 08:36:03 pm | Posted By CASANSAAR
Press Release - Results of CA Final & Intermediate Examination held in November, 2023 Declared.
The Institute of Chartered Accountants of India (ICAI) today announced the results of the Chartered Accountants Final & Intermediate Examination held in November, 2023. Details of the s...
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CA Results |
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29,273 bogus firms, GST evasion of Rs 44,015 Cr detected since May 2023
Posted Date : 08-Jan-2024 , 07:54:56 am | Posted By CASANSAAR
Goods and Services Tax (GST) authorities have detected 4,153 bogus firms involved in suspected evasion of input tax credit (ITC) worth around Rs 12,036 crore during October-December 2023, the Ministry of Finance said in a statement Sunday. While Maharashtra is in the top spot among 36 states and uni...
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GST |
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SEBI bans naked short selling, no institutional investor shall be allowed to do day trading
Posted Date : 06-Jan-2024 , 09:41:00 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) on Friday said that investors across all categories will be allowed for short selling, but naked short selling will not be permitted. The market regulator also said all stocks that trade in the futures and options (F&O) segment are eligible for s...
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SEBI |
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CA Final and Inter Nov.23 Exams Result are likely to be declared on 9th Jan.24
Posted Date : 05-Jan-2024 , 08:38:17 am | Posted By CASANSAAR
Results of the Chartered Accountants Final and Intermediate Examinations held in November 2023 are likely to be declared on Tuesday, the 9th January 2024
The results of the Chartered Accountants Final and Intermediate Examinations held in November 2023 are likely to be declared on Tuesday, the 9t...
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CA Results |
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RBI proposes banks with less than 6% net NPAs to declare dividends
Posted Date : 03-Jan-2024 , 08:31:24 am | Posted By CASANSAAR
The Reserve Bank on Tuesday proposed allowing banks having net non-performing assets (NPAs) ratio of less than 6 per cent to declare dividends.
As per the prevailing norms last updated in 2005, banks need to have a NNPA ratio of up to 7 per cent to become eligible for declaration of dividends.
...
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RBI |
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GSTN Advisory on the functionalities available on the portal for the GTA taxpayers
Posted Date : 03-Jan-2024 , 08:27:08 am | Posted By CASANSAAR
Dear Taxpayers,
The following Functionalities are made available on the portal for the GTA Taxpayers.
To Access: Post login on the FO portal-Click YES on the pop up message on post login (or) Navigate to Services>>User Services>>GTA>>Opting Forwa...
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GST |
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RBI asks banks to annually review accounts inoperative for over a year
Posted Date : 02-Jan-2024 , 08:55:09 am | Posted By CASANSAAR
The Reserve Bank of India has asked banks to annually review accounts that have not seen customer-induced transactions for over a year, and term deposit accounts where there is no explicit renewal mandate and the funds have not been withdrawn after maturity.
It also barred banks from levying pena...
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RBI |
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Record 8.18 Cr ITRs (Income Tax Returns) filed so far in current financial year
Posted Date : 02-Jan-2024 , 08:34:24 am | Posted By CASANSAAR
A record eight crore 18 lakh Income Tax Returns, ITRs were filed in the current financial year till Sunday. This is nine per cent more than the total ITRs filed in the last fiscal. According to Central Board of Direct Taxes, around 7.5 crore ITRs were filed last year during the same period.
Finan...
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ITR |
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NFRA finds certain lapses in audit quality of Walker Chandiok & Co
Posted Date : 30-Dec-2023 , 10:01:13 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) on Friday found certain lapses in the auditing-related activities of audit firm Walker Chandiok & Co LLP during detailed audit quality inspections.
The regulator initiated an audit quality inspection of Walker Chandiok & Co LLP in Decemb...
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NFRA |
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CBDT clarifies applicability of TDS liability for e-retailers on ONDC
Posted Date : 29-Dec-2023 , 09:14:26 am | Posted By CASANSAAR
The income tax department on Thursday clarified the applicability of TDS liability of e-retailers trading through the government's ONDC initiative.
As per the FAQ issued by the Central Board of Direct Taxes (CBDT), a 1 per cent TDS will have to be deducted from the gross sale amou...
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CBDT |
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Zomato receives Rs. 402 Cr show cause notice for unpiad GST on delivery charges collected from customers
Posted Date : 28-Dec-2023 , 08:50:41 am | Posted By CASANSAAR
Online delivering platform Zomato Ltd, on December 28, announced that it has received show cause notice (SCN) from theGoods and Services Tax (GST) office for supposed tax liability of ?401.7 crore, in addition to interest and penalty on the delivery fee collection from its customer from the period o...
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GST |
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0 | Hits : 487
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SEBI extends deadline for demat and mutual fund nomination
Posted Date : 28-Dec-2023 , 08:45:30 am | Posted By CASANSAAR
Capital markets regulator Securities and Exchange Board of India (SEBI) on Wednesday extended the deadline for demat and mutual fund account holders to provide a nomination. As per the market regulator, the deadline has now been extended to 30 June 2024.
Earlier, the deadline to nominate a ...
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SEBI |
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RBI drafts new rules for Authorised Persons to become Money Changers.
Posted Date : 28-Dec-2023 , 08:19:14 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is drafting new rules to allow ‘authorised persons' to become money changers under the Foreign Exchange Management Act (FEMA)
First announced in RBI's statement on Development and Regulatory Politics dated June 8, 2023, a draft licensing framework in ...
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RBI |
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GST Amnesty Scheme appeals applicable till 31st January 2024
Posted Date : 27-Dec-2023 , 08:10:23 am | Posted By CASANSAAR
In a bid to assist taxpayers grappling with Goods and Services Tax (GST) issues, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant amnesty scheme. This initiative allows specified GST taxpayers to lodge appeals against GST tax demand orders until January 31, 2024.
...
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GST |
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RBI Releases Draft Licensing Framework for Authorised Persons Under FEMA
Posted Date : 27-Dec-2023 , 08:02:57 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today released a draft 'Licensing Framework for Authorised Persons (APs)' under Foreign Exchange Management Act (FEMA), 1999.
According to RBI release, the focus of the draft norms is on rationalising the authorisation framework for money changers in ...
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RBI |
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CBDT Notifies ITR (Income Tax Return) forms 1 and 4 for AY 2024-25
Posted Date : 23-Dec-2023 , 10:13:10 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified ITR forms 1 (SAHAJ) and 4 (SUGAM), which are filed by individuals and entities with annual total income of up to Rs 50 lakh, for assessment year (AY) 2024-25.
ITR forms for a particular financial year are usually notified b...
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CBDT |
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NFRA Flags Gaps in Statutory Audits done by top Audit Firms
Posted Date : 23-Dec-2023 , 09:34:02 pm | Posted By CASANSAAR
NFRA flags documentation gaps in some Big Four firms
The National Financial Reporting Authority (NFRA) has found deficiencies in the audit processes of BSR & Co, Deloitte Haskins & Sells, SRBC & Co, and Price Waterhouse Chartered Accountants (PwC) in its inspection report 2022, releas...
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NFRA |
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CBDT amends definition of intra-group loans for safe harbour
Posted Date : 21-Dec-2023 , 08:33:03 am | Posted By CASANSAAR
In line with new business practices, the Union finance ministry has amended the definition of intra-group loans and has removed the condition of sourcing the loan in Indian rupees. It has also amended the circumstances when they can be treated as safe harbour.
The Central Board of Direct Ta...
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CBDT |
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GST Act amendments to strengthen tribunals passed by Parliament
Posted Date : 21-Dec-2023 , 08:29:50 am | Posted By CASANSAAR
The Rajya Sabha on Wednesday passed the Central Goods and Services Tax (Second Amendment) Bill, 2023, which seeks to increase the upper age limit of president and members of the GST Appellate Tribunal and allows advocates with 10 years of experience to be eligible to become a member of the tribunal....
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GST |
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Supreme Court quashes GST department's plea against HC order on input tax credit
Posted Date : 19-Dec-2023 , 08:38:39 am | Posted By CASANSAAR
The Supreme Court has quashed a petition filed by the authorities against a Calcutta High Court ruling that said that input tax credit (ITC) to a buyer cannot be denied on the ground that a seller has not paid tax under the goods and services tax (GST) regime unless there was a proper investigation....
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GST |
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SEBI allows brokers to invest clients’ fund in overnight MF Schemes
Posted Date : 14-Dec-2023 , 09:07:54 am | Posted By CASANSAAR
Capital market regulator SEBI has allowed stock brokers and clearing members to park client funds in mutual fund overnight schemes as they invest only in risk-free government securities.
Brokers and clearing members should ensure that the overnight schemes invest only in government bond, overnigh...
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SEBI |
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Ashneer Grover moves NCLT, alleges oppression, mismanagement at BharatPe
Posted Date : 12-Dec-2023 , 08:43:07 pm | Posted By CASANSAAR
Ashneer Grover, former managing director of BharatPe, has moved the National Company Law Tribunal (NCLT), Delhi, alleging opression and mismanagement at the company.
The case came up for hearing on December 6, wherein his lawyer sought additional time to address the tribunal on maintainability. T...
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Corporate Law |
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0 | Hits : 677
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Punjab Govt orders Audit of 19,000 Co-op Societies across State
Posted Date : 06-Dec-2023 , 08:36:48 am | Posted By CASANSAAR
The government has asked the Registrar, Cooperative Societies, to get an audit of all finances and assets of 19,000 cooperative societies in the state.
The order has been issued by the Special Chief Secretary, Cooperatives, asking for immediate compliance from the department.
Following this, R...
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Auditing |
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21,791 fake GST registrations, suspected tax evasion of Rs 24,000 Cr detected in special drive
Posted Date : 06-Dec-2023 , 08:33:50 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on December 5 said GST officers have detected 21,791 fake GST registrations and over Rs 24,000 crore of suspected tax evasion during a two-month-long special drive. In a written reply to a question in Rajya Sabha, the minister said to safeguard the interest of hon...
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GST |
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0 | Hits : 995
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Indian Banks write off Rs.10.6 Lakh Cr in 5 years, 50% linked to Large Corporates
Posted Date : 05-Dec-2023 , 07:21:56 am | Posted By CASANSAAR
The government on Monday informed the Lok Sabha that all Scheduled Commercial Banks have written off nearly Rs 10.6 lakh crore in the last 5 years, out of which nearly 50 per cent belong to large industrial houses. It also said that nearly 2300 borrowers, each having a loan amount of Rs 5 crore or m...
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Banking |
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NFRA has Superior Powers over ICAI for Professional Misconduct - NCLAT
Posted Date : 05-Dec-2023 , 07:12:34 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has superior and overriding powers over the Institute of Chartered Accountants of India (ICAI) in matters relating to professional misconduct of chartered accountants (CAs), the National Company Law Appellate Tribunal (NCLAT) has ruled in a judgment ...
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NFRA |
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Investment firm BlackRock stake in Suzlon Energy surpasses 5% level
Posted Date : 03-Dec-2023 , 08:09:56 am | Posted By CASANSAAR
Investment firm BlackRock Inc's equity holding has surpassed the five per cent level in renewable energy solution provider Suzlon Energy with the acquisition of about 24.73 lakh shares.
"The aggregate holdings of BlackRock, Inc. (on behalf of discretionary management clients) in Su...
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Shares & Stock |
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0 | Hits : 1001
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Cabinet approves Terms of Reference for the Sixteenth Finance Commission
Posted Date : 30-Nov-2023 , 07:39:23 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Terms of Reference for the Sixteenth Finance Commission.
The Terms of Reference for the Sixteenth Finance Commission will be notified in due course of time. The 16th Finance Commission’s recommendations, ...
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Finance |
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0 | Hits : 607
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GSTN Advisory for the procedures and provisions related to the GST Amnesty Scheme
Posted Date : 30-Nov-2023 , 07:35:33 am | Posted By CASANSAAR
Advisory for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline for the orders passed on or before March 31, 2023.
1. Amnesty for Taxpayers: The GST Council, in its 52nd meeting, recommended granting amnesty to taxpayers who...
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GST |
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0 | Hits : 400
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