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SC quash the disciplinary proceedings of ICAI against the CA in the matter of accepting more Tax Audit
Posted Date : 17-May-2024 , 01:55:14 am | Posted By CASANSAAR

Supreme Court quash the disciplinary proceedings initiated against the CA in the matter of ICAI barring members from accepting more than the "specified number of tax audit assignments" (at present, the upper limit is set at 60) in a financial year. Section 44 AB of Income tax act , popular...

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Category : Tax Audit | Comments : 0 | Hits : 224

Information from manufacturers of Pan Masal and Tobacco taxpayers - GSTN
Posted Date : 17-May-2024 , 09:05:57 am | Posted By CASANSAAR

  Government had issued a notification to seek information from taxpayers dealing in the goods mentioned therein vide Notification No. 04/2024 – Central Tax dated 05-01-2024. Two forms have been notified vide this notification namely GST SRM-I and GST SRM-II. The former pertains to reg...

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Category : GST | Comments : 0 | Hits : 107

SEBI eases KYC compliance norms for mutual fund investors
Posted Date : 16-May-2024 , 12:00:05 pm | Posted By CASANSAAR

In a major relief for mutual fund investors, the Securities and Exchange Board of India (Sebi) has removed the requirement to link the Permanent Account Number (PAN) with Aadhaar to obtain "KYC-registered" status for mutual fund transactions. Know Your Client (KYC) is a mandatory proces...

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Category : SEBI | Comments : 0 | Hits : 182

Advocates can't be held liable for deficiency in service - Supreme Court
Posted Date : 16-May-2024 , 11:54:08 am | Posted By CASANSAAR

The Supreme Court ruled that the complaint alleging "deficiency in service" against advocates would not be maintainable under the Consumer Protection Act (CP Act) as it noted that the legal profession is unique in nature and cannot be compared with any other occupation. A bench of Justi...

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Category : Corporate Law | Comments : 0 | Hits : 344

E-commerce firms seek clarity on registration under GST regime
Posted Date : 14-May-2024 , 07:39:35 am | Posted By CASANSAAR

With the rapid sprouting up of dark stores as part of their quick commerce strategies, e-commerce companies are seeking clarity from tax authorities for the registration process under the goods and services tax (GST) regime for their suppliers. A dark store typically is a large warehouse and is u...

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Category : GST | Comments : 0 | Hits : 257

CBDT releases new functionality in AIS for taxpayers
Posted Date : 14-May-2024 , 07:35:19 am | Posted By CASANSAAR

The Annual Information Statement (AIS) is available to all registered Income Taxpayers through the compliance portal, accessible through the e-filing website (www.incometax.gov.in). AIS provides details of a large number of financial transactions undertaken by the taxpayer which may have tax im...

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Category : CBDT | Comments : 0 | Hits : 513

Auditor of Zomato Hyperpure, Blink Commerce resigns with immediate effect
Posted Date : 12-May-2024 , 07:18:56 pm | Posted By CASANSAAR

Zomato on Sunday said the auditor of its subsidiaries Zomato Hyperpure and Blink Commerce has resigned with immediate effect, paving the way for the food tech platform's auditor Deloitte Haskins & Sells to be appointed in its place to make the audit process more efficient. Batliboi & ...

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Category : Auditing | Comments : 0 | Hits : 348

ICAI Inviting Public Comments on Review of Rules specified under the Chartered Accountants Act, 1949
Posted Date : 11-May-2024 , 12:18:08 am | Posted By CASANSAAR

Council Affairs The Institute of Chartered Accountants of India 10th May, 2024 Subject: Inviting Public Comments on Review of Rules specified under the Chartered Accountants Act, 1949   This is to bring to your attention an important initiative by the Ministry of Corporate Affairs regard...

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Category : ICAI | Comments : 0 | Hits : 552

SEBI proposes direct transfer of securities to clients' accounts
Posted Date : 10-May-2024 , 10:27:09 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) is mulling direct payout of securities to the clients’ demat accounts by clearing corporations. Currently, the process is voluntary. The clearing corporation follows the process of crediting the securities payout in the broker's pool accoun...

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Category : SEBI | Comments : 0 | Hits : 343

Arrest under GST Act should not be based on mere suspicion - SC
Posted Date : 10-May-2024 , 10:18:41 am | Posted By CASANSAAR

The Supreme Court told the Centre on Thursday that any arrest under the Goods and Services Tax (GST) Act should not be on mere suspicion but has to be based on cogent material and adherence to proper procedure. A bench of Justices Sanjiv Khanna, M M Sundresh and Bela M Trivedi said the material u...

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Category : GST | Comments : 0 | Hits : 557

PwC and EY hit with multimillion-pound fines over LCF audit failures
Posted Date : 09-May-2024 , 07:04:29 am | Posted By CASANSAAR

The UK accounting watchdog has imposed multimillion-pound fines on PwC and EY for failures in their audits of London Capital & Finance, the defunct investment group at the centre of one of the biggest retail savings scandals in recent years. The Financial Reporting Council said on Tuesday tha...

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Category : Auditing | Comments : 0 | Hits : 819

RBI directs NBFCs to adhere to cash disbursal limit of Rs 20,000 for loans
Posted Date : 09-May-2024 , 07:00:56 am | Posted By CASANSAAR

The Reserve Bank of India has directed non-bank finance companies (NBFC) to strictly adhere to IT Act on cash disbursements. This means, NBFCs must stick to a cap of Rs 20,000 while disbursing cash loans. According to a Reuters report, this direction comes in a bid to deter cash transactions. ...

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Category : RBI | Comments : 0 | Hits : 349

CBDT issues guidelines for compulsory selection of returns for complete scrutiny
Posted Date : 08-May-2024 , 09:17:18 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has issued the guidelines for compulsory selection of income tax returns for scrutiny for the fiscal year under which it has outlined a number of cases that would be taken up.   While the guidelines are largely in line with those of previous years, exp...

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Category : CBDT | Comments : 0 | Hits : 1359

RBI asks fintechs not to pursue blistering growth
Posted Date : 06-May-2024 , 12:53:20 am | Posted By CASANSAAR

RBI’s concern is that despite curbs in risk weights in unsecured loans, there is little or no moderation in growth.  After asking banks and non-banking finance companies to take a calibrated approach to growth, the Reserve Bank of India has signalled fintechs to tamp down. In a meet...

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Category : Shares & Stock | Comments : 0 | Hits : 504

RBI proposes tighter project finance rules
Posted Date : 04-May-2024 , 07:53:12 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday proposed tighter rules to govern lending to projects under implementation. The central bank’s draft rules include a classification of the projects as per their phase and higher provisioning of up to 5 per cent during the construction phase, even if the...

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Category : RBI | Comments : 0 | Hits : 418

Thousands of India’s MSMEs cancel registration as payment deadline hits business
Posted Date : 04-May-2024 , 07:47:18 am | Posted By CASANSAAR

The government’s decision to impose a payment deadline for dues owed to small businesses has backfired. According to a CNBC Awaaz report, more than 40,000 Indian small businesses, including 12,000 in Gujarat, have cancelled their registration and approached the Supreme Court with an appeal ...

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Category : MSME | Comments : 0 | Hits : 685

GST revenue collection for April 2024 highest ever at Rs 2.10 lakh Cr
Posted Date : 02-May-2024 , 08:07:09 am | Posted By CASANSAAR

The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ?2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST reven...

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Category : GST | Comments : 0 | Hits : 783

Patanjali asked to pay Rs 27.5 Cr for GST infraction
Posted Date : 01-May-2024 , 10:00:03 am | Posted By CASANSAAR

Notification Date: 29-04-2024Notification No: N/APatanjali Receives Rs 27.5 Crore Tax Claim From GST AuthorityOn Friday, Patanjali Foods said it had received a show cause notice from the Directorate General of GST Intelligence in Chandigarh over a Rs 27.5 crore tax claim, The authority has pulled...

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Category : GST | Comments : 0 | Hits : 886

Patanjali Group firms under DGGI scanner for non-payment of GST, fake ITC
Posted Date : 01-May-2024 , 09:56:52 am | Posted By CASANSAAR

Fresh troubles seem to be in the offing for Patanjali Group companies led by Baba Ramdev. Directorate General for GST Intelligence (DGGI) is understood to have issued 2 show-cause notices to Patanjali Group companies — Patanjali Ayurved and Patanjali Foods. According to sources, "DGGI ...

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Category : GST | Comments : 0 | Hits : 887

NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
Posted Date : 28-Apr-2024 , 12:37:01 pm | Posted By CASANSAAR

NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj, Chartered Accountants, Mumbai (Firm of Active Central Council Member of ICAI) & Rs 50 Lakhs and 10 Lakh on CA Piyush Patni (Engagement Partner) & CA Pawan Kumar Gupta (Engagement Quality control Review Partner) respecti...

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Category : NFRA | Comments : 0 | Hits : 1879

ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
Posted Date : 27-Apr-2024 , 09:43:20 am | Posted By CASANSAAR

The CA Institute has proceeded and notified its revised exam dates (announced on March 19) for the intermediate course examination and final examination despite a pending Supreme Court hearing slated for April 29 on postponement plea filed by some CA Students.  An ICAI notification—gaz...

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Category : ICAI | Comments : 0 | Hits : 9379

NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
Posted Date : 27-Apr-2024 , 09:39:40 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has barred auditors of M/s Brightcom Group for up to ten years and imposed heavy monetary penalties on them, citing professional misconduct in auditing the company between FY20 and FY22. While the audit firm, M/s PCN & Associates, has been pro...

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Category : NFRA | Comments : 0 | Hits : 1907

GST Important Update - Enhancement in the GST Portal
Posted Date : 27-Apr-2024 , 09:26:42 am | Posted By CASANSAAR

Dear Taxpayers, 1.  GSTN is pleased to inform that an enhanced version of the GST portal would be launched on 3rd May 2024. The effort is to improve user experience and ensure that the information you need is accessible and easy to navigate. 2.  Key Enhancements Inclu...

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Category : GST | Comments : 0 | Hits : 952

NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
Posted Date : 26-Apr-2024 , 09:41:47 pm | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has slapped a penalty of Rs 5 lakh on an audit firm for professional misconduct and other lapses in the audit of Vikas WSP Ltd for FY20. Vikas WSP Ltd is a BSE- and NSE-listed company. The order came after NFRA received information from the Securi...

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Category : NFRA | Comments : 0 | Hits : 1562

CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
Posted Date : 25-Apr-2024 , 12:40:03 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT), has issued Circular No. ­­­07/2024 dated 25.04.2024 further extending the due date for filing Form 10A/ Form 10AB under the Income-tax Act, 1961 (the ‘Act’) upto 30th June, 2024. CBDT had earlier extended the due date for fi...

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Category : CBDT | Comments : 0 | Hits : 1451

RBI comes out with FEMA regulations for direct listing on international exchange
Posted Date : 25-Apr-2024 , 09:57:44 am | Posted By CASANSAAR

Listing of an Indian company on international stock exchanges got a push with the Reserve Bank of India (RBI) coming out with regulations under Foreign Exchange Management (FEMA). Experts believe new regulations will help companies utilise foreign exchange more effectively. Regulations have been ...

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Category : RBI | Comments : 0 | Hits : 1590

RBI directs payment firms to track high-value, fishy transactions during elections
Posted Date : 23-Apr-2024 , 08:19:47 am | Posted By CASANSAAR

The Lok Sabha elections 2024 are in full swing with electioneering adding much colour to the entire process. However, to ensure that there is no wrongdoing, the Reserve Bank of India (RBI) has sent a missive to Payment System Operators (PSOs) asking them to keep a watch on all suspicious high-value ...

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Category : RBI | Comments : 1 | Hits : 2133

NCLT orders insolvency proceedings against Subhash Chandra
Posted Date : 23-Apr-2024 , 08:07:10 am | Posted By CASANSAAR

  The National Company Law Tribunal (NCLT) on Monday ordered insolvency proceedings against media baron Subhash Chandra on a plea filed by Indiabulls Housing Finance. A two-member Delhi bench of the NCLT directed initiation of personal insolvency proceedings against Zee Entertainment En...

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Category : Insolvent Professional | Comments : 0 | Hits : 1714

Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
Posted Date : 22-Apr-2024 , 07:51:53 am | Posted By CASANSAAR

As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ...

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Category : Income Tax | Comments : 0 | Hits : 1816

SC issues notices on plea challenging anti-profiteering provisions
Posted Date : 20-Apr-2024 , 06:47:11 am | Posted By CASANSAAR

The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition ch...

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Category : GST | Comments : 0 | Hits : 1771

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