K Sanjay Murthy appointed as next Comptroller and Auditor General of India
Posted Date : 19-Nov-2024 , 09:41:10 am | Posted By CASANSAAR
The government on Monday said K Sanjay Murthy will be the next Comptroller and Auditor General of India.
Murthy, a 1989 batch IAS officer of the Himachal Pradesh cadre, will succeed Girish Chandra Murmu.
He is currently Secretary, of the Department of Higher Education, Ministry of Education.&n...
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CAG |
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Neither the NFRA nor the ICAI has the power to set enforceable standards
Posted Date : 19-Nov-2024 , 09:17:15 am | Posted By CASANSAAR
The Solicitor General of India, in an opinion provided to the National Financial Reporting Authority (NFRA), said the Institute of Chartered Accountant of India (ICAI) does not have the power to issue any binding standards or guidelines for audit, according to people in the know.
It can als...
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NFRA |
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NFRA clears 40 Audit Rules in spite of ICAI objections
Posted Date : 13-Nov-2024 , 10:34:52 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) held its 18th Meeting on 11th and 12th November 2024 and approved its standards on quality control.
It recommended revision of the Standard on Quality Control (SQC1), as Standards on Quality Management (SQM 1 and SQM 2) on the lines of the global ...
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NFRA |
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GST Advisory on IMS on Supplier View
Posted Date : 13-Nov-2024 , 12:46:31 pm | Posted By CASANSAAR
Advisory on IMS on Supplier View
Nov 13th, 2024
1. Invoice Management System (IMS) has been made available on the GST Portal from 14th October, 2024 wherein the recipient taxpayer can accept, reject or keep the invoices pending which are saved/filed by their suppliers in their respe...
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GST |
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GST Advisory regarding IMS during initial phase of its implementation
Posted Date : 12-Nov-2024 , 07:38:54 pm | Posted By CASANSAAR
Advisory regarding IMS during initial phase of its implementation
Nov 12th, 2024
Invoice Management System (IMS) is an optional facility introduced from October 2024 on GST Portal, on which the invoices/records saved/furnished by the supplier in GSTR-1/1A/IFF, can be accepted, rejected or kept...
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GST |
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RBI issues framework for reclassification of FPI to FDI
Posted Date : 12-Nov-2024 , 11:35:49 am | Posted By CASANSAAR
The Reserve Bank of India on Monday issued an operational framework for reclassification of investment made by a foreign portfolio investor to foreign direct investment (FDI) if the entity breaches the prescribed limit. Markets regulator Sebi too has issued a circular on procedure for reclassificati...
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RBI |
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NFRA likely to propose Audit Norms for LLPs Board Meeting
Posted Date : 11-Nov-2024 , 11:21:18 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has called a meeting of its board members on November 25 to discuss the audit standards for limited liability partnerships (LLPs), according to official sources.
The meeting will be attended by representatives of the Institute of Chartered A...
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NFRA |
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GST ADVISORY FOR WAIVER SCHEME UNDER SECTION 128A
Posted Date : 08-Nov-2024 , 07:04:28 pm | Posted By CASANSAAR
ADVISORY FOR WAIVER SCHEME UNDER SECTION 128A
Nov 8th, 2024
For reducing the tax disputes and to provide a big relief to the taxpayers, GST Council in its 53rd meeting held on 22nd June, 2024 had recommended for waiver of interest and penalties in the demand notices or orders issued under Sectio...
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GST |
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CBDT allows tax officials to waive or reduce interest due from assessee
Posted Date : 06-Nov-2024 , 09:59:54 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has permitted tax officers to waive or reduce the interest payable on tax payments by assessees, subject to specific conditions, an official release said.
As per a circular, dated November 4, a Principal Chief Commissioner of Income Tax (PrCCIT) can decide...
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CBDT |
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GST Advisory for Form GST DRC-03A
Posted Date : 06-Nov-2024 , 06:32:17 pm | Posted By CASANSAAR
Advisory for Form GST DRC-03A
Nov 5th, 2024
1. It has been observed that some taxpayers have paid the demanded amount vide DRC 07/DRC 08/MOV 09/MOV 11/APL 04 through DRC-03 instead of using payment facility ‘Payment towards demand’ available on GST portal. This led to a situation whe...
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GST |
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Time Limit for Reporting e-Invoice on the IRP Portal
Posted Date : 05-Nov-2024 , 09:22:11 pm | Posted By CASANSAAR
Advisory: Time Limit for Reporting e-Invoice on the IRP Portal – Lowering of Threshold to AATO 10 Crores and Above
Nov 5th, 2024
Dear Taxpayers,
1. With reference to the earlier advisory dated 13th September 2023 (https://einvoice.gst.gov.in/einvoice/newsandupdates/read-602), where ...
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GST |
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Tax Authorities uncover massive GST Fraud worth Rs 25,000 Cr
Posted Date : 05-Nov-2024 , 09:21:39 pm | Posted By CASANSAAR
Tax officers have detected about 18,000 fake companies registered under GST which have been involved in tax evasion of about Rs 25,000 crore, an official said.
In a sweeping nationwide investigation, Indian tax enforcement officials have identified approximately 18,000 fictitious companies that o...
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GST |
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Government invites applications for RBI Deputy Governor
Posted Date : 04-Nov-2024 , 09:12:01 pm | Posted By CASANSAAR
The Centre has invited applications for the post of a deputy governor by November 30 to succeed Michael Patra at the Reserve Bank of India (RBI). Patra's extended term ends in January.
Applicants need to have at least 25 years of work experience in public administration or similar years of ex...
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RBI |
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NFRA board to meet next week - Adoption of new audit rules on agenda
Posted Date : 04-Nov-2024 , 09:10:55 pm | Posted By CASANSAAR
The next board meeting of the National Financial Reporting Authority (NFRA) will be held on November 11-12.
The meeting assumes significance since NFRA is expected to push for the adoption of the revised International Standards on Auditing (ISA 600) having gone through the process of inviti...
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NFRA |
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Income Tax dept receives 6,500 suggestions on income tax act review
Posted Date : 05-Nov-2024 , 08:24:41 am | Posted By CASANSAAR
The income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act. Finance Minister Nirmala Sitharaman on Monday chaired a meeting on the Budget announcement of a comprehensive review of the Income Tax Act, 1961.
The meeting was attende...
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Income Tax |
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Ujjivan Small Finance Bank to apply for universal licence this fiscal - MD
Posted Date : 04-Nov-2024 , 07:39:36 am | Posted By CASANSAAR
Ujjivan Small Finance Bank aims to secure a universal banking license by March 2025. The bank is focusing on building a diverse business mix and strengthening its secured loan portfolio. Efforts include expanding product lines and improving digital and IT infrastructure to address RBI requirements.
...
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Banking |
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SEBI Proposes Rs 1 CR minimum investment, Demat form for Securitisation
Posted Date : 04-Nov-2024 , 07:30:09 am | Posted By CASANSAAR
Markets regulator Sebi has proposed a minimum ticket size or investment threshold of Rs 1 crore for the RBI-regulated originators and unregulated entities engaged in securitisation activities.
The proposal also introduced limitations on the number of investors in private placements, allowing secu...
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SEBI |
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GST records second highest collection at Rs. 1.87 lakh Cr in October 2024
Posted Date : 02-Nov-2024 , 08:52:16 am | Posted By CASANSAAR
Gross Goods and Services Tax (GST) collection in October rose 9 percent to over 1.87 lakh crore, the second-highest ever, mainly due to rise in domestic sales and improved compliance.
The Central GST collection stood at 33,821 crore rupees, State GST at 41,864 crore rupees, Integrated IGST ...
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GST |
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CBI files charge sheet against principal commissioner of Income Tax in bribery case
Posted Date : 30-Oct-2024 , 09:14:36 am | Posted By CASANSAAR
The CBI has filed a charge sheet against a principal commissioner of Income Tax of Patna and four other people in connection with alleged bribery of Rs 10 lakh, officials said on Tuesday.
The agency has booked Santosh Kumar and four middlemen and conduits on allegations that they were receiving b...
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Income Tax |
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Barring of GST Return on expiry of three years - GSTN
Posted Date : 29-Oct-2024 , 01:06:46 pm | Posted By CASANSAAR
Barring of GST Return on expiry of three years
Oct 29th, 2024
As per the Finance Act,2023 (8 of 2023), dt. 31-03-2023, implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, the taxpayers shall not be allowed file their GST returns after the...
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GST |
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Top Auditors, Consultants back NFRA's tighter group Audit Norms; Notification Soon
Posted Date : 28-Oct-2024 , 11:19:40 am | Posted By CASANSAAR
The National Financial Reporting Authority's (NFRA) board will soon consider enforcing tighter norms for statutory audits of conglomerates, two people aware of the development said, a move that has received support from some of the top audit and consulting firms.
The period for receiving publ...
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NFRA |
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Indians lost Rs 120 Cr in digital arrest frauds in January-April 2024
Posted Date : 28-Oct-2024 , 11:17:40 am | Posted By CASANSAAR
INDIANS LOST Rs 120.30 crore in “digital arrest” frauds, which was highlighted by Prime Minister Narendra Modi Sunday, in the first quarter of this year alone, government cybercrime data shows.
According to the Ministry of Home Affairs (MHA), which monitors cybercrime at the central l...
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General |
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Fake Company in Auto Driver
Posted Date : 26-Oct-2024 , 11:34:42 am | Posted By CASANSAAR
Probing into a fake Pune based company registered in the name of an auto rickshaw driver, officials of the Directorate of GST Intelligence (DGGI) have unearthed a major fake GST firm scam to the tune of Rs 5,000 crores to Rs 8,000 crores.
Rushi Prakash (39), an officer at DGGI, Pune Zonal Unit, l...
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GST |
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Extension of Due Date for furnishing Return of Income for A.Y. 2024-25.
Posted Date : 26-Oct-2024 , 12:04:57 pm | Posted By CASANSAAR
CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25.
The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024.
Circular No. 13/2024 dated 26.10.2024 issued. ...
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Income Tax |
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SEBI seeks public feedback on criteria to designate specified digital platforms
Posted Date : 23-Oct-2024 , 08:29:28 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) On Tuesday issued a draft circular inviting public feedback on the criteria for recognizing digital platforms as Specified Digital Platforms (SDPs).
According to Sebi, the recognition of these platforms is crucial to ensure they do not enable ille...
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SEBI |
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RBI adds 13 more entities in 'Alert List' of unauthorised forex trading
Posted Date : 23-Oct-2024 , 08:25:15 am | Posted By CASANSAAR
The Reserve Bank on Tuesday updated the 'Alert List' of unauthorised forex trading platforms by adding 13 more entities, including TDFX and Inefex, taking the total to 88.
The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Ma...
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RBI |
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GST Advisory - Reg 07
Posted Date : 22-Oct-2024 , 07:00:15 pm | Posted By CASANSAAR
Advisory - Reg 07
Oct 22nd, 2024
Dear Taxpayer,
GSTN has introduced an update to facilitate the registration compliance for buyers of metal scrap through form GST REG-07. This update follows the new GST provisions for metal scrap buyers as outlined in the advisory issued on October 13.
Tax...
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GST |
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Validation of bank account details while adding bank account as Non Core amendment
Posted Date : 22-Oct-2024 , 06:58:51 pm | Posted By CASANSAAR
Attention: Validation of bank account details while adding bank account as Non Core amendment
Oct 22nd, 2024
Dear Taxpayer,
GSTN has implemented a validation process for cases where a taxpayer attempts a non-core amendment to update bank account details. Taxpayers are requested to follow the ...
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GST |
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NFRA Imposes Rs. 5 Lakh Penalty on UIL Auditor for Professional Misconduct
Posted Date : 22-Oct-2024 , 01:41:01 pm | Posted By CASANSAAR
The CBI had registered an FIR back in 2022 alleging large-scale bank fraud involving UIL, based on a complaint from the State Bank of India.
The EP was charged with failure to discharge his responsibilities relating to fraud as laid down in SA 240, reporting obligations under Section 143(12) of t...
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NFRA |
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FinMin approves 64 new CGM posts in Public Sector Banks
Posted Date : 22-Oct-2024 , 01:29:08 pm | Posted By CASANSAAR
To step up oversight given the substantial business growth, finance minister Nirmala Sitharaman has approved an increase in the number of chief general manager (CGM) posts in nationalised banks to 144 from 80.
Accordingly, the number of general manager (GM) posts has been revised from 440 to 576,...
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Banking |
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