Amendment to Framework for Facilitating Small Value Digital Payments in Offline Mode
Posted Date : 04-Dec-2024 , 06:38:13 pm | Posted By CASANSAAR
RBI/2024-25/93
CO.DPSS.POLC.No.S908/02-14-003/2024-25
December 04, 2024
The Chairman / Managing Director / Chief Executive Officer Authorised Payment System Operators and Participants (Banks a...
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RBI |
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Rs 1 Trillion stuck in inoperative accounts, RBI asks banks to monitor resolution
Posted Date : 03-Dec-2024 , 11:58:01 am | Posted By CASANSAAR
The Reserve Bank has prodded bankers to resolve the mounting issue of inoperative accounts and the huge amount of unclaimed deposits in them by asking lenders to monitor the resolution process at the board level.
In a circular to all heads of banks Monday, the regulator advised banks to take nece...
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RBI |
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GoM proposes hike in GST on aerated drinks, cigarettes & tobacco to 35%
Posted Date : 03-Dec-2024 , 08:40:39 am | Posted By CASANSAAR
A step that would mark the first major restructuring of tax rates under the Goods and Services Tax (GST) seven years after its rollout, a special rate of 35 per cent could be carved out for demerit (sin) goods such as aerated beverages, cigarettes, tobacco and related products.
At a meeting on Mo...
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GST |
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Gross and Net GST revenue collections for the month of Nov, 2024
Posted Date : 02-Dec-2024 , 10:51:01 am | Posted By CASANSAAR
Gross and Net GST revenue collections for the month of Nov, 2024
Dec 1st, 2024
Please click on the link below to view the gross and net GST revenue collections for the month of November, 2024.
(https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing_nov_2024.pdf&...
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GST |
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GST Advisory - E-Invoice Glossary and Steps
Posted Date : 29-Nov-2024 , 07:47:33 am | Posted By CASANSAAR
Advisory: E-Invoice Glossary and Steps
Nov 29th, 2024
Dear Taxpayers,
GSTN has prepared an informative resource in the form of an e-invoice glossary and a step-by-step guide for your reference.
You can access and download the PDF document by clicking on the link below:
1. E-Invoice Gl...
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GST |
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GSTN Advisory for Authorised e-Invoice Verification Apps
Posted Date : 28-Nov-2024 , 08:00:04 am | Posted By CASANSAAR
Dear Taxpayers,
1.GSTN has prepared a consolidated document on authorized B2B e-Invoice verification apps available for download. The said document would serve as a reference to ensure that taxpayers have the most up-to-date information regarding approved B2B e-Invoice verification apps.
2.Tax...
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GST |
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ICAI revises CA January 2025 Foundation Exam Dates
Posted Date : 27-Nov-2024 , 07:36:24 am | Posted By CASANSAAR
ICAI CA Foundation Exam January 2025: The Institute of Chartered Accountants of India (ICAI) has revised the Chartered Accountant (CA) January 2025 Foundation exams. The postponement of the ICAI CA January 2025 exam comes in view of Makar Sankranti, Bihu and Pongal festivals across India. The exams ...
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ICAI |
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Byju
Posted Date : 26-Nov-2024 , 06:51:16 pm | Posted By CASANSAAR
India has started an investigation into financing and accounting practices at Byju’s, according to people with knowledge of the matter, after a previous inspection found corporate governance lapses at the struggling online tutoring firm.
The federal government has asked the regional office ...
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Accounts |
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0 | Hits : 715
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Cabinet Approves PAN 2.0, Card to feature QR Code
Posted Date : 26-Nov-2024 , 08:40:49 am | Posted By CASANSAAR
The Union Cabinet on Monday approved the PAN 2.0, where it will roll out a free-of-cost upgrade to the PAN Card with a QR Code, announced Union Information and Broadcasting Minister Ashwini Vaishnaw.
According to an official statement, the Cabinet Committee on Economic Affairs (CCEA), chaired by ...
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PAN |
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NFRA finalises and recommends Auditing Standards to the Central Govt for notifying
Posted Date : 26-Nov-2024 , 08:15:31 am | Posted By CASANSAAR
The National Financial Reporting Authority held its 19th Meeting on 25 November 2024 to finalise and recommend Auditing Standards to the Central Government for notifying under Section 34A of LLP (Amendment) Act 2021.
The Authority decided to recommend the 40 Standards on Auditing (SAs) and ...
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NFRA |
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ICAI framing compulsory qualifications for forensic audit professionals
Posted Date : 26-Nov-2024 , 08:10:39 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is drafting guidelines to mandate compulsory qualifications for professionals conducting forensic audits.
The ICAI plans to send its proposal to the Ministry of Corporate Affairs (MCA) detailing criteria, such as mandatory completion of...
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ICAI |
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ICAI Elections - Mobile Phones are Strictly Prohibited in the Premises of the Polling Center
Posted Date : 23-Nov-2024 , 11:34:21 am | Posted By CASANSAAR
Election Cell
The Institute of Chartered Accountants of India
22nd November 2024
IMPORTANT ADVISORY TO ALL VOTERS
Please be advised that mobile phones are strictly prohibited in the secret chamber. Voters are required to leave their mobile phones outside the Sec...
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ICAI |
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0 | Hits : 895
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RBI cautions public on deepfake videos of Top Management circulated over social media giving financial advice
Posted Date : 20-Nov-2024 , 01:35:00 am | Posted By CASANSAAR
It Has Come to The Notice of Reserve Bank of India That Fake Videos of The Governor Are Being Circulated in Social Media That Claim Launch of Or Support to Some Investment Schemes by the RBI. These Videos Attempt to Advise People to Invest Their Money in Such Schemes, Through Use of Technological To...
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RBI |
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Govt planning to sell stakes in 4 state-run banks to comply with Sebi norms
Posted Date : 20-Nov-2024 , 08:07:58 am | Posted By CASANSAAR
The Indian government is considering selling minority stakes in four state-run banks to comply with public shareholding norms mandated by the country's markets regulator, a government source told Reuters.
The finance ministry is likely to seek approval of the federal cabinet in the comi...
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Banking |
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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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Category :
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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0 | Hits : 1240
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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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0 | Hits : 1339
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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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