Bill introduced to allow upto 4 Nominees in Bank Account
Posted Date : 10-Aug-2024 , 08:48:28 am | Posted By CASANSAAR
A bill seeking to improve governance standards in banks, allowing nominations of up to four persons by an account holder and ensuring the protection of depositors and investors has been introduced in the Lok Sabha on Friday.
The Banking Laws (Amendment) Bill, 2024, which was introduced by Ministe...
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Banking |
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MCA explores Disciplinary Action against CA, CS in 500 Chinese Companies
Posted Date : 10-Aug-2024 , 08:45:55 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has asked the Institute of Chartered Accountants of India (ICAI) and Institute of Company Secretaries of India to look into instances where action against their members may be merited. This is in regard to incorporation frauds in about 500 Chinese companies th...
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MCA |
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RBI increased UPI transaction limit from Rs 1 lakh to Rs 5 lakh
Posted Date : 10-Aug-2024 , 08:43:54 am | Posted By CASANSAAR
In a latest move to facilitate higher payments through UPI, the RBI proposes to increase the per transaction limit under the payment system from Rs 1 lakh to Rs 5 lakh.
According to the RBI, the increased limit will further ease tax payments by consumers through UPI.
In another proposal, the R...
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RBI |
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GST Registration Can't Be Cancelled on Unspecific Show Cause Notice - High Court
Posted Date : 10-Aug-2024 , 08:37:44 am | Posted By CASANSAAR
The Delhi High Court has held that the GST registration cannot be cancelled on cryptic allegations and on the basis of the Show Cause Notice, which did not state any specific allegation, which could be explained by the taxpayer.
The court held that a show cause notice must clearly state the reaso...
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GST |
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Brightcom Group Auditors Resign citing lack of information and cooperation
Posted Date : 09-Aug-2024 , 12:54:39 am | Posted By CASANSAAR
The resignation letter said that the action was prompted by several significant issues and listed lack of required information, inadequate cooperation in providing essential information, absence of shareholder approval for appointment of auditors, and delay in quarterly reviews.
The auditor's...
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Auditing |
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RBI announces Continuous Clearing of Cheques under CTS
Posted Date : 09-Aug-2024 , 12:41:29 am | Posted By CASANSAAR
For expeditious clearance of cheques, the RBI has announced measure on Continuous Clearing of Cheques under Cheque Truncation System (CTS). Once implemented cheques would be cleared within hours of submission instead of two days taken currently.
CTS currently processes cheques with a clearing cyc...
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RBI |
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Income Tax Department warns against rising ITR Refund Scams
Posted Date : 07-Aug-2024 , 07:32:43 am | Posted By CASANSAAR
The last date to file ITR or income tax returns has passed and scammers have become active. As per the reports, frauds are being reported in the name of income tax refunds, so the people who have filed ITRs have to stay cautious. The Income Tax Department has issued a warning to the taxpayers, to st...
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Income Tax |
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RBI proposes additional authentication for digital transactions
Posted Date : 01-Aug-2024 , 08:52:59 am | Posted By CASANSAAR
Aiming at further strengthening the security of digital transactions, the Reserve Bank of India (RBI) on Wednesday proposed to introduce additional factors of authentication for digital transactions.
In the draft guidelines on ‘Alternative Authentication Mechanisms for Digital Payment&rsquo...
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RBI |
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Infosys gets GST demand for alleged GST evasion of Rs 32,000 Cr
Posted Date : 01-Aug-2024 , 08:48:43 am | Posted By CASANSAAR
India’s second-largest IT company Infosys has received demand for alleged tax evasion of over Rs 32,000 crore from the Directorate General of GST Intelligence (DGGI), according to a document viewed by Moneycontrol.
"In lieu of receipt of supplies from overseas branch offices, the Compa...
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GST |
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RBI mandates real-time fraud monitoring for non-bank payment operators
Posted Date : 31-Jul-2024 , 08:42:42 am | Posted By CASANSAAR
The RBI on Tuesday said non-bank payment system operators will have to put in place a real-time fraud monitoring solution to identify suspicious transactional behaviour and generate alerts.
Also, non-bank payment system operators (PSOs) will have to ensure that an online session on mobile applica...
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RBI |
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Fake ITC Claims Up 51% to Rs 36,374 Cr in FY24 - GST
Posted Date : 30-Jul-2024 , 08:44:48 am | Posted By CASANSAAR
Fake input tax credit (ITC) claims detection by central GST officers increased 51 per cent to Rs 36,374 crore in 2023-24, Parliament was informed on Monday.
Minister of State for Finance Pankaj Chaudhary shared details of the fake input tax Credit (ITC) cases booked by Central Tax formations duri...
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GST |
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Married traders make more profit than bachelor traders in Intraday trading - SEBI Study
Posted Date : 30-Jul-2024 , 08:41:43 am | Posted By CASANSAAR
Sebi's study on intraday trading in the equity cash segment suggest that married traders consistently outperformed single traders in several key metrics during the financial years FY19, FY22, and FY23. The proportion of loss-makers was lower among married traders compared to their single counter...
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SEBI |
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Big update from Income Tax dept as ITR filing deadline for FY 2023-24 nears
Posted Date : 27-Jul-2024 , 09:44:46 pm | Posted By CASANSAAR
The income tax department on Saturday announced that over 5 crore tax returns for the Assessment Year 2024-25 have been filed so far through its e-filing portal, an 8% increase from the previous year.
On July 26, the portal received an 28 lakh ITRs, indicating the surge in last-minute filings as ...
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Income Tax |
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Delhi High Court refused to stay Netflix Show Tribhuvan Mishra CA Topper
Posted Date : 27-Jul-2024 , 12:50:27 am | Posted By CASANSAAR
Delhi High Court Refuses To Stay Netflix Release Of 'Tribhuvan Mishra CA Topper' Show On ICAI's Plea.
The Delhi High Court has refused to impose an interim stay on the release of Netflix series Tribhuvan Mishra CA Topper, saying it appeared to be in the genre of comedy and cannot be p...
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CA |
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RBI unveils new PCA framework for UCBs
Posted Date : 27-Jul-2024 , 08:36:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday launched the prompt corrective action (PCA) framework for urban co-operative banks (UCBs), on the lines of PCA norms for scheduled commercial banks and non-banking finance companies. The framework will come into effect from April 1, 2025.
The banking regu...
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RBI |
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Punjab losing Rs 20,000 Cr to GST evasion each year
Posted Date : 27-Jul-2024 , 08:33:18 am | Posted By CASANSAAR
At a time when Punjab is passing through the toughest financial crisis, the SGST Department has completely failed to check the evasion of revenue. Due to such evaders, the state is losing huge revenue of more than Rs 20,000 crore a year. The Federation of Punjab Small Industries Association (FOPSIA)...
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GST |
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GSTN Advisory for FORM GSTR-1A
Posted Date : 27-Jul-2024 , 08:23:01 am | Posted By CASANSAAR
FORM GSTR-1A
1. The Government vide notification No. 12/2024 – Central Tax dated 10.07.2024, has introduced FORM GSTR-1A which is an optional Form/ facility. This has been provided to the taxpayers to add or amend particulars of a supply of the current t...
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GST |
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Tax Clearance Certificate Mandatory for Indians before Leaving India
Posted Date : 26-Jul-2024 , 02:40:31 am | Posted By CASANSAAR
The Budget has made the rules stricter for obtaining clearance certificates, which are needed to leave India. Starting October 1, anyone living in India will need a clearance certificate confirming they are clear under the Black Money Act.
According to section 230 of the Income-tax (I-T) Act, any...
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Budget |
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RBI tightens norms for cash pay-outs at Banks
Posted Date : 25-Jul-2024 , 10:39:39 pm | Posted By CASANSAAR
The RBI on Wednesday tightened norms related to cash pay-out service at banks, making it mandatory for lenders to keep a record of recipients.
Cash pay-out refers to arrangements for amounts being transferred out of bank accounts to beneficiaries not having a bank account.
The Reserve Bank of ...
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RBI |
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RBI has declared these 10 types of transactions as Fraud
Posted Date : 25-Jul-2024 , 08:37:22 am | Posted By CASANSAAR
Banks must now designate a specific person or team (nodal point) to report fraud to law enforcement agencies (LEAs) and coordinate with them to meet their needs. If fraud is found, it also needs to be reported to the RBI quickly.
How will reporting work? To ensure consistency, banks will use a sp...
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RBI |
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FAQs issued by CBDT on the new capital gains tax regime proposed in the Budget 2024
Posted Date : 25-Jul-2024 , 08:33:09 am | Posted By CASANSAAR
FREQUENTLY ASKED QUESTIONS (FAQs)
Q1. What are the major changes brought about in the taxation of capital gains by the Finance (No.2) Bill, 2024?
Ans. The taxation of capital gains has been rationalised and simplified. There are 5 broad parameters to this rationalisation ...
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Budget |
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Union Budget 2024 - Capital Gains Taxation Simplified and Rationalised
Posted Date : 23-Jul-2024 , 03:52:55 pm | Posted By CASANSAAR
Simplification and Rationalization of the Capital Gains Tax was one of the key focus areas of the Union Budget 2024-25, presented by the Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman in the Parliament today.
As proposed by Smt. Sitharaman, short term gains on ce...
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Budget |
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Union Budget 2024 - Govt Makes New Tax Regine More Attractive
Posted Date : 23-Jul-2024 , 05:21:07 am | Posted By CASANSAAR
Several attractive benefits to provide tax relief to salaried individuals and pensioners opting for the new tax regime were announced by the Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman while presenting the Union Budget 2024-25 in the Parliament today.
Finance Minister p...
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Budget |
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Summary of the Union Budget 2024-2025
Posted Date : 23-Jul-2024 , 03:45:41 pm | Posted By CASANSAAR
PART A
Despite global economy remaining under the grip of policy uncertainties, India’s economic growth continues to be the shining exception and will remain so in the years ahead. Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman, while presenting the Union Budget 2024-25 in...
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Budget |
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Highlights of the Union Budget 2024-25
Posted Date : 23-Jul-2024 , 03:43:58 pm | Posted By CASANSAAR
The Union Minister of Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Union Budget 2024-25 in Parliament today. The highlights of the budget are as follows:
Part-A
Budget Estimates 2024-25:
Total receipts other than borrowings: `32.07 lakh crore.
Total expenditure: `4...
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Budget |
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ITR filing deadline on July 31 - Will Govt extend last date to file tax return?
Posted Date : 23-Jul-2024 , 08:21:53 am | Posted By CASANSAAR
With the July 31 deadline for filing income tax returns rapidly approaching, taxpayers across the country are in a rush to complete their filings.
The Income Tax Department’s website shows that 3.58 crore ITRs have been filed as of July 19, marking an 11% increase compared to the same perio...
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ITR |
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Union Budget 2024 - FM Nirmala Sitharaman's record seventh Budget today
Posted Date : 23-Jul-2024 , 08:12:16 am | Posted By CASANSAAR
Finance minister Nirmala Sitharaman is set to present the Union Budget 2024-25 today after tabling the Economic Survey. The Union Budget will be presented in Parliament at 11am- making it the first budget of Prime Minister Narendra Modi's third term.
This will be Nirmala Sitharaman&rsqu...
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Budget |
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Banks must be fair in conduct with consumers - RBI Governor
Posted Date : 20-Jul-2024 , 08:14:34 am | Posted By CASANSAAR
RBI Governor Shaktkanta Das on Friday said banks and NFCs must be fair in their conduct and practices with consumers as this fosters confidence and public trust in financial institutions which strengthens their stability.
He pointed out that RBI has issued guidelines on Key Facts Statement (KFS),...
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Income Tax |
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RBI mandates lenders to listen to loan defaulters before declaring accounts as fraud
Posted Date : 18-Jul-2024 , 08:25:02 am | Posted By CASANSAAR
The Reserve Bank of India has recently said that lenders should give defaulting borrowers enough time to respond before they are classified as "fraud accounts". The necessary action has been taken to ensure adherence to the principles of natural justice, a fundamental aspect of which is af...
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RBI |
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IRDAI imposes Rs 2 crore penalty on Bajaj Finance for violating regulations
Posted Date : 18-Jul-2024 , 08:21:52 am | Posted By CASANSAAR
Insurance Regulatory and Development Authority of India (IRDAI) has levied a penalty of Rs 2 crore on Bajaj Finance for the violation of regulatory norms, the Pune-based NBFC said in an exchange filing on July 16.
The non-banking financial company said the insurance regulator had conducted an ons...
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General |
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