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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ICAI Election 2024 - Exercising the Option for Any Where Voting
Posted Date : 19-Oct-2024 , 08:25:17 pm | Posted By CASANSAAR
Election Cell
The Institute of Chartered Accountants of India
17th October 2024
Election - 2024
Exercising the Option for Any Where Voting
We are pleased to inform that the Member whose name is borne on the Register on 1st day of April 2024 and is entitled to Vote by Poll, the option ...
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ICAI |
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Attention
Posted Date : 18-Oct-2024 , 07:33:19 pm | Posted By CASANSAAR
Attention – Hard - Locking of auto-populated liability in GSTR-3B
Oct 17th, 2024
1. In order to assist taxpayers in filing their returns and minimizing human errors, GSTN has continuously improving the GST return filing process and in this endeavor the GST Portal now provides a ...
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GST |
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CBDT issues Form 12BAA to tell employer about other taxes paid by you
Posted Date : 17-Oct-2024 , 07:49:33 am | Posted By CASANSAAR
To implement the Budget 2024 announcement regarding the adjustment of TDS and TCS from other sources against salary TDS, the Central Board of Direct Taxes (CBDT) has issued a new form called Form 12BAA.
This form will be utilized by employees to report to their employers the tax deductions from s...
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CBDT |
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ICAI
Posted Date : 17-Oct-2024 , 07:46:07 am | Posted By CASANSAAR
NFRA board, including members like SEBI, CAG and RBI, is of the opinion that SQMs have to be notified as auditing standards (with legal backing) whereas the ICAI maintains that SQMs are not standards of auditing.
The National Financial Reporting Authority (NFRA) is understood to have taken strong...
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NFRA |
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0 | Hits : 2277
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SC Unveils New Lady of Justice Statue without Blindfold, Holding Constitution
Posted Date : 17-Oct-2024 , 07:37:27 am | Posted By CASANSAAR
A new statue of the 'Lady of Justice,' representing the goddess of justice, has been unveiled in the Supreme Court. Notably, the statue's blindfold has been removed, symbolizing a shift from the traditional notion that "the law is blind."
Additionally, the figure now holds a...
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General |
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GST Advisory on IMS - GSTN
Posted Date : 15-Oct-2024 , 05:58:06 am | Posted By CASANSAAR
Attention - Advisory on IMS
Oct 14th, 2024
Invoice Management System (IMS) is made available to taxpayers from Today, 14th Oct, 2024. The new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (IT...
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GST |
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0 | Hits : 1982
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GSTN Important advisory for GSTR-9 / 9C
Posted Date : 15-Oct-2024 , 05:57:42 am | Posted By CASANSAAR
Important advisory for GSTR-9/9C
Oct 15th, 2024
Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be availab...
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GST |
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0 | Hits : 1988
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New GST Provision for Metal Scrap Transactions - GSTN Advisory
Posted Date : 14-Oct-2024 , 06:45:19 am | Posted By CASANSAAR
The government has issued Notification 25/2024-Central Tax, on October 9, 2024.under GST Section 51 of the CGST Act, 2017 mandating compliance by the businesses dealing with Metal Scrap.
The GST portal will soon be updated to enable compliance of registration through FORM GST REG-07 by thes...
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GST |
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0 | Hits : 1479
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NFRA Slaps Penalty of Rs 2 Cr on Auditors of Cafe Coffee Day, Debars CAs
Posted Date : 12-Oct-2024 , 09:35:04 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) on Thursday slapped a penalty of Rs 2 crore on the statutory auditor and Rs 15 lakh on two chartered accountants for professional misconduct in the audit of Coffee Day Enterprises Limited (CDEL) in FY 2019-20.
NFRA in its Thursday order has debarr...
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NFRA |
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0 | Hits : 1778
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SEBI extends deadline for direct pay out of securities to client account to Nov. 11, 2024
Posted Date : 11-Oct-2024 , 06:23:27 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Thursday extended the deadline to implement direct payout of securities to demat account from October 14 to November 11 to ensure a hassle free implementation.
The market regulator took this decision after getting representation from key instit...
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SEBI |
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RBI proposes beneficiary name verification for RTGS and NEFT transactions
Posted Date : 10-Oct-2024 , 04:41:38 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has proposed to provide a facility to the remitter to verify the name of the receiver (beneficiary) before initiating a payment transaction in Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT).
Payment Systems like UPI and IMPS p...
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RBI |
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0 | Hits : 1835
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No GST on foreign airlines for service imports from offshore branches - CBIC
Posted Date : 10-Oct-2024 , 09:16:28 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has notified that foreign airline companies in India would be exempt from paying GST on services imported from their offshore branches. The circular follows a recommendation made by GST Council on September 9.
Experts say this would grant rel...
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GST |
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0 | Hits : 1473
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NFRA Aims for Global Accounting & Auditing Standards
Posted Date : 09-Oct-2024 , 10:42:49 am | Posted By CASANSAAR
NFRA Chairperson Ajay Bhushan Prasad Pandey on Tuesday said the regulator's efforts are to incorporate best global standards, which are required for the country to have big homegrown accounting and auditing firms.
Amid NFRA and chartered accountants' apex body ICAI having differences over...
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NFRA |
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0 | Hits : 2478
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ICSI Started Certificate Course on Forensic Audit for ICSI Members
Posted Date : 09-Oct-2024 , 10:41:36 am | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) is now offering a course on Forensic Audit (FORA) for interested and eligible candidates. Registrations for the course opened on October 7 and will close on November 4, 2024.
This program aims to equip professionals with comprehensive kno...
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ICSI |
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SEBI provides exemption to CMAs from seeking registration as Investment Advisers with SEBI
Posted Date : 07-Oct-2024 , 10:41:23 pm | Posted By CASANSAAR
SEBI has granted exemption to Cost Accountants (CMA Members) from registering as Investment Advisers - Incidental to his Professional Service.
This landmark decision recognizes the expertise and professionalism of CMAs in investment and financial matters. Kudos to ICMAI for their tireless ef...
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SEBI |
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Public inputs and suggestions sought for Income Tax Act Review
Posted Date : 08-Oct-2024 , 08:16:44 am | Posted By CASANSAAR
The committee invites public inputs and suggestions in four categories — simplification of language; litigation reduction; compliance reduction; and redundant/obsolete provisions.
To facilitate this, a webpage has been launched on the e-filing portal, which can be accessed here: https://epo...
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Income Tax |
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Union Govt launches process to revamp income-tax regime
Posted Date : 08-Oct-2024 , 07:39:23 am | Posted By CASANSAAR
The Union government on Monday formally launched the process to revamp the existing income-tax regime with four key objectives in mind – simplification of language, reduction of litigations, ease of compliance, and scrapping of obsolete provisions.
This initiative is in line with announceme...
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Income Tax |
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0 | Hits : 2371
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CBIC orders immediate de-mapping of retired, transferred officers from GST portal
Posted Date : 05-Oct-2024 , 10:41:57 am | Posted By CASANSAAR
The CBIC on Friday issued a directive to zonal heads to immediately de-map officers from the GST portal upon their retirement or transfer. This aims to prevent unauthorised access and potential fraudulent activities.
The move was initiated on the reference received from the Directorate Gene...
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GST |
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CBDT issues new guidelines for handling delayed income tax refund claim
Posted Date : 05-Oct-2024 , 10:39:48 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued new guidelines for condonation of delay in filing income tax returns (ITRs) claiming refunds or carrying forward losses. These rules supersede all previous instructions.
Claims up to ?1 crore: Principal Commissioners of Income Tax (Pr. CsIT) can...
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CBDT |
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SC overturns HCs, allows Income Tax department to reopen 90,000 cases
Posted Date : 04-Oct-2024 , 11:53:39 am | Posted By CASANSAAR
In a significant ruling, the Supreme Court upheld the validity of nearly 90,000 income tax reassessment notices issued to individuals and businesses after April 1, 2021.
These notices, spanning assessment years 2013-14 to 2017-18, had been challenged in over 9,000 writ petitions across various hi...
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Income Tax |
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0 | Hits : 4689
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SEBI tightens F&O rules to curb derivatives market frenzy, protect small investor
Posted Date : 03-Oct-2024 , 08:25:42 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) Tuesday tightened the norms for equity derivatives (F&Os or futures and options) trading by raising the entry barrier and making it more expensive for retail investors to trade in F&Os. The new rules will come into effect from November 20, 20...
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SEBI |
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0 | Hits : 3505
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GSTN e-Services App to Replace e-Invoice QR Code Verifier App Shortly
Posted Date : 02-Oct-2024 , 11:18:44 am | Posted By CASANSAAR
Advisory: GSTN e-Services App to Replace e-Invoice QR Code Verifier App Shortly
Oct 1st, 2024
Dear Taxpayers,
GSTN is pleased to inform the launch of the new GSTN e-Services app, which replaces the old e-Invoice QR Code Verifier App. This app offers the following features:
Veri...
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GST |
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0 | Hits : 3440
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Gross and Net GST revenue collections for the month of Sep, 2024
Posted Date : 01-Oct-2024 , 08:51:01 am | Posted By CASANSAAR
Gross and Net GST revenue collections for the month of Sep, 2024
Please click on the link below to view the gross and net GST revenue collections for the month of September, 2024.
(https://tutorial.gst.gov.in/downloads/news/revenue_report_sep24.pdf )
Thanks,
Team G...
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Category :
GST |
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0 | Hits : 3670
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RBI flags irregularities in Gold Loan Practices, asks lenders to review policies
Posted Date : 30-Sep-2024 , 09:49:22 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has uncovered significant irregularities in the processing of loans against gold jewellery by supervised entities.
Following a recent review and on-site inspections of select financial institutions, the RBI found several deficiencies in processing of gold loans, an...
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RBI |
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0 | Hits : 1586
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Centre canvasses for inputs on simpler IT rules from private sector and tax experts
Posted Date : 01-Oct-2024 , 08:19:04 am | Posted By CASANSAAR
The government has proposed to invite suggestions on the Income Tax Act, 1961, from the private sector and tax experts beginning in October as part of an exercise to simplify the direct tax law, sources said.
In a meeting with industry chambers earlier this month, the government said that functio...
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Income Tax |
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0 | Hits : 4752
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GSTN Restores 2017 GST Returns Data
Posted Date : 30-Sep-2024 , 08:30:00 am | Posted By CASANSAAR
GST Network on Sunday said the monthly returns data of July and August 2017, the initial months of the Goods and Services Tax rollout, has been restored on the portal.
The GSTN had last week said it is implementing its data policy, as per which data for taxpayers will be retained for seven years ...
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GST |
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0 | Hits : 1573
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Issuance of Notices/Orders without digital signatures of the issuing authorities - GSTN
Posted Date : 26-Sep-2024 , 09:48:52 am | Posted By CASANSAAR
Advisory on issuance of Notices/Orders without digital signatures of the issuing authorities
Sep 26th, 2024
Doubts have been created regarding the validity of documents issued by the tax officers on the common portal viz. SCN/Orders without the Digital signatures on the pdf. document downl...
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GST |
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0 | Hits : 2710
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CAG plans its own AI for fast writing of Audit Reports
Posted Date : 26-Sep-2024 , 11:57:34 am | Posted By CASANSAAR
Comptroller and Auditor General of India G C Murmu on Wednesday said the supreme audit institution is in the process of developing its own Artificial Intelligence (AI) protocol for faster writing of its audit reports.
"For data analysis and various other things, we have our own system in pla...
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CAG |
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