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.
...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 2883
|
 |
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...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 5756
|
|
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...
Continue Reading...
Category :
Shares & Stock |
Comments :
0 | Hits : 4295
|
|
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...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 3279
|
|
Thousands of India
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 ...
Continue Reading...
Category :
MSME |
Comments :
0 | Hits : 5171
|
|
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...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 8520
|
|
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...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 5182
|
|
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 ...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 5150
|
|
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...
Continue Reading...
Category :
NFRA |
Comments :
0 | Hits : 3206
|
|
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...
Continue Reading...
Category :
ICAI |
Comments :
0 | Hits : 10580
|
|
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...
Continue Reading...
Category :
NFRA |
Comments :
0 | Hits : 3033
|
|
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...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 2457
|
|
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...
Continue Reading...
Category :
NFRA |
Comments :
0 | Hits : 2506
|
|
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...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 2448
|
|
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 ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 2416
|
|
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 ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 6325
|
|
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...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 2457
|
|
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 ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2596
|
|
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...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 2494
|
|
SC upholds CESTAT order for Service Tax on Patanjali Trust
Posted Date : 20-Apr-2024 , 06:40:13 am | Posted By CASANSAAR
In a setback to the Patanjali Yogpeeth Trust, the Supreme Court on Friday upheld an appellate tribunal’s ruling that the organisation is liable to pay service tax for charging an entry fee for organising Yoga camps, both residential and non-residential.
A bench of Justices Abhay S Oka and U...
Continue Reading...
Category :
Service Tax |
Comments :
0 | Hits : 2212
|
|
Malabar Parota to attract 5% GST and not 18%, rules Kerala HC
Posted Date : 18-Apr-2024 , 11:18:55 am | Posted By CASANSAAR
The delectable Malabar Parota will taste even better with the Kerala High Court ruling that the popular flatbread will attract GST at 5 per cent and not 18 per cent. With this the court has turned down order by the State’s Authority of Advance Ruling (AAR) and Appellate Authority for Advance R...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 3077
|
|
RBI Issues Draft Guidelines on Payment Aggregators
Posted Date : 18-Apr-2024 , 11:05:18 am | Posted By CASANSAAR
he Reserve Bank on Tuesday came out with draft guidelines to further strengthen regulations on payment aggregators, a move aimed at boosting the payment ecosystem.
The draft also covers the physical point-of-sale activities of payment aggregators (PAs).
The RBI said that given the growth in di...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 2680
|
|
RBI eases rules on hedging of gold price risk in overseas markets
Posted Date : 16-Apr-2024 , 01:54:54 am | Posted By CASANSAAR
The RBI on Monday eased rules to allow resident entities to hedge their exposures to the price risk of gold using the OTC derivatives in the International Financial Services Centre (IFSC) in addition to the derivatives on the exchanges in the IFSC.
Resident entities such as banks were permitted t...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 3336
|
|
NFRA acts against Joint Auditor of Reliance Capital
Posted Date : 15-Apr-2024 , 08:17:27 am | Posted By CASANSAAR
National Financial Reporting Authority (NFRA), the regulator for auditors and audit firms for listed and large companies, has acted against Pathak HD & Associates - the joint auditor for Reliance Capital, then an Anil Ambani group company - and its two auditors for multiple failures flagged by t...
Continue Reading...
Category :
NFRA |
Comments :
0 | Hits : 2686
|
|
Businessman arrested in Rs.15,000 Cr GST fraud case, Claimed ITC through 35 fake Companies
Posted Date : 13-Apr-2024 , 08:40:47 am | Posted By CASANSAAR
A businessman from Delhi was taken into custody by the Noida police for his alleged involvement in a massive Rs 15,000 crore GST fraud that was exposed last year, TOI reported. Tushar Gupta, aged 39 and residing in Tilak Nagar, was arrested as the 33rd suspect in this case.
The police revealed th...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 4807
|
|
Supreme Court upholds NCLAT order against Errant Auditors
Posted Date : 12-Apr-2024 , 12:01:28 pm | Posted By CASANSAAR
In a boost to the National Financial Reporting Authority (NFRA), the regulator for auditors and audit firms dealing with large and listed companies, the Supreme Court has upheld an order by the National Company Law Appellate Tribunal (NCLAT) related to disciplinary action against errant auditors.
...
Continue Reading...
Category :
Auditing |
Comments :
0 | Hits : 4957
|
|
Govt extends implementation of special registration, return filing for pan masala, gutkha companies
Posted Date : 12-Apr-2024 , 07:56:31 am | Posted By CASANSAAR
The government has extended the deadline for implementation of special procedure for registration and monthly return filing of manufacturers of pan masala, gutkha and similar tobacco products till May 15.
Earlier in January, the Central Board of Indirect Taxes and Customs (CBIC) had announced the...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 2019
|
|
CBDT clarifies on media reports claiming special drive to reopen cases with reference to HRA claims
Posted Date : 10-Apr-2024 , 08:02:32 am | Posted By CASANSAAR
Certain instances of mismatch of information as filed by the taxpayer and as available with the Income Tax Department have come to the notice of the Department as part of its routine exercise of verification of data. In such cases, the Department has alerted the taxpayers to enable them to take corr...
Continue Reading...
Category :
CBDT |
Comments :
0 | Hits : 4587
|
|
SEBI orders youtuber who gives stock market training to pay Rs.12 Cr
Posted Date : 08-Apr-2024 , 07:45:43 am | Posted By CASANSAAR
A financial influencer, also known as finfluencer, who was also involved in imparting training related to stock market trading has been asked to part with a little over ?12 crore, which it made unlawfully.
The funds are to be credited or deposited by Ravindra Balu Bharti into an interest-bearing ...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 3860
|
|
Functionalities to file commonly used ITRs enabled by CBDT on 1st April, 2024
Posted Date : 06-Apr-2024 , 08:59:31 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 2317
|
|
|
