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Bank Branch Audit 2021 Updates
Posted Date : 22-Mar-2021 , 07:14:36 pm | Posted By CASANSAAR

Bank Branch Audit 2021 Updates :- RBI has sent the Branch Audit Panel to Banks.  (www.casansaar.com) As per information from Members, Following Banks has started sending emails which can be either to Existing or to New Auditors (as informed):- - Bank of Baroda,  - Punjab & Sin...

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Category : Bank Branch Audit | Comments : 26 | Hits : 79016

CA Final, Foundation Results Declared - ICAI
Posted Date : 22-Mar-2021 , 09:23:04 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) has declared the results for CA Final and Foundation papers for the January session on the official website icai.org.in. All the candidates who have appeared for the examinations will have to login to the ICAI official portal with their username...

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Category : ICAI | Comments : 1 | Hits : 565

IBBI releases Handbook of Ethics for IPs
Posted Date : 22-Mar-2021 , 09:19:40 am | Posted By CASANSAAR

Insolvency regulator IBBI has come out with a “Handbook on Ethics” for Insolvency Professionals to stimulate the highest standards of ethics and professionalism. This handbook has been prepared by the Insolvency and Bankruptcy Board of India in association with the British High Commis...

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Category : Insolvent Professional | Comments : 0 | Hits : 567

Taxpayers are free to utilise ITC available in their credit ledger as permissible by law
Posted Date : 22-Mar-2021 , 08:52:49 am | Posted By CASANSAAR

Unconfirmed reports have appeared in certain sections of the media that some GST officers are using unauthorised communication means such as phone calls, WhatsApp and messages asking taxpayers to discharge  'maximum tax liability' in 'cash' in order to ensure that targets f...

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Category : GST | Comments : 0 | Hits : 559

Panel recommends structural changes to boost GST revenues
Posted Date : 19-Mar-2021 , 08:37:27 am | Posted By CASANSAAR

The government needs to make structural changes in the goods and services tax (GST) regime and step up compliance to boost revenues, given the need to make up for the gap in states’ GST revenue receipts, a parliamentary panel has advised the finance ministry. Due to the pandemic, several st...

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Category : GST | Comments : 0 | Hits : 793

Delhi HC asks Finance Ministry and RBI to consider parity between IBC and Sarfaesi Act
Posted Date : 19-Mar-2021 , 08:24:47 am | Posted By CASANSAAR

The Delhi High Court on Thursday asked the Ministry of Finance and the Reserve Bank of India (RBI) to consider bringing in parity in certain sections of the Insolvency and Bankruptcy Code (IBC) and the Sarfaesi Act, which has created hurdles in the resolution plans of bankrupt telcos Reliance Commun...

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Category : RBI | Comments : 0 | Hits : 317

Download List of Important Circulars for the Purpose of Bank Audit
Posted Date : 18-Mar-2021 , 10:36:14 am | Posted By CASANSAAR

Download List of Important Circulars for the Purpose of Bank Audit. Shared by CA. Ajay Kumar Jain Ji, Download Telegram on Mobile and Search casaansaar Here is the link, Open in Mobile. https://t.me/casaansaar/92 ...

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Category : Income Tax | Comments : 0 | Hits : 1825

Madras HC allows claiming input tax credit on TDS from VAT
Posted Date : 18-Mar-2021 , 08:56:53 am | Posted By CASANSAAR

  The Madras High Court has allowed assessees to claim input tax credit for tax deducted at source (TDS) pending from the value-added tax (VAT) regime under the current goods and services tax (GST) system. The order, passed by Justice Anita Sumant, stated that any deducti...

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Category : GST | Comments : 0 | Hits : 335

Clarification on continuation of concessional rate of tax on certain interest income of the FPIs
Posted Date : 18-Mar-2021 , 08:51:52 am | Posted By CASANSAAR

  Section 115AD of the Income-tax Act, 1961 (the ‘Act’) inter alia contains provisions for taxation of income of FPIs. Proviso to section 115AD(1)(i) provides that the tax shall be chargeable at the concessional rate of 5% on interest income referred to in section ...

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Category : Income Tax | Comments : 0 | Hits : 314

No proposal for scrutiny of GST assessment in faceless mode - Fin Min
Posted Date : 17-Mar-2021 , 08:30:29 am | Posted By CASANSAAR

There is no proposal of faceless scrutiny assessment of GST returns as the Goods and Services Tax rule already provide for electronic filing and assessment, Minister of State for Finance Anurag Singh Thakur said on Tuesday. Income tax assessments are being done in a faceless manner except in cert...

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Category : GST | Comments : 0 | Hits : 422

UGC to Treat CA/CS/CMA qualification as equivalent to PG Degree
Posted Date : 16-Mar-2021 , 08:28:34 am | Posted By CASANSAAR

UGC had received requests from the Institute of Chartered Accountants of India, the Institute of Company Secretaries of India and the Institute of Cost Accountants of India to consider the qualification being awarded by them, i.e., Chartered Accountant (CA), Company Secretary (CS) and Cost and Works...

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Category : ICAI | Comments : 0 | Hits : 340

Tax rules amended to step up tax payer data collection
Posted Date : 14-Mar-2021 , 09:31:53 am | Posted By CASANSAAR

Banks, stock exchanges and companies will have to share data on large investor transactions with the Income Tax Dept as frequently as sought by a designated official, according to rule change notified by the Income Tax Department on Friday. Till now, these entities were only mandated to give a st...

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Category : Income Tax | Comments : 0 | Hits : 771

Finmin asks Sebi to make greater disclosure in the annual report
Posted Date : 14-Mar-2021 , 09:25:58 am | Posted By CASANSAAR

The Finance Ministry has suggested several changes in the Securities and Exchange Board of India’s (Sebi's) annual report format seeking “true and full account of its activities”, policies and programmes of the whole year. The new format demands greater disclosure and in-depth ...

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Category : SEBI | Comments : 0 | Hits : 205

RBI asks banks, NBFCs to report accounts restructured due to COVID-19 separately
Posted Date : 13-Mar-2021 , 09:43:42 am | Posted By CASANSAAR

The Reserve Bank of India on Friday asked the banks and other lenders to report the accounts restructured due to coronavirus separately to credit bureaus. Lenders should make necessary modification to their system and report it to credit bureaus within two months, the banking regulator said. All ...

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Category : RBI | Comments : 0 | Hits : 446

Parliament empowered to enact special laws on GST - High Court
Posted Date : 13-Mar-2021 , 09:38:34 am | Posted By CASANSAAR

Four years after the Central Goods and Services Tax (CGST) Act was enacted, the Punjab and Haryana High Court today expressed prime facie view that Parliament was empowered under the Constitution to come up with special laws on the issue. The assertion came as the Bench of Justice Rajan Gupta and...

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Category : GST | Comments : 0 | Hits : 240

Mumbai trader arrested for Rs.10 Cr GST fraud
Posted Date : 13-Mar-2021 , 09:21:24 am | Posted By CASANSAAR

The Central Goods and Services Tax (CGST) officials have arrested a Borivli trader for GST fraud of Rs.10.59 crore. The accused illegally availed Input Tax Credit (ITC) and also passed on the same to other offenders, causing revenue loss to the government. Input tax credit is an option that allow...

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Category : GST | Comments : 0 | Hits : 293

GST officers arrest one person for Rs 43 crore Input Tax Credit fraud
Posted Date : 12-Mar-2021 , 10:37:56 am | Posted By CASANSAAR

GST officers have arrested one person for creating fictitious firms on forged documents and passing on fake ITC worth Rs 43 crore, Finance Ministry said on Thursday. The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, has arrested Ravinder Kumar (aka Ravinder Ga...

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Category : Income Tax | Comments : 0 | Hits : 414

Bank Branch Audit Updates - Join CA Sansaar official Telegram Channel
Posted Date : 10-Mar-2021 , 09:50:22 am | Posted By CASANSAAR

RBI is finalising the Panel for Bank Branch Audit and will send it to Banks very soon. Join CA Sansaar official Telegram Channel for all Bank Branch Audit and other updates. Download Telegram in Mobile & Search casaansaar (spell check plz) https://t.me/casaansaar If you have any...

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Category : Bank Branch Audit | Comments : 4 | Hits : 14604

DGGI Gurugram officials arrest 2 men for defrauding exchequer of more than Rs 690 Cr
Posted Date : 10-Mar-2021 , 09:00:57 am | Posted By CASANSAAR

In an ongoing investigation the Directorate General of GST Intelligence, Gurugram Zonal Unit, were able to arrest two gang members of a fake invoicing syndicate, namely Shri Vikas and Shri Manish, who were involved in GST fraud by way of issuance of fake GST invoices in excess of Rs 4,800 crore whic...

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Category : GST | Comments : 1 | Hits : 1527

3,82,875 number of Companies struck off in three years up to FY 2020
Posted Date : 10-Mar-2021 , 08:59:23 am | Posted By CASANSAAR

  Based on non-filing of Financial Statements (FS) consecutively for two years or more, “Shell Companies” were identified and after following due process of law as provided under Section 248 of the Act, 2013 read with the Companies (Removal of Names of Companies from the Reg...

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Category : MCA | Comments : 0 | Hits : 297

MCA strikes off 10,113 companies between April 2020 to February 2021
Posted Date : 09-Mar-2021 , 09:19:03 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) administers the Companies Act, 2013 (the Act), Limited Liability Partnership Act, 2008 and Insolvency and Bankruptcy Code, 2016. There is no provision for weeding out the Companies in the Act.   This was stated by Shri Anurag Singh Thakur, Union Ministe...

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Category : MCA | Comments : 0 | Hits : 330

GST not mandatory for MSME Udyam registration, PAN card can be used
Posted Date : 09-Mar-2021 , 09:15:17 am | Posted By CASANSAAR

The requirement for registering on the Udyam Registration Portal has been further simplified. The Modi government’s paperless portal to ease MSME registration was launched on July 1, 2020. The objective of the portal is to provide a single-page registration, consume less time and simplify p...

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Category : MSME | Comments : 0 | Hits : 1095

SEBI tweaks framework on Unique Client Code, PAN
Posted Date : 09-Mar-2021 , 09:11:29 am | Posted By CASANSAAR

Market regulator Sebi on Monday rationalised the compliance requirement of collecting and maintaining copies of PAN of clients by members of the exchanges having commodity derivatives segment and enhanced the use of e-PAN. In the Union budget 2020, launch of instant PAN facility was announced and su...

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Category : SEBI | Comments : 0 | Hits : 216

CBIC asks field offices to exercise max caution, prudence in property attachment
Posted Date : 08-Mar-2021 , 08:39:49 am | Posted By CASANSAAR

The CBIC has directed its field offices to exercise utmost prudence and maximum caution in attachment of property of a taxpayer and said that such a remedy can be considered in cases involving GST evasion, fake invoicing and delay of more than three months in depositing tax collected. The Central...

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Category : Income Tax | Comments : 0 | Hits : 195

DHFL Auditor finds another Fraud of Rs.1424 Cr
Posted Date : 06-Mar-2021 , 09:07:39 am | Posted By CASANSAAR

DHFL on Friday said its administrator has filed additional affidavits in the NCLT Mumbai in connection with fraud amounting to over Rs 1,424 crore. The company, which is undergoing a corporate debt resolution process in the National Company Law Tribunal (NCLT), is being run by an administrator in th...

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Category : Auditing | Comments : 0 | Hits : 2316

SEBI asks mutual funds to cast vote on all company resolutions
Posted Date : 06-Mar-2021 , 09:02:22 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) on Friday said mutual funds including their passive investment schemes like index funds and exchange traded funds should cast votes compulsorily on all company resolutions. The regulator said vote should be cast at the mutual fund level. However, ...

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Category : SEBI | Comments : 0 | Hits : 194

SEBI puts in place procedure for change in control of AMCs
Posted Date : 05-Mar-2021 , 09:25:24 am | Posted By CASANSAAR

Markets regulator Sebi has put in place a procedure for change in controlling interest of asset management companies and issued guidelines for new sponsors of mutual funds. This comes after Sebi, in February, relaxed profitability criteria for becoming a mutual fund sponsor with a view to facilit...

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Category : SEBI | Comments : 0 | Hits : 224

Supreme Court rejects plea on extending GST Amnesty Scheme
Posted Date : 05-Mar-2021 , 08:56:49 am | Posted By CASANSAAR

The Supreme Court declined to issue directives on extending the goods and services tax (GST) amnesty scheme, saying this is “a policy decision exclusively within the domain of the government". An SC bench of justices D.Y. Chadrachud and M.R. Shah dismissed a petition by a trader from C...

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Category : GST | Comments : 0 | Hits : 810

Income Tax Department conducts searches in Mumbai
Posted Date : 05-Mar-2021 , 08:49:43 am | Posted By CASANSAAR

The Income Tax Department is carrying out search and survey operations which started on 03.03.2021 on two leading film production companies, a leading actress and two Talent Management companies in Mumbai. Search operation is being carried out at Mumbai, Pune, Delhi and Hyderabad.  The group...

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Category : Income Tax | Comments : 0 | Hits : 280

ED launches money-laundering investigation against Franklin Templeton
Posted Date : 04-Mar-2021 , 09:09:33 am | Posted By CASANSAAR

The Enforcement Directorate has registered a money laundering case against Franklin Templeton and senior officials, in the first case by an investigation agency against the asset management company after it unexpectedly closed six debt schemes in April 2020. Multiple sources connected to the case...

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Category : General | Comments : 0 | Hits : 595

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