RBI launches UDGAM portal for searching unclaimed deposits across multiple banks
Posted Date : 18-Aug-2023 , 08:29:18 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday launched a centralised Web portal, UDGAM (Unclaimed Deposits Gateway to Access Information), for members of the public to make it easier to search their unclaimed deposits across multiple banks at one place.
UDGAM, which was launched by RBI Governor Shaktikan...
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RBI |
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CBDT invites comments on Form 6C for inventory valuation by Cost Accountants in Special Audit
Posted Date : 17-Aug-2023 , 10:10:32 am | Posted By CASANSAAR
CBDT invites comments on draft Form No. 6C formulated for implementing the amendment to sub-section (2A) of Section 142 of the Income-tax Act, 1961, introduced vide Finance Act, 2023, pertaining to inventory valuation by Cost Accountant.
Suggestions/Comments on the draft Form No. 6C have be...
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CBDT |
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ChatGPT costs $700,000 daily, maker may go bankrupt in 2024
Posted Date : 17-Aug-2023 , 08:04:24 am | Posted By CASANSAAR
OpenAI spends roughly $700,000 per day (around Rs. 5.8 crore) to run ChatGPT and Microsoft and other recent investors are covering these costs out of their own pockets. They, however, could turn off the tap if Sam Altman-led company doesn't turn a profit soon and it may go bankrupt by the end of...
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General |
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MCA allows 1,270 requests from CA, CS bodies to merge user IDs
Posted Date : 16-Aug-2023 , 09:13:22 am | Posted By CASANSAAR
The ministry of corporate affairs in India has granted 1,270 requests from professional associations - including company secretaries and chartered accountants - to deactivate or merge duplicated user IDs in the first month of permitting the move.
The move was to allow such professionals to ...
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MCA |
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Mahindra looks to scale up global play after cheating and fraud with indian customers
Posted Date : 16-Aug-2023 , 09:04:02 am | Posted By CASANSAAR
Mahindra looks to scale up global play after cheating and fraud with indian customers
Mahindra & Mahindra on said it aims to bolster its presence globally as it unveiled a pickup concept, which it plans to introduce in the international markets.
but the reality is they dont have the capaci...
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General |
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Parliament passes bills to levy 28% GST on e-gaming making registration mandatory for offshore platforms
Posted Date : 12-Aug-2023 , 08:24:24 am | Posted By CASANSAAR
Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs.
The Central GST (Amendment) Bill, 2023, and the Integrated GST (Amendment) Bill, 2023, piloted by Finance Minister...
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GST |
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PwC resigns as auditor of Paytm Payments Services
Posted Date : 09-Aug-2023 , 09:30:45 pm | Posted By CASANSAAR
Price Waterhouse Chartered Accountants LLP (PwC) on Monday resigned as the statutory auditor of Paytm Payments Services Ltd (PPSL).
One 97 Communications, the parent company of Paytm, said PwC has not raised any concern or issue.
PwC was appointed as statutory auditor of PPSL for five years fr...
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Auditing |
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Delhi HC dismisses Ashneer Grover's plea against income tax notice issued under Black Money Act
Posted Date : 04-Aug-2023 , 07:36:03 am | Posted By CASANSAAR
The Delhi High Court on Tuesday dismissed a plea filed by Ashneer Grover, former managing director of BharatPe, challenging an income tax notice issued to him under Section 8 of the Black Money Act.
The high court asked Grover's counsel to withdraw the petition voluntarily, or the court...
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Income Tax |
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0 | Hits : 1552
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Results of CA Foundation June 2023 Exams likely to be declared on 7th/8th Aug.2023
Posted Date : 04-Aug-2023 , 07:14:16 am | Posted By CASANSAAR
Examination Department
The Institute of Chartered Accountants of India
3rd August, 2023IMPORTANT ANNOUNCEMENT
The results of the Chartered Accountants Foundation Examination held in June 2023 are likely to be declared on late evening (9.00 p.m.) of Monday, the 7th August, 2023/early mornin...
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CA Exams |
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Recommendations of 51st GST Council Meeting
Posted Date : 03-Aug-2023 , 08:42:50 am | Posted By CASANSAAR
GST Council recommends certain amendments in CGST Act 2017 and IGST Act 2017, including amendment in Schedule III of CGST Act, 2017, to provide clarity on taxation of supplies in casinos, horse racing and online gaming
GST Council also recommends inserting a specific provision in IGST Act, 2017 t...
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GST |
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UGC declares 20 Universities as FAKE and not empowered to confer any degree
Posted Date : 03-Aug-2023 , 08:33:44 am | Posted By CASANSAAR
The University Grants Commission (UGC) on Wednesday announced that it has identified and declared 20 universities across India as "fake." These institutions are not authorized to grant any degrees to students. Among these universities, the highest number (eight) is located in Del...
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General |
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Over 96,000 companies voluntarily wound up operations in last five years
Posted Date : 01-Aug-2023 , 06:56:00 am | Posted By CASANSAAR
Over 96,000 companies have wound up their operations in the past five years, according to the Ministry of Corporate Affairs.
Businesses opt for winding up for various reasons, including financial unviability.
From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily,...
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Corporate Law |
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0 | Hits : 2111
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Hostel / PG accommodation to attract 12% GST - AAR
Posted Date : 30-Jul-2023 , 08:53:50 am | Posted By CASANSAAR
Students will have to shell out more for hostel accommodation as a 12 per cent GST would be applicable on the rent paid, the Authority of Advance Ruling said in two separate cases.
The Bengaluru bench of the Authority of Advance Ruling (AAR) said hostels are not akin to residential dwelling units...
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GST |
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Loan re-negotiation does not free Company, Auditors from showing interest liability in financial statements - NFRA
Posted Date : 29-Jul-2023 , 08:10:25 am | Posted By CASANSAAR
NFRA debarred an Ahmedabad-based auditor for one year and imposed a monetary penalty of Rs.100,000 in the case which involved audit of a clothing company after its investigation found alleged irregularities in the financial statements of FY16.
Ongoing negotiations with banks and non-bank lenders ...
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NFRA |
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E- invoicing under GST mandatory for businesses with aggregate turnover of Rs 5 Cr from August 1
Posted Date : 29-Jul-2023 , 07:19:03 am | Posted By CASANSAAR
Starting August 1, businesses with aggregate turnover of Rs 5 crore or more will have to mandatorily opt for e-invoicing under the Goods and Services Tax (GST).
“GST taxpayers whose aggregate turnover exceeds Rs 5 crore in any financial year ... Generating e-invoices for both supply o...
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GST |
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Govt to set up online audit mechanism under GST, - arliamentary panel
Posted Date : 28-Jul-2023 , 07:22:10 am | Posted By CASANSAAR
The Union government will set up an online audit mechanism under the Goods and Services Tax (GST) in order to streamline the process, as suggested by a parliamentary panel in its report on ‘anti-competitive practices by the big tech companies’.
“The ministry has accepted the rec...
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GST |
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0 | Hits : 891
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RBI permits banks to open vostro accounts from 22 countries for trade in rupee
Posted Date : 27-Jul-2023 , 07:07:30 am | Posted By CASANSAAR
The Reserve Bank has permitted 20 banks operating in the country to open 92 Special Rupee Vostro Accounts (SRVAs) of partner banks from 22 countries as part of efforts to promote bilateral trade in local currencies, the government said on Wednesday.
In a written reply to Lok Sabha, Minister of St...
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RBI |
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GST evasion by nearly 15,000 entities worth Rs 38,000 Cr detected
Posted Date : 26-Jul-2023 , 06:54:32 am | Posted By CASANSAAR
Even as tax authorities plan to plug loopholes to tighten compliance for goods and services tax (GST), they have already identified nearly 15,000 entities and have detected evasion of more than Rs 38,000 crore over the years. This includes fraudulent cases of GST registration by misusing PAN and Aad...
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GST |
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Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
Posted Date : 25-Jul-2023 , 01:32:36 pm | Posted By CASANSAAR
CLICK ON THE LINK FOR COMPLETE VIDEO,
https://youtu.be/bbla_-LmrJQ
A cavalier attitude towards filing of income tax returns (ITRs), complete with fake rent receipts from close relatives, extra claims against home loans, false donations and a slew of dodgy practices encouraged by some of the ta...
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Income Tax |
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Over 4 Cr ITRs filed for FY23 so far, 7% new filers this time - CBDT
Posted Date : 25-Jul-2023 , 07:57:16 am | Posted By CASANSAAR
More than four crore income tax returns (ITRs) for the 2022-23 financial year have been filed so far and about 7 per cent of these are new or first-time filers, CBDT chairperson Nitin Gupta said on Monday.
He said that more than half of these ITRs have been processed leading to 80 lakh refunds ti...
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ITR |
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Interest rate on deposits under EPF scheme hiked to 8.15% for FY 2022-23
Posted Date : 25-Jul-2023 , 07:55:11 am | Posted By CASANSAAR
The government has approved an interest rate of 8.15 percent on deposits under the Employees Provident Fund scheme for the financial year 2022-23.
According to the Employees' Provident Fund Organization (EPFO), the Ministry of Labour and Employment has conveyed the approval of the Central gov...
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Income Tax |
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e-Invoice Exemption Declaration Functionality Now Available - GSTN
Posted Date : 25-Jul-2023 , 07:53:01 am | Posted By CASANSAAR
Dear Taxpayers,
1.GSTN is pleased to inform you that the e-Invoice Exemption Declaration functionality is now live on the e-Invoice portal. This functionality is specifically designed for taxpayers who are by default enabled for e-invoicing but are exempted from implementing it under th...
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GST |
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0 | Hits : 1143
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Banks write off Bad Loans worth Rs 2.09 lakh crore in 2022-23 - RBI
Posted Date : 24-Jul-2023 , 07:24:07 am | Posted By CASANSAAR
Banks wrote off bad loans worth over Rs 2.09 lakh crore (around US $ 25.50 billion) during the year ended March 2023, taking the total loan write-off by the banking sector to Rs 10.57 lakh crore (around $ 129 billion) in the last five years, the Reserve Bank of India (RBI) said in a Right to Informa...
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RBI |
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0 | Hits : 778
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Auditors must follow process, Auditing must not be ticking exercise - NFRA
Posted Date : 22-Jul-2023 , 11:14:56 am | Posted By CASANSAAR
Audit regulator NFRA's chief Ajay Bhushan Prasad Pandey on Friday said auditors should follow the due process and auditing should not be just a "ticking" exercise.
Highlighting the importance of financial reporting, he said that audit documentation should speak for themselves.
&q...
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NFRA |
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Notice to Kumar Vishwas by a CA for his Derogatory Remarks against Professionals
Posted Date : 20-Jul-2023 , 07:30:34 am | Posted By CASANSAAR
Notice Sent to Kumar Vishwas by Advocate (CA) Dr. Suneel Maggo for his Derogatory Remarks against Professionals (Chartered Accountants and Company Secretaries).
We had discussed the matter with Advocate Suneel Maggo and the same has been uploaded on the youtube but on the pressure of Kumar Vishwa...
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ICAI |
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Income tax dept processed 1.5 Cr ITRS of total 3 Cr filed
Posted Date : 20-Jul-2023 , 07:12:55 am | Posted By CASANSAAR
Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday.
"Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 9...
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Income Tax |
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0 | Hits : 1218
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Listed Companies will have to make all business deals Public - SEBI
Posted Date : 19-Jul-2023 , 08:24:42 am | Posted By CASANSAAR
Listed companies must disclose to the public all information on business deals and arrangements that have a bearing on their prospects.
Securities and Exchange Board of India (Sebi) last week tightened the listing obligations and disclosure requirements (LODR) regulations that mandated firm...
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SEBI |
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ED arrests former I-T officer, 2 Associates in Rs 263-crore TDS scam
Posted Date : 15-Jul-2023 , 06:53:35 am | Posted By CASANSAAR
The Enforcement Directorate (ED) on Friday arrested former Income-Tax (I-T) officer Tanaji Mandal Adhikari and his associates Bhushan Patil and Rajesh Shetty in connection with a Rs 263-crore TDS scam. Adhikari allegedly generated fake TDS (Tax Deducted at Source) refunds to the tune of Rs 263 crore...
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Income Tax |
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0 | Hits : 1963
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Brought GST under PMLA purview to empower investigators in fighting financial fraud - Centre
Posted Date : 13-Jul-2023 , 08:26:45 am | Posted By CASANSAAR
The Centre’s move to bring the Goods and Services Tax Network (GSTN) under the purview of the Prevention of Money Laundering Act (PMLA) was to empower the relevant investigating agencies to deal with tax fraud and money laundering matters, and not giving outright access to data to any party, s...
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Income Tax |
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0 | Hits : 1200
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Recommendations of 50th Meeting of GST Council
Posted Date : 12-Jul-2023 , 07:03:37 am | Posted By CASANSAAR
In the 50th Meeting of the GST Council, inter-alia the following recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST were made:
Changes in GST Tax Rates:
Recommendations relating to GST rate...
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GST |
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