GSTN defers by 3 months implementation of e-invoice reporting time limit
Posted Date : 08-May-2023 , 07:43:51 am | Posted By CASANSAAR
GSTN has deferred by 3 months the implementation of time limit for businesses with turnover of over Rs 100 crore to upload their old e-invoices.
Last month the GST Network had imposed a timeline for businesses with turnover of Rs 100 crore and above for uploading e-invoices on the Invoice Registr...
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GST |
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Govt Mulls Size Threshold for Auditors of Large Companies
Posted Date : 07-May-2023 , 09:58:55 am | Posted By CASANSAAR
The Govt is examining whether to reserve auditing of large companies and public interest entities to audit firms of certain size, repute and technological prowess. Discussions in this regard, though at an early stage, are revolving around a graded approach to addressing the issue of inadequate audit...
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Auditing |
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Auditor named in Hindenburg Report Resigns from Adani Group
Posted Date : 06-May-2023 , 10:57:04 pm | Posted By CASANSAAR
A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said.
Hindenburg Research in its January 2...
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Auditing |
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Govt to launch a special 2-month Nationwide Drive against GST Frauds
Posted Date : 06-May-2023 , 07:29:19 am | Posted By CASANSAAR
The government will launch a two-month special drive starting May 16 against unscrupulous elements – individuals, professionals and firms – usurping input tax credit under the Goods and Services Tax (GST) regime through fake identity and forged documents without actually supplying produc...
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GST |
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Govt. brings transactions by CA, CS and CMAs for Clients under PMLA Act
Posted Date : 04-May-2023 , 12:07:19 pm | Posted By CASANSAAR
Government notifies that following transactions done by CA, CS & CMA on behalf of their client will be covered under Prevention of Money-laundering Act, 2002.
S.O. 2036(E).In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention o...
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Money laundering |
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SC sets aside Bombay HC order, paves way for prosecution of 2 former IL&FS Audit Firms
Posted Date : 04-May-2023 , 07:46:05 am | Posted By CASANSAAR
The Supreme Court on Wednesday set aside the Bombay High Court verdict which had quashed the SFIO probe against Audit Firms BSR and Associates and Deloitte Haskins and Sells, both former auditors of IL&FS Financial Services, over alleged financial irregularities.
Allowing the appeal of the ...
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Auditing |
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MahaRERA issues Show-Cause Notice to Chartered Accountants
Posted Date : 04-May-2023 , 06:52:53 am | Posted By CASANSAAR
MahaRERA has issued show-cause notices to chartered accountants and has also written to the Institute of Chartered Accountants of India after it noticed that MahaRERA regulations were being violated as the same chartered accountant has been engaged for the role of the project auditor as well as that...
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Chartered Accountant |
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Go First Airlines files for Voluntary Insolvency before NCLT
Posted Date : 03-May-2023 , 08:39:52 am | Posted By CASANSAAR
India’s turbulent aviation sector will likely see another player go belly up with Go First of the Wadias filing for voluntary insolvency before the National Company Law Tribunal (NCLT).
The budget carrier said it is cancelling all flights on May 3, 4, and 5 and will refund the full fares to...
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Insolvent Professional |
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Govt launches Vivad se Vishwas scheme for relief to MSMEs for COVID-19 period
Posted Date : 03-May-2023 , 08:31:06 am | Posted By CASANSAAR
The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period. The scheme was announced in the Union Budget 2023-24 by Union Finance Mi...
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MSME |
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GST revenue collection for April 2023 highest ever at Rs 1.87 lakh Cr
Posted Date : 02-May-2023 , 06:19:53 am | Posted By CASANSAAR
The gross GST revenue collected in the month of April, 2023 is ? 1,87,035 crore of which CGST is ?38,440 crore, SGST is ?47,412 crore, IGST is ?89,158 crore (including ?34,972 crore collected on import of goods) and cess is ?12,025 crore (including ?901 crore ...
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GST |
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RBI Amends Rules Governing Know-Your-Customer (KYC) Checks
Posted Date : 29-Apr-2023 , 07:41:52 am | Posted By CASANSAAR
The RBI has amended rules governing know-your-customer checks undertaken by lenders, according to a statement by the regulator on Friday.
The changes have been made to align with the recent amendments carried out in the Prevention of Money Laundering (Maintenance of Records) Rules, update t...
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RBI |
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SEBI Bans Karvy Stock Broking, Promoters from Security Market for 7 Years and Fine Rs. 21 Cr
Posted Date : 29-Apr-2023 , 07:36:46 am | Posted By CASANSAAR
Sebi on Friday barred Karvy Stock Broking Ltd (KSBL) and its promoter Comandur Parthasarathy from the securities market for seven years and imposed a penalty of Rs 21 crore on them for misappropriating clients' funds by misusing the Power of Attorney given to it. Further, the funds raised by ple...
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SEBI |
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NFRA reviews proposals for new accounting standards for insurance contracts
Posted Date : 28-Apr-2023 , 08:32:05 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) held a meeting on Wednesday to review proposals for a new accounting standard for insurance contracts--Ind AS 117--submitted by the Institute of Chartered Accountants of India.
Ind AS 117 is modelled on the IFRS 17, issued by the International Acc...
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NFRA |
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SC ruling on Income Tax Searches, Big relief to taxpayers
Posted Date : 26-Apr-2023 , 11:17:14 am | Posted By CASANSAAR
The Supreme Court has held that the income tax (I-T) department cannot reopen completed assessments under the Section 153A of the I-T Act, unless “incriminating material” is unearthed during search and seizure operations. Any other material emanating from the search can’t be relied...
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Income Tax |
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NFRA imposes fine, debars auditors for 3 yrs for professional misconduct
Posted Date : 24-Apr-2023 , 07:47:20 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has imposed a fine and a three-year ban on two auditors for professional misconduct and other lapses in connection with the audit of SRS Ltd in 2017-18. In two separate orders, NFRA slapped a fine of Rs 3 lakh each on auditors — Pankaj Kumar an...
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Income Tax |
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NSE releases framework for Appointing Forensic Auditors
Posted Date : 22-Apr-2023 , 08:48:41 am | Posted By CASANSAAR
The National Stock Exchange of India has come out with a framework to appoint forensic auditors for assignments relating to the auditing of trading members.
The scope of the forensic audit varies from case to case but that is largely required to assess the status of assets and liabilities of the ...
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Category :
Auditing |
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0 | Hits : 1241
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Income Tax department sends Notices over Donations to Charitable Trusts
Posted Date : 21-Apr-2023 , 12:14:08 pm | Posted By CASANSAAR
The income tax department in India has issued notices to around 8,000 taxpayers on account of them making large donations to charitable trusts, which are believed to be attempts to evade paying tax.
Tax officials say that these individuals and entities have made donations not commensurate w...
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Income Tax |
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NFRA Cracks Whip on Audit Firms / Auditors for Deficiencies
Posted Date : 15-Apr-2023 , 08:20:23 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has issued a series of orders this week, imposing sanctions on audit firms and individual partners for deficiencies in performing statutory audits, showed the orders posted on the website of the regulator.
Order in the matter of Coffee Day Global ...
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NFRA |
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GST Intelligence show cause notices over tax evasion concerns worth Rs 2,250 Cr
Posted Date : 15-Apr-2023 , 08:07:39 am | Posted By CASANSAAR
The Directorate General of GST Intelligence (DGGI) has sent show-cause notices to some insurance companies, such as HDFC Bank, Go Digit Insurance, and Policybazaar, for issuing fake invoices to claim input tax credit without providing any service. According to a report in The Economic Times, the sho...
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GST |
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NFRA bars Auditors of Cafe Coffee Day for 2 years and imposed 1 Cr Penalty
Posted Date : 14-Apr-2023 , 10:54:25 am | Posted By CASANSAAR
National Financial Reporting Authority (NFRA) has barred ASRMP & Co, auditors of Coffee Day Global (CDGL), for two years after finding it guilty of audit lapses and “professional misconduct” in FY19. In an order issued on Wednesday, the regulator of auditors of larger and listed firm...
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NFRA |
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Mere Delay in TDS remittance shall not attract penalty u/s 271C - SC
Posted Date : 13-Apr-2023 , 08:02:13 am | Posted By CASANSAAR
The Supreme Court (SC) on Monday held that the delay in remitting tax deducted at source (TDS) by assessees is not liable for penalty. It stated the revenue department should adopt a literal interpretation of the penal provision.
While allowing the assessee to appeal against the Kerala High Court...
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Income Tax |
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RBI announces framework for acceptance of Green Deposits
Posted Date : 12-Apr-2023 , 06:23:40 am | Posted By CASANSAAR
With a view to foster and develop a green finance eco-system in India, the Reserve Bank has put in place a framework for acceptance of Green Deposits.
In a statement, RBI has said that the financial sector can play a pivotal role in mobilizing and allocating resources for green activities/p...
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RBI |
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CBDT notifies Cost inflation index (CII) for FY 2023-24 / AY 2024-25
Posted Date : 12-Apr-2023 , 06:20:15 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has notified the cost inflation index (CII) number for the current financial year 2023-24.
As per the notification dated April 10, 2023, the CII number for the current fiscal is 348. This CII number will be used to calculate the capital gains accrued...
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Income Tax |
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RBI issues detailed norms for outsourcing of IT services by banks, NBFCs
Posted Date : 10-Apr-2023 , 09:22:58 pm | Posted By CASANSAAR
Reserve Bank of India on Monday came out with detailed norms for outsourcing of IT services by banks, NBFCs and regulated financial sector entities to ensure that such arrangements do not undermine their responsibilities and obligations to customers.
In its 'Master Direction on Outsourcing ...
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RBI |
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Acceptance of certain assignments by the Concurrent Auditor of Bank Branches - ICAI
Posted Date : 10-Apr-2023 , 09:17:01 pm | Posted By CASANSAAR
Q. 13 Whether the Concurrent Auditor of a Branch of a Bank can undertake the assignment of LFAR of the same Branch?
A. The concurrent Auditor of a Branch can undertake the assignment of LFAR only with respect to Branches which are not subject to Statutory Audit. With respect to Branches which...
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Bank Branch Audit |
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RBI imposes penalty on Mahindra & Mahindra Financial Services, Indian Bank
Posted Date : 07-Apr-2023 , 07:11:32 am | Posted By CASANSAAR
The Reserve Bank has imposed a penalty of Rs 6.77 crore on Mahindra & Mahindra Financial Services Ltd, Mumbai, for non-compliance with norms related to disclosure of interest rates to borrowers at the time of sanction of loans, a release said on Thursday.
In another release, the RBI said a Rs...
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RBI |
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RBI announces a Central Portal to Check Unclaimed Money from Inoperative Bank Accounts
Posted Date : 07-Apr-2023 , 06:48:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Governor Shaktikanta Das, who surprised everyone by holding interest rates, on April 6 also announced a centralised web portal for the public to search unclaimed deposits.
"At present, the depositors and beneficiaries of unclaimed bank deposits of 10 years or ...
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Income Tax |
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RBI keeps repo rate unchanged at 6.5 percent
Posted Date : 07-Apr-2023 , 06:43:05 am | Posted By CASANSAAR
Defying expert expectations, the six-member monetary policy committee headed by RBI Governor Shaktikanta Das today announced a status quo on policy rates. While announcing the first bi-monthly monetary policy statement for 2023-24, Mr. Das said the monetary policy committee has unanimously decided t...
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RBI |
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Finmin to meet public sector banks' heads to review financial inclusion schemes
Posted Date : 06-Apr-2023 , 06:29:17 am | Posted By CASANSAAR
Finance Ministry has called a meeting of heads of Public Sector Banks (PSBs) on April 13 to review progress of various financial inclusion schemes, including Jan Suraksha and Mudra Yojana.
The meeting is scheduled to be chaired by Financial Services Secretary Vivek Joshi.
According to sources,...
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Category :
Banking |
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Net direct tax collections grow to Rs 16.61 lakh Cr., exceeds estimates by 17.6%
Posted Date : 04-Apr-2023 , 08:45:30 am | Posted By CASANSAAR
The provisional figures of Direct Tax collections for the Financial Year (FY) 2022-23 show that Net collections are at Rs. 16.61 lakh crore, compared to Rs. 14.12 lakh crore in the preceding Financial Year i.e. FY 2021-22, representing an increase of 17.63%.
The Budget&...
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Income Tax |
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