SEBI plans Forensic Audit of all Mutual Funds
Posted Date : 12-Feb-2023 , 08:41:40 pm | Posted By CASANSAAR
A day after issuing a consultation paper for tightening the responsibilities of mutual fund Trustees, Securities and Exchange Board of India (SEBI) is planning a forensic audit of all 44 mutual funds in the wake of the unfortunate events at Franklin Templeton India Mutual Fund and Axis Mutual Fund i...
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SEBI |
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Newly Elected President and Vice President of ICAI
Posted Date : 12-Feb-2023 , 05:13:59 pm | Posted By CASANSAAR
ICAI elects New Torchbearers for the year 2023-24.
The Council of the Institute of Chartered Accountants of India (ICAI) today elected its new President & Vice-President for the term 2023-24.
CA. Aniket Sunil Talati has been elected as the President and CA. Ranjeet Kumar Agarwal has been e...
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ICAI |
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IBBI Suspends Registration of IP for outsourcing his responsibilities
Posted Date : 23-Jul-2022 , 02:39:37 pm | Posted By CASANSAAR
This Order disposes the Show Cause Notice (SCN) No. IBBI/IP/INSP/2020/63/3525/526 dated 10th May 2022 issued to Mr. Anil Tayal, Insolvency Professional under section 220 of the Insolvency and Bankruptcy Code, 2016 (Code) read with regulation 13 of the Insolvency and Bankruptcy Board of India (Inspec...
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Insolvent Professional |
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Supreme Court permits companies to claim transitional tax credit
Posted Date : 23-Jul-2022 , 02:35:59 pm | Posted By CASANSAAR
In a judgement that could benefit many companies, the Supreme Court ruled on Friday that businesses that were unable to claim tax credits when the indirect tax system switched to the Goods and Services Tax (GST) would be able to do so.
A tax credit is a component of a company's tax ...
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GST |
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Over 40,000 GST returns for 2018-19 under scrutiny
Posted Date : 23-Jul-2022 , 02:35:09 pm | Posted By CASANSAAR
To curb fraudulent availment of input tax credit (ITC) and tax evasion, the Central Board of Indirect Taxes (CBIC) will soon identify about 40,000 goods and services tax (GST) returns for 2018-19, based on the risk parameters, for scrutiny.
This would be the second such batch of GST ret...
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Income Tax |
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Both houses of Parliament adjourned for the day amid ruckus over price rise and GST hike
Posted Date : 20-Jul-2022 , 08:26:56 am | Posted By CASANSAAR
Both the houses of Parliament have been adjourned for the day following uproar by the Opposition parties over price rise and GST hike.
In the Lok Sabha, when the House re-assembled at 2 P. M. after first adjournment, members of Opposition parties including Congress, DM...
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GST |
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Pass Percentage and Toppers of CA Final May 2022 Exam
Posted Date : 15-Jul-2022 , 11:22:41 am | Posted By CASANSAAR
ICAI has released Pass Percentage and Toppers of CA Final May 2022 Exam.
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CA Exams |
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Simplified regulatory framework for e-commerce exports of jewellery through courier mode
Posted Date : 15-Jul-2022 , 07:58:56 am | Posted By CASANSAAR
A simplified regulatory framework for e-commerce exports of jewellery through courier mode has been issued on 30.06.2022 by the Central Board of Indirect Taxes and Customs (CBIC) in the form of a Standard Operating Procedure (SOP).
The SOP details the handling, movement...
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GST |
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CBI registers two separate cases in connection to Rs 2100 Cr bank fraud
Posted Date : 12-Jul-2022 , 08:54:58 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Monday registered a case against a Mumbai-based private company over the allegations of causing a loss worth about Rs 1,438.45 crore to the State Bank of India and four other consortium member banks.
The accuse...
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Banking |
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Govt aims to move bank privatisation bill in Monsoon session
Posted Date : 12-Jul-2022 , 09:21:32 am | Posted By CASANSAAR
The legislation for privatisation of select-public sector banks, which is considered to be in the offing for past few months, could be introduced in the upcoming Monsoon Session of the Parliament, sources told CNBC TV18 on July 11.
Both the houses of Parl...
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Income Tax |
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RBI has imposed restrictions, withdrawal caps on 4 co-operative banks
Posted Date : 10-Jul-2022 , 10:24:12 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday imposed various restrictions on on four cooperative banks. The restrictions have been imposed for six months and it includes cap on withdrawals for the depositors.
The central ban k of India has imposed rest...
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RBI |
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RBI penalises Federal Bank and Bank of India for violating its regulations
Posted Date : 09-Jul-2022 , 08:18:31 am | Posted By CASANSAAR
The Reserve Bank of India (RBI), on Friday, imposed a monetary penalty of Rs 5.72 crore on Federal Bank Ltd., Rs 70 lakh on Bank of India and Rs 7.60 lakh on Dhani Loans and Services Ltd. for violating the provisions of its regulations.
RBI imposed a mone...
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RBI |
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SEBI cautions public against fraudulent messages on money refund
Posted Date : 08-Jul-2022 , 07:53:29 am | Posted By CASANSAAR
Capital markets regulator Sebi on Thursday warned investors against fraudulent phone calls, emails and messages about refund of money.
This comes after the Securities and Exchange Board of India (Sebi) noticed that unscrupulous individuals are tryin...
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SEBI |
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GST is not applicable on perks to employees - CBIC
Posted Date : 08-Jul-2022 , 07:46:46 am | Posted By CASANSAAR
A wide range of benefits such as free beverages, canteen facilities, free parking space, journal subscriptions or even group medical insurance provided by business entities to its employees in terms of a contractual agreement between the two, will not be subject to Goods and Se...
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GST |
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Public Sector Banks shut down 2,044 Branches in FY22
Posted Date : 07-Jul-2022 , 08:43:12 am | Posted By CASANSAAR
Indian government-owned banks saw a reduction of 2,044 branches and about 13,000 employees in 2022 over the previous year, a major bank employees union said in Sunday.
On the other hand, the number of branches of private banks went up by 4,023 to 34,342 b...
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Banking |
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Govt plans to make GST e-invoicing must for companies with Rs 5 Cr turnover
Posted Date : 05-Jul-2022 , 09:51:16 pm | Posted By CASANSAAR
The government is planning to make GST e-invoicing mandatory for companies with a turnover of Rs 5 crore and above, thus bringing the threshold down from the current Rs 20 crore, according to a government official.
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GST |
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SEBI asks Exchanges, , Depositories to Set Up Online Complaint Redressal System
Posted Date : 05-Jul-2022 , 12:35:17 pm | Posted By CASANSAAR
Market regulator Sebi on Monday asked stock exchanges and depositories to launch an online complaints redressal system of their own within six months.
This is in line with the online platform, SCORES, launched by the capital markets regulator in June 2011...
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SEBI |
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Recommendations of 47th GST Council Meeting
Posted Date : 30-Jun-2022 , 09:12:25 am | Posted By CASANSAAR
The 47th GST Council met under the Chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman here in Chandigarh today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Choudhary besides Finance Ministers of States...
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GST |
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IRS officer Nitin Gupta appointed new CBDT chairman
Posted Date : 28-Jun-2022 , 07:56:42 am | Posted By CASANSAAR
The government has appointed Nitin Gupta as Chairman of the Central Board of Direct Taxes (CBDT).
A Committee of Secretaries held a meeting on June 25 and selected Gupta, a 1986 batch IRS officer, as the Chairman of the apex body of Income Tax.
&n...
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CBDT |
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FinMin asks banks to explore fintech partnership, co-lending opportunities
Posted Date : 27-Jun-2022 , 08:33:00 am | Posted By CASANSAAR
The Finance Ministry has asked public sector banks to explore fintech partnerships and co-lending opportunities to expand their business.
In the recently concluded performance review of PSBs by the Finance Ministry, sources said, lenders were asked to foc...
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Finance |
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GST Council likely to consider changes in monthly tax payment form
Posted Date : 25-Jun-2022 , 09:56:20 am | Posted By CASANSAAR
The GST Council in its meeting next week is likely to consider a proposal for making changes in the monthly tax payment form -- GSTR-3B, which would include auto-population of outward supplies from sales return and non-editable tax payment table, officials said.
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GST |
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RBI imposes monetary penalty on Indian Overseas Bank for Non-Compliance
Posted Date : 25-Jun-2022 , 09:53:23 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday imposed a monetary penalty of ₹57.50 lakh on the government-owned Indian Overseas Bank for non-compliance with certain directions. The penalty was related to the directions issued by RBI on Frauds – Classification and Reporting ...
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RBI |
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RBI issues guidelines for outsourcing of IT services by Banks, NBFCs
Posted Date : 24-Jun-2022 , 08:10:30 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has put forward a few norms on Thursday for the outsourcing of IT services to ring-fence banks and other regulated entities from financial, operational and reputational risks. The RBI has also invited comments from stakeholders by 22 July.
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RBI |
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NFRA penalises Maharashtra firm’s CA for professional misconduct
Posted Date : 23-Jun-2022 , 09:41:11 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA), an independent regulator for the auditing profession, imposed ₹1 lakh fine on a chartered accountant (CA) for professional misconduct and debarred him from undertaking any auditing work for one year.
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NFRA |
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NFRA finds huge lapses in Auditing of IL&FS
Posted Date : 23-Jun-2022 , 08:44:11 am | Posted By CASANSAAR
The National Finance Reporting Authority has found a number of gaping holes in the audit of Infrastructure Leasing & Financial Services (IL&FS) for the year 2017-18. These include failure to comply with the basic requirements of audit and violation of norms on quality c...
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NFRA |
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NFRA finds EY arm SRBC's appointment as Auditor of IL&FS illegal
Posted Date : 23-Jun-2022 , 08:41:42 am | Posted By CASANSAAR
India’s accounting watchdog, the National Financial Reporting Authority, has found the appointment of EY’s audit affiliate, SRBC and Co, as auditors of Infrastructure Leasing & Financial Services Ltd (IL&FS) “illegal”, and said that the audit fir...
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NFRA |
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400 Chartered Accountants, Company Secretaries under scanner for helping Chinese firms
Posted Date : 19-Jun-2022 , 08:38:12 am | Posted By CASANSAAR
The Central government has recommended disciplinary action against 400 Chartered Accountants (CAs) and Company Secretaries (CSs) for their alleged role in incorporating Chinese shell companies in metropolitan cities by flouting norms and rules, The Hindu has learnt.
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Chartered Accountant |
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RBI lifts business restrictions imposed on Mastercard
Posted Date : 17-Jun-2022 , 08:53:52 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on June 16 lifted the restrictions imposed on Mastercard citing improvement compliance.
"In view of the satisfactory compliance demonstrated by Mastercard Asia / Pacific Pte. Ltd. with the Reserve Bank of India (RBI) c...
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RBI |
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47th Meeting of the GST Council on June 28-29 in Srinagar
Posted Date : 17-Jun-2022 , 08:46:13 am | Posted By CASANSAAR
The 47th Meeting of the GST Council will be held on 28th and 29th of this month in Srinagar.
GST Council’s last meeting which was held in New Delhi had recommended to defer the decision to change the rates on textiles.
The GST Council had decided to reta...
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GST |
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0 | Hits : 911
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CBIC issues guidelines for post audit and refund claims under GST
Posted Date : 16-Jun-2022 , 08:59:15 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Customs (CBIC) has put out a procedure relating to sanction, post-audit and review of refund claims for taxpayers.
This is following several reports CBIC received about different practices being followed by the fi...
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GST |
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