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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0 | Hits : 1322
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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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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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GST revenue collection Rs. 1,60,122 Cr gross for March 2023
Posted Date : 02-Apr-2023 , 09:43:06 am | Posted By CASANSAAR
The gross GST revenue collected in the month of March 2023 is Rs.1,60,122 crore of which CGST is Rs. 29,546 crore, SGST is Rs.37,314 crore, IGST is Rs. 82,907 crore (including Rs.42,503 crore collected on import of goods) and cess is Rs.10,355 crore (including Rs.960 crore collected o...
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GST |
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Finance Act, 2023
Posted Date : 01-Apr-2023 , 07:59:01 am | Posted By CASANSAAR
Finance Act, 2023 received the assent of the President on the 31st March, 2023.
Finance Bill, 2023 receives President's assent on Mar 31, 2023 and now its Finance Act, 2023.
The Finance Act, 2023 has been enacted vide Gazette Notification dated today, March-31-2023.
After obtainin...
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Finance |
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India Post Payments Bank launches WhatsApp Banking Services
Posted Date : 01-Apr-2023 , 07:49:36 am | Posted By CASANSAAR
India Post Payments Bank (IPPB), in collaboration with Airtel, announced the launch of WhatsApp Banking Services for IPPB customers in New Delhi today, enabling them to access banking services on their mobile phone.
The newly launched IPPB WhatsApp Banking channel will enable IPPB custome...
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Banking |
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IBBI publishes syllabus for Limited Insolvency Examination w.e.f 1st July 2023
Posted Date : 01-Apr-2023 , 07:45:00 am | Posted By CASANSAAR
IBBI conducts the Limited Insolvency Examination (LIE) in pursuance to regulation 3 of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, for prospective Insolvency Professionals. The said Regulations inter-alia empower IBBI to determine the syllabus, of LIE w...
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Income Tax |
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Bank Branch Audit 2023 - Update on allotment of Branches
Posted Date : 28-Mar-2023 , 10:01:37 pm | Posted By CASANSAAR
Bank Branch Audit 2023 - Update on allotment of Branches
As per information received, RBI has approved the Bank Branch Audit Panel. Banks start sending mails for allotment of Branches..
We Have Posted all details of Bank Branch Audit Allotment at our Twitter Account,
...
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Bank Branch Audit |
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12 | Hits : 13216
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Govt extends last date for linking PAN and Aadhaar cards to June 30
Posted Date : 28-Mar-2023 , 09:59:13 pm | Posted By CASANSAAR
The last date for linking PAN and Aadhaar has been extended to 30th June this year to provide some more time to the taxpayers. In a statement, Central Board of Direct Taxes, CBDT said, from 1st July, the PAN of taxpayers who have failed to intimate their Aadhaar will become inoperative. The CBDT sai...
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Income Tax |
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RBI directs all banks to keep branches open till Mar 31 for annual closing
Posted Date : 22-Mar-2023 , 09:08:53 am | Posted By CASANSAAR
With the annual closing of accounts scheduled for March 31 as the financial year 2022-23 is ending, the Reserve Bank of India (RBI) has directed all banks to keep their branches open till working hours of the above-mentioned date.
In a letter to all agency banks on Tuesday, the RBI said that all ...
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RBI |
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Updates on Bank Branch Audit 2023
Posted Date : 21-Mar-2023 , 10:15:20 pm | Posted By CASANSAAR
Bank Branch Audit 2023 Updates :-
Banks have started sending emails for Bank Branch Audit
(Plz check your email (inbox or spam) on a regular basis.
Bank Wise Details Updated on CA Sansaar Twitter Handle ...Can Check on Twitter Plz
Check Latest Update (22/03/2023) ...
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Bank Branch Audit |
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27 | Hits : 34609
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68,000 Cases Flagged for Mismatch In 2019-20 Income Tax Returns
Posted Date : 13-Mar-2023 , 10:25:21 pm | Posted By CASANSAAR
As many as 68,000 cases have been picked up for e-verification by the income tax department for underreporting of income in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta said on Monday.
Under the e-verification scheme, the I-T department informs the taxpayers about mismatch in Annual Inf...
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Income Tax |
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Bank Branch Audit 2023 Updates
Posted Date : 10-Mar-2023 , 08:54:38 pm | Posted By CASANSAAR
Bank Branch Audit 2023 Updates :-
Check Latest Update (10/03/2023) on Twitter.....
CLICK ON THE LINK AND CHECK ALL UPDATES RELATED TO BANK BRANCH AUDIT.,.,.
https://twitter.com/casansaar
Check mail on regular Basis. Process is just started now and these are combind details...
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Bank Branch Audit |
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RBI cancels certificate of registration of 17 NBFCs
Posted Date : 11-Mar-2023 , 08:05:03 am | Posted By CASANSAAR
The Reserve Bank of India on Friday cancelled the Certificate of Registration (CoR) of 17 non-banking financial companies (NBFCs). The central bank noted that in the exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, it has therefore cancelled the NBFC...
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RBI |
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RBI imposes Monetary Penalty on Amazon Pay (India) Private Limited
Posted Date : 03-Mar-2023 , 09:25:06 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed monetary penalty of ?3,06,66,000/- (Rupees three crore six lakh sixty six thousand only) on Amazon Pay (India) Private Limited (the entity) for non-compliance with certain provisions of the Master Directions on Prepaid Payment Instruments (PPIs) dated...
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RBI |
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Bank Branch Audit Update - No. of Bank Branch Auditors (Category Wise) Appointed & No. of Branches Audited
Posted Date : 01-Mar-2023 , 08:25:46 pm | Posted By CASANSAAR
Bank Branch Audit Update - Total No. of Bank Branch Auditors (Category wise) Appointed & Total No. of Bank Branches Audited...
Total No. of Bank Branch Statutory Auditors Appointed :-
- Individual Bank Wise Detail,
- CA Firm Category Wise Detail.
Total No. of Bank Branches ...
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Bank Branch Audit |
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1 | Hits : 7776
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GST collections rise 12% to Rs 1.49 lakh Cr in February 2023
Posted Date : 01-Mar-2023 , 08:16:16 pm | Posted By CASANSAAR
Over 1.49 lakh crore rupees gross Goods and Service, Tax revenue was collected in February. GST revenue collection has registered 12 per cent growth in February in comparison to the same period of the previous financial year. In February 2022, over one lakh 33 thousand crore rupees were collected as...
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GST |
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0 | Hits : 2010
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IBBI warns Registered Valuer for Cautious and Transparent while conducting Valuation
Posted Date : 02-Mar-2023 , 07:35:36 am | Posted By CASANSAAR
This Order disposes the Show Cause Notice (SCN) No. RV-13012/1/2022-IBBI/283/4233, dated 04.11.2022 issued to Ms. Gunjan Agarwal under rule 17 read with 15 of Companies (Registered Valuers and Valuation) Rules, 2017 (Valuation Rules). The Insolvency and Bankruptcy Board of India (IBBI/Board) has bee...
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ICAI |
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IBBI Suspends the Registration of Registered Valuer for a period of six months
Posted Date : 02-Mar-2023 , 07:28:55 am | Posted By CASANSAAR
This Order disposes the Show Cause Notice (SCN) No. RV-13012/1/2022-IBBI/284/4234, dated 04.11.2022 issued to Mr. Sandeep Kumar Agarwal under rule 17 read with 15 of Companies (Registered Valuers and Valuation) Rules, 2017 (Valuation Rules). The Insolvency and Bankruptcy Board of India (IBBI/Board) ...
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ICAI |
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Auditors of large firms to keep records in Entity DigiLocker
Posted Date : 28-Feb-2023 , 07:33:16 am | Posted By CASANSAAR
The proposed Entity DigiLocker is also likely to be used to improve the audit quality of top-tier and large companies, with the National Financial Reporting Authority (NFRA) planning to ask auditors of these firms to use the facility to store client records and audit files.
“The auditor can...
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Auditing |
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0 | Hits : 1492
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CBDT tightens Audit Reporting Norms for Charitable Trusts
Posted Date : 24-Feb-2023 , 07:43:38 am | Posted By CASANSAAR
Income tax authorities have tightened reporting norms for charitable trusts, with more information required in the audit reports and more responsibility on the auditor. The Central Board of Direct Taxes (CBDT) has notified changes in audit reports for charitable trusts. The audit report will be in F...
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CBDT |
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MCA allows extension for filing of certain forms till 31.03.2023 without payment of additional fees
Posted Date : 22-Feb-2023 , 09:57:01 am | Posted By CASANSAAR
Due to migration of MCA21 portal from Version 2 to Version 3.0 and change in way of filing in Version-3 and based on the request of Stakeholders, Ministry of Corporate Affairs (MCA) has decided vide General Circular 05/2023 to allow further additional time till 31.03.2023 for filing of 45 forms laun...
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MCA |
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CAs who lives in Singapore for 6 Months can become Member of Singapore Institute without Exam
Posted Date : 21-Feb-2023 , 09:30:08 pm | Posted By CASANSAAR
ICAI President CA. Aniket Sunil Talati has announced that the Chartered Accountants from India who lives in Singapore for more than 6 months can automatically acquire the membership of the Singapore Institute without an exam. CA. Aniket Sunil Talati was delivering a speech in Kolkata.
CLICK ON TH...
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ICAI |
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