ICAI issues guidance to auditors on funding disclosure norms
Posted Date : 27-Apr-2022 , 09:12:24 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) has issued a detailed set of instructions to auditors to ensure that the financial statements of companies they audit comply with the government’s new investment reporting requirements.
The guidance note issued by the self-regulator o...
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ICAI |
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Govt to remove 20% cap on foreign ownership in PSU banks
Posted Date : 25-Apr-2022 , 08:39:42 am | Posted By CASANSAAR
As per some latest reports, the government of India has now started inviting bids from many companies for their privatization.
Additionally, the process of privatization of PSBs is also on the verge of beginning, despite the strikes being held against it.
As per reports, the governme...
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Banking |
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0 | Hits : 1867
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RBI slaps monetary penalty on Central Bank of India for non-compliance
Posted Date : 23-Apr-2022 , 09:57:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday said that it has imposed a monetary penalty of Rs 36 lakh on Central Bank of India for non-compliance with certain directions of the central bank. The order was issued on April 18, 2022.
The lender has been penalised for failing to comply with dir...
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RBI |
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Income Tax dept amends norms to widen ambit of tax filers
Posted Date : 23-Apr-2022 , 09:52:50 am | Posted By CASANSAAR
The income tax department has made it mandatory for people who make large transactions but report incomes below the tax exemption limit to file returns, an official order said.
The idea is to expand the oversight of economic activities and ensure that those who undertake large transactions file...
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Income Tax |
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100 CA and CS under Govt scanner for misconduct
Posted Date : 22-Apr-2022 , 09:08:59 am | Posted By CASANSAAR
The government has initiated action against at least 100 chartered accountants and company secretaries for professional misconduct and unlawful activities -- mostly their association with Chinese companies -- and directed the Registrar of Companies (ROC) to submit an action taken report , two people...
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ICAI |
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GST bogus billing cases also come under scanner of Income Tax dept
Posted Date : 19-Apr-2022 , 09:07:47 am | Posted By CASANSAAR
After Goods and Services Tax (GST) department’s crackdown against bogus billing, income tax department too has started tightening its noose around the accused. After analysing the data of bogus sales and purchases and bank entries, I-T department too is regularly issuing notices to the people ...
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Income Tax |
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ED attaches Rs 757 crore assets of Amway, questions business model
Posted Date : 19-Apr-2022 , 09:01:32 am | Posted By CASANSAAR
The Enforcement Directorate has accused Amway India Enterprises of running a multi-level marketing scam, while attaching its assets worth Rs 757 crore on Monday, including its factory in Tamil Nadu’s Dindigul district and bank balances of Rs 346 crore.
The agency said its money trail agai...
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Corporate Law |
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Auditors may face ban on non-audit work in large companies
Posted Date : 16-Apr-2022 , 07:54:10 am | Posted By CASANSAAR
A high-level committee has proposed an overhaul of the audit architecture, including a ban on non-audit work in “public interest” or large companies, and mandating auditors of holding companies to look into the accounts of subsidiaries.
The panel, whose recommendations were released...
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Income Tax |
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CBIC proposes mandatory GST scrutiny on quarterly basis
Posted Date : 15-Apr-2022 , 08:22:29 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has proposed mandatory Goods and Service Tax (GST) scrutiny on a quarterly basis to enhance compliance through effective and standardised scrutiny of returns.
"CBIC to soon introduce mandatory quarterly scrutiny of GST returns. Scrutin...
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GST |
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ICSI appreciates Govt for bringing CA, CMA, CS Amendment Bill, 2021
Posted Date : 12-Apr-2022 , 09:20:20 am | Posted By CASANSAAR
The Institute of Company Secretaries of India appreciates the efforts of the Government of India in bringing the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021.
Passed in Lok Sabha on 30th March, 2022 and in Rajya Sabha on 5th Apri...
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ICSI |
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RBI proposes to make card-less cash withdrawal facility available across all banks, ATM networks using UPI
Posted Date : 09-Apr-2022 , 08:17:18 am | Posted By CASANSAAR
While announcing the monetary policy on Friday, the Reserve Bank of India (RBI) Governor Shaktikanta Das said RBI has proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI).
RBI Governor said the absence of need...
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Income Tax |
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IBBI issues fresh norms to speed up voluntarily liquidation
Posted Date : 07-Apr-2022 , 08:42:20 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has issued a fresh set of rules to fast track voluntary liquidation by companies under the Insolvency and Bankruptcy Code (IBC).
The amendments to the IBBI (voluntary liquidation process) regulations notified on Tuesday sharply cuts short the ...
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Corporate Law |
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0 | Hits : 1342
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CBDT notifies online tax dispute resolution scheme
Posted Date : 07-Apr-2022 , 08:39:21 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Wednesday notified the e-Dispute Resolution Scheme, 2022, to settle tax disputes involving small taxpayers.
Taxpayers having total returned income up to ₹50 lakh having income tax disputes not exceeding ₹10 lakh will be able to avail the scheme.
...
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CBDT |
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Parliament passes Chartered Accountants, Cost and Works Accountants and Company Secretaries (Amendment) Bill
Posted Date : 06-Apr-2022 , 08:28:24 am | Posted By CASANSAAR
The Parliament has passed the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022 with the Rajya Sabha approving it today. The Lok Sabha has already passed the Bill. The Bill seeks to amend the Chartered Accountants Act, 1949, the Cost and Works A...
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Income Tax |
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Deferment of certain provisions of Volume-I of Revised Code of Ethics, 2019 - ICAI
Posted Date : 01-Apr-2022 , 10:09:54 am | Posted By CASANSAAR
Ethical Standards Board
The Institute of Chartered Accountants of India
31st March, 2022
ANNOUNCEMENT
Sub.: Deferment of certain provisions of Volume-I of Revised Code of Ethics, 2019
As the members are aware, the revised 12th edition of Code of Ethics has come into effect from ...
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ICAI |
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CBDT extends last date for filing of Form No.10AB for seeking registration or approval
Posted Date : 01-Apr-2022 , 08:24:35 am | Posted By CASANSAAR
On consideration of difficulties in electronic filing of Form No.10AB as stipulated in Rule 2C or 11AA or 17A of the Income-tax Rules, 1962, the Central Board of Direct Taxes (CBDT), extends the last date for electronic filing of Form No.10AB.
The application for registration or approval unde...
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CBDT |
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SEBI clarifies on new norms for related party transactions
Posted Date : 31-Mar-2022 , 09:19:28 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Wednesday clarified on the new norms governing related party transactions that will come into effect from April 1.
The regulator said listed companies need not seek fresh approval from the shareholders for a related party transaction (RPT) th...
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Income Tax |
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CBDT prescribes fees u/s 234H for not linking PAN with Aadhaar
Posted Date : 31-Mar-2022 , 08:09:54 am | Posted By CASANSAAR
Under the provisions of the Income-tax Act, 1961 (“the Act”), every person who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before 31st March, 2022. On failure to do so, his PA...
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Income Tax |
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0 | Hits : 1214
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Bank Branch Audit 2022 - Update on allotment of Branches
Posted Date : 30-Mar-2022 , 10:19:28 pm | Posted By CASANSAAR
Bank Branch Audit 2022 - 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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Income Tax |
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5 | Hits : 21327
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Lok Sabha passes Chartered Accountants, the Cost and Works Accountants, Company Secretaries (Amendment) Bill 2021
Posted Date : 30-Mar-2022 , 07:09:17 pm | Posted By CASANSAAR
Lok Sabha today passed the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill 2021. Speaking on the Bill, Finance Minister Nirmala Sitharaman today asserted that there is no proposal or intention to infringe upon the autonomy of these three institution...
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ICAI |
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Lok Sabha discusses Bill to amend CA, CS, CMA Act
Posted Date : 30-Mar-2022 , 08:26:08 am | Posted By CASANSAAR
The Lok Sabha has taken up the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021 for consideration and passing. The Bill seeks to amend the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959, and the Company Secretaries Ac...
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ICAI |
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India loses Rs 100 crore to bank fraud every day over past 7 years - RBI
Posted Date : 30-Mar-2022 , 08:09:59 am | Posted By CASANSAAR
India lost at least Rs 100 crore every day to bank fraud or scams over the past seven years, although there was a year-on-year reduction in the total amount involved, according to RBI data.
The finance ministry, however, said measures put in place for prompt reporting and prevention had led t...
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RBI |
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GST rules changing from April 1, to impact lakhs of companies in India
Posted Date : 30-Mar-2022 , 08:01:57 am | Posted By CASANSAAR
Central Board of Indirect Taxes and Customs has said that businesses with turnover of over Rs 20 crore will have to generate electronic invoice for B2B transactions from April 1, 2022.
Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made manda...
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GST |
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Bank Branch Audit 2022 Updates
Posted Date : 28-Mar-2022 , 08:45:21 am | Posted By CASANSAAR
Bank Branch Audit 2022 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):-
CLICK ON THE LINK AND CHECK DETAILS R...
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Bank Branch Audit |
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34 | Hits : 51854
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Finance Bill, 2022 passed in Lok Sabha
Posted Date : 25-Mar-2022 , 09:51:26 pm | Posted By CASANSAAR
The Lok Sabha on March 25 passed the Finance Bill 2022, which gives effect to new taxation, thus completing the Budgetary exercise for 2022-23 fiscal.
The Finance Bill was approved by the Lower House after accepting 39 official amendments moved by Finance Minister Nirmala Sitharaman and rejecti...
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Income Tax |
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0 | Hits : 995
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Parliamentary Panel pitches for ending ICAI’s statutory monopoly
Posted Date : 24-Mar-2022 , 08:12:30 am | Posted By CASANSAAR
A Parliamentary panel has said that government should consider setting up Indian institutes of accounting (IIAs) akin to IITs and IIMs across the country for enhancing the development of accounting and finance profession.
This observation was made by the standing committee on finance in its rep...
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Income Tax |
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CBIC issues scrutiny norms related to GST
Posted Date : 23-Mar-2022 , 08:39:04 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Customs (CBIC) on Tuesday issued scrutiny guidelines for GST, for the first two years of the new indirect tax regime, as part of a plan to plug leakages and shore up collections.
The CBIC has shared an indicative list of parameters, which suggested that...
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GST |
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0 | Hits : 1172
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Banks Board Bureau shortlists MDs for four public sector banks
Posted Date : 17-Mar-2022 , 09:49:56 am | Posted By CASANSAAR
The Banks Board Bureau, the body which selects chief executives for financial entities in the public sector, has identified managing directors for four lenders – Union Bank of India, Indian Overseas Bank, Punjab & Sind Bank and State Bank of India.
The board has shortlisted A Manimekhal...
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Banking |
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PNB reports borrowing fraud of over ₹2,000 cr in NPA account
Posted Date : 16-Mar-2022 , 08:41:29 am | Posted By CASANSAAR
State-owned Punjab National Bank (PNB) has reported a borrowing fraud of over ₹2,000 crore in the non-performing account of IL&FS Tamil Nadu Power Co. Ltd.
A fraud of ₹2,060.14 crore is being reported by Bank to RBI in the accounts of the company, the Bank said in a filing
The lend...
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Banking |
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0 | Hits : 1616
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RBI imposes penalty on these 8 co-operative banks
Posted Date : 15-Mar-2022 , 08:07:47 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a penalty of Rs 12.75 lakh on eight cooperative banks for deficiencies in regulatory compliances, the central bank said on Monday.
The RBI has slapped a penalty of Rs 4 lakh on The Nabapalli Cooperative Bank Limited, Barasat, 24 Paraganas (N), West Bengal f...
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RBI |
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