ICAI members lock central GST office in Gurugram over arrest of 2 CAs
Posted Date : 21-May-2022 , 09:08:57 am | Posted By CASANSAAR
The Central GST office here was locked for several hours by chartered accountants on Thursday night as a protest against the arrest of two fellow CAs over an alleged Rs 15-crore GST refund scam. On Friday, the police said the protest by the CAs is still continuing but the GST o...
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ICAI |
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GST Council's Recommendation Not Binding On Union, States - Supreme Court
Posted Date : 20-May-2022 , 08:26:16 am | Posted By CASANSAAR
In a significant verdict, the Supreme Court Thursday ruled that the recommendations of Goods and Services Tax (GST) Council are not binding on the Union and the states and only have a persuasive value.
The Supreme Court said that Parliament and state legi...
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Finance |
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CBIC extends April 2022 GST payment deadline under QRMP scheme
Posted Date : 18-May-2022 , 07:37:38 am | Posted By CASANSAAR
The due date of payment of tax for the month of April, 2022 by taxpayers under QRMP scheme in FORM GST PMT-06 has been extended till 27th May, 2022 (refer notification No. 06/2022-Central Tax dated 17.05.2022
...
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GST |
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CBIC extends due date for filing of Form GSTR-3B
Posted Date : 18-May-2022 , 07:31:38 am | Posted By CASANSAAR
The due date for filing FORM GSTR-3B for the month of April, 2022 has been extended till 24th May, 2022 (refer notification No. 05/2022-Central Tax dated 17.05.2022)
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GST |
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Information System Audit - Assessment Test (ISA - AT), July 2022
Posted Date : 18-May-2022 , 07:24:32 am | Posted By CASANSAAR
Members are hereby informed that the next Information Systems Audit (ISA) Course Assessment Test (Old as well as New Syllabus) which is open to the members of the Institute will be held on 9th July 2022 (Saturday) from 9 AM to 1 PM (IST) at the following cities provided that sufficient number of can...
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ICAI |
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States can't regulate NBFCs registered with RBI - SC
Posted Date : 13-May-2022 , 09:17:42 am | Posted By CASANSAAR
In an important judgment, the Supreme Court on Wednesday ruled that state laws cannot apply to over 9,500 non-banking financial companies (NBFCs) registered with the Reserve Bank of India (RBI).
Sawing off attempts by the Kerala and Gujarat governments to bring the NBFCs under the purview of th...
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RBI |
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SEBI notifies rules to strengthen regulatory framework for CIS
Posted Date : 12-May-2022 , 08:55:19 am | Posted By CASANSAAR
To strengthen the regulatory framework for collective investment schemes, markets regulator Sebi has enhanced the net worth criteria and track record requirements for entities managing such schemes.
Also, the regulator has mandated a minimum of 20 investors and a subscription amount of at least...
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SEBI |
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CBI raids 40 locations linked to NGOs and MHA officials over alleged FCRA violation
Posted Date : 11-May-2022 , 11:17:21 am | Posted By CASANSAAR
Central Bureau of Investigation conducted raids at 40 locations linked to NGO representatives, their middlemen, and home ministry officials for allegedly facilitating violation of foreign funding rules. Raids were conducted at multiple locations in Delhi, Chennai, Hyderabad, Coimbatore, Mysore, and ...
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Income Tax |
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Cost Accountants’ Institute asks Govt to allow members to conduct financial audits of MSMEs
Posted Date : 09-May-2022 , 08:17:52 am | Posted By CASANSAAR
The cost accountants’ institute has requested the government to consider allowing cost and management accountants to conduct financial audit of MSMEs and private limited companies.
The Institute of Cost Accountants of India, set up under an Act of Parliament, has around 90,000 members and...
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ICWAI |
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ED arrests CA linked to IAS officer in money laundering case
Posted Date : 08-May-2022 , 09:13:08 am | Posted By CASANSAAR
The ED on Saturday arrested a chartered accountant under the anti-money laundering law in a case linked to alleged embezzlement of MGNREGA funds in Jharkhand's Khunti district as part of which state mining secretary and IAS officer Pooja Singhal and others were raided, officials said.
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Income Tax |
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0 | Hits : 1418
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Central Bank of India says not yet decided on branch closures
Posted Date : 08-May-2022 , 09:08:54 am | Posted By CASANSAAR
State-owned Central Bank of India has not yet decided on a possible extensive branch closure plan this fiscal year, the lender said on Saturday days after Reuters reported it planned to shut some branches to improve its financial health.
On Thursday, Reuters cited sources and a document saying ...
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Banking |
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Auditor arrested for GST fraud, duping taxpayers
Posted Date : 06-May-2022 , 07:53:20 am | Posted By CASANSAAR
A tax auditor’s office and home premises were raided, and the auditor was arrested by tax sleuths from the enforcement wing of the Commercial Taxes department and local police. The auditor was found to be involved in a fake ‘Input Tax Credit’ racket/.
Input Tax Credit me...
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Auditing |
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Central Bank of India to close 600 branches by March 2023 - Report
Posted Date : 06-May-2022 , 07:53:09 am | Posted By CASANSAAR
Central Bank of India, a state-owned commercial bank, plans to shut 13% of its branches to improve its financial health, which has been under pressure for several years, according to sources and a document seen by Reuters.
The bank is looking to reduce the number of branches by 600 by either sh...
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Banking |
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90,000 reassessment notices issued by the income tax department stay valid - SC
Posted Date : 05-May-2022 , 07:57:35 am | Posted By CASANSAAR
Nearly 90,000 reassessment notices that were issued by the income tax (I-T) department after April 1, 2021 under the provisions of the unamended section 148 have been held as valid by the Supreme Court (SC).
These reassessment notices had been challenged in as many as 9,000 writ petitions acros...
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Income Tax |
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GST collections in April 22 touch all-time high of Rs 1.68 lakh Cr
Posted Date : 02-May-2022 , 09:45:21 am | Posted By CASANSAAR
Goods and services tax (GST) collections hit an all-time high of ₹1.68 lakh crore in April, indicating strong economic activity despite multiple headwinds and better tax compliance. The April number is up 20% from the year earlier and ₹25,000 crore more than the previous highest of ₹1.42 lakh ...
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GST |
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Timeline to update UDIN on e-filing portal is extended
Posted Date : 30-Apr-2022 , 07:26:23 am | Posted By CASANSAAR
The timeline to update #UDIN is extended till 31st May 2022 to give more time to CAs to correctly verify and upload UDINs.
https://twitter.com/casansaar/status/1520208877664751616
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Income Tax |
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0 | Hits : 1208
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CANADA to resume Express Entry invitations to FSWP and CEC in July 2022
Posted Date : 28-Apr-2022 , 08:34:05 am | Posted By CASANSAAR
Canada’s immigration minister Sean Fraser has announced Express Entry invitations to FSWP and CEC candidates will resume by “early July 2022”
The vast majority of new Express Entry applications will be processed within the six-month service standard. According to IRCC, current...
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International Business |
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0 | Hits : 1830
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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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0 | Hits : 5925
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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 : 1890
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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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0 | Hits : 1359
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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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0 | Hits : 3658
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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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0 | Hits : 1204
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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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0 | Hits : 1439
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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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0 | Hits : 4015
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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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0 | Hits : 1772
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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 : 1367
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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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