Clarification with regard to CA /CA Firms regarding registration on GeM Portal
Posted Date : 05-Mar-2022 , 09:00:51 am | Posted By CASANSAAR
As the members are aware, Government of India has mandated procurement of goods and services by Government Department/organisations through GeM (Government e- marketplace) portal.
The Institute has been receiving queries as to whether Chartered Accountants in Practice/Firms of Chartered Accou...
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ICAI |
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CBIC cautions against sharing Aadhaar, PAN details without valid reasons
Posted Date : 04-Mar-2022 , 09:32:34 am | Posted By CASANSAAR
CBIC cautioned the public against sharing Aadhaar and PAN details without a valid reason or for monetary gains, saying that the information could be misused by fraudsters for GST evasion.
In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said Aadhaar and PAN details can be used...
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GST |
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Auto-population of e-invoice details into GSTR-1
Posted Date : 04-Mar-2022 , 09:19:37 am | Posted By CASANSAAR
Generation of e-invoice is mandatory for certain class of taxpayers, as notified by the Government. These taxpayers are required to prepare & issue their e-invoices by reporting their invoice data in the prescribed format (e-invoice schema in FORM GST INV-01) and reporting the same on ...
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GST |
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GST collection crosses 1.30 lakh Cr mark in February 2022
Posted Date : 01-Mar-2022 , 06:45:38 pm | Posted By CASANSAAR
Finance Ministry said that more than one lakh 33 thousand crore rupees Gross GST Revenue was collected during the month of February.
It said that the collection of revenues for the month of February this year is 18 percent higher than the GST revenues in the same month last year and 26 perce...
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GST |
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CBI seeks prosecution sanction against ex-MD, two officials of bank in PNB fraud case
Posted Date : 01-Mar-2022 , 10:28:03 am | Posted By CASANSAAR
The CBI has sought sanction to prosecute then Punjab National Bank (PNB) managing director and chief executive officer Usha Ananth Subramanian and executive directors K. V. Brahmaji Rao and Sanjiv Sharan in connection with the bank fraud case against fugitive Mehul Choksi’s Gitanjali group of ...
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Banking |
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Madhabi Puri Buch appointed as SEBI Chairperson
Posted Date : 01-Mar-2022 , 10:22:31 am | Posted By CASANSAAR
Madhabi Puri Buch has been named the chairperson of Securities and Exchange Board of India (SEBI), the first woman to head the capital market regulator as the tenure of incumbent Ajay Tyagi ends on February 28.
Madhabi Puri Buch, a former SEBI Whole Time Member, was previously nominated to lead...
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SEBI |
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Sovereign Gold Bond Scheme 2021-22– Issue price Series-X
Posted Date : 26-Feb-2022 , 09:43:04 am | Posted By CASANSAAR
In terms of Government of India Notification No.4(5)-B(W&M)/2021 dated October 21, 2021, Sovereign Gold Bonds 2021-22 (Series X) will be opened for subscription during the period February 28- March 04, 2022 with Settlement date March 08, 2022. The issue price of the Bond during the subscription ...
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Finance |
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CBI arrests Anand Subramanian for alleged NSE manipulation case
Posted Date : 25-Feb-2022 , 09:11:25 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on February 25 arrested Anand Subramanian, a former top official of the National Stock Exchange (NSE), in connection with alleged favour dolled out to certain traders.
The development comes as authorities pressed ahead with an investigation into whether...
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Shares & Stock |
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2 held by FBD CGST Commissionerate for issuing fake invoices of over Rs 200 Cr & availing involving fraudulent ITC of Rs 31.85 Cr
Posted Date : 25-Feb-2022 , 09:06:23 am | Posted By CASANSAAR
Central Goods and Services Tax (CGST) Commissionerate, Faridabad, of Panchkula CGST Zone, on 23.02.2022 arrested two persons for running a fake billing racket, involving five (5) dummy firms, dealing in trading of iron scrap, registered in Faridabad, Haryana, for issuance of fake invoices of over Rs...
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Category :
GST |
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CGST unearths fake invoicing racket of Rs 611 Cr involving tax evasion of over Rs 38 Cr
Posted Date : 25-Feb-2022 , 08:54:47 am | Posted By CASANSAAR
Central Goods and Services Tax, CGST Commissionerate, Delhi has unearthed fake invoicing racket of 611 crore rupees involving tax evasion of over 38 crore rupees. Finance Ministry said the officers of Delhi South CGST Commissionerate came to know about certain bogus firms created solely for the purp...
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GST |
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RBI amends payments systems rules
Posted Date : 24-Feb-2022 , 10:01:46 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday issued amended Payments and Settlement Systems Regulations that allows companies wanting to run payment businesses to seek licenses from the regulator.
The licensing application should include process flow of the operator, technology platform to be u...
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RBI |
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RBI cautions public against PPIs issued by unauthorised entities
Posted Date : 23-Feb-2022 , 09:31:24 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday urged the public to exercise utmost caution while using unauthorised prepaid payment instruments (PPIs) saying they must verify beforehand that application or entity that they are dealing with is authorised to carry out the activity it performs or assures t...
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RBI |
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Statutory Auditors may not get large companies’ non-audit operations
Posted Date : 21-Feb-2022 , 10:12:24 pm | Posted By CASANSAAR
The government is looking to ban statutory auditors from taking up non-audit work on “public interest” companies — which means those that are listed or are above a certain threshold — and their subsidiaries.
Besides, it is exploring the possibility of joint audit for cer...
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Category :
Income Tax |
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RRA recommends withdrawal of 100 more circulars - RBI
Posted Date : 21-Feb-2022 , 12:19:52 pm | Posted By CASANSAAR
The Reserve Bank of India on Friday said the Regulations Review Authority has recommended withdrawing about 100 more redundant circulars, besides elimination of certain paper based returns, a move expected to ease compliance for regulated entities.
The Reserve Bank of India has set up the Regulat...
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RBI |
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Over 6,800 Companies and over 2,000 Auditors under NFRA purview
Posted Date : 19-Feb-2022 , 09:22:06 am | Posted By CASANSAAR
Audit watchdog National Financial Reporting Authority (NFRA) said on Friday that 6,820 companies and over 2,000 auditors come under its regulatory ambit as on 31 March 2021.
The watchdog keeps a database of the entities that come under its purview for regulatory oversight. The latest database s...
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NFRA |
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Karnataka Govt. blacklists 60 Chartered Accountants for irregularities
Posted Date : 18-Feb-2022 , 02:59:44 pm | Posted By CASANSAAR
The State Government has blacklisted 60 Chartered Accountants (CAs) who were under scanner for irregularities, Cooperation Minister S T Somashekar said on Tuesday.
Responding to a question by MLC Bharathi Shetty, the minister said these CAs will not be allowed to practise henceforth. The ...
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Chartered Accountant |
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More than 29.8 lakh Tax Audit Reports (TARs) filed on the e-Filing portal of the Income Tax
Posted Date : 17-Feb-2022 , 08:20:19 am | Posted By CASANSAAR
More than 29.8 lakh major Tax Audit Reports (TARs) have been filed on the e-Filing portal of the Income Tax Department as on 15th February, 2022. On the last day, over 4.14 lakh major Tax Audit Reports/forms have been filed.
Out of 29.8 lakh of the major statutory forms, over 2.65 lakh Form ...
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Category :
Tax Audit |
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Chartered Accountant's Assets worth Rs. 56 Cr Attached in Syndicate Bank Fraud Case.
Posted Date : 15-Feb-2022 , 09:55:24 am | Posted By CASANSAAR
The Enforcement Directorate (ED) has attached immovable and movable properties valued at ₹ 56.81 crore belonging to Rajasthan's Udaipur-based Chartered Accountant Bharat Bomb and their other associates in Syndicate Bank fraud case amounting to ₹ 1,267.79 crore, the agency said on Monday.
...
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Category :
Chartered Accountant |
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SEBI cancels registration of 4 stock brokers, 11 depository participants
Posted Date : 15-Feb-2022 , 09:44:22 am | Posted By CASANSAAR
Sebi (Securities and Exchange Board of India) on Monday cancelled the registration of 11 depository participants, including Karvy Stock Broking Ltd. In a separate order, the market regulator has also cancelled the registration certificate of four other stock brokers
Irrespective of the cancella...
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SEBI |
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Over 6.2 cr ITRs, 21 lakh audit reports filed on new e-filing portal
Posted Date : 12-Feb-2022 , 09:58:55 am | Posted By CASANSAAR
“More than 6.2 crore Income Tax Returns (ITRs) and about 21 lakh major Tax Audit Reports (TARs) have been filed on the new e-Filing portal of the Income Tax Department as on 10th February 2022,” the tax department said in a statement.
Out of the 6.2 crore ITRs filed for AY 2021-22, ...
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Income Tax |
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SEBI directs AMCs to form audit committee from August
Posted Date : 10-Feb-2022 , 09:08:10 am | Posted By CASANSAAR
Markets regulator Sebi on Wednesday asked asset management companies (AMCs) to form audit committees which will be responsible for oversight of financial reporting process, audit process and compliance with laws and regulations, among others. The circular will come into force with effect from August...
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SEBI |
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CBIC to scale up departmental audits to boost GST compliance
Posted Date : 08-Feb-2022 , 09:27:48 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) is set to scale up scrutiny and departmental audits of risky taxpayers to improve goods and services tax (GST) collections while using data and technology to ensure that officials make decisions transparently, chairman Vivek Johri said in an int...
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GST |
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Gross non-performing assets of scheduled commercial banks have declined
Posted Date : 08-Feb-2022 , 09:15:50 am | Posted By CASANSAAR
As per Reserve Bank of India (RBI) data on global operations, gross non-performing assets (GNPAs) of scheduled commercial banks (SCBs) have declined from Rs. 9,33,779 crore (GNPA ratio of 9.07%) as on 31.3.2019 to Rs. 8,00,463 crore (GNPA ratio of 6.93%) as on 30.9.2021. This was stated b...
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Category :
Banking |
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Around 6.17 crore ITRs, 19 lakh TARs filed on the new e-Filing portal of IT Department
Posted Date : 08-Feb-2022 , 09:12:54 am | Posted By CASANSAAR
Around 6.17 crore Income Tax Returns, ITRs and about 19 lakh major Tax Audit Reports TARs have been filed on the new e-Filing portal of the Income Tax Department as of yesterday. Out of 6.17 crore ITRs filed for Assessment Year 2021-22, 48 percent of these are ITR-1, 9 percent is ITR-2, 13 percent i...
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Income Tax |
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SEBI lays guidelines for MFs with respect to Ind AS
Posted Date : 05-Feb-2022 , 09:37:02 am | Posted By CASANSAAR
Capital markets regulator Sebi came out with guidelines for asset management companies (AMCs) with respect to following Indian Accounting Standards (Ind AS).
Sebi has amended mutual fund rules which mandated AMCs to prepare the financial statements and accounts of the mutual fund schemes in acc...
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SEBI |
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SEBI overhauls high-power advisory committee on settlement orders
Posted Date : 04-Feb-2022 , 09:26:09 am | Posted By CASANSAAR
Capital markets regulator Sebi has restructured its four member high-power advisory committee on settlement orders and compounding of offences.
The committee will now be chaired by Jai Narayan Patel, former chief justice of Calcutta High Court, according to a latest update with the Securities and...
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SEBI |
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Former Sports Secretary Ravi Mittal appointed as IBBI Chairperson
Posted Date : 04-Feb-2022 , 09:17:27 am | Posted By CASANSAAR
The government has appointed former civil servant Ravi Mittal as the chairperson of the Insolvency and Bankruptcy Board of India (IBBI), according to sources. The appointment comes little over four months after the post fell vacant following the retirement of M S Sahoo who completed his five-year te...
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Category :
Corporate Law |
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Summary of Union Budget 2022-23
Posted Date : 01-Feb-2022 , 01:34:33 pm | Posted By CASANSAAR
India’s economic growth in the current year is estimated to be 9.2 per cent, highest among all large economies. The overall, sharp rebound and recovery of the economy from the adverse effects of the pandemic is reflective of our country’s strong resilience. This was stated by Union Minis...
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Budget |
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Key Highlights of the Union Budget 2022-23
Posted Date : 01-Feb-2022 , 01:32:59 pm | Posted By CASANSAAR
The Union Budget seeks to complement macro-economic level growth with a focus on micro-economic level all inclusive welfare. The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman tabled the Union Budget 2022-23 in Parliament today.
The key highlights of the budget are as ...
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Budget |
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Economic Survey for the year 2021-22 to be tabled in Parliament today
Posted Date : 31-Jan-2022 , 09:30:39 am | Posted By CASANSAAR
The Budget Session of Parliament begins today. Economic Survey 2021-22 will also be tabled today.
Finance Minister, Nirmala Sitharaman, will present the Union Budget for the year 2022-2023 tomorrow in the Lok Sabha and its copy will be laid on the Table of the Rajya Sabha soon thereafte...
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Category :
Budget |
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