NFRA issued consultation paper for REMOVING COMPULSORY AUDIT for Micro, Small & Medium Companies
Posted Date : 30-Sep-2021 , 08:15:37 am | Posted By CASANSAAR
India is unique among the big economies of the world in statutorily mandating compulsory audit for all companies, irrespective of their size and characteristics. In view of the significant role played by companies in India in the economic growth and development of the Nation, it is essential that th...
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Income Tax |
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ECLGS’ scope expanded and scheme extended till 31.03.2022
Posted Date : 30-Sep-2021 , 07:51:31 am | Posted By CASANSAAR
Emergency Credit Line Guarantee Scheme (ECLGS) since its launch, has extended relief to over 1.15 crore Micro, Small and Medium Enterprises (MSMEs) and businesses. It has provided support to eligible borrowers in meeting their operational liabilities and restarting their businesses in the wake of di...
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MSME |
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MSME Minister launches India Export Initiative and IndiaXports 2021 Portal
Posted Date : 30-Sep-2021 , 07:49:25 am | Posted By CASANSAAR
Union Minister for MSMEs Shri Narayan Rane virtually inaugurated the India Export Initiative and IndiaXports 2021 Portal of India SME Forum in New Delhi today. He was accompanied by MoS Shri Bhanu Pratap Singh Verma and senior officers of the Ministry.
Speaking on the occasion, Shri Rane expresse...
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MSME |
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I-T dept asks taxmen to accept applications till Sep 30 for settlement before Interim Board
Posted Date : 30-Sep-2021 , 07:46:17 am | Posted By CASANSAAR
The Income Tax department has issued an order asking taxmen to accept till September 30, applications for settlement of pending tax cases.
The 2021-22 Budget, through the Finance Act, amended the provisions of the Income-Tax Act, 1961 to provide that the Income-tax Settlement Commission (ITSC...
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Income Tax |
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SEBI approves frameworks for Gold and Social Stock Exchanges
Posted Date : 30-Sep-2021 , 07:41:04 am | Posted By CASANSAAR
Securities Exchange Board of India (SEBI) has approved the frameworks for gold exchange and Social Stock Exchange. The market regulator SEBI also approved amendments to delisting framework for equity shares at the board meeting held in Mumbai yesterday. A gold exchange is being set up to trade the y...
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SEBI |
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RBI imposes monetary penalty of Rs 2 Cr on RBL Bank
Posted Date : 28-Sep-2021 , 08:13:49 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on September 27 imposed a monetary penalty of Rs 2 crore on RBL Bank for contravention of former's directions on Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 and non-compliance with provisions of clause (b) of sub-section (2) of section 10A ...
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RBI |
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CBIC asks taxmen to complete GST evasion investigations within a year
Posted Date : 25-Sep-2021 , 09:01:39 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has asked field offices to draw up an action plan so that no case of GST evasion is pending investigation beyond one year.
In an instruction to field formations, the CBIC has also asked GST officers to speed up investigation and issue show-ca...
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GST |
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Legitimate tax planning not illegal - ITAT
Posted Date : 23-Sep-2021 , 08:02:10 am | Posted By CASANSAAR
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has held that minimisation of tax liability through legitimate tax planning is not illegal.
In the case of Michael E Desa, a US-based non-resident, it upheld in a recent order the set-off of loss arising on sale of shares of a private c...
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Income Tax |
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0 | Hits : 1986
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PAN-Aadhaar linkage deadline extended till 31st March 2022
Posted Date : 18-Sep-2021 , 08:06:33 am | Posted By CASANSAAR
Aadhaar linking with PAN can now be done till March 31, 2022, after the government extended the deadline from September 30, 2021.
“The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the Covid-19 pandemic, has, ...
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PAN |
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Recommendations of 45th GST Council Meeting
Posted Date : 18-Sep-2021 , 08:01:43 am | Posted By CASANSAAR
Life-saving drugs Zolgensma and Viltepso used in treatment of Spinal-Muscular Atrophy exempted from GST when imported for personal use
Extension of existing concessional GST rates on certain COVID-19 treatment drugs upto 31st December 2021
GST rates on 7 other medicines recommended by De...
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GST |
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Govt relaxes provisions of TDS u/s 194A of the Income-tax Act, 1961 in view of section of 10(26) of the Act
Posted Date : 18-Sep-2021 , 07:58:41 am | Posted By CASANSAAR
The Central Government in exercise of the powers conferred by sub-section(1F) of section 197A of the Income-tax Act, 1961(“the Act”) notified that no deduction of tax shall be made on the following payment under section 194A of the Act, namely payment in the nature of interest, other tha...
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Income Tax |
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Aligning the Time Limit of Generating UDIN from 15 days to 60 days - ICAI
Posted Date : 18-Sep-2021 , 07:55:09 am | Posted By CASANSAAR
UDIN Directorate
The Institute of Chartered Accountants of India
17th September, 2021
ALIGNING THE TIME LIMIT OF GENERATING UDIN FROM 15 DAYS TO 60 DAYS
Standard on Quality Control (SQC 1) on Retention Period for Engagement Documentation (Working Papers) requires firms to establish policies ...
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ICAI |
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FM Nirmala Sitharaman announces over Rs 30,000 cr guarantee for bad bank
Posted Date : 17-Sep-2021 , 08:16:38 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Thursday announced a formal government guarantee on the securities receipts that the planned ‘bad bank’ will issue to banks as it takes on non-performing assets from their books. The government guarantee will be Rs 30,600 crore, she said.
The Uni...
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Income Tax |
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CA Vivek Khurana filed Nomination for Central Council Election of ICAI
Posted Date : 16-Sep-2021 , 09:11:22 am | Posted By CASANSAAR
CA Vivek Khurana has filed nomination papers for the Central Council Elections (Northern Region) of ICAI 2021.
CA Vivek Khurana, Founder of casansaar.com, a renowned website is a practicing Chartered Accountant and fellow member of ICAI and Partner of a Chartered Accountants firm i...
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ICAI |
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Sebi bars CEO of Poonawalla Finance, seven others for insider trading
Posted Date : 16-Sep-2021 , 09:02:17 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Wednesday barred Abhay Bhutada the MD and CEO of Poonawalla Finance and seven others from accessing the securities market for allegedly insider trading in shares of Poonawalla Fincorp—formerly known as Magma Fincorp. The regulator also impou...
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SEBI |
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NFRA lists out criteria for quality review
Posted Date : 16-Sep-2021 , 08:57:43 am | Posted By CASANSAAR
The National Financial Reporting Authority on Tuesday said companies will be chosen for audit quality and financial reporting quality review based on the impact the entity has on the economy.
After an extensive public consultation, NFRA said of the two criteria, ‘external impact risk’...
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NFRA |
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CBI books private firm, others in Rs 1528 Cr fraud case involving 16 banks
Posted Date : 16-Sep-2021 , 08:45:50 am | Posted By CASANSAAR
In a massive scam case, the Central Bureau of Investigation (CBI) has booked a Delhi-based private firm Indian Technomach for allegedly defrauding 16 banks of funds to the tune of Rs 1528 crore.
The agency said that the company, its CMD, other private individuals and public servants conspired to ...
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Banking |
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RBI cautions against frauds in the name of KYC updation
Posted Date : 14-Sep-2021 , 08:27:04 am | Posted By CASANSAAR
Banking regulator Reserve Bank of India (RBI) on Monday cautioned people not to share account login details, personal information, copies of KYC documents, card information, PIN, password and OTP with unidentified persons or agencies.
"Such details should not be shared through unverified/una...
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RBI |
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Supreme Court urges company tribunals to quickly clear IBC cases
Posted Date : 14-Sep-2021 , 08:24:02 am | Posted By CASANSAAR
The Supreme Court on Monday said “judicial delay” was the main reason for the failure of the insolvency regime in India prior to the 2016 Insolvency and Bankruptcy Code (IBC), as it urged company law tribunals to “strictly adhere” to the timelines under the new law and clear ...
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Insolvent Professional |
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NFRA draws conclusion on comments received on consultation paper on enhanced engagement with stakeholders
Posted Date : 14-Sep-2021 , 08:18:37 am | Posted By CASANSAAR
National Financial Reporting Authority (NFRA) was established by the Central Government in October 2018 with the fundamental objective of driving systemic change in the Indian Financial Reporting System for Public Interest Entities (PIEs)s.
NFRA has identified engagement with various categor...
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NFRA |
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HC stays order related to levy of GST on flat, villa maintenance charges
Posted Date : 11-Sep-2021 , 09:55:56 am | Posted By CASANSAAR
Flat or villa owners paying more than ₹7,500 a month to their resident welfare associations towards maintenance charges will now have to pay Goods and Services Tax (GST) at the rate of 18% for the entire contribution since a Division Bench of the Madras High Court on Thursday stayed a single judge...
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GST |
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CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment
Posted Date : 11-Sep-2021 , 09:41:32 am | Posted By CASANSAAR
Finance Act, 2021 has amended section 72A of the Income-tax Act, 1961 (the Act) to inter alia provide that in case of an amalgamation of a public sector company (PSU) which ceases to be a PSU (erstwhile public sector company), as part of strategic disinvestment, with one or more company or...
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CBDT |
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Responsibility of Govt to design convenient tax system so that individuals can budget & plan - SC
Posted Date : 10-Sep-2021 , 10:50:13 am | Posted By CASANSAAR
The Supreme Court on Thursday said that in a taxation regime there is no room for presumption and it is the responsibility of the government to design a tax system which is convenient and simple so that an individual or a corporate can budget and plan.
The top court, which allowed a batch of appe...
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Income Tax |
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CBDT extends due dates for filing of Income Tax Returns and various reports of audit for Assessment Year 2021-22
Posted Date : 10-Sep-2021 , 10:36:32 am | Posted By CASANSAAR
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further ...
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CBDT |
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Government appoints 10 merchant bankers to manage IPO of LIC
Posted Date : 09-Sep-2021 , 08:48:19 am | Posted By CASANSAAR
The Government has appointed ten merchant bankers including SBI Capital Market Limited, Goldman Sachs (India) Securities, Citigroup Global Markets India and Nomura Financial Advisory and Securities India to manage the Initial Public Offering, IPO of Life Insurance Corporation of India, LIC.
In a ...
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General |
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CBDT allows taxpayers an opportunity to file application for settlement
Posted Date : 08-Sep-2021 , 08:30:38 am | Posted By CASANSAAR
The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (“the Act”) to inter alia provide that the Income-tax Settlement Commission (“ITSC”) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no...
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CBDT |
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SEBI introduces T+1 settlement cycle for stocks on optional basis
Posted Date : 08-Sep-2021 , 08:28:10 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) on September 7 introduced T+1 (Trade plus 1 day) rolling settlement cycle for stocks on an optional basis. The new rule will come into force on January 1, 2022.
The regulatory change has been adopted after the market regulator received requests fr...
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SEBI |
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CBDT amends IT Rules, 1962 to ease authentication of electronic records in faceless assessment proceedings
Posted Date : 08-Sep-2021 , 08:15:10 am | Posted By CASANSAAR
Ministry of Finance has said that electronic records submitted through registered account of taxpayers in the income tax portal shall be deemed to have been authenticated by the taxpayer by electronic verification code (EVC).
The Central Board of Direct Taxes (CBDT) has amended ...
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CBDT |
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Govt. must constitute GST tribunal - Supreme Court
Posted Date : 07-Sep-2021 , 06:03:33 am | Posted By CASANSAAR
The Supreme Court on Monday said the government had no option but to constitute the Goods and Services Tax (GST) Appellate Tribunal.
The tribunal has not been constituted even four years after the central GST law was passed in 2016. “You have to constitute a Tribunal,” a Special Bench...
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Income Tax |
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0 | Hits : 949
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Government sets up board for advance rulings in income tax matters
Posted Date : 07-Sep-2021 , 05:58:15 am | Posted By CASANSAAR
The Central Board of Direct Taxes has set up three Boards for Advance Rulings (BAR) to offer clarity on tax implications of transactions and to help avoid income tax disputes.
An order from CBDT showed that provisions for replacing the Authority for Advance Rulings (AAR), set up in 1993, with BAR...
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Income Tax |
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