Income Tax Department conducts searches in Gurugram
Posted Date : 16-Nov-2021 , 08:28:26 am | Posted By CASANSAAR
The Income Tax Department carried out search and seizure operations on 10.11.2021 on two groups, one engaged in real estate and hospitality and the other, a tools and equipment manufacturing group at Gurugram.
Various incriminating documents and electronic data relating to unaccounted investment ...
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Income Tax |
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Taxpayers can now access new I-T annual info statement on e-filing portal
Posted Date : 15-Nov-2021 , 08:20:27 am | Posted By CASANSAAR
The Income Tax (IT) department today said taxpayers can now access the new Annual Information Statement (AIS), which includes additional categories of information like interest, dividends, securities and MF transactions, and remittances from abroad, on the e-filing portal.
The I-T department ha...
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Income Tax |
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SEBI, RBI plan to bring digital gold under regulatory ambit
Posted Date : 15-Nov-2021 , 08:15:51 am | Posted By CASANSAAR
The finance ministry, the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) are working to bring digital gold, along with crypto assets, under some regulatory oversight, as concerns mount over the unchecked growth in such investments without investor protections that ...
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SEBI |
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CGST Officials unearth input tax credit fraud of around Rs 34 crore involving 7 firms
Posted Date : 15-Nov-2021 , 08:08:25 am | Posted By CASANSAAR
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through bogus GST invoices without actual movement of g...
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GST |
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RBI clarifies norms for upgrading of accounts classified as NPAs
Posted Date : 13-Nov-2021 , 09:22:18 am | Posted By CASANSAAR
The Reserve Bank of India on Friday clarified that lenders should reclassify a non-performing asset to “standard” asset only when the entire arrears of interest and principal are paid by the borrower.
The regulator has noted that some lending institutions were upgrading accounts cla...
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Income Tax |
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GST Notices to firms after mismatch in GST tax credits
Posted Date : 13-Nov-2021 , 09:19:29 am | Posted By CASANSAAR
Goods and services tax authorities have started issuing notices to several companies, after uncovering a mismatch in tax credits using deep analytics tools embedded in the GSTN software.
The tax department's analytics department has found these discrepancies in returns filed by companies,...
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GST |
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NFRA extends public consultation on small companies’ audit till Nov End
Posted Date : 11-Nov-2021 , 07:54:50 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has extended its public consultation to decide on relaxing the statutory audit obligation of small companies till end of November, showed an official order. The earlier due date for receiving comments and suggestions was 10 November.
The audit r...
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Income Tax |
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CBIC for strict enforcement to check fake invoicing
Posted Date : 11-Nov-2021 , 07:52:34 am | Posted By CASANSAAR
Regulatory checks on fake invoicing, including those of services, need to be strengthened for better tax compliance, according to an update on indirect tax administration from the Central Board of Indirect Taxes and Customs (CBIC) to field officers.
Senior officials of the Directorate General o...
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GST |
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RBI launches its First Global Hackathon - HARBINGER 2021
Posted Date : 11-Nov-2021 , 07:40:06 am | Posted By CASANSAAR
Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions that have the potential to make digital pa...
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RBI |
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SEBI allows FPIs to write off debt securities
Posted Date : 09-Nov-2021 , 08:18:52 am | Posted By CASANSAAR
Markets regulator Sebi on Monday allowed foreign portfolio investors (FPIs) to write off all debt securities that they are unable to sell. This will be applicable only to such FPIs who wish to surrender their registration, the Securities and Exchange Board of India (Sebi) said in a circular.
&q...
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SEBI |
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Stock exchanges to roll out T+1 settlement in phases from 25th Feb
Posted Date : 09-Nov-2021 , 08:17:15 am | Posted By CASANSAAR
Top stock exchanges on Monday said they will introduce the T+1 settlement cycle for trading equity shares and other instruments in a phased manner, starting 25 February.
A joint statement issued by the National Stock Exchange of India Ltd and BSE Ltd confirmed a 3 November Mint report that said...
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Shares & Stock |
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GST officers asked to block ITC only on basis of evidence, not suspicion
Posted Date : 06-Nov-2021 , 08:26:07 am | Posted By CASANSAAR
The CBIC has released guidelines on blocking of tax credit by goods and services tax (GST) field officers, adding such action should be on the basis of ‘material evidence’ and not just out of ‘suspicion’.
The norms by the Central Board of Indirect Taxes and Customs (CBIC...
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GST |
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Income Tax Deptt Roll out of new Annual Information Statement (AIS)
Posted Date : 02-Nov-2021 , 08:07:47 am | Posted By CASANSAAR
Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information Statemen...
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Income Tax |
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GST revenue collection for October second highest in history
Posted Date : 02-Nov-2021 , 08:05:23 am | Posted By CASANSAAR
The GST revenues for October have been the second-highest ever since the introduction of GST, second only to that in April this year.
The gross GST revenue collected in the month of October is one lakh 30 thousand 127 crore rupees. Out of this amount, the CGST component is 23,861 crore, SGST is 3...
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GST |
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Canadian immigration is making major changes to the NOC in 2022
Posted Date : 01-Nov-2021 , 08:14:59 am | Posted By CASANSAAR
Canada has introduced NOC 2021 and the immigration system will incorporate the changes in 2022.
The National Occupational Classification (NOC) is a major part of Canada’s immigration system. Skilled worker candidates and temporary foreign workers need to demonstrate their work experience ...
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Income Tax |
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PSBs to introduce common staff accountability guidelines for NPAs
Posted Date : 01-Nov-2021 , 08:10:40 am | Posted By CASANSAAR
Public sector banks will implement common staff accountability policies for loan accounts up to Rs 50 crore, excluding fraud accounts, turning into non-performing assets (NPAs) on or after April 1, 2022.
This is expected to ensure a common approach across state-owned banks in dealing with staff a...
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Banking |
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SEBI warns Vedanta over related-party transactions
Posted Date : 01-Nov-2021 , 08:07:05 am | Posted By CASANSAAR
Capital market regulator SEBI has warned billionaire Anil Agarwal's Vedanta Ltd for executing Rs 1,407 crore of related-party transactions without prior approval of the audit committee.
In a warning letter, which Vedanta as per SEBI directions disclosed to stock exchanges, the regulator said ...
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SEBI |
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RBI allows banks to open current accounts for borrowers availing credit from other banks
Posted Date : 30-Oct-2021 , 08:52:46 am | Posted By CASANSAAR
Banks may open current accounts for borrowers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system, said Reserve Bank of India (RBI) on October 29 in a release.
The development comes after the RBI reviewed and took into account the feedbac...
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RBI |
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Shaktikanta Das reappointed as RBI Governor for three more years
Posted Date : 30-Oct-2021 , 08:32:32 am | Posted By CASANSAAR
The government has approved the reappointment of Shaktikanta Das as Governor of the Reserve Bank of India for a period of three years.
The Appointments Committee of the Cabinet has approved the reappointment of Mr Das. The re-appointment will be effective from 10th December this year or until fur...
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RBI |
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HC notice to Centre on petition challenging faceless income tax assessment
Posted Date : 29-Oct-2021 , 08:03:15 am | Posted By CASANSAAR
The Madras High Court has issued notice to the union government on a writ petition challenging the constitutional validity of the faceless assessment system under the Income Tax Act.
The court restrained the tax department from recovering additional demand and posted the matter to Novemb...
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Income Tax |
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CBDT expands Form 26AS info list; includes foreign remittances, MF buys
Posted Date : 29-Oct-2021 , 07:55:04 am | Posted By CASANSAAR
The income tax department has expanded the list of high-value financial transactions which would be available to taxpayers in their form 26AS by including details of mutual fund (MF) purchases, foreign remittances, as well as information in ITRs of other taxpayers. Form 26AS is an annual consolidate...
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CBDT |
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All micro loans must be collateral-free - RBI
Posted Date : 29-Oct-2021 , 07:42:51 am | Posted By CASANSAAR
The RBI has said it proposes to make micro-lending collateral-free, not just for microfinance institutions (MFIs) but for all lenders. Delivering the inaugural address at the Sa-Dhan National Conference on 'Revitalising financial inclusion' on Wednesday, RBI deputy governor Rajeshwar Rao sai...
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RBI |
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Tax Audit Utility for Form 3CA-CD & 3CB-CD enabled by CBDT
Posted Date : 27-Oct-2021 , 08:36:48 am | Posted By CASANSAAR
Common Offline Utilities for filing Statutory Income-tax forms (Enabled for Form 3CA-CD & 3CB-CD)
The form is enabled for AY 2021-22 and AY 2020-21, prior years would be available shortly.
This version can be used for Tax Audits in cases not involving large number of records. T...
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Income Tax |
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RBI imposes monetary penalty on two cooperative banks
Posted Date : 27-Oct-2021 , 08:19:38 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on 26 October imposed monetary penalty on two cooperative banks for various rule violations. These two banks are Vasai Vikas Sahakari Bank, Maharashtra and the Citizens Urban Co-operative Bank Ltd., Jalandhar, Punjab.
A penalty of Rs 7 lakhs was imposed on Citizens Urb...
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Income Tax |
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RBI tightens rules for NBFCs funding IPOs
Posted Date : 23-Oct-2021 , 07:40:43 am | Posted By CASANSAAR
The Reserve Bank of India on Friday announced a limit on non-bank lenders financing subscriptions to initial share sales to stem the flow of large amounts of borrowed capital by high net worth individuals to such offerings.
“There shall be a ceiling of ₹1 crore per borrower for financing ...
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RBI |
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RBI imposes Rs. 1 Cr penalty on Paytm Payments Bank
Posted Date : 22-Oct-2021 , 07:41:39 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday imposed a monetary penalty of ₹1 crore on Paytm Payments Bank Limited (PPBL) over certain specified violations.
On examination of Paytm Payments Bank’s application for issue of final Certificate of Authorisation, the RBI observed that PPBL had subm...
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RBI |
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Canteen services for employees out of GST net - AAR
Posted Date : 20-Oct-2021 , 08:34:08 am | Posted By CASANSAAR
Canteen charges collected from employees will now be outside the gamut of goods and services tax following a tax ruling that offers some relief to several large industrial and manufacturing units.
In a recent ruling, the Gujarat Authority for Advance Ruling (AAR) said that GST is not applicable o...
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GST |
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RBI imposes Rs 1 Cr penalty on State Bank of India
Posted Date : 19-Oct-2021 , 08:42:12 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday imposed a monetary penalty of Rs 1 crore on the country’s largest lender, State Bank of India (SBI), for not complying with directions issued by the central bank with regard to fraud classification and reporting by commercial banks.
“This ac...
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RBI |
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SEBI forms high-powered panel on settlement orders
Posted Date : 16-Oct-2021 , 08:10:25 am | Posted By CASANSAAR
Capital markets regulator Sebi has constituted a four-member high powered advisory committee on settlement orders and compounding of offences. The committee will be chaired by Vijay C Daga, retired judge of High Court of Bombay, according to an update with the Securities and Exchange Board of India ...
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SEBI |
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Delhi GST officers busts fictitious exporter network for Rs.134 Cr ITC Fraud
Posted Date : 14-Oct-2021 , 07:37:47 am | Posted By CASANSAAR
GST officers in Delhi have busted a network of fictitious exporters and arrested one person for fraudulently claiming input tax credit of ₹134 crore.
The Finance Ministry said that based on risk analysis, M/s Vibe Tradex, engaged in export of Pan Masala, chewing tobacco, FMCG goods etc, was i...
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GST |
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