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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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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Govt plans to bring a bill, cryptocurrencies to be treated as commodity
Posted Date : 04-Sep-2021 , 09:18:26 am | Posted By CASANSAAR
The government is planning to define cryptocurrencies in the new draft bill that also proposes to compartmentalise virtual currencies on the basis of their use cases, three people aware of the development told ET.
Cryptocurrencies will be treated as an asset/commodity for all purposes, including ...
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General |
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SEBI asks investors to link PAN with Aadhaar by September-end for smooth transactions
Posted Date : 04-Sep-2021 , 08:33:49 am | Posted By CASANSAAR
Capital markets regulator Sebi on Friday asked investors to link their PAN with Aadhaar number by September 30 for continual and smooth transactions in the securities market.
Failing to comply with this, a person's Permanent Account Number (PAN) card will become inoperative, which means incom...
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SEBI |
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Canada's PNP issued over 3400 invitation for PR in the month of August
Posted Date : 02-Sep-2021 , 10:48:51 am | Posted By CASANSAAR
Canada’s Provincial Nominee Programs (PNP) issued over 3,400 invitations to apply for provincial nomination during the month of August.
Canada’s Provincial Nominee Programs (PNP) issued over 3,400 invitations to apply for provincial nomination during the month of August 2021. Major Pr...
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International Business |
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ICAI Election 2021 - Know Your Pooling Booth Details
Posted Date : 02-Sep-2021 , 10:44:54 am | Posted By CASANSAAR
ICAI Election 2021 Updates :-
Know your polling booth details for ICAI Elections to be held on 3rd and 4th December 2021
https://appforms.icai.org/elections/knowyourbooth2021.html...
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ICAI |
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Govt appoints JB Mohapatra as CBDT Chairman
Posted Date : 02-Sep-2021 , 10:32:39 am | Posted By CASANSAAR
The government announced on Wednesday the Appointments Committee of the Cabinet has confirmed the appointment of IRS officer Jagannath Bidyadhar Mohapatra as the Chairman of the Central Board of Direct Taxes (CBDT)
The Ministry of Personnel, Public Grievances and Pensions, in a notification said:...
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CBDT |
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GST collection crosses Rs 1.12 lakh Cr. in August 2021
Posted Date : 02-Sep-2021 , 10:30:17 am | Posted By CASANSAAR
Goods and Service Tax collection for the month of August 2021 came in at Rs 1.12 lakh crore, compared with Rs 1.16 lakh crore in July, data released by the Finance Ministry show on September 1.
This is the second consecutive month that GST collections are above the Rs 1 lakh crore mark, indicatin...
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GST |
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First time in the history, nine new Supreme Court judges to take oath today
Posted Date : 31-Aug-2021 , 07:54:05 am | Posted By CASANSAAR
Nine new judges, including three women, would be administered the oath of office as judges of the Supreme Court by Chief Justice of India (CJI) N V Ramana on Tuesday.
It is for the first time in the history of the apex court when nine judges would be taking the oath of office at one go and the sw...
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General |
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Extension of closing date of late fee amnesty scheme and time limit for filing of application for revocation of cancellation of registration
Posted Date : 30-Aug-2021 , 08:21:32 am | Posted By CASANSAAR
The Government, vide Notification No. 19/2021- Central Tax, dated 01.06.2021, had provided relief to the taxpayers by reducing / waiving late fee for non-furnishing FORM GSTR-3B for the tax periods from July, 2017 to April, 2021, if the returns for these tax periods are furnished between 0...
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GST |
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CBDT extends due dates for electronic filing of various Forms under the Income-tax Act, 1961
Posted Date : 30-Aug-2021 , 08:20:38 am | Posted By CASANSAAR
On consideration of difficulties reported by the taxpayers and other stakeholders in electronic filing of certain Forms under the provisions of the Income-tax Act,1961 read with Income-tax Rules,1962 (Rules), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for electr...
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Income Tax |
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CBDT extends date under section 3 of the Vivad se Vishwas Act
Posted Date : 30-Aug-2021 , 08:17:29 am | Posted By CASANSAAR
Under The Direct Tax Vivad se Vishwas Act 2020 (hereinafter referred to as “Vivad se Vishwas Act”), the amount payable by the declarant is stated in the table under section 3 of the Vivad se Vishwas Act.
As per the latest notification dated 25th June 2021, the last date...
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Income Tax |
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GST defaulters of last two months to be barred from filing GSTR-1
Posted Date : 28-Aug-2021 , 07:45:27 am | Posted By CASANSAAR
GSTN stated in the advisory that “a registered person shall not be allowed to furnish the details of outward supplies of goods or services or both under section 37 in Form GSTR-1, if he has not furnished the return in Form GSTR-3B for preceding two months."
Businesses have to file GSTR...
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GST |
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