RBI bans Haribhakti & Co from undertaking audit assignments for two years
Posted Date : 13-Oct-2021 , 08:57:06 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has barred chartered accountant firm Haribhakti & Co. LLP, from undertaking any type of audit assignments for any entities regulated by it for a period of two years with effect from April 1, 2022.
"This action has been taken on account of the failure on ...
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RBI |
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GST Network blocks Rs. 14,000 Cr input tax credits of 66,000 taxpayers
Posted Date : 13-Oct-2021 , 08:55:03 am | Posted By CASANSAAR
The Goods and Service Tax Network (GSTN) on Tuesday said it has blocked ₹14,000 crore worth of input tax credit (ITC) of 66,000 businesses registered under the GST.
Responding to social media posts based on an RTI reply about the ₹6.14 lakh crore of ITC blocked under Rule 86A of the GST law...
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GST |
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Govt initiates process for filling posts of independent directors in PSBs, FIs
Posted Date : 11-Oct-2021 , 09:16:10 am | Posted By CASANSAAR
The government has initiated the process of filling about 100 vacancies of independent directors in public sector banks and financial institutions to meet regulatory norms of corporate governance.
There have been vacancies at the independent director level across the public sector space leading...
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Corporate Law |
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Ice cream supplied by parlours to attract 18% GST
Posted Date : 07-Oct-2021 , 08:21:15 am | Posted By CASANSAAR
Ice creams sold by a parlour or such outlets will attract 18 percent Goods and Services Tax (GST), the CBIC said on Wednesday.
In two sets of circulars, the Central Board of Indirect Taxes and Customs (CBIC) clarified on issues raised by trade and industry on rates changes related to 21 goods and...
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GST |
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GST registration can't be cancelled if business not carried out from premises due to Covid 19 norms, protocols - Calcutta HC
Posted Date : 05-Oct-2021 , 09:08:15 am | Posted By CASANSAAR
The Calcutta High Court has ruled that goods and service tax registration cannot be cancelled if business was not carried out from the premises, due to the nationwide Covid pandemic.
The order was issued in case of an appeal filed by International Value Retail against revenue department and GST a...
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GST |
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Govt extends Credit Guarantee Scheme for Subordinate Debt upto 31st of March 2022
Posted Date : 05-Oct-2021 , 08:59:05 am | Posted By CASANSAAR
Government has extended the Credit Guarantee Scheme for Subordinate Debt upto 31st of March next year.
Ministry of Micro, Small and Medium Enterprises said, the government had announced creation of Distressed Assets Fund - Subordinate Debt for Stressed MSMEs’ on 13th May last year und...
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MSME |
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NFRA asks ICAI to reconsider structure of its accounting standards proposal
Posted Date : 04-Oct-2021 , 10:01:49 am | Posted By CASANSAAR
The National Financial Regulatory Authority (NFRA) has asked the Institute of Chartered Accountants of India (ICAI) to conduct a regulatory impact assessment of its proposed revisions to the existing accounting standards of companies.
These standards are for companies that are not required to f...
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Income Tax |
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No GST input tax credit on CSR expenses - AAR
Posted Date : 04-Oct-2021 , 09:55:14 am | Posted By CASANSAAR
The Gujarat bench of the Authority for Advance Rulings (AAR) recently held that corporate social responsibility (CSR) activities under the Companies (CSR Policy) Rules are excluded from the normal course of business. Its ruling came in a case where the applicant was a private limited company, Adama ...
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GST |
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Over 1,000 auditors yet to file annual returns - NFRA
Posted Date : 02-Oct-2021 , 07:22:18 am | Posted By CASANSAAR
More than 1,000 statutory auditors, representing a large section of audit professionals, have not filed annual returns, according to the National Financial Reporting Authority (NFRA), India’s audit regulator.
Painting a grim picture of India’s audit landscape, NFRA disclosed the names...
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NFRA |
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GST collection for September crosses Rs.1.17 lakh Cr
Posted Date : 02-Oct-2021 , 07:15:02 am | Posted By CASANSAAR
The gross GST revenue collected in the month of September was 1,17,010 crore rupees, which included CGST component of 20,578 crore, SGST 26,767 crore and IGST component of 60,911 crore rupees.
The revenue for September was 23 per cent higher than the GST revenues in the same month last year. Duri...
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GST |
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Extension of Last Date for payment of Membership /COP fee For the year 2021-22 to 31st Dec, 2021 - ICAI
Posted Date : 01-Oct-2021 , 07:53:48 am | Posted By CASANSAAR
M&SS Directorate
The Institute of Chartered Accountants of India
30th September, 2021
Important Announcement
Sub: Extension of Last Date for payment of Membership /COP fee For the year 2021-22 to 31st December, 2021.
The Council of ICAI has suo moto decided to extend the...
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ICAI |
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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 : 2005
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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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0 | Hits : 1341
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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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1 | Hits : 2013
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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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0 | Hits : 1035
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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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