Income Tax dept tool to identify 'specified persons' who have to pay higher taxes
Posted Date : 23-Jun-2021 , 09:04:29 am | Posted By CASANSAAR
The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the 'specified persons' on whom higher rate of taxes will be levied from July 1.
The Budget 2021 had brought in a provision which mandated that non-filers of income tax returns for past...
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Income Tax |
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CBIC clarifies on QR codes for companies with turnover of over Rs 500 Cr
Posted Date : 23-Jun-2021 , 08:51:20 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on QR codes for businesses with a turnover of more than Rs 500 crore, The Economic Times has reported.
The CBIC has said that these companies supplying services to entity located overseas and receiving payments thro...
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GST |
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Clarification for use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961
Posted Date : 23-Jun-2021 , 08:41:01 am | Posted By CASANSAAR
Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from 1st day of July, 2021. These sections mandate tax deduction or tax collection at higher rate in case of certain non-filers (specified persons). Higher rate is twice the prescribed rat...
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Income Tax |
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Reserve Bank of India Imposes Rs 23 Lakh Fine on 3 Cooperative Banks
Posted Date : 22-Jun-2021 , 09:55:19 am | Posted By CASANSAAR
RBI on Monday imposed penalties of Rs 23 lakh on three cooperative banks, including Mogaveera Co-operative Bank Limited, Mumbai, for contravention of various norms. A penalty of Rs 12 lakh has been imposed on Mogaveera Co-operative Bank Limited, Rs 10 lakh on Indapur Urban Cooperative Bank, and Rs 1...
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RBI |
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Govt amends rules pertaining to Indian Accounting Standards
Posted Date : 20-Jun-2021 , 09:31:47 am | Posted By CASANSAAR
The government has amended rules pertaining to various Indian Accounting Standards (Ind AS), including those related to interest rate benchmark reform. Ind AS are converged with the International Financial Reporting Standards (IFRS).
On Friday, the corporate affairs ministry notified the Companie...
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IFRS |
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Ministry of MSME Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st Dec, 2021
Posted Date : 17-Jun-2021 , 08:49:41 pm | Posted By CASANSAAR
Ministry of Micro, Small and Medium Enterprises has issued an amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 vide 2347(E) dated 16.06.2021, extending the validity of EM Part-II and UAMs from 31.03.2021 to 31.12.2021. This would facilitate the holders of EM Part-II and UAMs...
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Income Tax |
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MCA removes restrictions on board meetings via video conferencing
Posted Date : 17-Jun-2021 , 09:36:38 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has issued a notification to allow board meetings through video conferencing for activities that were earlier restricted for the digital medium, in a move that will ease the burden on companies to hold physical meetings even beyond the pandemic.
Some of the activ...
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MCA |
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SEBI issues new guidelines on settlement of running accounts
Posted Date : 17-Jun-2021 , 09:32:23 am | Posted By CASANSAAR
Capital markets regulator Sebi on Wednesday came out with new guidelines for settlement of running account of client's funds and securities that will be applicable from August 1.
Under the guidelines, retention of any amount towards administrative or operational difficulties in settling the a...
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SEBI |
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Net Direct Tax collection during current fiscal doubles to Rs 1.86 lakh Cr
Posted Date : 17-Jun-2021 , 09:21:22 am | Posted By CASANSAAR
Net Direct Tax collections have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy this financial year. Finance Ministry said that Net Direct Tax collections have increased over hundred per cent in this fiscal year in comparison to the corresponding period o...
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Income Tax |
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Govt simplifies registration process for MSMEs
Posted Date : 16-Jun-2021 , 08:08:57 am | Posted By CASANSAAR
The government has simplified the registration process for micro, small and medium enterprises and they will now only need to furnish PAN and Aadhaar to register, an official statement said on Tuesday. Announcing the measure, MSME minister Nitin Gadkari said that after getting registered, the MSME u...
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MSME |
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RBI slaps fine on two co-operative banks for non-compliance with Directions
Posted Date : 16-Jun-2021 , 08:06:03 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday imposed monetary penalties totalling ₹11 lakh on Bijnor Urban Co-operative Bank Limited, Bijnor and National Urban Co-operative Bank Limited, New Delhi for contravention of certain norms.
The Reserve Bank of India (RBl) has imposed, by an order dated J...
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RBI |
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Relaxation in electronic filing of Income Tax Forms 15CA/15CB - CBDT
Posted Date : 15-Jun-2021 , 07:47:46 am | Posted By CASANSAAR
As per the Income-tax Act, 1961, there is a requirement to furnish Form 15CA/15CB electronically. Presently, taxpayers upload the Form 15CA, along with the Chartered Accountant Certificate in Form 15CB, wherever applicable, on the e-filing portal, before submitting the copy to the authoriz...
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Income Tax |
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Rs.1.53 lakh crore bad loan write-off gives a facelift to banks’ NPA profile
Posted Date : 14-Jun-2021 , 10:51:24 am | Posted By CASANSAAR
Indian banks have written off loans worth Rs 1.53 lakh crore in 2020-21 to show reduced non-performing assets (NPAs) on their books, calculations based on numbers released by individual banks showed. This is the second-highest amount of loans being written off in a financial year over the last decad...
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NPA |
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RBI extends risk based internal audit rules to big housing finance companies
Posted Date : 12-Jun-2021 , 08:54:57 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday extended the Risk-Based Internal Audit (RBIA) rules to all deposit taking HFCs and non-deposit taking HFCs with assets over Rs 5,000 crore with effect from June 30, 2022. Earlier, on February 3, the central bank had made these rules applicable to o...
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RBI |
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RBI may give Banks / NBFCs more time to appoint auditors
Posted Date : 11-Jun-2021 , 09:46:43 am | Posted By CASANSAAR
The Reserve Bank of India may give more time to regulated entities, including banks, to implement the new guidelines on the appointment of statutory auditors.
Regulated entities are of the view that a year’s time should have been given for implementing the guidelines as some of them have al...
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RBI |
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Delhi Police Arrests 11 (2 CAs) In Rs.150 Cr Mobile App Fraud Case
Posted Date : 10-Jun-2021 , 09:05:58 am | Posted By CASANSAAR
The Delhi Police's Cyber Cell has arrested 11 men, including two charted accountants (CAs), for allegedly cheating more than five lakh people of over ₹ 150 crore in two months on the pretext of providing lucrative returns on two mobile applications, police said on Wednesday.
A total of ₹ ...
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ICAI |
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NFRA may soon settle disciplinary cases of Auditors
Posted Date : 09-Jun-2021 , 09:36:49 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has said that it will propose to the government that it be allowed to settle disciplinary cases of auditors that do not require determination of professional misconduct.
NFRA’s plan follows a technical advisory panel set up by the audit watc...
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NFRA |
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RBI asks banks not to destroy CCTV recordings of demonetisation period
Posted Date : 09-Jun-2021 , 09:34:57 am | Posted By CASANSAAR
The RBI on Tuesday asked banks to preserve the CCTV recordings of their branches and currency chests from November 8, 2016, to December 30, 2016, till further orders with a view to assisting the enforcement agencies to take actions against persons involved in illegal activities during the demonetisa...
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RBI |
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RBI imposes Rs 6 Cr Penalty on BoI, PNB
Posted Date : 08-Jun-2021 , 09:48:35 am | Posted By CASANSAAR
The RBI on Monday imposed penalty aggregating to Rs 6 crore on Bank of India and Punjab National Bank for contravention of norms, including one related to "Frauds – Classification and Reporting".
A penalty of Rs 4 crore has been imposed on Bank of India and Rs 2 crore on Pun...
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RBI |
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World Bank approves 500 million dollar program to help boost India's MSME sector
Posted Date : 08-Jun-2021 , 09:41:33 am | Posted By CASANSAAR
The World Bank has approved a USD 500 million program to help boost India's MSME sector. The programme targets improvements in the performance of five lakh 50 thousand MSMEs. Out of some 58 million MSMEs in the country, more than 40 per cent lack access to formal sources of finance. The MSME sec...
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MSME |
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DSC to be re-registered afresh 7th June onwards on the new portal - Income Tax Dept
Posted Date : 05-Jun-2021 , 09:36:29 am | Posted By CASANSAAR
Please ensure that you re-register your current valid DSC on the new e-filing portal https://www.incometax.gov.in from June 7th onwards.
The earlier DSC registration on the old portal cannot be migrated due to security and technical reasons.
This is a system generated e-mail and plea...
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Income Tax |
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Liaison office has to pay GST - AAR
Posted Date : 05-Jun-2021 , 09:24:42 am | Posted By CASANSAAR
The GST Authority for Advance Rulings (AAR - Maharashtra bench) has held a liaison office, in Mumbai, of the Dubai Chamber of Commerce and Industry (DCCI) to be an ‘intermediary’, which is providing services. The AAR concluded that the liaison office is liable to register under the Goods...
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GST |
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RBI slams foreign banks on data rule
Posted Date : 02-Jun-2021 , 09:44:43 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has pulled up several multinational banks operating in the country for not providing a board-approved system audit report certifying compliance with its data-localisation norms.
In a recent communication, the RBI said that a majority of banks are yet to submit syst...
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RBI |
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RBI asks banks for customer due diligence for transactions in virtual currencies
Posted Date : 01-Jun-2021 , 10:22:52 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has advised banks and other regulated entities to continue to undertake due diligence of customers dealing with virtual currencies popularly known as crypto currencies.
This came in the form a clarification issued by the RBI the wake of media reports concerning Vir...
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RBI |
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SEBI asks listed firms to disclose loans given to promotes in Compliance Report
Posted Date : 01-Jun-2021 , 10:20:33 am | Posted By CASANSAAR
Markets regulator Sebi on Monday asked listed companies to make disclosure about loans and guarantees provided by them to promoter or any other entity controlled by them on a half-yearly basis in the compliance report on corporate governance.
The move is aimed at bringing transparency and strengt...
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SEBI |
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Number of Frauds in Private Banks up 21% in FY21 - RBI Annual Report
Posted Date : 29-May-2021 , 09:17:09 am | Posted By CASANSAAR
Even as number of fraud cases have declined in the banking system during 2020-21 (FY21), instances of frauds have increased in the private banks, RBI said in its annual report on Thursday. While private banks reported a rise of 21% year-on-year (y-o-y) in the number of frauds during FY21, public sec...
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Banking |
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RBI imposes Rs. 10 crore penalty on HDFC Bank
Posted Date : 29-May-2021 , 09:08:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹10 crore on HDFC Bank Limited for contravention of provisions of section 6(2) and section 8 of the Banking Regulation Act, 1949 (the Act), an order dated 27 May stated.
This penalty has been imposed in exercise of powers vested ...
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RBI |
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Recommendations of 43rd GST Council meeting
Posted Date : 29-May-2021 , 09:00:43 am | Posted By CASANSAAR
The 43rd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Minist...
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GST |
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Centre appoints three new members on CBDT board
Posted Date : 28-May-2021 , 09:09:31 am | Posted By CASANSAAR
Three new members were on Thursday appointed to the Central Board of Direct Taxes (CBDT), the administrative and policy-making body for the Income Tax Department. An order issued by the Appointments Committee of the Cabinet (ACC) named 1985 batch officers of the Indian Revenue Service Anu J Singh, J...
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CBDT |
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RBI flags risk of bubble in Indian equity markets
Posted Date : 28-May-2021 , 09:04:54 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday said the sharp rally in the domestic equity markets despite an estimated 8 per cent contraction in GDP in 2020-21 poses the “risk of a bubble”.
In its annual report for 2020-21, RBI noted that India’s equity prices have surged to recor...
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RBI |
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