18% GST on recovered pay for employees while leaving job without serving notice period
Posted Date : 14-Jan-2021 , 09:10:33 am | Posted By CASANSAAR
Leaving your job without serving the stipulated notice period will now cost employees 18 percent goods and services (GST) tax on the pay recovered for the notice period duration.
The Gujarat Authority of Advance Ruling has held that an employee exiting a company without completing their notice pe...
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GST |
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Income-Tax department brings out Faceless Penalty Scheme
Posted Date : 14-Jan-2021 , 09:07:02 am | Posted By CASANSAAR
The Income Tax Department has brought out a "faceless penalty scheme" to handle recommendations for penalty issued under its faceless assessment programme.
The scheme notified on Tuesday seeks to ensure that any order arising from faceless assessment of taxable income is fool proof and ...
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Income Tax |
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5% more income tax returns filed this year - Income Tax Department
Posted Date : 13-Jan-2021 , 08:38:56 am | Posted By CASANSAAR
Income tax returns filed this year have risen by about 5 per cent to nearly 6 crore as more businesses and entities filed annual income statements.
Over 5.95 crore income tax returns (ITRs) for the fiscal year ended March 31, 2020 (2019-20) were filed by January 10, the Income Tax Department said...
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ITR |
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CBDT launches e-portal for filing complaints regarding tax evasion/Benami Properties/Foreign Undisclosed Assets
Posted Date : 13-Jan-2021 , 07:58:24 am | Posted By CASANSAAR
Taking another step towards e-governance and encouraging participation of citizen as stakeholders in curbing tax evasion, the Central Board of Direct Taxes has launched an automated dedicated e-portal on the e-filing website of the Department to receive and process complaints of tax evasion, foreign...
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CBDT |
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Reserve Bank of India imposes monetary penalty on Deutsche Bank AG
Posted Date : 13-Jan-2021 , 07:56:30 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has, by an order dated January 12, 2021, imposed a monetary penalty of Rs.2 crore (Rupees Two Crore only) on Deutsche Bank AG (the bank) for non-compliance with certain provisions of directions issued by RBI contained in the “Reserve Bank of India (Interest Rate...
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RBI |
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Bank NPA may rise to 25-year high under severe stress - RBI
Posted Date : 12-Jan-2021 , 08:18:42 am | Posted By CASANSAAR
The bad loan ratio of banks in India could rise 600 basis points (bps) to 13.5% under the baseline stress scenario or nearly double to 14.8% by September this year, under a severe stress scenario, taking it to a 25-year-high, the Reserve Bank of India (RBI) said on Monday.
Under the baseline scen...
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RBI |
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Delhi HC upholds arrest provision in CGST Act for tax evasion
Posted Date : 11-Jan-2021 , 09:28:11 am | Posted By CASANSAAR
The Delhi High Court has upheld the controversial provisions in the Central Goods and Service Tax (CGST) Act that gives power to authorities to arrest any person if there is “reason to believe” that he has committed tax evasion.
A Bench of Justice Manmohan and Justice Sanjeev Narula g...
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GST |
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Govt creates special unit in Income Tax dept for probe into undisclosed foreign assets
Posted Date : 11-Jan-2021 , 09:22:49 am | Posted By CASANSAAR
A special unit has been created by the government in the countrywide investigation wings of the Income Tax department for focussed probe in cases of undisclosed assets held by Indians abroad and possession of black money in foreign shores, officials said. The Foreign Asset Investigation Units (FAIUs...
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Income Tax |
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Rs 700 crore recovered, 215 arrested in crackdown on fake GST bills scam
Posted Date : 11-Jan-2021 , 09:20:28 am | Posted By CASANSAAR
Government's crackdown on GST fake invoice scam has resulted in recovery of Rs 700 crore, arrests of 215 persons, and unearthing of 6,600 fake GST Identification Numbers (GSTIN). About 2,200 cases have been filed over the past two months.
Sources said that those arrested not only include fake...
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GST |
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Sovereign Gold Bond Scheme 2020-21 (Series X) – Issue Price
Posted Date : 09-Jan-2021 , 09:46:47 am | Posted By CASANSAAR
In terms of Government of India Notification No.4(4)-B(W&M)/2020 dated October 09, 2020, Sovereign Gold Bonds 2020-21 (Series X) will be opened for the period January 11-15, 2021 with Settlement date January 19, 2021. The issue price of the Bond during the subscription period shall be Rs5,...
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General |
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DGGI Gurugram arrests one for fraudulently availing ITC of Rs 8 crore
Posted Date : 09-Jan-2021 , 09:46:09 am | Posted By CASANSAAR
The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Shri Sanjay Goel, resident of New Delhi on charges of illegally availing and passing on input tax credit (ITC) on goods-less invoices.
On the basis of the investigation conducted till date...
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GST |
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0 | Hits : 1022
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RBI ask banks to align internal audit function with global best practices
Posted Date : 08-Jan-2021 , 08:14:15 am | Posted By CASANSAAR
The RBI on Thursday asked banks to align their internal audit function with international best practices, like those issued by the Basel Committee on Banking Supervision (BCBS).
As per a 2002 guidance note, banks are required to put in place a risk based internal audit (RBIA) system as part of th...
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RBI |
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0 | Hits : 1935
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CBIC introduces liberalised Authorised Economic Operator package for MSMEs
Posted Date : 08-Jan-2021 , 08:06:41 am | Posted By CASANSAAR
The Central Board of Indirect Taxes & Customs (CBIC) on January 7 said it has introduced liberalised Authorised Economic Operator package for micro, small and medium enterprises (MSMEs) for swift customs clearances. In order to attract MSMEs to become Authorised Economic Operators (AEOs) and ava...
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MSME |
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NCLT allows restoration of a company struck off from ROC
Posted Date : 07-Jan-2021 , 10:00:07 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT), Chennai, has allowed the restoration of a city-based Real Value Realties India Private Limited, which was struck off from Registrar of Companies, after the Income Tax Department pleaded that the company had pending dues.
The company was struck off in 2017...
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Income Tax |
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0 | Hits : 2016
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RBI unveils guidelines for digital payment infra fund
Posted Date : 07-Jan-2021 , 09:46:08 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Tuesday announced operational guidelines for the Payments Infrastructure Development Fund (PIDF) scheme, aimed at encouraging deployment of more digital payments infrastructure across tier-3 to tier-6 centres.
The fund will be used to subsidize banks and non-ban...
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RBI |
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0 | Hits : 894
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RBI introduces identification number to track large value transactions
Posted Date : 06-Jan-2021 , 10:49:19 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday said legal entity identifiers will be mandatory for all fund transfecs worth Rs. 50 crore and above. The LEI is a 20-digit number used to uniquely identify parties involved in financial transactions world over.
LEI numbers of the beneficiaries and remitters mu...
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RBI |
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RBI imposes Rs. 2.5 Cr Penalty on Bajaj Finance for breaching regulatory compliance norms
Posted Date : 06-Jan-2021 , 08:16:16 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday imposed a penalty of ₹2.5 crore on Bajaj Finance Limited for breaching regulatory compliance norms. "The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹2.50 crore (Rupees Two crore Fifty lakh only) on Bajaj Finance Limited, Pune (the comp...
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RBI |
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Due date for filing GST Returns for period October - December is January 13 - GSTN
Posted Date : 06-Jan-2021 , 08:10:22 am | Posted By CASANSAAR
The due date for quarterly filing of Goods and Services Tax Returns for the third quarter of 2020 (the period between October and December) is January 13, the GSTN said on Tuesday. "The date currently being shown in the GSTR-1 tile is 31.01.2021 which is erroneous and the correct date i.e. 13.0...
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GST |
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ED attaches Rs 452 crore assets of a Singapore company in IL&FS case
Posted Date : 06-Jan-2021 , 08:04:57 am | Posted By CASANSAAR
The Enforcement Directorate (ED) has provisionally attached assets to the tune of Rs 452 crores belonging to a Singapore company in connection with its probe into alleged money laundering associated with irregularities in IL&FS group companies.
The agency claimed it has attached assets, in th...
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General |
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Power To Block GST Credit Mustn’t Be Used To Harass Taxpayers - Gujarat High Court
Posted Date : 05-Jan-2021 , 08:58:19 am | Posted By CASANSAAR
The power of GST authorities to block credit is drastic in nature and mustn’t be used to harass taxpayers, the Gujarat High Court has said. The court expressed the need for the government to issue guidelines and the procedure to be followed by GST authorities while exercising their powers to b...
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GST |
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0 | Hits : 995
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Govt crackdown on 7,000 GST evaders, 185 arrested
Posted Date : 05-Jan-2021 , 08:34:43 am | Posted By CASANSAAR
Armed with data analytics and information from agencies, the government has launched a massive crackdown on GST evaders, initiating action against 7,000 entities including arrest of 187 -- a campaign that contributed to buoyancy in tax collection, Finance Secretary Ajay Bhushan Pandey said on Sunday...
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GST |
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CAG writes to finmin, seeks performance audit details of PSU banks recapitalisation
Posted Date : 04-Jan-2021 , 08:43:38 am | Posted By CASANSAAR
The Comptroller and Auditor General of India (CAG) has written to the finance ministry seeking details about the ongoing performance audit of government's massive recapitalisation excercise of public sector banks (PSBs).
CAG is doing performance audit on recapitalisation of PSBs after 2016-17...
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CAG |
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CGST Delhi Commissionerate arrests one for duty evasion of around Rs 831.72 Cr
Posted Date : 04-Jan-2021 , 08:21:37 am | Posted By CASANSAAR
The Central GST Delhi West Commissionerate has unearthed evasion of GST by way of manufacture and clandestine supply of gutkha/pan masala/tobacco products without any registration and payment of duty. On basis of the search at the premise of manufacture, it was found that illegal manufacturing of Gu...
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GST |
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0 | Hits : 1255
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Over 4.84 Cr income tax returns for 2019-20 filed till Dec 31
Posted Date : 02-Jan-2021 , 10:14:05 am | Posted By CASANSAAR
Over 4.84 crore income tax returns (ITRs) for fiscal year 2019-20 have been filed till December 31, 2020, the Income Tax Department said on Friday.
The government has extended the ITR filing deadline for individuals till January 10, and for companies till February 15.
'Over 4.84 crore Inco...
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ITR |
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GST collections touch all time high of over Rs one lakh Cr in December
Posted Date : 02-Jan-2021 , 09:33:03 am | Posted By CASANSAAR
GST Revenue collection for last month has been recorded to be an all time high since the implementation of the Goods and Services Tax in the country. The gross GST revenue collected in the month of December 2020 is 1 lakh 15 thousand 174 crore rupees.
The revenue collected is 12 per cent hi...
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GST |
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0 | Hits : 1377
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Reserve Bank of India introduces the RBI-Digital Payments Index
Posted Date : 02-Jan-2021 , 09:20:09 am | Posted By CASANSAAR
As announced in the Statement on Developmental and Regulatory Policies as part of the Sixth Bi-monthly Monetary Policy Statement for 2019-20 dated February 06, 2020, the Reserve Bank of India has constructed a composite Digital Payments Index (DPI) to capture the exte...
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RBI |
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Extension of Due Dates by Govt of India
Posted Date : 31-Dec-2020 , 09:02:50 am | Posted By CASANSAAR
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 whi...
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Income Tax |
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0 | Hits : 1261
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IFSCA permits Banking Units to transfer of assets through participation agreements
Posted Date : 31-Dec-2020 , 09:00:26 am | Posted By CASANSAAR
The International Financial Services Centres Authority (IFSCA) today allowed Banking Units (BUs) to transfer assets to/from other financial institutions, persons resident in India and persons resident outside India through any internationally recognised standard risk participation agreement.
Tran...
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Banking |
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0 | Hits : 900
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Due Dates extended under Income Tax and GST
Posted Date : 30-Dec-2020 , 07:49:32 pm | Posted By CASANSAAR
1. The due date for furnishing of ITR for AY 2020-21 for the taxpayers (including their partners) who are required to get their accounts audited, companies and the taxpayers who are required to furnish report in respect of international/specified domestic transactions has been further exte...
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Income Tax |
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0 | Hits : 977
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Income Tax dept tightens noose around those ignoring notices
Posted Date : 26-Dec-2020 , 10:08:49 am | Posted By CASANSAAR
The Income Tax department has launched a nationwide campaign to identify people who have deliberately chosen to ignore the notices calling for enquiry and verification of the tax returns, to catch tax evaders and collect due taxes and penalties from them.
Sources in the revenue department say tha...
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Income Tax |
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0 | Hits : 6196
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