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Extension of Due Dates - Request ICAI, CCMs for Tweets / Retweets
Posted Date : 26-Dec-2020 , 09:56:02 am | Posted By CASANSAAR

CA Vivek Khurana Retweeted       CA Vivek Khurana   @khuranavivek   Members including Trade Associations are requesting for date extensio...

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Category : Tax Audit | Comments : 0 | Hits : 2802

Govt issued notification to curb menace of fake GST invoice by fraudsters
Posted Date : 24-Dec-2020 , 10:12:34 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman has said that the government has issued a notification to curb the menace of fake GST invoice by fraudsters or fly-by-night firms. She said, the move comes following recommendations of the GST Council’s Law Committee in this regard. Ms Sitharaman said,...

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Category : GST | Comments : 0 | Hits : 5269

RBI Cautions against unauthorised Digital Lending Platforms/Mobile Apps
Posted Date : 24-Dec-2020 , 09:44:06 am | Posted By CASANSAAR

There have been reports about individuals/small businesses falling prey to growing number of unauthorised digital lending platforms/Mobile Apps on promises of getting loans in quick and hassle-free manner. These reports also refer to excessive rates of interest and additional hidden charges being de...

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Category : RBI | Comments : 0 | Hits : 1407

Govt extends IBC suspension till March 2021
Posted Date : 22-Dec-2020 , 10:06:46 am | Posted By CASANSAAR

Fresh corporate bankruptcy filings for loans defaulted during the pandemic will remain suspended till the end of the fiscal, with the government extending the ongoing freeze. The Insolvency and Bankruptcy Code (IBC) was initially suspended for six months from March 25, which was later extended by...

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Category : Insolvent Professional | Comments : 0 | Hits : 1617

SEBI comes out with new stress testing perimeters for commodity derivatives
Posted Date : 22-Dec-2020 , 09:56:25 am | Posted By CASANSAAR

Markets regulator Sebi on December 21 issued new stress testing perimeters for commodity derivatives in order to tackle extreme volatile price events. The move comes after the regulator received representation to review the requirement of including all the price movements during the last 15 years, i...

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Category : SEBI | Comments : 0 | Hits : 1078

Tweet / Retweet Karo Jhat Se, Date Extend Hogi Pat Se
Posted Date : 21-Dec-2020 , 10:42:25 am | Posted By CASANSAAR

Tweet / Retweet Karo Jhat Se, Date Extend Hogi Pat Se. Resp. @nsitharaman Ji, Every one waiting for your Tweet / Notification for Dates Extension.  @IncomeTaxIndia @FinMinIndia @ianuragthakur @casansaar @cbic_india #ITRFileKaroJhatpat #DatesExtendKaroJha...

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Category : Income Tax | Comments : 0 | Hits : 1341

MCA provides additional relaxations to independent directors for Online Proficiency Test
Posted Date : 21-Dec-2020 , 10:08:52 am | Posted By CASANSAAR

In further relief to independent directors, the ministry of corporate affairs (MCA) relaxed both the requirements and timelines for the online self-assessment proficiency test such directors must take under the amended Companies (Appointment and Qualification of Directors) Rules, 2014. Move to en...

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Category : MCA | Comments : 0 | Hits : 1251

Govt likely to extend IBC suspension to prevent cos from being forced into insolvency proceedings
Posted Date : 21-Dec-2020 , 08:49:39 am | Posted By CASANSAAR

Much to the relief of small businesses, the government is likely to extend IBC suspension further to prevent companies from being forced into insolvency proceedings due to debt defaults triggered by the COVID-19 crisis. The government may extend IBC suspension by another three months, reported Econo...

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Category : Insolvent Professional | Comments : 0 | Hits : 1163

SEBI gives certain relaxations to NRIs on holding depository receipts
Posted Date : 19-Dec-2020 , 08:41:22 am | Posted By CASANSAAR

Markets regulator Sebi on Friday gave certain relaxations to non-resident Indians in respect of holding of depository receipts (DRs) issued by India-listed companies. NRIs can now hold DRs issued by the company under the employee stock option schemes, bonus issue and rights issue, the regulator s...

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Category : SEBI | Comments : 0 | Hits : 992

NFRA can carry on probe of IFIN Audits - Delhi HC
Posted Date : 19-Dec-2020 , 08:37:54 am | Posted By CASANSAAR

The Delhi High Court has allowed audit regulator National Financial Reporting Authority (NFRA) to carry on investigation and issue notices to executives working with BSR & Associates, which was the auditor of ILFS Financial Services (IFIN). While hearing the case on Wednesday, the court, howe...

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Category : NFRA | Comments : 0 | Hits : 1038

Email ID to register grievance under Faceless Assessment Scheme
Posted Date : 18-Dec-2020 , 09:25:45 am | Posted By CASANSAAR

Exclusive email ID- "feedback.notice.neac@incometax.gov.in" enabled to register grievance regarding S. 142(1) notices (including roving questionnaires) issued under the Faceless Assessment Scheme 2019. The grievances received in the said email shall be closely monitored by a team of off...

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Category : Income Tax | Comments : 0 | Hits : 1243

SEBI tweaks public shareholding norms for companies under insolvency process
Posted Date : 17-Dec-2020 , 10:28:52 am | Posted By CASANSAAR

 Markets regulator Sebi decided to tweak norms pertaining to 25 per cent minimum public shareholding for companies which undergo corporate insolvency resolution and seek relisting following the process. Besides, it decided to enhance disclosure for such companies, Sebi said in a statement af...

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Category : SEBI | Comments : 0 | Hits : 964

Tax Professionals Seek extension of due dates for Income Tax, GST Compliance
Posted Date : 17-Dec-2020 , 09:12:20 am | Posted By CASANSAAR

Tax professionals have urged the government to extend various deadlines under the Income Tax Act for assessment year 2020-21 and for filing annual reconciliation statement under the Goods and Services Tax Act for the years ending March 2019 and March 2020.   CA Sansaar &nbs...

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Category : Income Tax | Comments : 0 | Hits : 1266

CBDT Allow One time relaxation to update the UDIN before 31st Dec.2020 of audit report/certificates
Posted Date : 16-Dec-2020 , 09:37:51 am | Posted By CASANSAAR

CBDT Allow One time relaxation to update the UDIN before 31st Dec.2020 of audit report/certificates to avoid invalidation A One time relaxation to update UDIN has been enabled. Kindly update the UDIN before 31st December, 2020 of audit report/certificates to avoid invalidation. (Source - IncomeT...

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Category : CBDT | Comments : 0 | Hits : 1156

RBI imposes Rs 50 lakh penalty on an urban co-operative bank in Kerala
Posted Date : 16-Dec-2020 , 09:30:45 am | Posted By CASANSAAR

The Reserve Bank of India on Tuesday said it has imposed a penalty of Rs 50 lakh on The Urban Co-operative Bank Ltd No. 1758, Perinthalmanna in Kerala for non-compliance with directions on income recognition and asset classification norms, and on management of advances. One of the directions related...

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Category : RBI | Comments : 0 | Hits : 755

How many Tax Audit have you completed so far?
Posted Date : 15-Dec-2020 , 09:57:33 am | Posted By CASANSAAR

How many Tax Audit have you completed so far? (Plz participate in the opinion poll on Twitter, Retweet it and Follow @casansaar) Hon. FM @nsitharaman Ji, Due to Covid-19, Businessman & Professionals are not able to work smoothly. @FinMinIndia @IncomeTaxIndia @ianuragthakur ...

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Category : Tax Audit | Comments : 0 | Hits : 1686

RBI exempts certain accounts from its current account norm
Posted Date : 15-Dec-2020 , 09:27:29 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Monday allowed some accounts to be excluded from the ambit of its circular in August in which the regulator had specified certain rules for opening current accounts with banks. On 6 August, the central bank said that borrowers with more than ₹50 crore exposure...

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Category : RBI | Comments : 0 | Hits : 1427

GST officers arrest 140 persons including 5 chartered accountants on charges of fake invoicing
Posted Date : 15-Dec-2020 , 09:02:44 am | Posted By CASANSAAR

GST authorities have arrested as many as 140 persons, including five chartered accountants, in about a month's time on charges of issuing fake invoices, and have now trained their guns on entities transporting under-valued goods. In its nationwide drive against fake invoice frauds since the s...

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Category : GST | Comments : 0 | Hits : 5600

GST taxpayers to get flexibility to decide on monthly tax payment
Posted Date : 14-Dec-2020 , 10:06:03 am | Posted By CASANSAAR

Come January 1 and GST taxpayers would be able to pay their tax dues on a self assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis. The Central Board of Indirect Taxes and Customs (CBIC) will introduce the new Quarterly Return and Monthly ...

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Category : GST | Comments : 0 | Hits : 5413

Round the clock RTGS Money transfer facility becomes operational
Posted Date : 14-Dec-2020 , 10:04:20 am | Posted By CASANSAAR

Reserve Bank of India has made Real-Time Gross Settlement (RTGS) money transfer facility operational round-the-clock. The announcement to this effect was made by RBI Governor Shaktikanta Das. In a tweet, he said it has been decided to make RTGS available round the clock on all days of the year from ...

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Category : RBI | Comments : 0 | Hits : 1015

GST Network enables fully auto-populated monthly sales return form GSTR-3B
Posted Date : 14-Dec-2020 , 09:52:52 am | Posted By CASANSAAR

Businesses will now get complete auto-populated monthly sales return form GSTR-3B, GST Network said on Sunday. "For ease of taxpayers, now the system will auto populate GSTR-3B (monthly) on the basis of details filed in GSTR-1 and auto-drafted ITC statement GSTR-2B from November 2020 tax per...

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Category : GST | Comments : 0 | Hits : 3401

HC quashes Income Tax proceedings against Karti Chidambaram & his wife
Posted Date : 14-Dec-2020 , 09:40:34 am | Posted By CASANSAAR

The Madras High Court has quashed the Income Tax proceedings initiated against Karti Chidambaram, son of former Union Finance Minister P Chidambaram,and his wife over alleged non-disclosure of cash transactions of about Rs seven crore following sale of a property near here. The Court, while rulin...

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Category : Income Tax | Comments : 0 | Hits : 775

Over 1,63,000 GST registrations cancelled in two months for return filing defaults
Posted Date : 12-Dec-2020 , 10:29:11 am | Posted By CASANSAAR

Goods and Services Tax (GST) authorities have cancelled 1,63,042 GST registrations in October and November for defaulting on filing monthly tax returns for more than six months, said a government official. Besides, 28,635 other taxpayers have been identified for cancellation of registration for d...

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Category : GST | Comments : 0 | Hits : 3034

Canada sent another 5,000 invitations for PR
Posted Date : 11-Dec-2020 , 09:50:41 am | Posted By CASANSAAR

Canada has invited 5,000 immigration candidates to apply for permanent residence in a new Express Entry draw held on December 9. Invited candidates needed a Comprehensive Ranking System (CRS) score of at least 469 in order to be invited. This draw brings the number of Invitations to Apply (ITA...

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Category : International Business | Comments : 0 | Hits : 1527

NFRA says appointment of Deloitte as statutory auditor in 2017-18 ILLEGAL
Posted Date : 11-Dec-2020 , 09:41:07 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has said that appointment of Deloitte Haskins and Sells LLP as the statutory auditor of IL&FS Financial Services Ltd (IFIN) for 2017-18 was "illegal". The latest conclusions are part of the Supplementary Audit Quality Review Report (...

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Category : NFRA | Comments : 0 | Hits : 2607

Delhi HC says entire concept of GST getting defeated by Input Tax Credit
Posted Date : 11-Dec-2020 , 09:26:14 am | Posted By CASANSAAR

The Delhi High Court today observed that the entire concept of the Goods and Services Tax (GST) is getting defeated by the input tax credit while hearing a petition by a businessman seeking protection from arrest in a case of alleged wrongly/illegally availed of Input Tax Credit.    The ...

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Category : GST | Comments : 0 | Hits : 2152

RBI issues draft circular on declaration of dividend by NBFCs
Posted Date : 11-Dec-2020 , 09:20:33 am | Posted By CASANSAAR

Reserve Bank of India has issued draft circular on declaration of dividend by non-banking financial companies (NBFCs) in pursuance to the announcement made in the monetary policy declared last Friday. Accordingly, deposit-taking NBFCs and systemically important non-deposit-taking NBFCs must have ...

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Category : RBI | Comments : 0 | Hits : 735

GSTR-9 of FY 2019-20 is available on GST Portal
Posted Date : 11-Dec-2020 , 09:17:10 am | Posted By CASANSAAR

Facility to file annual return in Form GSTR-9 for FY 2019-20 is now available. The Form is enabled for taxpayers whose table 8A computation has been completed. Computation of the table 8A of the said return for auto population from returns is under progress which is likely to be completed soon. ...

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Category : GST | Comments : 0 | Hits : 2875

SC transferred to itself Pleas Challenging Constitutional Validity of ICAI Guidelines regarding Tax Audit Limit For Chartered Accountants
Posted Date : 10-Dec-2020 , 10:02:33 am | Posted By CASANSAAR

The Supreme Court has transferred to itself the writ petitions pending before Kerala, Madras and Calcutta High Courts which challenge the constitutional validity of guidelines issued by Institute of Chartered Accountants of India (ICAI) limiting the number of Tax Audits of Chartered Accountants. ...

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Category : ICAI | Comments : 0 | Hits : 2378

RBI announces date for launching of RTGS 24x7
Posted Date : 10-Dec-2020 , 09:35:48 am | Posted By CASANSAAR

Reserve Bank had announced in the Statement on Developmental and Regulatory Policies dated October 09, 2020, that the Real Time Gross Settlement System (RTGS) will be available round the clock on all days of the year. Accordingly, RTGS 24x7x365 will be launched with effect from 00:30 hours on D...

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Category : RBI | Comments : 0 | Hits : 830

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