Writ Filed in Various High Courts for Tax Audit Due Date extension
Posted Date : 24-Oct-2020 , 09:31:14 am | Posted By CASANSAAR
The Rajasthan Tax Consultants Association vs. Union of India (Rajasthan High Court), D.B. Civil Writ Petition No. 12605/2020.
Matter will come up for hearing on 02nd November 2020 as per order dated 22.10.2020.
The All Gujarat Federation of Tax Consultants Vs. Union of India (Gujarat High Court)...
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Tax Audit |
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Request to Tweet / Retweet for Extension of Due Dates with #extendduedates
Posted Date : 23-Oct-2020 , 10:42:45 am | Posted By CASANSAAR
XML Schema for Income Tax Audit forms Form 3CA-3CD and Form 3CB-3CD has been updated yesterday night incorporating new 3CD reporting requirements applicable from 01st October 2020.
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Income Tax |
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RBI to conduct purchase of Govt securities under OMOs for Rs.20,000 Cr
Posted Date : 23-Oct-2020 , 10:18:24 am | Posted By CASANSAAR
On a review of the current liquidity and financial conditions, the Reserve Bank of India (RBI) today said that it has decided to conduct purchase of Government securities under Open Market Operations (OMOs) for an aggregate amount of Rs. 20,000 crores on 29th of this month.
OMOs in general sense ...
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RBI |
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SEBI pulls up Prabhat Dairy for failing to comply with Auditors
Posted Date : 22-Oct-2020 , 10:05:02 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) which is investigating suspected irregularities in the delisting of Prabhat Dairy Ltd Tuesday asked the company to deposit Rs.1,292 crore in an escrow account for failing to cooperate with forensic auditors.
Sebi is probing whether Prabhat Dairy d...
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SEBI |
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IFSCA prescribes regulatory framework for REITs and InvITs in IFSC
Posted Date : 22-Oct-2020 , 09:46:11 am | Posted By CASANSAAR
The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for Real Estate Investment Trusts...
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Banking |
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Mutual Recognition Agreement (MRA) between ICAI and Malaysian Institute of Certified Public Accountants
Posted Date : 22-Oct-2020 , 09:36:24 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Mutual Recognition Agreement between the Institute of Chartered Accounts of India (ICAI) and the Malaysian Institute of Certified Public Accountants (MICPA) to enable appropriately qualified CA (Chartered ...
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ICAI |
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Income Tax survey to be conducted only after nod from high-ranked officers
Posted Date : 21-Oct-2020 , 10:11:36 am | Posted By CASANSAAR
Income tax surveys to collect information for scrutiny assessment will be undertaken by the tax deducted at source (TDS) directorate only after approval from principal chief commissioner or chief commissioner level officer, the Central Board of Direct Taxes (CBDT) has said. The CBDT has issued direc...
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Income Tax |
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CBDT keeps tolerance range for transfer pricing unchanged
Posted Date : 20-Oct-2020 , 08:53:42 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Monday reiterated tolerance range of 1-3% under transfer pricing rules for the current financial year even though experts said it was expected that the tax department would provide concession given the Covid-19 pandemic.
India’s transfer pricing r...
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CBDT |
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No violation of any law in bringing cooperative banks under supervisory control
Posted Date : 20-Oct-2020 , 08:46:34 am | Posted By CASANSAAR
The Reserve Bank of India has said that there is no violation of any law of the nation in bringing the cooperative banks under its supervisory control.
In an affidavit filed in the Madras High Court today, the RBI has said, the recent legislation enacted in Parliament is aimed at regulating banki...
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RBI |
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How many Tax Audit have you completed so far ?
Posted Date : 19-Oct-2020 , 09:51:57 am | Posted By CASANSAAR
How many Tax Audit have you completed so far ?
Plz participate in the online poll on Twitter. Here is the link for the same
https://twitter.com/casansaar/status/1318043967749935105
#extendduedates #ExtendDueDate
...
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Tax Audit |
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CBDT clamps down on coercive assessment, tax recovery measures by officers
Posted Date : 17-Oct-2020 , 09:44:06 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has restricted the coercive and intrusive powers of assessing and tax recovery officers with immediate effect.
In its circular, the board asked the officers to take coercive and intrusive measures only after exhaustion of other means of recovery.
It sai...
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CBDT |
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CBIC advises businesses to rectify GST return filing defaults
Posted Date : 16-Oct-2020 , 09:39:40 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) on Thursday urged businesses to ensure that their pending tax returns are filed as defaults could prevent them from transporting goods.
CBIC said that taxpayers with sales above Rs.five crore in the previous fiscal are advised to ensure that ...
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GST |
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Income Tax Department carries out searches in Delhi, NCR and Haryana
Posted Date : 16-Oct-2020 , 09:24:40 am | Posted By CASANSAAR
The Income Tax Department has carried out a search and seizure action on 14.10.2020 in the case of a leading advocate practicing in the field of commercial arbitration and alternate dispute resolution. He was suspected to be receiving substantial amounts in cash from his clients, to settle their dis...
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Income Tax |
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SEBI cautions investors against unsolicited investment tips on WhatsApp, Telegram
Posted Date : 15-Oct-2020 , 10:37:30 am | Posted By CASANSAAR
With an objective to protect investors from unreliable stock tips, market regulator Securities and Exchange Board of India (Sebi) on Wednesday advised investors to not rely on unsolicited stock tips that are circulated through bulk SMS, websites and social media platforms.
Sebi further advised ma...
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SEBI |
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MSME Ministry implements AI & ML tools to get insights into MSME related issues and grievances
Posted Date : 15-Oct-2020 , 10:27:56 am | Posted By CASANSAAR
The Ministry of MSME in a major initiative has onboarded latest IT tools of Artificial Intelligence(AI) and Machine Learning (ML) for providing assistance and solutions to the issues of Micro, Small, and Medium Enterprises (MSMEs). Ministry has implemented AI & ML on its robust Single Window Sys...
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MSME |
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Advisory with regard to compliance with the Website Guidelines of the Institute - ICAI
Posted Date : 15-Oct-2020 , 10:21:14 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India
14th October, 2020
No. M-626/14/2020Advisory
The members are aware that the Council has issued the Website Guidelines in 2001, which have been revised from time to time. The Guidelines, as revised in the 388th Meeting of Council held on 6t...
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ICAI |
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Govt. designates single SBI branch for all FCRA accounts
Posted Date : 14-Oct-2020 , 09:39:18 am | Posted By CASANSAAR
The Ministry of Home Affairs (MHA) has asked all NGOs seeking foreign donations to open a designated FCRA account at the State Bank of India’s New Delhi branch by March 31, 2021.
The MHA order reiterated that NGOs registered under FCRA shall not receive any foreign donations in any other ba...
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Banking |
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FinMin statement on misinterpretation of LTC stimulus and its benefits
Posted Date : 14-Oct-2020 , 09:28:57 am | Posted By CASANSAAR
A report has appeared in the Economic Times Markets (ETMarkets.com) which gives the impression that the LTC voucher scheme for Government employees may not be attractive. Unfortunately, the piece which it relies on has a serious factual error in its understanding of how Government LTC works. It is b...
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Income Tax |
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Revised Schedule of Chartered Accountant Examinations, November 2020
Posted Date : 14-Oct-2020 , 09:17:52 am | Posted By CASANSAAR
In continuation to the Announcement dated 15th July, 2020; as also Announcement dated 8th October 2020 made regarding Opt-Out window, another Announcement dated 8th October 2020 regarding SOP guidelines for examinees Centres and Centre Superintendent/ observers; it is hereby notified for general inf...
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Students Zone |
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Key takeaways from the GST Council meet on October 12
Posted Date : 13-Oct-2020 , 08:32:11 am | Posted By CASANSAAR
The states' representatives, including those governed by the Opposition parties, faced each other at the Goods and Services Tax (GST) Council meet chaired by Finance Minister Nirmala Sitharaman via video conferencing on October 12 to discuss the GST compensation for state governments for FY21.
...
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GST |
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Govt to give cash vouchers to staff in lieu of LTC this year- FM
Posted Date : 13-Oct-2020 , 08:10:43 am | Posted By CASANSAAR
In a bid to stimulate demand in the economy, the government on Monday announced giving out cash vouchers to central government employees this year in lieu of leave travel concession (LTC) fare which could be spent only on buying non-food GST-rated items.
Finance Minister Nirmala Sitharaman said t...
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General |
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Govt to give Rs 12,000 cr interest-free 50-year loan to states for capital projects
Posted Date : 13-Oct-2020 , 08:07:18 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharman on Monday announced a Rs 12,000 crore interest-free 50-year loan to states for spending on capital projects in a bid to boost economy.
Addressing a press conference, she said, out of the Rs 12,000 crore, Rs 1,600 crore will be given to north-eastern states and R...
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General |
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GST Council to meet today to discuss compensation issue
Posted Date : 12-Oct-2020 , 09:48:14 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will chair the 43rd GST Council meeting through video conferencing in New Delhi today. The decision on the mode of payment of pending GST compensation share of the states is likely to be discussed in the meeting. The meeting will be attended by Minister of State f...
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GST |
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Digital payments soar manifold in 5 years to FY20 - RBI
Posted Date : 12-Oct-2020 , 09:15:37 am | Posted By CASANSAAR
Concerted efforts by the Reserve Bank to move to a non/less-cash economy by pushing digital payments have begun to pay rich dividends as the volume of such payments has jumped manifold in the past five years, the latest data from the central bank showed.
Between 2015-16 and 2019-20, digital payme...
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RBI |
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SEBI slaps Rs 1.62 Cr penalty on 9 entities for fraudulent trading
Posted Date : 10-Oct-2020 , 09:48:44 am | Posted By CASANSAAR
Capital markets regulator Sebi on Friday slapped a penalty totalling Rs 1.62 crore on nine entities for indulging in fraudulent trading in the scrip of Sterling Green Woods Ltd. The regulator levied a fine of Rs 18 lakh each on Radhe Krishna Broking, Harshad Panchal, Hemang Shah, Abhishek Soni, Umes...
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SEBI |
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Annual Return (GSTR-9)and Reconciliation Statement (GSTR 9C) for FY 2018-19
Posted Date : 10-Oct-2020 , 09:44:02 am | Posted By CASANSAAR
Vide notification No. 69/2020 – Central Tax, dated 30.09.2020, the due date for furnishing of the Annual Return for the FY 2018-19 has been extended till 31.10.2020.
Certain representations have been received stating that the auto populated GSTR 9 for the year 2018-19 (Tables 4, 5, 6 and 7)...
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GST |
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RTGS system for real time fund transfer to become 24x7 from December
Posted Date : 09-Oct-2020 , 11:08:04 am | Posted By CASANSAAR
Reserve Bank of India Governor Shaktikanta Das on Friday announced that Real Time Gross Settlement (RTGS) payment system will be available round the clock from December 2020 to make online fund transfer smooth.
Here is all you need to know:
1. RTGS is a safe and secure system for funds transfe...
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RBI |
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M Rajeshwar Rao appointed as Deputy Governor of RBI
Posted Date : 08-Oct-2020 , 09:35:49 am | Posted By CASANSAAR
The central government on Wednesday has appointed M Rajeshwar Rao as deputy governor of the Reserve Bank of India, it said in a notification. He is currently the executive director of RBI. The Appointment Committee of the Union cabinet has approved the appointment, the notification stated. Rao succe...
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RBI |
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CBDT issues over Rs 1,21,607 Cr to over 35.93 lakh taxpayers since April
Posted Date : 08-Oct-2020 , 09:31:56 am | Posted By CASANSAAR
In pursuance of the exercise to meet liquidity needs of taxpayers during Covid-19 pandemic, the Income Tax Department has fast tracked its tax refund process and processed 35.93 lakh cases amounting to more than Rs 1,21,607 crore up to October 6 in FY21.
The Income Tax Department has worked at br...
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Income Tax |
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Pre-filled GST returns to become norm from 1 Jan
Posted Date : 07-Oct-2020 , 08:49:34 am | Posted By CASANSAAR
Pre-filled tax forms and greater transparency requirements are coming to businesses in 2021, with the Goods and Services Tax (GST) Council clearing key changes to the return filing process on Monday.
Monthly GST returns of businesses giving summary of all transactions in the GSTR 3B form will be ...
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GST |
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