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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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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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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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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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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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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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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Tax Audit |
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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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GST |
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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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RBI |
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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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Insolvent Professional |
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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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SEBI |
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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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Income Tax |
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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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MCA |
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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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Insolvent Professional |
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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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SEBI |
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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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NFRA |
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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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Income Tax |
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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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SEBI |
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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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Income Tax |
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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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CBDT |
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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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RBI |
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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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Tax Audit |
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0 | Hits : 750
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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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RBI |
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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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GST |
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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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GST |
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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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RBI |
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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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GST |
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