RBI asks banks to monitor personal loans
Posted Date : 08-Oct-2023 , 08:44:12 am | Posted By CASANSAAR
Reserve Bank of India (RBI) is monitoring certain components of personal loans for signs of incipient stress, at a time when the unsecured retail loan portfolio of lenders has grown at a rapid pace.
“Banks and NBFCs would be well advised to strengthen their internal surveillance mechanisms,...
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RBI |
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SEBI to introduce centralised system for reporting, verifying death of an investor
Posted Date : 04-Oct-2023 , 08:49:01 am | Posted By CASANSAAR
Market regulator Sebi has announced the introduction of a centralised system for reporting and verifying the death of an investor. This is aimed at streamlining the process of transferring assets in the securities market.
This circular shall come into effect from January 01, 2024.
The circular...
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SEBI |
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Simplified e-procedure for nil and lower TDS certificates effective from October 1
Posted Date : 04-Oct-2023 , 08:45:34 am | Posted By CASANSAAR
If you are eligible for lower or NIL or lower TDS (Tax Deducted at Source) under Income Tax Act, filing for the certificate will be much easier as the Income Tax Department has finalised the e-procedure for the process. The new mechanism has come into effect from October 1.
An assessee must compl...
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Income Tax |
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More than 30 lakh Audit Reports filed on Income Tax Department’s e-filing portal
Posted Date : 03-Oct-2023 , 07:30:06 am | Posted By CASANSAAR
More than 30.75 lakh audit reports, including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the e-filing portal till the end of the due date on 30th September 2023 with respect to filing of Tax Audit Reports (TARs) and other audit reports...
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Tax Audit |
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NFRA imposed Penalty of Rs. 1 Lakh and Debarred Auditor of SRS Ltd. for 1 year
Posted Date : 29-Sep-2023 , 07:57:18 am | Posted By CASANSAAR
Coming down heavily on a chartered accountant (CA) for negligent review, failure to apply professional skills and lack of sufficient experience while working as an engagement quality control (EQC) partner for the audit of a listed company, the National Financial Reporting Authority (NFRA), barred CA...
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NFRA |
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Adani Group appoints new Auditor for UK subsidiaries
Posted Date : 29-Sep-2023 , 07:46:41 am | Posted By CASANSAAR
India's Adani group has switched the auditor of its main UK subsidiaries to the smaller London-based firm Ferguson Maidment & Co after previous auditor Crowe UK resigned in March, FT reported.
Ferguson Maidment & Co audited the annual accounts that Adani Energy Holdings and its subsid...
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Auditing |
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CBDT notifies changes to Rule 11UA in respect of ANGEL TAX
Posted Date : 27-Sep-2023 , 07:50:32 am | Posted By CASANSAAR
The Finance Act, 2023, brought in an amendment to bring the consideration received from non-residents for issue of shares by an unlisted company within the ambit of section 56(2)(viib) of the Income-tax Act, 1961(the Act), which provides that if such consideration for issue of shares exceeds the Fai...
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CBDT |
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NSE plans to extend F&O trading hours
Posted Date : 26-Sep-2023 , 11:29:04 am | Posted By CASANSAAR
The National Stock Exchange (NSE) is looking to increase trading hours in the equity derivatives segment in a phased manner, a move that will potentially curtail the overnight risk arising from global information flow, a senior official said on Monday.
The bourse is planning a session from 6 pm t...
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Shares & Stock |
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RBI imposes penalty on SBI, Indian Bank, Punjab & Sind Bank
Posted Date : 26-Sep-2023 , 07:49:32 am | Posted By CASANSAAR
The Reserve Bank on Monday said it has imposed penalties on three state-owned banks, including SBI and Indian Bank, for violation of various regulatory norms.
A penalty of Rs 1.3 crore has been imposed on the State Bank of India for non-compliance with certain directions issued by the RBI on &lsq...
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RBI |
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AI Can Replace Work Being Done by Auditors and Accountants - Union Finance Secretary
Posted Date : 25-Sep-2023 , 07:40:13 am | Posted By CASANSAAR
Union Finance Secretary and senior IAS officer T.V. Somanathan on Saturday said Artificial Intelligence (AI) can replace the work being done by auditors and accountants.
He was delivering the CA S. Hariharan memorial lecture here.
Somanathan said that AI has specific implication for the econom...
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Auditing |
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Govt considers giving financial creditor status to insurers issuing surety bond during resolution
Posted Date : 24-Sep-2023 , 09:08:17 pm | Posted By CASANSAAR
To make surety bond business more attractive, the government is looking at making relevant changes in the Insolvency and Bankruptcy Code (IBC) to consider insurers as financial creditor in case of default of infra projects.
The surety bond issued by a general insurance company is a three-party ...
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Insolvent Professional |
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0 | Hits : 280
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RBI proposes stringent norms for wilful defaulters
Posted Date : 23-Sep-2023 , 08:38:52 am | Posted By CASANSAAR
The Reserve Bank on Thursday proposed tighter norms for treatment of wilful defaulters under which banks and other lenders will be required to examine all accounts with outstanding amount of Rs 25 lakh and more to see if the borrower is deliberately not repaying the loan.
RBI proposed that lender...
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RBI |
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SEBI eases borrowing norms for large corporates
Posted Date : 23-Sep-2023 , 07:55:05 am | Posted By CASANSAAR
SEBI provides flexibility to large corporates in raising funds through issuance of debt securities.
The Securities and Exchange Board of India (SEBI) has decided to provide flexibility to large corporates in raising funds through issuance of debt securities for incremental financing needs. The de...
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SEBI |
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IBC Cannot Be Used As A Tool For Recovery - NCLT Delhi
Posted Date : 23-Sep-2023 , 07:51:49 am | Posted By CASANSAAR
The National Company Law Tribunal Delhi recently observed that the Insolvency and Bankruptcy Code cannot be used as a recovery tool.
“We are of the view that in the present case the applicants are already having demands drafts of amount exceeding the defaulted amount in this petition and mo...
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Category :
Insolvent Professional |
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0 | Hits : 335
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SEBI to auction property of Saradha Group's property on Oct 17
Posted Date : 21-Sep-2023 , 06:03:26 pm | Posted By CASANSAAR
Market regulator Sebi has said it will auction the property of the Saradha Group of companies next month at a reserve price of over Rs 3 crore to recover money raised by the firm from the public through illicit schemes.
The property located in West Bengal will go under the hammer, the Securities ...
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SEBI |
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0 | Hits : 281
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GSTN Advisory - Geocoding Functionality for the Additional Place of Business
Posted Date : 20-Sep-2023 , 07:36:52 am | Posted By CASANSAAR
Dear Taxpayers,
1.GSTN is pleased to inform that the geocoding functionality for the "Additional Place of Business" address is now active across all States and Union Territories. This builds upon the geocoding functionality earlier implemented for the principal place of busine...
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GST |
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CBDT extends due date for filing of Form 10B/10BB and Form ITR-7 for the A,Y. 2023-24
Posted Date : 19-Sep-2023 , 08:44:35 am | Posted By CASANSAAR
The due date of furnishing Audit reports in Form 10B/Form 10BB for the Financial Year 2022-23, which is 30.09.2023 has now been extended by the Central Board of Direct Taxes (CBDT) to 31.10.2023.
The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 20...
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CBDT |
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SEBI Imposes Rs.2.46 Cr Penalty on Company, Directors for Misrepresenting Financial Statements
Posted Date : 19-Sep-2023 , 08:19:00 am | Posted By CASANSAAR
Market regulator Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs1.80 crore on Talwalkars Better Value Fitness Ltd (TBVFL) and the company's top executives, including two chairpersons, for misrepresenting the financial statements and failing to make true and adequate dis...
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SEBI |
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SBI to send chocolates to borrowers who are likely to default on monthly repayments
Posted Date : 17-Sep-2023 , 09:27:15 pm | Posted By CASANSAAR
The nation's largest lender State Bank of India is adopting a novel way to ensure timely repayments, especially by its retail borrowers, by greeting those likely to default on monthly installments with a pack of chocolates.
According to the bank, it has been found that a borrower who is plann...
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Category :
Banking |
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0 | Hits : 438
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GSTN Advisory - Time limit for Reporting Invoices on the IRP Portal
Posted Date : 16-Sep-2023 , 03:35:19 pm | Posted By CASANSAAR
Dear Taxpayers,
1.It is to inform you that it has been decided by the Government to impose a time limit on reporting old invoices on the e-invoice IRP portals for taxpayers with AATO greater than 100 crores.
2.To ensure timely compliance, taxpayers in this category will n...
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Category :
GST |
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0 | Hits : 305
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Government notifies 31 Benches of GST Appellate Tribunal
Posted Date : 16-Sep-2023 , 10:07:29 am | Posted By CASANSAAR
The Finance Ministry notified the constitution of 31 Appellate Tribunals across 28 States and eight Union Territories for the Goods and Services Tax (GST) late on Thursday night, setting the stage to resolve a growing number of taxpayer disputes with the Revenue Department.
The establishment of t...
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GST |
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CBI registers corruption case against former Income-Tax Additional Commissioner and others
Posted Date : 16-Sep-2023 , 10:03:53 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) has registered an alleged corruption case against a former Additional Commissioner of Income Tax, Santosh Karnani, his wife, one director of an Ahmedabad-based firm and others.
It is based on the findings of another case taken over by the agency in Octobe...
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Category :
Income Tax |
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Special Parliament Session Starts from Monday, 18th September 2023
Posted Date : 14-Sep-2023 , 05:26:13 pm | Posted By CASANSAAR
A five-day-long Special Parliament Session will be held from Monday. A Parliamentary Bulletin said, that on the first day a discussion on the Parliamentary Journey of 75 years starting from Samvidhan Sabha - Achievements, Experiences, Memories, and Learnings will be held in Lok Sabha.
The G...
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Category :
General |
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0 | Hits : 276
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CA Praveena Anjana Crowned Miss International India 2023
Posted Date : 14-Sep-2023 , 08:13:47 am | Posted By CASANSAAR
Praveena Anjana of Udaipur has been crowned Miss International India 2023, gaining her position to represent India at the Miss International pageant in Japan this October.
Praveena Anjana of Udaipur has been crowned Miss International India 2023, gaining her position to represent India at the Mis...
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Category :
Chartered Accountant |
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0 | Hits : 2336
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RBI directs banks to release property documents within 30 days of loan repayment
Posted Date : 14-Sep-2023 , 08:06:48 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has directed banks and other financial institutions to release all the movable and immovable property documents within 30 days of the full repayment of loans. Besides that, it has also stated that lenders will need to compensate borrowers in case of any delay in relea...
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RBI |
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0 | Hits : 368
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RBI Issues Revised Guidelines for Investment of Commercial Banks
Posted Date : 13-Sep-2023 , 09:16:57 am | Posted By CASANSAAR
The Reserve Bank of India on Tuesday issued revised classification, valuation and operation guidelines for the investment portfolio of commercial banks, which will be effective from April 1, 2024.
Banks will have to categorise investments into three categories from the next financial year: availa...
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RBI |
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Goods in Transit can't be Seized under GST law without inquiry - High Court
Posted Date : 12-Sep-2023 , 08:36:21 am | Posted By CASANSAAR
Court rules the items cannot be confiscated without investigation even if the original supplier does not have GST registration.
The case relates to a trader who bought iron scrap from a company in Vijayawada. The Andhra Pradesh High Court has ruled that the goods and services tax (GST) authoritie...
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GST |
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Average Processing time of Income Tax Returns (ITR) reduced to 10 days
Posted Date : 07-Sep-2023 , 08:51:24 am | Posted By CASANSAAR
Average processing time of Income Tax Returns (ITR) has reduced to ten days in the Assessment Year 2023-24. Average processing time of ITR was 82 days in the Assessment Year 2019-20, and 16 days in Assessment Year 2022-23.
Income Tax Department said, it is committed to process the ITR in a ...
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ITR |
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Govt to reassess mandatory joint audit plan for big companies
Posted Date : 07-Sep-2023 , 08:48:25 am | Posted By CASANSAAR
The government is having a rethink on a proposal to mandate joint audits of large firms by amending the Companies Act, as it weighs larger deliberations on the issue of fixing audit accountability when things go wrong, said a person aware of the details.
In a joint audit, two or more audit firms ...
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Category :
Auditing |
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0 | Hits : 1040
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Govt notifies valuation methodology for calculating GST on online gaming, casino
Posted Date : 07-Sep-2023 , 08:43:17 am | Posted By CASANSAAR
The government on September 1 notified amendments to GST law in relation to the valuation methodology to be adopted by online gaming companies and casinos for calculating tax.
The Ministry of Finance notified amendments to Central GST law for calculating value of supply in case of online gaming a...
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GST |
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