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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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Category : Tax Audit | Comments : 0 | Hits : 723

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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Category : CBDT | Comments : 0 | Hits : 397

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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Category : GST | Comments : 0 | Hits : 1415

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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Category : Income Tax | Comments : 0 | Hits : 322

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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Category : SEBI | Comments : 0 | Hits : 271

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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Category : MSME | Comments : 0 | Hits : 492

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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Category : ICAI | Comments : 0 | Hits : 316

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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Category : Banking | Comments : 0 | Hits : 1226

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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Category : Income Tax | Comments : 0 | Hits : 215

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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Category : Students Zone | Comments : 0 | Hits : 376

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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Category : GST | Comments : 0 | Hits : 1101

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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Category : General | Comments : 0 | Hits : 137

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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Category : General | Comments : 0 | Hits : 144

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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Category : GST | Comments : 0 | Hits : 137

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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Category : RBI | Comments : 0 | Hits : 120

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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Category : SEBI | Comments : 0 | Hits : 377

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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Category : GST | Comments : 0 | Hits : 1083

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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Category : RBI | Comments : 0 | Hits : 303

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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Category : RBI | Comments : 0 | Hits : 354

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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Category : Income Tax | Comments : 0 | Hits : 324

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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Category : GST | Comments : 0 | Hits : 335

ED arrests CFO & internal auditor of Cox & Kings
Posted Date : 07-Oct-2020 , 08:43:34 am | Posted By CASANSAAR

The Enforcement Directorate on Tuesday arrested CFO of Cox & Kings Anil Khandelwal and the company's internal auditor Naresh Jain in connection with the Yes Bank money laundering case. A special court in Delhi remanded the two to seven days of ED custody. "During PMLA investigation i...

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Category : General | Comments : 0 | Hits : 1056

GST Council allows small businesses to file returns on quarterly basis
Posted Date : 06-Oct-2020 , 09:21:16 am | Posted By CASANSAAR

In a bid to ease GST compliance and return filing for small taxpayers, the GST Council on October 5 allowed them to file GSTR-1 and GSTR-3B once a quarter instead of every month. This had been an earlier proposal of the GST council, which was approved today. “As a further step towards re...

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Category : GST | Comments : 0 | Hits : 451

Recommendations of the 42nd GST Council Meeting
Posted Date : 06-Oct-2020 , 09:07:26 am | Posted By CASANSAAR

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of...

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Category : GST | Comments : 0 | Hits : 661

FM Nirmala Sitharaman to chair 42nd GST Council meeting through video conferencing
Posted Date : 05-Oct-2020 , 09:35:26 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman will chair the 42nd GST Council meeting through video conferencing in New Delhi today. The meeting will be attended by Minister of State for Finance Anurag Thakur and Finance Ministers of States and Union Territories. In the last meeting of GST council, Centre ...

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Category : GST | Comments : 0 | Hits : 165

SEBI fines NSE Rs 6 crore for buying stakes in CAMS, others without its approval
Posted Date : 02-Oct-2020 , 10:51:46 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 6 crore on National Stock Exchange (NSE) for buying stakes in unrelated businesses without its approval. The country's largest stock exchange has invested in companies including Power Exchange India (PXIL), Computer...

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Category : SEBI | Comments : 0 | Hits : 292

GST collection during Sep. Rs.95480 Cr touches six month high
Posted Date : 02-Oct-2020 , 10:41:45 am | Posted By CASANSAAR

Ministry of Finance has said that the gross Goods and Services Tax, GST revenue collection in the month of September stood at 95 thousand 480 crore rupees. The revenue collection in September is the highest so far during this fiscal.   Out of total GST collection, Central GST is 17 thousand 7...

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Category : GST | Comments : 0 | Hits : 173

RBI excludes 6 PSBs from Second Schedule of RBI Act
Posted Date : 01-Oct-2020 , 10:50:02 am | Posted By CASANSAAR

The RBI has excluded six public sector banks, including OBC and Allahabad Bank, from the Second Schedule of the RBI Act following their merger with other banks. The six banks are Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank....

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Category : RBI | Comments : 0 | Hits : 1290

Clarification on doubts arising on account of new TCS provisions
Posted Date : 01-Oct-2020 , 10:47:36 am | Posted By CASANSAAR

There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applic...

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Category : TDS | Comments : 0 | Hits : 1288

Businesses to get 30 days to generate e-invoices for B2B transactions in October - CBIC
Posted Date : 01-Oct-2020 , 10:44:55 am | Posted By CASANSAAR

Central Board of Indirect Tax and Customs (CBIC) has said that Businesses will have 30 days' time to generate e-invoice for Business to Business transactions for the month of October, 2020.   Under the Goods and Services Tax (GST) law, companies with turnover of over 500 crore rupees will...

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Category : GST | Comments : 0 | Hits : 904

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