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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Auditing |
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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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CBDT processed 88 percent ITR, refunds over Rs 2.45 Cr issued till Sep. 5
Posted Date : 06-Sep-2023 , 08:53:59 am | Posted By CASANSAAR
The Income Tax Department has processed refunds of over Rs 2.45 crore for 6.84 crore verified Income tax returns (ITRs), bringing down the average processing time to 10 days for the assessment year 2023-24
“The department’s efforts to provide seamless and expeditious taxpayer services...
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ITR |
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RBI allows Pre-Sanctioned Credit Lines through UPI
Posted Date : 05-Sep-2023 , 12:38:29 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) Monday said the Unified Payments Interface (UPI) System will also include pre-sanctioned credit lines issued by banks for transactions.
Earlier, only the deposited amount could be transacted through the UPI System.
On April 6, 2023, the Reserve Bank...
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RBI |
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GST revenue rises 11% to Rs 1.59 lakh Cr in August 23
Posted Date : 02-Sep-2023 , 07:21:42 am | Posted By CASANSAAR
The gross GST revenue collected in August is 1,59,069 crore rupees. This includes CGST of 28,328 crores, SGST of 35,794 crores, and IGST of 83,251 crores.
The government has settled 37,581 crores to CGST and 31,408 crores to SGST from IGST. The total revenue of Centre and the States in Augu...
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GST |
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AI (Artificial Intelligence) can't substitute human intelligence in court - High Court
Posted Date : 28-Aug-2023 , 08:19:19 am | Posted By CASANSAAR
Artificial intelligence can substitute neither the human intelligence nor the humane element in the adjudicatory process, the Delhi high court has held and said ChatGPT can't be the basis of adjudication of legal or factual issues in a court of law.
Justice Prathiba M Singh stated that the ac...
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General |
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SEBI proposes brokers stay away from unregulated financial influencers
Posted Date : 26-Aug-2023 , 07:45:51 am | Posted By CASANSAAR
Market regulator Securities Exchange Board of India (SEBI) on Friday released a consultation paper on the association of registered intermediaries with ‘finfluencers’ or digital and social media influencers broadly operating in the space of financially literacy and business.
The...
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SEBI |
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Posted Date : 25-Aug-2023 , 04:40:15 pm | Posted By CASANSAAR
Domain + Website + Hosting + 2 email ids @ Just Rs.3100/- with 30 days Money Back Guarantee.
CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to c...
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General |
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Govt plans to reduce income tax refund processing time
Posted Date : 25-Aug-2023 , 08:23:48 am | Posted By CASANSAAR
The income tax department is planning to reduce the average processing time for getting tax refunds. As per a report in Business Standard, the tax department is mulling over the reduction of days to 10 from the current 16 days.
The report says that the new timeline is expected to be implemented d...
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Income Tax |
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0 | Hits : 527
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CBIC Notifies Common Authority to Adjudicate GST Notices from Multiple States
Posted Date : 22-Aug-2023 , 08:29:47 am | Posted By CASANSAAR
In a move that is likely to help firms struggling with GST notices from different states, the Central Board of Indirect Taxes and Customs has started designating a single common authority to deal with similar matters of an assesses who has different GST numbers across the country.
The CBIC ...
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GST |
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0 | Hits : 624
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Delhi HC seeks Centre’s stand in plea against including CA, CS among Reporting Entities under PMLA
Posted Date : 22-Aug-2023 , 08:27:09 am | Posted By CASANSAAR
The Delhi High Court Monday sought the Centre’s stand in a plea against a notification where chartered accountants, company secretaries and cost accountants have been included among “reporting entities” under the Prevention of Money Laundering Act (PMLA)
A division bench of Chie...
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General |
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CBDT notifies rules for valuing rent-free accommodation perquisite provided by employers
Posted Date : 20-Aug-2023 , 06:28:43 am | Posted By CASANSAAR
Employees drawing substantial salaries and having rent-free accommodation provided by their employers will now be able to save more and get a higher take-home salary as the income tax department has revised norms for valuing such perquisites.
The Central Board of Direct Taxes (CBDT) on August 18 ...
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CBDT |
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CBI arrests CGST official for demanding Rs 30 lakh bribe
Posted Date : 19-Aug-2023 , 08:01:59 am | Posted By CASANSAAR
The CBI has arrested a CGST official in Mumbai for allegedly demanding Rs 30 lakh as bribe for settling tax issues related to a company based in China, officials said on Friday. Hemant Kumar, the Central Goods and Services Tax (CGST) superintendent, posted at Bhiwandi Commissionerate demanded Rs 30 ...
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GST |
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0 | Hits : 579
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RBI launches UDGAM portal for searching unclaimed deposits across multiple banks
Posted Date : 18-Aug-2023 , 08:29:18 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday launched a centralised Web portal, UDGAM (Unclaimed Deposits Gateway to Access Information), for members of the public to make it easier to search their unclaimed deposits across multiple banks at one place.
UDGAM, which was launched by RBI Governor Shaktikan...
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RBI |
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CBDT invites comments on Form 6C for inventory valuation by Cost Accountants in Special Audit
Posted Date : 17-Aug-2023 , 10:10:32 am | Posted By CASANSAAR
CBDT invites comments on draft Form No. 6C formulated for implementing the amendment to sub-section (2A) of Section 142 of the Income-tax Act, 1961, introduced vide Finance Act, 2023, pertaining to inventory valuation by Cost Accountant.
Suggestions/Comments on the draft Form No. 6C have be...
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CBDT |
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0 | Hits : 715
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ChatGPT costs $700,000 daily, maker may go bankrupt in 2024
Posted Date : 17-Aug-2023 , 08:04:24 am | Posted By CASANSAAR
OpenAI spends roughly $700,000 per day (around Rs. 5.8 crore) to run ChatGPT and Microsoft and other recent investors are covering these costs out of their own pockets. They, however, could turn off the tap if Sam Altman-led company doesn't turn a profit soon and it may go bankrupt by the end of...
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General |
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MCA allows 1,270 requests from CA, CS bodies to merge user IDs
Posted Date : 16-Aug-2023 , 09:13:22 am | Posted By CASANSAAR
The ministry of corporate affairs in India has granted 1,270 requests from professional associations - including company secretaries and chartered accountants - to deactivate or merge duplicated user IDs in the first month of permitting the move.
The move was to allow such professionals to ...
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MCA |
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Mahindra looks to scale up global play after cheating and fraud with indian customers
Posted Date : 16-Aug-2023 , 09:04:02 am | Posted By CASANSAAR
Mahindra looks to scale up global play after cheating and fraud with indian customers
Mahindra & Mahindra on said it aims to bolster its presence globally as it unveiled a pickup concept, which it plans to introduce in the international markets.
but the reality is they dont have the capaci...
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General |
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Parliament passes bills to levy 28% GST on e-gaming making registration mandatory for offshore platforms
Posted Date : 12-Aug-2023 , 08:24:24 am | Posted By CASANSAAR
Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs.
The Central GST (Amendment) Bill, 2023, and the Integrated GST (Amendment) Bill, 2023, piloted by Finance Minister...
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GST |
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PwC resigns as auditor of Paytm Payments Services
Posted Date : 09-Aug-2023 , 09:30:45 pm | Posted By CASANSAAR
Price Waterhouse Chartered Accountants LLP (PwC) on Monday resigned as the statutory auditor of Paytm Payments Services Ltd (PPSL).
One 97 Communications, the parent company of Paytm, said PwC has not raised any concern or issue.
PwC was appointed as statutory auditor of PPSL for five years fr...
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Auditing |
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0 | Hits : 470
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Delhi HC dismisses Ashneer Grover's plea against income tax notice issued under Black Money Act
Posted Date : 04-Aug-2023 , 07:36:03 am | Posted By CASANSAAR
The Delhi High Court on Tuesday dismissed a plea filed by Ashneer Grover, former managing director of BharatPe, challenging an income tax notice issued to him under Section 8 of the Black Money Act.
The high court asked Grover's counsel to withdraw the petition voluntarily, or the court...
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Income Tax |
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0 | Hits : 1009
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Results of CA Foundation June 2023 Exams likely to be declared on 7th/8th Aug.2023
Posted Date : 04-Aug-2023 , 07:14:16 am | Posted By CASANSAAR
Examination Department
The Institute of Chartered Accountants of India
3rd August, 2023IMPORTANT ANNOUNCEMENT
The results of the Chartered Accountants Foundation Examination held in June 2023 are likely to be declared on late evening (9.00 p.m.) of Monday, the 7th August, 2023/early mornin...
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CA Exams |
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Recommendations of 51st GST Council Meeting
Posted Date : 03-Aug-2023 , 08:42:50 am | Posted By CASANSAAR
GST Council recommends certain amendments in CGST Act 2017 and IGST Act 2017, including amendment in Schedule III of CGST Act, 2017, to provide clarity on taxation of supplies in casinos, horse racing and online gaming
GST Council also recommends inserting a specific provision in IGST Act, 2017 t...
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GST |
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0 | Hits : 1215
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UGC declares 20 Universities as FAKE and not empowered to confer any degree
Posted Date : 03-Aug-2023 , 08:33:44 am | Posted By CASANSAAR
The University Grants Commission (UGC) on Wednesday announced that it has identified and declared 20 universities across India as "fake." These institutions are not authorized to grant any degrees to students. Among these universities, the highest number (eight) is located in Del...
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General |
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Over 96,000 companies voluntarily wound up operations in last five years
Posted Date : 01-Aug-2023 , 06:56:00 am | Posted By CASANSAAR
Over 96,000 companies have wound up their operations in the past five years, according to the Ministry of Corporate Affairs.
Businesses opt for winding up for various reasons, including financial unviability.
From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily,...
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Corporate Law |
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Hostel / PG accommodation to attract 12% GST - AAR
Posted Date : 30-Jul-2023 , 08:53:50 am | Posted By CASANSAAR
Students will have to shell out more for hostel accommodation as a 12 per cent GST would be applicable on the rent paid, the Authority of Advance Ruling said in two separate cases.
The Bengaluru bench of the Authority of Advance Ruling (AAR) said hostels are not akin to residential dwelling units...
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GST |
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0 | Hits : 687
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Loan re-negotiation does not free Company, Auditors from showing interest liability in financial statements - NFRA
Posted Date : 29-Jul-2023 , 08:10:25 am | Posted By CASANSAAR
NFRA debarred an Ahmedabad-based auditor for one year and imposed a monetary penalty of Rs.100,000 in the case which involved audit of a clothing company after its investigation found alleged irregularities in the financial statements of FY16.
Ongoing negotiations with banks and non-bank lenders ...
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NFRA |
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