E- invoicing under GST mandatory for businesses with aggregate turnover of Rs 5 Cr from August 1
Posted Date : 29-Jul-2023 , 07:19:03 am | Posted By CASANSAAR
Starting August 1, businesses with aggregate turnover of Rs 5 crore or more will have to mandatorily opt for e-invoicing under the Goods and Services Tax (GST).
“GST taxpayers whose aggregate turnover exceeds Rs 5 crore in any financial year ... Generating e-invoices for both supply o...
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GST |
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Govt to set up online audit mechanism under GST, - arliamentary panel
Posted Date : 28-Jul-2023 , 07:22:10 am | Posted By CASANSAAR
The Union government will set up an online audit mechanism under the Goods and Services Tax (GST) in order to streamline the process, as suggested by a parliamentary panel in its report on ‘anti-competitive practices by the big tech companies’.
“The ministry has accepted the rec...
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GST |
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RBI permits banks to open vostro accounts from 22 countries for trade in rupee
Posted Date : 27-Jul-2023 , 07:07:30 am | Posted By CASANSAAR
The Reserve Bank has permitted 20 banks operating in the country to open 92 Special Rupee Vostro Accounts (SRVAs) of partner banks from 22 countries as part of efforts to promote bilateral trade in local currencies, the government said on Wednesday.
In a written reply to Lok Sabha, Minister of St...
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RBI |
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GST evasion by nearly 15,000 entities worth Rs 38,000 Cr detected
Posted Date : 26-Jul-2023 , 06:54:32 am | Posted By CASANSAAR
Even as tax authorities plan to plug loopholes to tighten compliance for goods and services tax (GST), they have already identified nearly 15,000 entities and have detected evasion of more than Rs 38,000 crore over the years. This includes fraudulent cases of GST registration by misusing PAN and Aad...
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GST |
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Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
Posted Date : 25-Jul-2023 , 01:32:36 pm | Posted By CASANSAAR
CLICK ON THE LINK FOR COMPLETE VIDEO,
https://youtu.be/bbla_-LmrJQ
A cavalier attitude towards filing of income tax returns (ITRs), complete with fake rent receipts from close relatives, extra claims against home loans, false donations and a slew of dodgy practices encouraged by some of the ta...
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Income Tax |
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Over 4 Cr ITRs filed for FY23 so far, 7% new filers this time - CBDT
Posted Date : 25-Jul-2023 , 07:57:16 am | Posted By CASANSAAR
More than four crore income tax returns (ITRs) for the 2022-23 financial year have been filed so far and about 7 per cent of these are new or first-time filers, CBDT chairperson Nitin Gupta said on Monday.
He said that more than half of these ITRs have been processed leading to 80 lakh refunds ti...
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ITR |
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Interest rate on deposits under EPF scheme hiked to 8.15% for FY 2022-23
Posted Date : 25-Jul-2023 , 07:55:11 am | Posted By CASANSAAR
The government has approved an interest rate of 8.15 percent on deposits under the Employees Provident Fund scheme for the financial year 2022-23.
According to the Employees' Provident Fund Organization (EPFO), the Ministry of Labour and Employment has conveyed the approval of the Central gov...
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Income Tax |
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e-Invoice Exemption Declaration Functionality Now Available - GSTN
Posted Date : 25-Jul-2023 , 07:53:01 am | Posted By CASANSAAR
Dear Taxpayers,
1.GSTN is pleased to inform you that the e-Invoice Exemption Declaration functionality is now live on the e-Invoice portal. This functionality is specifically designed for taxpayers who are by default enabled for e-invoicing but are exempted from implementing it under th...
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GST |
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Banks write off Bad Loans worth Rs 2.09 lakh crore in 2022-23 - RBI
Posted Date : 24-Jul-2023 , 07:24:07 am | Posted By CASANSAAR
Banks wrote off bad loans worth over Rs 2.09 lakh crore (around US $ 25.50 billion) during the year ended March 2023, taking the total loan write-off by the banking sector to Rs 10.57 lakh crore (around $ 129 billion) in the last five years, the Reserve Bank of India (RBI) said in a Right to Informa...
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RBI |
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Auditors must follow process, Auditing must not be ticking exercise - NFRA
Posted Date : 22-Jul-2023 , 11:14:56 am | Posted By CASANSAAR
Audit regulator NFRA's chief Ajay Bhushan Prasad Pandey on Friday said auditors should follow the due process and auditing should not be just a "ticking" exercise.
Highlighting the importance of financial reporting, he said that audit documentation should speak for themselves.
&q...
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NFRA |
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Notice to Kumar Vishwas by a CA for his Derogatory Remarks against Professionals
Posted Date : 20-Jul-2023 , 07:30:34 am | Posted By CASANSAAR
Notice Sent to Kumar Vishwas by Advocate (CA) Dr. Suneel Maggo for his Derogatory Remarks against Professionals (Chartered Accountants and Company Secretaries).
We had discussed the matter with Advocate Suneel Maggo and the same has been uploaded on the youtube but on the pressure of Kumar Vishwa...
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ICAI |
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Income tax dept processed 1.5 Cr ITRS of total 3 Cr filed
Posted Date : 20-Jul-2023 , 07:12:55 am | Posted By CASANSAAR
Over 3 crore ITRs for income earned in 2022-23 fiscal have been filed so far, out of which 91 per cent have been verified electronically, the income tax department said on Wednesday.
"Out of the 3.06 crore ITRs filed till 18th July, 2023, 2.81 crore ITRs have been e-verified i.e. more than 9...
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Income Tax |
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Listed Companies will have to make all business deals Public - SEBI
Posted Date : 19-Jul-2023 , 08:24:42 am | Posted By CASANSAAR
Listed companies must disclose to the public all information on business deals and arrangements that have a bearing on their prospects.
Securities and Exchange Board of India (Sebi) last week tightened the listing obligations and disclosure requirements (LODR) regulations that mandated firm...
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SEBI |
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ED arrests former I-T officer, 2 Associates in Rs 263-crore TDS scam
Posted Date : 15-Jul-2023 , 06:53:35 am | Posted By CASANSAAR
The Enforcement Directorate (ED) on Friday arrested former Income-Tax (I-T) officer Tanaji Mandal Adhikari and his associates Bhushan Patil and Rajesh Shetty in connection with a Rs 263-crore TDS scam. Adhikari allegedly generated fake TDS (Tax Deducted at Source) refunds to the tune of Rs 263 crore...
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Income Tax |
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Brought GST under PMLA purview to empower investigators in fighting financial fraud - Centre
Posted Date : 13-Jul-2023 , 08:26:45 am | Posted By CASANSAAR
The Centre’s move to bring the Goods and Services Tax Network (GSTN) under the purview of the Prevention of Money Laundering Act (PMLA) was to empower the relevant investigating agencies to deal with tax fraud and money laundering matters, and not giving outright access to data to any party, s...
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Income Tax |
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Recommendations of 50th Meeting of GST Council
Posted Date : 12-Jul-2023 , 07:03:37 am | Posted By CASANSAAR
In the 50th Meeting of the GST Council, inter-alia the following recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST were made:
Changes in GST Tax Rates:
Recommendations relating to GST rate...
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GST |
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GST Council agrees to levy 28 per cent tax on online gaming on full face value
Posted Date : 11-Jul-2023 , 09:21:32 pm | Posted By CASANSAAR
The GST Council on Tuesday agreed to levy a 28 per cent tax on online gaming, casinos and horse racing and the tax would be levied on full face value.
West Bengal finance minister Chandrima Bhattacharya said the Council has also approved the exemption of GST on import of cancer drug Dinutuximab...
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GST |
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SEBI Enhances Accountability of Mutual Fund Trustees
Posted Date : 11-Jul-2023 , 10:52:24 am | Posted By CASANSAAR
Amidst the growing scale of the mutual fund industry, Securities and Exchange Board of India (SEBI) has increased the role and accountability of the Trustees in a bid to safeguard unit holder’s interest.
SEBI has further said that a unit holder protection committee (UHPC) by the board...
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SEBI |
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Around 25% of 69,000 Suspected GST Accounts Fake, Rs 15,000 Cr Evasion likely
Posted Date : 08-Jul-2023 , 05:50:14 pm | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has found that nearly 25 percent of suspected Goods and Services Tax accounts do not exist or have vanished after availing benefits of around Rs 15,000 crore. Rs.
The evasion and fake accounts have been unearthed as part of an ongoing two-mon...
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GST |
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CBIC plans tighter GST regulation norms using geo-tagging, biometrics
Posted Date : 08-Jul-2023 , 05:48:37 pm | Posted By CASANSAAR
Following detection of about 12,500 fake entities, Goods and Services Tax (GST) authorities are looking to tighten registration norms with biometric authentication and geo-tagging of risky entities. Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri on Saturday said the return f...
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GST |
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NFRA Slaps Rs.10 Lakh Penalty on CA and Rs.50 Lakh Penalty on CA Firm
Posted Date : 08-Jul-2023 , 05:48:14 pm | Posted By CASANSAAR
In the matter of Mis M H Dalal & Associates, Chartered Accountants (Firm Registration No 112449W) and CA Devang Dalal (ICAI Membership No 109049) under Section 132(4) .of the Companies Act 2013 read with Rule 11(6) of National Financial Reporting Authority Rules 2018.
This Order d...
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NFRA |
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Chartered Accountant held for cheating over two dozen firms in Delhi
Posted Date : 08-Jul-2023 , 03:39:53 pm | Posted By CASANSAAR
A chartered accountant absconding for the past five years after allegedly duping people of around Rs 20 crore has been arrested, Delhi Police officials said on Friday. According to a complaint, accused Anil Kumar Bansal, the proprietor at SBM Export Ltd, procured electronic goods on forged documents...
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Chartered Accountant |
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SEBI issues regulatory framework for mutual fund sponsors
Posted Date : 08-Jul-2023 , 04:10:43 am | Posted By CASANSAAR
Capital market watchdog Sebi on Friday came out with a regulatory framework for private equity funds sponsoring a mutual fund house as well as for self-sponsored Asset Management Companies (AMCs). Under the framework for private equity (PE) funds, Sebi said the applicant is required to have a minimu...
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SEBI |
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Four New Members have been appointed in the Central Board of Direct Taxes (CBDT)
Posted Date : 08-Jul-2023 , 04:06:22 am | Posted By CASANSAAR
Four IRS officers of the Income Tax Department have been appointed as Members in the Central Board of Direct Taxes (CBDT) under the Union Finance Ministry, according to a Government order.
The CBDT is the administrative body for the department and it is tasked to collect revenue under various dir...
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CBDT |
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GSTN Important Update - Geocoding Functionality Now Live for All States and Union Territories
Posted Date : 08-Jul-2023 , 09:26:57 am | Posted By CASANSAAR
GSTN is pleased to inform that the functionality for geocoding the principal place of business address is now live for all States and Union territories. This feature, which converts an address or description of a location into geographic coordinates, has been introduced to ensure the accuracy of add...
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GST |
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Income Tax Dept issues clarification on PAN-Aadhaar linking
Posted Date : 01-Jul-2023 , 09:59:02 am | Posted By CASANSAAR
Kind Attention PAN holders!
Instances have come to notice where PAN holders have faced difficulty in downloading the challan after payment of fee for Aadhaar-PAN linking.
In this regard, it is to be informed that status of challan payment may be checked in ‘e-pay tax’ tab of ...
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Income Tax |
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Income Tax Department Conducts Verification of Reporting Entities
Posted Date : 01-Jul-2023 , 09:38:06 am | Posted By CASANSAAR
The Income-Tax Department has been focusing its efforts on promoting voluntary compliance. In this endeavour, information is received about financial transactions of taxpayers from Reporting Entities, such as Banks, Forex Dealers, Sub-Registrars, etc. The information furnished by the Reporting Entit...
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Income Tax |
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Changing of cut-off date to 1st July instead of 1st January of every year for the Bank Branch Auditors Panel
Posted Date : 01-Jul-2023 , 09:27:16 am | Posted By CASANSAAR
Changing of cut-off date to 1st July instead of 1st January of every year for the Bank Branch Auditors Panel
As members are aware, every year PDC prepares a Multipurpose Empanelment Panel of Chartered Accountants/firms spread across the country based on multi layered logic for providing it to RBI...
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Bank Branch Audit |
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SEBI tightens disclosure requirements for FPIs, reduces IPO timeline
Posted Date : 30-Jun-2023 , 07:22:32 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Wednesday tightened the disclosure requirements for foreign portfolio investors (FPIs) in a bid to get a better handle on them and prevent the possible circumvention of minimum public shareholding (MPS) and takeover norms.
The Sebi board also a...
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SEBI |
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Govt defers higher TCS on Overseas Spending to Oct 1, 2023
Posted Date : 29-Jun-2023 , 08:40:55 am | Posted By CASANSAAR
The finance ministry on June 28 said that the higher Tax Collected at Source (TCS) on overseas spending will now be implemented three months after the original deadline of July 1.
At the same time, the finance ministry also said that transactions conducted via international credit cards while abr...
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TDS |
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