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RBI to examine overseas investment rules
Posted Date : 22-Feb-2024 , 09:32:08 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) will meet banks to sort out the grey areas in overseas investment (OI) regulations which have stalled the plans of several wealthy Indians, business families, and startups from taking exposures to foreign securities, funds and companies. Can a resident individual s...

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Category : RBI | Comments : 0 | Hits : 511

Chartered Accountants from UK, Canada might be allowed to Practice in India - ICAI
Posted Date : 22-Feb-2024 , 09:15:15 am | Posted By CASANSAAR

Chartered accountants from the UK and Canada might be allowed to practice in India on a reciprocal basis, with the apex body ICAI making the proposal to the Government. ICAI President Ranjeet Kumar Agarwal, on February 21, said the proposal will be implemented strictly on the reciprocal basis tha...

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Category : International Business | Comments : 0 | Hits : 1668

NFRA set to Initiate first Annual Inspection of Key Audit Firms by April, 2024
Posted Date : 20-Feb-2024 , 08:06:26 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) is set to commence its inaugural annual review of major auditing organizations, including the Big Five, by April at the latest. This review will focus on evaluating their procedures and adopted standards, according to sources familiar with the regula...

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Category : NFRA | Comments : 0 | Hits : 1249

CBDT drops small tax demands but not TCS, TDS Claims
Posted Date : 20-Feb-2024 , 07:49:08 am | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) on Monday ordered withdrawal of small tax demands that finance minister Nirmala Sitharaman had announced in her FY25 budget speech to improve ease of living. CBDT said that tax demand up to ?25,000 for assessment year up to 2010-11 and demands up to ?10,000 fr...

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Category : CBDT | Comments : 0 | Hits : 657

SC refused to interfere in High Court's Guidelines on Reopening of Income Tax Assessments
Posted Date : 16-Feb-2024 , 04:03:49 pm | Posted By CASANSAAR

The Supreme Court has refused to interfere with a 2017 Delhi High Court judgment which issued a set of guidelines to the Income Tax Department regarding the reopening of assessments.  A bench comprising Justice PS Narasimha and Justice Aravind Kumar dismissed a Special Leave Petition filed b...

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Category : Income Tax | Comments : 0 | Hits : 1316

Delhi HC upholds TDS on external development charges
Posted Date : 15-Feb-2024 , 07:42:18 am | Posted By CASANSAAR

The Delhi High Court on Tuesday upheld Tax Deducted at Source (TDS) on External Development Charges (EDC) in a real estate project. This means that home buyers will have to bear the burden of TDS. A division Bench of Delhi High Court Comprising Justices Yashwant Varma and Purushaindra Kumar Kaura...

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Category : TDS | Comments : 0 | Hits : 888

RBI asks Visa, Mastercard to stop card-based commercial payments
Posted Date : 15-Feb-2024 , 07:37:33 am | Posted By CASANSAAR

The Reserve Bank has asked international payments major Visa and Mastercard to stop card-based commercial payments made by small and large businesses due to concerns over KYC compliance. While Visa has acknowledged to a communication to this effect from the regulator on February 8, a response fro...

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Category : RBI | Comments : 0 | Hits : 639

SEBI Issues caution against unregistered entities promising High Returns
Posted Date : 14-Feb-2024 , 08:38:14 am | Posted By CASANSAAR

Sebi alerts investors about the growing trend of unregistered entities falsely claiming Sebi registration and offering unrealistic returns. Investors are advised to verify the registration status and consider the inherent risks associated with high-return investments. The Securities and Exchange ...

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Category : SEBI | Comments : 0 | Hits : 660

SC issues notice to central govt on GST anti-profiteering provisions
Posted Date : 14-Feb-2024 , 08:32:40 am | Posted By CASANSAAR

The Supreme Court on Monday issued a notice to the union government in a case relating to the constitutional validity of anti-profiteering provisions under the goods and services tax (GST). A three-judge bench comprising Chief Justice D Y Chandrachud, Justice J B Pardiwala and Justice Manoj Misra...

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Category : GST | Comments : 0 | Hits : 601

NFRA to crack down on Big 4, Other Auditors on Non Audit Services
Posted Date : 12-Feb-2024 , 07:42:27 am | Posted By CASANSAAR

Auditors, including the Big Four, may come under stringent scrutiny by the National Financial Reporting Authority (NFRA) for providing “non-audit services” to the same clients of which they are the statutory auditors, according to people privy to the regulator’s plans. The NFRA&...

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Category : NFRA | Comments : 0 | Hits : 1725

CBIC cautions against fake GST summons, asks to check communications
Posted Date : 12-Feb-2024 , 07:35:34 am | Posted By CASANSAAR

The CBIC cautioned against fraudsters issuing fake GST summons and asked taxpayers to check the veracity of any communication received from GST authorities. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said the Directorate General of GST Intelligence (DGGI) has recently ...

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Category : GST | Comments : 0 | Hits : 585

Paytm Payments Bank Seeks To Hire External Firm To Audit Compliance, KYC
Posted Date : 10-Feb-2024 , 09:58:26 am | Posted By CASANSAAR

Paytm Payments Bank Ltd. has floated a request for a proposal to external auditors, according to four people with knowledge of the matter.  The bank has floated this RFP on a restricted basis to external auditors and hence, it is not available in the public domain, as the people quoted above...

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Category : Auditing | Comments : 0 | Hits : 2008

SEBI bars 15 guest experts of Zee Business Channel for Unlawful Trading, Fine them Rs.7.41 Cr
Posted Date : 10-Feb-2024 , 09:57:50 am | Posted By CASANSAAR

Capital markets regulator Sebi on Thursday issued orders of action against 15 guest experts of the Zee Business channel for unlawful trading. The entities made unlawful gains to the tune of Rs. 7.41 crore from such trades and the profit was shared with guest experts as per prior understanding, Sebi ...

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Category : SEBI | Comments : 0 | Hits : 1632

HC orders CAG Audit in Accounts of Delhi Jal Board from 2018 to 2021
Posted Date : 08-Feb-2024 , 07:39:06 am | Posted By CASANSAAR

The Delhi high court on Tuesday ordered the Comptroller and Auditor General of India (CAG) to expeditiously audit the annual accounts of Delhi Jal Board (DJB) for the period between 2018-19 and 2020-21. The court’s direction comes months after chief minister Arvind Kejriwal in December 2023...

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Category : Auditing | Comments : 0 | Hits : 516

GST authorities issue notices over input tax credit discrepancies
Posted Date : 08-Feb-2024 , 07:26:30 am | Posted By CASANSAAR

Goods and services tax (GST) authorities have issued notices to several companies for discrepancy in claim of input tax credit, or ITC, people aware of the matter said. This follows close scrutiny of input tax availed by the companies and mismatch with their annual return. GST authorities have is...

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Category : GST | Comments : 0 | Hits : 329

ED Conducts Raid at AAP MP and Past President of ICAI ND Gupta’s Residence
Posted Date : 06-Feb-2024 , 01:18:52 pm | Posted By CASANSAAR

The Enforcement Directorate (ED) raided premises linked to Delhi Chief Minister Arvind Kejriwal’s personal secretary Bibhav Kumar, and Aam Aadmi Party (AAP) Rajya Sabha MP, Past President of ICAI Sh.ND Gupta in connection with a money laundering probe related to the Jal Board case. The cent...

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Category : ICAI | Comments : 0 | Hits : 2107

GST Council may consider pan-India rollout of biometric-based authentication for registration - CBIC
Posted Date : 02-Feb-2024 , 09:45:15 pm | Posted By CASANSAAR

The GST Council may take up a proposal to make biometric-based Aadhaar authentication mandatory pan-India for suspicious persons, seeking GST registration, CBIC chief Sanjay Kumar Agarwal said on Friday. Currently, two states — Gujarat and Andhra Pradesh — and the Union Territory of P...

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Category : GST | Comments : 0 | Hits : 825

Interim Budget Proposes to retian Tax Rates for Direct and Indirect Taxes
Posted Date : 02-Feb-2024 , 08:47:52 am | Posted By CASANSAAR

  “Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, whi...

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Category : Budget | Comments : 0 | Hits : 587

Highlights of the Interim Union Budget 2024-25
Posted Date : 02-Feb-2024 , 08:46:08 am | Posted By CASANSAAR

With the ‘mantra’ of ‘Sabka Saath, Sabka Vikas, and Sabka Vishwas’ and the whole of nation approach of “Sabka Prayas”, the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman presented the Interim Union Budget 2024-25 ...

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Category : Budget | Comments : 0 | Hits : 611

ITR 2, ITR 3 & ITR 5 for AY 2024-25 Released by CBDT
Posted Date : 02-Feb-2024 , 08:42:29 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has notified Income-tax Return Form 2 and 3 for the Assessment Year 2024-25. Rule 12 has been amended to allow individuals and HUF, who are liable to tax audit under section 44AB, to verify return of income through electronic verification code. The Central...

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Category : ITR | Comments : 0 | Hits : 496

RBI bars Paytm Payments Bank from offering services effective March 2024
Posted Date : 01-Feb-2024 , 08:18:12 am | Posted By CASANSAAR

Reserve Bank of India has imposed restrictions on Paytm Payments Bank and barred the entity from offering incremental banking services effective March 2024, due to concerns regarding breach of and compliance with regulatory norms. “The Comprehensive System Audit report and subsequent compli...

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Category : RBI | Comments : 0 | Hits : 1656

Income Tax e-filing portal to be down for maintenance from Feb 3 to 5
Posted Date : 01-Feb-2024 , 08:13:53 am | Posted By CASANSAAR

The Income Tax department on Wednesday said that services for taxpayers on the e-filing portal will not be available between February 3 and early February 5 on account of scheduled maintenance. “…taxpayer services on the e-filing portal will be restricted from 2 pm on Saturday (03....

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Category : Income Tax | Comments : 0 | Hits : 1110

Rs. 1,72,129 Cr gross GST revenue collected during January 2024
Posted Date : 31-Jan-2024 , 09:31:58 pm | Posted By CASANSAAR

The gross GST revenue collected in the month of January, 2024 (till 05:00 PM of 31.01.2024) is Rs.1,72,129 crore, which shows a 10.4% Year-o-Year (Y-oY) growth over the revenue of Rs.155,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023).   Notably, this is the...

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Category : GST | Comments : 0 | Hits : 433

High Court upholds provisions of anti-profiteering under GST
Posted Date : 31-Jan-2024 , 09:05:16 am | Posted By CASANSAAR

The Delhi High Court on Monday upheld the constitutional validity of the provisions related to anti-profiteering under the Central Goods and Services Tax Act and the establishment of National Anti-Profiteering Authority In a setback to over 100 companies, including Hindustan Unilever (HUL), Nestl...

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Category : GST | Comments : 0 | Hits : 435

FM Nirmala Sitharaman Takes Part In Pre-Budget Halwa Ceremony
Posted Date : 25-Jan-2024 , 08:53:11 am | Posted By CASANSAAR

Nirmala Sitharaman participated in the pre-budget halwa ceremony. The traditional 'halwa ceremony', marking the final stage of the preparation process for interim Union Budget 2024, was held this evening at the Union Finance Ministry headquarters at North Block in Delhi. Union Finance Minist...

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Category : Budget | Comments : 0 | Hits : 747

GSTN Advisory on Urgent Submission of Bank Details to Avoid GSTIN Suspension
Posted Date : 24-Jan-2024 , 07:16:58 am | Posted By CASANSAAR

Advisory for furnishing bank account details by registered taxpayers under Rule 10A of the Central Goods and Services Tax Rules, 2017. Mandatory Bank Account Details Submission as per law: All Registered Taxpayers are required under the provisions of CGST Act, 2017 and the corresponding Rules fra...

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Category : GST | Comments : 0 | Hits : 1092

CBDT releases key Direct Tax Statistics through Time-Series data
Posted Date : 23-Jan-2024 , 09:31:32 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has been releasing key statistics relating to Direct Tax collections and administration in public domain from time to time. In continuation of its efforts to place more and more information in public domain, the CBDT has further released Consolidated Time-Ser...

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Category : CBDT | Comments : 0 | Hits : 638

GSTN Advisory on Payment through Credit Card (CC)/Debit Card (DC) and Unified Payments Interface (UPI)
Posted Date : 20-Jan-2024 , 08:31:23 am | Posted By CASANSAAR

To facilitate the taxpayer registered under GST with more methods of payment, two new facilities of payment have now been provided under e-payment in addition to net-banking. The two new methods are Cards and Unified Payments Interface (UPI). Cards facility includes Credit Card (CC) and Debit C...

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Category : GST | Comments : 0 | Hits : 721

More action against pre-2018 Audit Violations likely - NFRA
Posted Date : 18-Jan-2024 , 06:35:02 pm | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) would take further actions on defaulting auditors this year, for pre-2018 cases as well, chairperson Ajay Bhushan Pandey said on Tuesday. The NFRA’s move follows the National Company Law Appellate Tribunal’s (NCLAT) ruling in December tha...

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Category : NFRA | Comments : 0 | Hits : 1220

Aadhaar will not be considered as valid proof of date of birth - EPFO
Posted Date : 18-Jan-2024 , 06:26:12 pm | Posted By CASANSAAR

Retirement fund body EPFO has said it will no longer use Aadhaar as a valid document for proof of date of birth.   In an official circular on January 16, the Employees' Provident Fund Organisation (EPFO) said the decision to remove Aadhaar was taken following a directive from the Unique...

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Category : General | Comments : 0 | Hits : 715

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