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Cabinet approves MoU between ICAI and CA-ANZ
Posted Date : 20-Apr-2021 , 06:46:39 pm | Posted By CASANSAAR

The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a fresh Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ). Impact: The MRA intends to develop mutually beneficial ...

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Category : ICAI | Comments : 0 | Hits : 2064

Cabinet approves Amendments to the Finance Bill, 2021
Posted Date : 20-Apr-2021 , 06:41:33 pm | Posted By CASANSAAR

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on 28th March, 2021 as the Finance Act, 2021).  The amendments were essential to clarify and rationalise the proposals furthe...

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Category : Finance | Comments : 0 | Hits : 1072

GST officers to be soon armed with real-time data on vehicles moving without e-way
Posted Date : 19-Apr-2021 , 09:11:31 am | Posted By CASANSAAR

The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion. The tax officers would also be provided analysis reports on identifying e...

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Category : GST | Comments : 0 | Hits : 1076

RBI replies on RTI for signing of Non Audited Financials by CAs
Posted Date : 19-Apr-2021 , 09:03:14 am | Posted By CASANSAAR

In reply to RTI by Nitin Pandurang Hargude on requirement of signing of project report, un-audited financials and certificate for utilisation of loan funds  vide Order No. DOR0021/04.03.001/2020-21 dated April 03 2021 RBI has replied ...

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Category : CA | Comments : 0 | Hits : 2629

SC issues guidelines for cheque bounce cases, asks govt to amend laws
Posted Date : 17-Apr-2021 , 09:58:23 am | Posted By CASANSAAR

To ensure speedy disposal of more than 35 lakh cheque bounce cases pending in various courts, the Supreme Court on Friday gave a number of directions, including asking the government to amend the laws to allow clubbing of multiple trials in cases filed for a same transaction against anyone. To av...

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Category : General | Comments : 0 | Hits : 1670

NLIU becomes first IBBI approved university to offer Graduate Insolvency Program
Posted Date : 15-Apr-2021 , 07:39:13 am | Posted By CASANSAAR

The National Law Institute University (NLIU) had submitted the Expression of Interest to the Insolvency and Bankruptcy Board of India (IBBI) for the conduct of the Graduate Insolvency Program (GIP) on 15 January, 2021. A month later, the IBBI formally approved NLIU for conducting the Graduate Ins...

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Category : Insolvent Professional | Comments : 0 | Hits : 1500

RTGS money transfer facility won't be available for 14 hours on Sunday - RBI
Posted Date : 13-Apr-2021 , 08:16:18 am | Posted By CASANSAAR

Reserve Bank of India (RBI) on Monday said that Real-Time Gross Settlement (RTGS) facility will not be be available for at least 14 hours on 18 April. "A technical upgrade of RTGS, targetted to enhance resilience & to further improve disaster recovery time of RTGS system, is scheduled af...

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Category : RBI | Comments : 0 | Hits : 547

SEBI comes out with new guidelines on reporting formats for mutual funds
Posted Date : 13-Apr-2021 , 08:13:47 am | Posted By CASANSAAR

Capital markets watchdog Sebi on Monday came out with fresh guidelines on reporting formats for mutual funds. The formats for the reports to be submitted byasset management companies (AMCs) to trustees, by AMCs to Sebi and by trustees to the regulator have been revised on the basis of consultatio...

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Category : SEBI | Comments : 0 | Hits : 480

SC Stays Disciplinary Proceedings against Petitioners in TAR Matters of ICAI
Posted Date : 10-Apr-2021 , 08:46:18 am | Posted By CASANSAAR

The Hon. Supreme Court  Stays Disciplinary Proceedings against Petitioners in TAR Matters of ICAI.   Writ Petition (C) No. 371 of 2021 along with IA  No. 41905/20201 was listed today as item No. 10 before Hon'ble Mr. Justice Sanjay Kishan Kaul and Hon'ble Mr. Justice Heman...

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Category : Tax Audit | Comments : 0 | Hits : 861

IBBI notifies prepack insolvency resolution process regulations for MSMEs
Posted Date : 10-Apr-2021 , 08:21:58 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India has notified the pre-packaged insolvency resolution process regulations for micro, small and medium enterprises (MSMEs) on Friday. The norms, effective from Friday, enable the operationalisation of the prepack process, according to a statement from the...

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Category : MSME | Comments : 0 | Hits : 413

Direct Tax collections for last financial year go up by 5 pct to Rs 9.45 lakh Cr
Posted Date : 10-Apr-2021 , 08:15:14 am | Posted By CASANSAAR

Direct Tax collections for the last financial year show growth of almost five per cent despite the challenges posed by the Covid-19 pandemic.  Finance Ministry informed that the provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at 9.45...

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Category : Income Tax | Comments : 0 | Hits : 360

Constitutional validity of arrest rules under GST challenged in Supreme Court
Posted Date : 09-Apr-2021 , 08:15:41 am | Posted By CASANSAAR

Companies have argued against the constitutional validity of arrest provisions under the goods and services tax (GST) laws in their present form in the Supreme Court. The court took up the matter of arrest provisions and applicability of the Criminal Procedure Code (CrPC) to the Customs Act, GST ...

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Category : GST | Comments : 0 | Hits : 699

Centre sets Rs. 10 lakh trigger for MSME rescue scheme
Posted Date : 09-Apr-2021 , 08:05:42 am | Posted By CASANSAAR

The Central government set a payment default of ₹10 lakh as the trigger for bankruptcy proceedings of small businesses under the new simplified scheme called pre-packs. The finance ministry said in a tweet that this would be the minimum threshold of payment default for micro, small and med...

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Category : MSME | Comments : 0 | Hits : 471

GST no longer citizen-friendly; calls provisional attachment Draconian - SC
Posted Date : 08-Apr-2021 , 09:59:29 am | Posted By CASANSAAR

The Supreme Court on Tuesday slammed the manner in which the Goods and Services Tax was being enforced by tax authorities and observed that the taxman cannot see all businesses as being fraudulent. The Parliament had aimed to give the GST a citizen-friendly tax structure. But, the purpose of the ...

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Category : GST | Comments : 0 | Hits : 1619

Income Tax Deptt launches offline utility for ITR 1, 4 on new technology JSON
Posted Date : 06-Apr-2021 , 08:37:37 am | Posted By CASANSAAR

The Income Tax Department has launched the offline utility for taxpayers filing ITR - 1 and 4 for 2020-21 fiscal year. The offline utility is available on the e-filing portal and is based on new technology JSON (JavaScript Object Notation), which is a light weight format for storing data. The ...

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Category : Income Tax | Comments : 0 | Hits : 1606

Bank Branch Audit 2021 - Update on allotment of Branches
Posted Date : 06-Apr-2021 , 08:05:39 am | Posted By CASANSAAR

Bank Branch Audit 2021 - Update on allotment of Branches   As per information received, RBI has approved the Bank Branch Audit Panel. Banks start sending mails for allotment of Branches.. Following Banks has started sending emails for allotment of branches as informed by Me...

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Category : Bank Branch Audit | Comments : 38 | Hits : 56926

GST to be levied on underlying goods / services in gift vouchers - AAR
Posted Date : 05-Apr-2021 , 08:41:23 am | Posted By CASANSAAR

Clearing the air over taxability of gift cards or vouchers, the Tamil Nadu bench of the AAAR has ruled that GST would be levied on the underlying goods/ services at the time of redemption such pre-paid instruments. Kalyan Jewellers India Ltd has approached the Appellate Authority for Advance Ruli...

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Category : GST | Comments : 0 | Hits : 708

Govt allows further operational flexibility in filing of GST returns
Posted Date : 05-Apr-2021 , 07:51:06 am | Posted By CASANSAAR

Govt has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme of GST. These tax filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1 to be filed ...

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Category : GST | Comments : 0 | Hits : 1441

CBDT notifies New Income Tax Return Forms for AY 2021-22
Posted Date : 02-Apr-2021 , 09:10:52 am | Posted By CASANSAAR

The Central Board of Direct Taxes has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22 vide Notification no.21/2021 in G.S.R. 242(E) dated 31.03.2021. Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change have been...

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Category : CBDT | Comments : 0 | Hits : 1260

GST revenue collection hits new record of over Rs 1.23 lakh crore in March 2021
Posted Date : 02-Apr-2021 , 09:09:51 am | Posted By CASANSAAR

GST Revenue collection for March 2021 has set a new record with highest ever collection of 1 lakh 23 thousand 902 crore rupees. The GST revenue collected in the last month is 27 per cent higher than that collected in March last year.   The Finance Ministry has informed that GST revenues of Ma...

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Category : Income Tax | Comments : 0 | Hits : 368

Interest rates cut order on small savings scheme withdrawn - Finance Minister
Posted Date : 01-Apr-2021 , 09:19:02 am | Posted By CASANSAAR

Steep cuts on interest rates on small savings schemes, announced last evening, were rolled back by the government today with Finance Minister Nirmala Sitharaman declaring that "orders issued by oversight" would be withdrawn. The cuts in schemes ranging from the National Savings Certificate...

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Category : Finance | Comments : 0 | Hits : 918

RBI extends timeline for processing of recurring online transactions
Posted Date : 01-Apr-2021 , 09:08:16 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday extended the deadline for processing recurring online transactions to September 30, 2021, from March 31, 2021. Banks and payment gateways had sought additional time to comply with the RBI directive on automatic recurring payment. "To prevent any i...

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Category : RBI | Comments : 0 | Hits : 375

Govt slashes interest rates on PPF, other small saving schemes
Posted Date : 01-Apr-2021 , 09:01:41 am | Posted By CASANSAAR

The government on Wednesday slashed interest rates on small saving schemes, including public provident fund (PPF) and national savings certificate (NSC) for the first quarter (Q1) of financial year 2021 with effect from April 1. In an official notification, the finance ministry said: "In exe...

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Category : General | Comments : 0 | Hits : 276

Extension of Time for Intimation of Aadhaar and Certain Other Time Limits
Posted Date : 01-Apr-2021 , 08:56:11 am | Posted By CASANSAAR

In view of the COVID-19 pandemic, certain time limits specified under the various tax and Benami laws have been extended by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and subsequent notifications issued under this Act. The extended last date for intimat...

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Category : Income Tax | Comments : 0 | Hits : 361

HSN Code/ Service Accounting Code mandatory on invoices as per revised requirement from 1st April 2021
Posted Date : 01-Apr-2021 , 08:55:13 am | Posted By CASANSAAR

With effect from the 1st April, 2021, it has been made mandatory for a GST taxpayer, having turnover of more than Rs 5 crore in the preceding financial year, to furnish 6 digits HSN Code (Harmonised System of Nomenclature Code), or as the case may be, SAC (Service Accounting Code) on the invoic...

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Category : GST | Comments : 0 | Hits : 600

Emergency Credit Line Guarantee Scheme (ECLGS) 1.0 & 2.0 extended upto 30.6.2021
Posted Date : 01-Apr-2021 , 08:53:18 am | Posted By CASANSAAR

In recognition of the continuing adverse impact of COVID-19 pandemic on certain service sectors, the Government has now extended the scope of Emergency Credit Line Guarantee Scheme (ECLGS) through introduction of ECLGS 3.0 to cover business enterprises in Hospitality, Travel & Tourism, Leisure &...

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Category : MSME | Comments : 0 | Hits : 167

Banks To Decline Auto Pay Transactions From April 1
Posted Date : 31-Mar-2021 , 08:27:49 am | Posted By CASANSAAR

Banks are likely to decline auto payments from April 1 as all recurring transactions using cards and prepaid payment instruments will now require an additional factor of authentication, as per an RBI circular first issued in December 2020.  Transactions above ₹ 5,000 will require an additi...

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Category : Banking | Comments : 0 | Hits : 1243

CGST Delhi officials arrest man for input tax credit fraud of around Rs 94 Cr
Posted Date : 27-Mar-2021 , 08:21:55 am | Posted By CASANSAAR

The officers of CGST Delhi North Commissionerate upon data analysis and gathering of intelligence zeroed in on Shri Krishan Kumar who was involved in creating and operating fake firms using identification documents of his friends/employees. As per investigation conducted so far, a total of 5 fake...

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Category : GST | Comments : 0 | Hits : 452

Mandatory Accounting Software with Recording Audit Trail for Companies - MCA
Posted Date : 26-Mar-2021 , 02:52:25 pm | Posted By CASANSAAR

MCA had issued Companies (Audit and Auditors) Amendment Rules, 2021. From Financial year commencing on or after the 1st day of  April,  2021,  every company  which  uses  accounting  software  for  maintaining  its  books  of  ...

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Category : Corporate Law | Comments : 0 | Hits : 2157

GST technical glitches behind input tax credit frauds - CAG
Posted Date : 25-Mar-2021 , 08:50:04 am | Posted By CASANSAAR

The Comptroller and Auditor General (CAG) of India has found that the goods and services tax (GST) system is prone to input tax credit (ITC) frauds due to complexity in the compliance system. “The originally envisaged system-validated ITC through ‘invoice matching’ had not been ...

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Category : GST | Comments : 0 | Hits : 1703

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