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CBDT allows tax officials to waive or reduce interest due from assessee
Posted Date : 06-Nov-2024 , 09:59:54 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has permitted tax officers to waive or reduce the interest payable on tax payments by assessees, subject to specific conditions, an official release said. As per a circular, dated November 4, a Principal Chief Commissioner of Income Tax (PrCCIT) can decide...

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Category : CBDT | Comments : 0 | Hits : 66

GST Advisory for Form GST DRC-03A
Posted Date : 06-Nov-2024 , 06:32:17 pm | Posted By CASANSAAR

Advisory for Form GST DRC-03A Nov 5th, 2024 1. It has been observed that some taxpayers have paid the demanded amount vide DRC 07/DRC 08/MOV 09/MOV 11/APL 04 through DRC-03 instead of using payment facility ‘Payment towards demand’ available on GST portal. This led to a situation whe...

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Category : GST | Comments : 0 | Hits : 55

Time Limit for Reporting e-Invoice on the IRP Portal – Lowering of Threshold to AATO 10 Cr and Above - GSTN
Posted Date : 05-Nov-2024 , 09:22:11 pm | Posted By CASANSAAR

Advisory: Time Limit for Reporting e-Invoice on the IRP Portal – Lowering of Threshold to AATO 10 Crores and Above Nov 5th, 2024 Dear Taxpayers, 1. With reference to the earlier advisory dated 13th September 2023 (https://einvoice.gst.gov.in/einvoice/newsandupdates/read-602), where ...

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Category : GST | Comments : 0 | Hits : 125

Tax Authorities uncover massive GST Fraud worth Rs 25,000 Cr
Posted Date : 05-Nov-2024 , 09:21:39 pm | Posted By CASANSAAR

Tax officers have detected about 18,000 fake companies registered under GST which have been involved in tax evasion of about Rs 25,000 crore, an official said. In a sweeping nationwide investigation, Indian tax enforcement officials have identified approximately 18,000 fictitious companies that o...

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Category : GST | Comments : 0 | Hits : 119

Government invites applications for RBI Deputy Governor
Posted Date : 04-Nov-2024 , 09:12:01 pm | Posted By CASANSAAR

The Centre has invited applications for the post of a deputy governor by November 30 to succeed Michael Patra at the Reserve Bank of India (RBI). Patra's extended term ends in January. Applicants need to have at least 25 years of work experience in public administration or similar years of ex...

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Category : RBI | Comments : 0 | Hits : 224

NFRA board to meet next week - Adoption of new audit rules on agenda
Posted Date : 04-Nov-2024 , 09:10:55 pm | Posted By CASANSAAR

The next board meeting of the National Financial Reporting Authority (NFRA) will be held on November 11-12.   The meeting assumes significance since NFRA is expected to push for the adoption of the revised International Standards on Auditing (ISA 600) having gone through the process of inviti...

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Category : NFRA | Comments : 0 | Hits : 273

Income Tax dept receives 6,500 suggestions on income tax act review
Posted Date : 05-Nov-2024 , 08:24:41 am | Posted By CASANSAAR

The income tax department has received 6,500 suggestions from stakeholders over the past month on review of the Income Tax Act. Finance Minister Nirmala Sitharaman on Monday chaired a meeting on the Budget announcement of a comprehensive review of the Income Tax Act, 1961. The meeting was attende...

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Category : Income Tax | Comments : 0 | Hits : 170

Ujjivan Small Finance Bank to apply for universal licence this fiscal - MD
Posted Date : 04-Nov-2024 , 07:39:36 am | Posted By CASANSAAR

Ujjivan Small Finance Bank aims to secure a universal banking license by March 2025. The bank is focusing on building a diverse business mix and strengthening its secured loan portfolio. Efforts include expanding product lines and improving digital and IT infrastructure to address RBI requirements. ...

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Category : Banking | Comments : 0 | Hits : 179

SEBI Proposes Rs 1 CR minimum investment, Demat form for Securitisation
Posted Date : 04-Nov-2024 , 07:30:09 am | Posted By CASANSAAR

Markets regulator Sebi has proposed a minimum ticket size or investment threshold of Rs 1 crore for the RBI-regulated originators and unregulated entities engaged in securitisation activities. The proposal also introduced limitations on the number of investors in private placements, allowing secu...

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Category : SEBI | Comments : 0 | Hits : 182

GST records second highest collection at Rs. 1.87 lakh Cr in October 2024
Posted Date : 02-Nov-2024 , 08:52:16 am | Posted By CASANSAAR

Gross Goods and Services Tax (GST) collection in October rose 9 percent to over 1.87 lakh crore, the second-highest ever, mainly due to rise in domestic sales and improved compliance.  The Central GST collection stood at 33,821 crore rupees, State GST at 41,864 crore rupees, Integrated IGST ...

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Category : GST | Comments : 0 | Hits : 274

CBI files charge sheet against principal commissioner of Income Tax in bribery case
Posted Date : 30-Oct-2024 , 09:14:36 am | Posted By CASANSAAR

The CBI has filed a charge sheet against a principal commissioner of Income Tax of Patna and four other people in connection with alleged bribery of Rs 10 lakh, officials said on Tuesday. The agency has booked Santosh Kumar and four middlemen and conduits on allegations that they were receiving b...

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Category : Income Tax | Comments : 0 | Hits : 908

Barring of GST Return on expiry of three years - GSTN
Posted Date : 29-Oct-2024 , 01:06:46 pm | Posted By CASANSAAR

 Barring of GST Return on expiry of three years Oct 29th, 2024 As per the Finance Act,2023 (8 of 2023), dt. 31-03-2023, implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31th July, 2023, the taxpayers shall not be allowed file their GST returns after the...

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Category : GST | Comments : 0 | Hits : 897

Top Auditors, Consultants back NFRA's tighter group Audit Norms; Notification Soon
Posted Date : 28-Oct-2024 , 11:19:40 am | Posted By CASANSAAR

The National Financial Reporting Authority's (NFRA) board will soon consider enforcing tighter norms for statutory audits of conglomerates, two people aware of the development said, a move that has received support from some of the top audit and consulting firms. The period for receiving publ...

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Category : NFRA | Comments : 0 | Hits : 943

Indians lost Rs 120 Cr in digital arrest frauds in January-April 2024
Posted Date : 28-Oct-2024 , 11:17:40 am | Posted By CASANSAAR

INDIANS LOST Rs 120.30 crore in “digital arrest” frauds, which was highlighted by Prime Minister Narendra Modi Sunday, in the first quarter of this year alone, government cybercrime data shows. According to the Ministry of Home Affairs (MHA), which monitors cybercrime at the central l...

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Category : General | Comments : 0 | Hits : 781

Fake Company in Auto Driver’s Name, DGGI Unearths Rs 8,000 Cr Scam
Posted Date : 26-Oct-2024 , 11:34:42 am | Posted By CASANSAAR

Probing into a fake Pune based company registered in the name of an auto rickshaw driver, officials of the Directorate of GST Intelligence (DGGI) have unearthed a major fake GST firm scam to the tune of Rs 5,000 crores to Rs 8,000 crores. Rushi Prakash (39), an officer at DGGI, Pune Zonal Unit, l...

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Category : GST | Comments : 0 | Hits : 1229

Extension of Due Date for furnishing Return of Income for A.Y. 2024-25.
Posted Date : 26-Oct-2024 , 12:04:57 pm | Posted By CASANSAAR

CBDT Extends Due Date for furnishing Return of Income for Assessment Year 2024-25. The due date for assessees under clause (a) of Explanation 2 to Sub Section (1) of Section 139 has been extended from October 31, 2024, to November 15, 2024. Circular No. 13/2024 dated 26.10.2024 issued. ...

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Category : Income Tax | Comments : 0 | Hits : 2313

SEBI seeks public feedback on criteria to designate specified digital platforms
Posted Date : 23-Oct-2024 , 08:29:28 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) On Tuesday issued a draft circular inviting public feedback on the criteria for recognizing digital platforms as Specified Digital Platforms (SDPs). According to Sebi, the recognition of these platforms is crucial to ensure they do not enable ille...

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Category : SEBI | Comments : 0 | Hits : 1181

RBI adds 13 more entities in 'Alert List' of unauthorised forex trading
Posted Date : 23-Oct-2024 , 08:25:15 am | Posted By CASANSAAR

The Reserve Bank on Tuesday updated the 'Alert List' of unauthorised forex trading platforms by adding 13 more entities, including TDFX and Inefex, taking the total to 88. The Alert List contains names of entities which are neither authorised to deal in forex under the Foreign Exchange Ma...

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Category : RBI | Comments : 0 | Hits : 1344

GST Advisory - Reg 07
Posted Date : 22-Oct-2024 , 07:00:15 pm | Posted By CASANSAAR

Advisory - Reg 07 Oct 22nd, 2024 Dear Taxpayer, GSTN has introduced an update to facilitate the registration compliance for buyers of metal scrap through form GST REG-07. This update follows the new GST provisions for metal scrap buyers as outlined in the advisory issued on October 13. Tax...

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Category : GST | Comments : 0 | Hits : 1378

Validation of bank account details while adding bank account as Non Core amendment
Posted Date : 22-Oct-2024 , 06:58:51 pm | Posted By CASANSAAR

Attention: Validation of bank account details while adding bank account as Non Core amendment Oct 22nd, 2024 Dear Taxpayer, GSTN has implemented a validation process for cases where a taxpayer attempts a non-core amendment to update bank account details. Taxpayers are requested to follow the ...

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Category : GST | Comments : 0 | Hits : 1411

NFRA Imposes Rs. 5 Lakh Penalty on UIL Auditor for Professional Misconduct
Posted Date : 22-Oct-2024 , 01:41:01 pm | Posted By CASANSAAR

The CBI had registered an FIR back in 2022 alleging large-scale bank fraud involving UIL, based on a complaint from the State Bank of India. The EP was charged with failure to discharge his responsibilities relating to fraud as laid down in SA 240, reporting obligations under Section 143(12) of t...

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Category : NFRA | Comments : 0 | Hits : 1151

FinMin approves 64 new CGM posts in Public Sector Banks
Posted Date : 22-Oct-2024 , 01:29:08 pm | Posted By CASANSAAR

To step up oversight given the substantial business growth, finance minister Nirmala Sitharaman has approved an increase in the number of chief general manager (CGM) posts in nationalised banks to 144 from 80. Accordingly, the number of general manager (GM) posts has been revised from 440 to 576,...

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Category : Banking | Comments : 0 | Hits : 1420

ICAI Election 2024 - Exercising the Option for Any Where Voting
Posted Date : 19-Oct-2024 , 08:25:17 pm | Posted By CASANSAAR

Election Cell The Institute of Chartered Accountants of India 17th October 2024 Election - 2024 Exercising the Option for Any Where Voting   We are pleased to inform that the Member whose name is borne on the Register on 1st day of April 2024 and is entitled to Vote by Poll, the option ...

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Category : ICAI | Comments : 0 | Hits : 1251

Attention – Hard - Locking of auto-populated liability in GSTR-3B
Posted Date : 18-Oct-2024 , 07:33:19 pm | Posted By CASANSAAR

Attention – Hard - Locking of auto-populated liability in GSTR-3B Oct 17th, 2024 1.  In order to assist taxpayers in filing their returns and minimizing human errors, GSTN has continuously improving the GST return filing process and in this endeavor the GST Portal now provides a ...

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Category : GST | Comments : 0 | Hits : 1491

CBDT issues Form 12BAA to tell employer about other taxes paid by you
Posted Date : 17-Oct-2024 , 07:49:33 am | Posted By CASANSAAR

To implement the Budget 2024 announcement regarding the adjustment of TDS and TCS from other sources against salary TDS, the Central Board of Direct Taxes (CBDT) has issued a new form called Form 12BAA. This form will be utilized by employees to report to their employers the tax deductions from s...

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Category : CBDT | Comments : 0 | Hits : 1260

ICAI’s New Standards are Legally Void - NFRA
Posted Date : 17-Oct-2024 , 07:46:07 am | Posted By CASANSAAR

NFRA board, including members like SEBI, CAG and RBI, is of the opinion that SQMs have to be notified as auditing standards (with legal backing) whereas the ICAI maintains that SQMs are not standards of auditing. The National Financial Reporting Authority (NFRA) is understood to have taken strong...

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Category : NFRA | Comments : 0 | Hits : 1510

SC Unveils New Lady of Justice Statue without Blindfold, Holding Constitution
Posted Date : 17-Oct-2024 , 07:37:27 am | Posted By CASANSAAR

A new statue of the 'Lady of Justice,' representing the goddess of justice, has been unveiled in the Supreme Court. Notably, the statue's blindfold has been removed, symbolizing a shift from the traditional notion that "the law is blind." Additionally, the figure now holds a...

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Category : General | Comments : 0 | Hits : 874

GST Advisory on IMS - GSTN
Posted Date : 15-Oct-2024 , 05:58:06 am | Posted By CASANSAAR

Attention - Advisory on IMS Oct 14th, 2024 Invoice Management System (IMS) is made available to taxpayers from Today, 14th Oct, 2024. The new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (IT...

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Category : GST | Comments : 0 | Hits : 1314

GSTN Important advisory for GSTR-9 / 9C
Posted Date : 15-Oct-2024 , 05:57:42 am | Posted By CASANSAAR

Important advisory for GSTR-9/9C Oct 15th, 2024 Starting FY 2023-24, GST system will auto-populate eligible ITC for domestic supplies (excluding reverse charge and imports ITC) from table 3(I) of GSTR-2B to table 8A of GSTR-9. These changes in GSTR-9 and 9C for the FY 2023-24 will be availab...

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Category : GST | Comments : 0 | Hits : 1269

New GST Provision for Metal Scrap Transactions - GSTN Advisory
Posted Date : 14-Oct-2024 , 06:45:19 am | Posted By CASANSAAR

The government has issued Notification 25/2024-Central Tax, on October 9, 2024.under GST Section 51 of the CGST Act, 2017 mandating compliance by the businesses dealing with Metal Scrap.  The GST portal will soon be updated to enable compliance of registration through FORM GST REG-07 by thes...

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Category : GST | Comments : 0 | Hits : 882

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