Over 40,000 GST returns for 2018-19 under scrutiny
Posted Date : 23-Jul-2022 , 02:35:09 pm | Posted By CASANSAAR
To curb fraudulent availment of input tax credit (ITC) and tax evasion, the Central Board of Indirect Taxes (CBIC) will soon identify about 40,000 goods and services tax (GST) returns for 2018-19, based on the risk parameters, for scrutiny.
This would be the second such batch of GST ret...
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Govt aims to move bank privatisation bill in Monsoon session
Posted Date : 12-Jul-2022 , 09:21:32 am | Posted By CASANSAAR
The legislation for privatisation of select-public sector banks, which is considered to be in the offing for past few months, could be introduced in the upcoming Monsoon Session of the Parliament, sources told CNBC TV18 on July 11.
Both the houses of Parl...
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Income Tax |
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CBDT issues fresh guidance on cross-border disputes for taxpayers
Posted Date : 14-Jun-2022 , 08:15:20 am | Posted By CASANSAAR
Authorities will allow the country’s taxpayers to access the mutual agreement procedure (MAP) for cross-border disputes.
This is even if they had settled the case under the direct tax dispute resolution scheme — Vivad se Vishwas — withou...
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Income Tax |
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RBI approves appointment of R Subramaniakumar as MD and CEO of RBL Bank
Posted Date : 12-Jun-2022 , 08:32:55 am | Posted By CASANSAAR
RBL Bank on Saturday said the Reserve Bank of India (RBI) has approved the appointment of R Subramaniakumar as Managing Director and CEO of the Bank for three years tenure.
Subramaniakumar's tenure will begin from the date of his taking charge, under ...
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Income Tax |
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Infosys directed to fix glitches on income tax e-filing portal
Posted Date : 08-Jun-2022 , 07:18:10 am | Posted By CASANSAAR
The income tax department on Tuesday directed vendor Infosys to address fresh technical glitches on the tax department’s e-filing portal.
“Issue relating to the search functionality of the e-filing website has come to our notice. The income ta...
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Income Tax |
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RBI cancels registration of 5 NBFCs due to irregular lending practices
Posted Date : 26-May-2022 , 08:47:21 am | Posted By CASANSAAR
In exercise of the powers conferred under Section 45-IA (6) (iv) of the Reserve Bank of India Act, 1934, the Reserve Bank has cancelled the Certificate of Registration (CoR) issued to the following five Non-Banking Financial Companies (NBFCs):
Sr. N...
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Income Tax |
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0 | Hits : 1397
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CBI raids 40 locations linked to NGOs and MHA officials over alleged FCRA violation
Posted Date : 11-May-2022 , 11:17:21 am | Posted By CASANSAAR
Central Bureau of Investigation conducted raids at 40 locations linked to NGO representatives, their middlemen, and home ministry officials for allegedly facilitating violation of foreign funding rules. Raids were conducted at multiple locations in Delhi, Chennai, Hyderabad, Coimbatore, Mysore, and ...
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Income Tax |
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ED arrests CA linked to IAS officer in money laundering case
Posted Date : 08-May-2022 , 09:13:08 am | Posted By CASANSAAR
The ED on Saturday arrested a chartered accountant under the anti-money laundering law in a case linked to alleged embezzlement of MGNREGA funds in Jharkhand's Khunti district as part of which state mining secretary and IAS officer Pooja Singhal and others were raided, officials said.
...
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Income Tax |
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90,000 reassessment notices issued by the income tax department stay valid - SC
Posted Date : 05-May-2022 , 07:57:35 am | Posted By CASANSAAR
Nearly 90,000 reassessment notices that were issued by the income tax (I-T) department after April 1, 2021 under the provisions of the unamended section 148 have been held as valid by the Supreme Court (SC).
These reassessment notices had been challenged in as many as 9,000 writ petitions acros...
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Income Tax |
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Timeline to update UDIN on e-filing portal is extended
Posted Date : 30-Apr-2022 , 07:26:23 am | Posted By CASANSAAR
The timeline to update #UDIN is extended till 31st May 2022 to give more time to CAs to correctly verify and upload UDINs.
https://twitter.com/casansaar/status/1520208877664751616
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Income Tax |
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Income Tax dept amends norms to widen ambit of tax filers
Posted Date : 23-Apr-2022 , 09:52:50 am | Posted By CASANSAAR
The income tax department has made it mandatory for people who make large transactions but report incomes below the tax exemption limit to file returns, an official order said.
The idea is to expand the oversight of economic activities and ensure that those who undertake large transactions file...
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Income Tax |
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GST bogus billing cases also come under scanner of Income Tax dept
Posted Date : 19-Apr-2022 , 09:07:47 am | Posted By CASANSAAR
After Goods and Services Tax (GST) department’s crackdown against bogus billing, income tax department too has started tightening its noose around the accused. After analysing the data of bogus sales and purchases and bank entries, I-T department too is regularly issuing notices to the people ...
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Income Tax |
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Auditors may face ban on non-audit work in large companies
Posted Date : 16-Apr-2022 , 07:54:10 am | Posted By CASANSAAR
A high-level committee has proposed an overhaul of the audit architecture, including a ban on non-audit work in “public interest” or large companies, and mandating auditors of holding companies to look into the accounts of subsidiaries.
The panel, whose recommendations were released...
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Income Tax |
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0 | Hits : 1439
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RBI proposes to make card-less cash withdrawal facility available across all banks, ATM networks using UPI
Posted Date : 09-Apr-2022 , 08:17:18 am | Posted By CASANSAAR
While announcing the monetary policy on Friday, the Reserve Bank of India (RBI) Governor Shaktikanta Das said RBI has proposed to make card-less cash withdrawal facility available across all banks and ATM networks using the Unified Payments Interface (UPI).
RBI Governor said the absence of need...
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Income Tax |
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0 | Hits : 1772
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Parliament passes Chartered Accountants, Cost and Works Accountants and Company Secretaries (Amendment) Bill
Posted Date : 06-Apr-2022 , 08:28:24 am | Posted By CASANSAAR
The Parliament has passed the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2022 with the Rajya Sabha approving it today. The Lok Sabha has already passed the Bill. The Bill seeks to amend the Chartered Accountants Act, 1949, the Cost and Works A...
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Income Tax |
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SEBI clarifies on new norms for related party transactions
Posted Date : 31-Mar-2022 , 09:19:28 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Wednesday clarified on the new norms governing related party transactions that will come into effect from April 1.
The regulator said listed companies need not seek fresh approval from the shareholders for a related party transaction (RPT) th...
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Income Tax |
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CBDT prescribes fees u/s 234H for not linking PAN with Aadhaar
Posted Date : 31-Mar-2022 , 08:09:54 am | Posted By CASANSAAR
Under the provisions of the Income-tax Act, 1961 (“the Act”), every person who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before 31st March, 2022. On failure to do so, his PA...
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Income Tax |
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Bank Branch Audit 2022 - Update on allotment of Branches
Posted Date : 30-Mar-2022 , 10:19:28 pm | Posted By CASANSAAR
Bank Branch Audit 2022 - 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..
We Have Posted all details of Bank Branch Audit Allotment at our Twitter Account,
...
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Income Tax |
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Finance Bill, 2022 passed in Lok Sabha
Posted Date : 25-Mar-2022 , 09:51:26 pm | Posted By CASANSAAR
The Lok Sabha on March 25 passed the Finance Bill 2022, which gives effect to new taxation, thus completing the Budgetary exercise for 2022-23 fiscal.
The Finance Bill was approved by the Lower House after accepting 39 official amendments moved by Finance Minister Nirmala Sitharaman and rejecti...
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Parliamentary Panel pitches for ending ICAI’s statutory monopoly
Posted Date : 24-Mar-2022 , 08:12:30 am | Posted By CASANSAAR
A Parliamentary panel has said that government should consider setting up Indian institutes of accounting (IIAs) akin to IITs and IIMs across the country for enhancing the development of accounting and finance profession.
This observation was made by the standing committee on finance in its rep...
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Income Tax |
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CGST Delhi officials bust a syndicate of 7 firms in GST evasion of more than Rs 85 crore
Posted Date : 11-Mar-2022 , 08:14:04 pm | Posted By CASANSAAR
Through extensive analysis of E-way bills, CGST Delhi East Commissionerate had busted a syndicate of five firms who were engaged in availing and utilising fake Input Tax Credit (ITC) of Goods and Services Tax (GST).
During further investigation it was found that this syndicate was using two mor...
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Income Tax |
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RBI clarifies on the mode of receipt of complaints under Ombudsman Scheme
Posted Date : 10-Mar-2022 , 11:17:28 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has clarified on the mode of receipt of complaints under the integrated ombudsman scheme(RB-IOS), saying it has taken note of various instances of misinformation being spread through social media about the scheme.
Instances of misinformation being spread through ...
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Statutory Auditors may not get large companies’ non-audit operations
Posted Date : 21-Feb-2022 , 10:12:24 pm | Posted By CASANSAAR
The government is looking to ban statutory auditors from taking up non-audit work on “public interest” companies — which means those that are listed or are above a certain threshold — and their subsidiaries.
Besides, it is exploring the possibility of joint audit for cer...
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Income Tax |
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Over 6.2 cr ITRs, 21 lakh audit reports filed on new e-filing portal
Posted Date : 12-Feb-2022 , 09:58:55 am | Posted By CASANSAAR
“More than 6.2 crore Income Tax Returns (ITRs) and about 21 lakh major Tax Audit Reports (TARs) have been filed on the new e-Filing portal of the Income Tax Department as on 10th February 2022,” the tax department said in a statement.
Out of the 6.2 crore ITRs filed for AY 2021-22, ...
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Income Tax |
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Around 6.17 crore ITRs, 19 lakh TARs filed on the new e-Filing portal of IT Department
Posted Date : 08-Feb-2022 , 09:12:54 am | Posted By CASANSAAR
Around 6.17 crore Income Tax Returns, ITRs and about 19 lakh major Tax Audit Reports TARs have been filed on the new e-Filing portal of the Income Tax Department as of yesterday. Out of 6.17 crore ITRs filed for Assessment Year 2021-22, 48 percent of these are ITR-1, 9 percent is ITR-2, 13 percent i...
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Income Tax |
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CBDT extends due dates for filling Audit reports and IT Returns for 2021-22
Posted Date : 11-Jan-2022 , 10:26:50 pm | Posted By CASANSAAR
On consideration of difficulties reported by the taxpayers and other stakeholders due to COVID and in electronic filing of various reports of audit under the provisions of the Income-tax Act, 1961 (the Act), the Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for fil...
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Income Tax department eases norms for ‘faceless’ appeal scheme
Posted Date : 30-Dec-2021 , 09:54:16 am | Posted By CASANSAAR
The Income Tax department has brought in changes to the existing faceless appeal scheme, easing the process for taxpayers wanting a personal hearing through video conference while appealing against a tax demand by the department.
The Central Board of Direct Taxes (CBDT) on December 28, notified...
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Income Tax |
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SEBI releases framework for advisory, portfolio management services
Posted Date : 22-Dec-2021 , 08:55:14 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Tuesday came up with a framework pertaining to fees for investment advisory services for accredited investors. Also, the capital markets regulator put in place guidelines on exit load charges applicable to the client of the portfolio manager.
...
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Income Tax |
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Delhi High Court quashes Income Tax reassessment notices issued after March 31
Posted Date : 16-Dec-2021 , 08:40:58 am | Posted By CASANSAAR
The Delhi High Court on Wednesday quashed all the re-assessment notices issued by the I-T Department after March 31 this year under a provision of the Income Tax Act. The court, which passed a common judgement in a batch of 1,346 petitions, was dealing with a question as to whether the government or...
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Income Tax |
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Cabinet clears draft Bill for linking Aadhaar & voter ID
Posted Date : 16-Dec-2021 , 08:36:42 am | Posted By CASANSAAR
The Union Cabinet on Wednesday cleared proposed amendments to the electoral law seeking to bring in key electoral reforms such as linkage of voter ID with Aadhaar so as to weed out bogus and duplicate entries in the electoral roll. Sources indicated that another reform sought to be implemented is al...
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