Rs 26,697 cr lying in dormant accounts of banks - FM Sitharaman
Posted Date : 01-Dec-2021 , 08:32:53 am | Posted By CASANSAAR
As much as Rs 26,697 crore was lying in dormant accounts of banks, including cooperative banks, as on December 31, 2020, Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday.
This money is lying in nearly 9 crore accounts which have not been operated for 10 years.
As per...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1194
|
 |
CBIC detects bogus tax credit claims worth ₹38,000 cr since last November
Posted Date : 01-Dec-2021 , 08:28:35 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has since last November detected ₹38,000 crore of bogus claims from businesses for input tax credit in a technology and data analytics enabled drive against tax evasion, said a person familiar with the development.
The result of the C...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1107
|
|
Employees liable to pay GST on salaries received during notice period - AAR
Posted Date : 01-Dec-2021 , 08:26:32 am | Posted By CASANSAAR
Amid a talent war among companies, the issue of high attrition rate has taken centre stage in the corporate world. However, another crucial point of debate among tax officials and companies is the tax treatment on salaries of employees serving the customary notice period.
A recent ruling in the...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1583
|
|
RBI imposes penalty of Rs 1 Cr on Union Bank of India
Posted Date : 30-Nov-2021 , 08:26:38 am | Posted By CASANSAAR
The Reserve Bank of India on Monday imposed a monetary penalty of Rs 1 crore on state-owned Union Bank of India for deficiencies in regulatory compliance. The penalty was imposed by an order dated November 25 for non-compliance with the certain provisions of directions issued by the RBI contained in...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 728
|
|
Profile, Vision & Mission of CA. Vivek Khurana - Ballot No. 14 of Central Council Election.
Posted Date : 27-Nov-2021 , 09:22:37 am | Posted By CASANSAAR
Elections to the Central & Regional Councils of The Institute of Chartered Accountants of India are round the corner. With the God’s grace, blessings of my Late Parents & Elders, Support of my Friends and well Wishers I have filed the Nomination Papers for my candidature for the ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1508
|
|
SEBI mulls overhauling preferential allotment rules
Posted Date : 27-Nov-2021 , 09:20:25 am | Posted By CASANSAAR
Sebi on Friday proposed relaxing pricing norms and lock-in requirements to make it easier for companies to raise funds through preferential allotment of shares.
In addition, the regulator has proposed allowing pledging of shares allotted to promoter or promoter group under preferential issue duri...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 568
|
|
RBI Imposes Rs. 1 Crore Penalty On State Bank Of India For Violating Norms
Posted Date : 27-Nov-2021 , 09:19:11 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) today imposed a monetary penalty of ₹ 1 crore on the country's largest lender State Bank of India (SBI) For holding shares in the borrower companies of an amount exceeding 30 per cent of the paid-up share capital of those companies. The RBI imposed the penal...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 475
|
|
SEBI announces rights and responsibilities of investing in Securities Market
Posted Date : 18-Nov-2021 , 10:32:08 am | Posted By CASANSAAR
Securities Exchange Board of India (SEBI) on Wednesday released an investor charter outlining the rights and responsibilities of investors investing in the securities market.
The market regulator said it aims to protect the interest of investors by enabling them to understand the risks in...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 961
|
|
SEBI revises guidelines for processing of draft schemes
Posted Date : 17-Nov-2021 , 08:31:46 am | Posted By CASANSAAR
Markets regulator on Tuesday revised guidelines for processing of draft schemes filed with the stock exchanges. "These amendments are aimed at ensuring that the recognised stock exchanges refer draft schemes to Sebi only upon being fully convinced that the listed entity is in compliance with Se...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 669
|
|
PNB Senior Manager, 2 others sentenced to 5 years in jail in Rs 40 lakh fraud case
Posted Date : 16-Nov-2021 , 08:35:55 am | Posted By CASANSAAR
Special CBI court in Gujarat’s Ahmedabad has sentenced a senior manager of Punjab National Bank (PNB) and two businessmen to five years of imprisonment for defrauding the bank of Rs 40 lakh, officials said.
The court also imposed a fine of Rs 7.5 lakh on Sanjiv Kamalkar Inamdar, the then ...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1418
|
|
Income Tax Department conducts searches in Gurugram
Posted Date : 16-Nov-2021 , 08:28:26 am | Posted By CASANSAAR
The Income Tax Department carried out search and seizure operations on 10.11.2021 on two groups, one engaged in real estate and hospitality and the other, a tools and equipment manufacturing group at Gurugram.
Various incriminating documents and electronic data relating to unaccounted investment ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 884
|
|
Taxpayers can now access new I-T annual info statement on e-filing portal
Posted Date : 15-Nov-2021 , 08:20:27 am | Posted By CASANSAAR
The Income Tax (IT) department today said taxpayers can now access the new Annual Information Statement (AIS), which includes additional categories of information like interest, dividends, securities and MF transactions, and remittances from abroad, on the e-filing portal.
The I-T department ha...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 789
|
|
SEBI, RBI plan to bring digital gold under regulatory ambit
Posted Date : 15-Nov-2021 , 08:15:51 am | Posted By CASANSAAR
The finance ministry, the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) are working to bring digital gold, along with crypto assets, under some regulatory oversight, as concerns mount over the unchecked growth in such investments without investor protections that ...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 852
|
|
CGST Officials unearth input tax credit fraud of around Rs 34 crore involving 7 firms
Posted Date : 15-Nov-2021 , 08:08:25 am | Posted By CASANSAAR
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST) Commissionerate, Delhi (East) have unearthed a case of availment/utilization and passing on of inadmissible input tax credit (ITC) through bogus GST invoices without actual movement of g...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 550
|
|
RBI clarifies norms for upgrading of accounts classified as NPAs
Posted Date : 13-Nov-2021 , 09:22:18 am | Posted By CASANSAAR
The Reserve Bank of India on Friday clarified that lenders should reclassify a non-performing asset to “standard” asset only when the entire arrears of interest and principal are paid by the borrower.
The regulator has noted that some lending institutions were upgrading accounts cla...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1484
|
|
GST Notices to firms after mismatch in GST tax credits
Posted Date : 13-Nov-2021 , 09:19:29 am | Posted By CASANSAAR
Goods and services tax authorities have started issuing notices to several companies, after uncovering a mismatch in tax credits using deep analytics tools embedded in the GSTN software.
The tax department's analytics department has found these discrepancies in returns filed by companies,...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1830
|
|
NFRA extends public consultation on small companies’ audit till Nov End
Posted Date : 11-Nov-2021 , 07:54:50 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has extended its public consultation to decide on relaxing the statutory audit obligation of small companies till end of November, showed an official order. The earlier due date for receiving comments and suggestions was 10 November.
The audit r...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 472
|
|
CBIC for strict enforcement to check fake invoicing
Posted Date : 11-Nov-2021 , 07:52:34 am | Posted By CASANSAAR
Regulatory checks on fake invoicing, including those of services, need to be strengthened for better tax compliance, according to an update on indirect tax administration from the Central Board of Indirect Taxes and Customs (CBIC) to field officers.
Senior officials of the Directorate General o...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 501
|
|
RBI launches its First Global Hackathon - HARBINGER 2021
Posted Date : 11-Nov-2021 , 07:40:06 am | Posted By CASANSAAR
Reserve Bank is organising its first global hackathon – “HARBINGER 2021 – Innovation for Transformation” with the theme ‘Smarter Digital Payments’. The Hackathon invites participants to identify and develop solutions that have the potential to make digital pa...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 415
|
|
SEBI allows FPIs to write off debt securities
Posted Date : 09-Nov-2021 , 08:18:52 am | Posted By CASANSAAR
Markets regulator Sebi on Monday allowed foreign portfolio investors (FPIs) to write off all debt securities that they are unable to sell. This will be applicable only to such FPIs who wish to surrender their registration, the Securities and Exchange Board of India (Sebi) said in a circular.
&q...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 433
|
|
Stock exchanges to roll out T+1 settlement in phases from 25th Feb
Posted Date : 09-Nov-2021 , 08:17:15 am | Posted By CASANSAAR
Top stock exchanges on Monday said they will introduce the T+1 settlement cycle for trading equity shares and other instruments in a phased manner, starting 25 February.
A joint statement issued by the National Stock Exchange of India Ltd and BSE Ltd confirmed a 3 November Mint report that said...
Continue Reading...
Category :
Shares & Stock |
Comments :
0 | Hits : 369
|
|
GST officers asked to block ITC only on basis of evidence, not suspicion
Posted Date : 06-Nov-2021 , 08:26:07 am | Posted By CASANSAAR
The CBIC has released guidelines on blocking of tax credit by goods and services tax (GST) field officers, adding such action should be on the basis of ‘material evidence’ and not just out of ‘suspicion’.
The norms by the Central Board of Indirect Taxes and Customs (CBIC...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 838
|
|
Income Tax Deptt Roll out of new Annual Information Statement (AIS)
Posted Date : 02-Nov-2021 , 08:07:47 am | Posted By CASANSAAR
Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer with a facility to capture online feedback. The new AIS can be accessed by clicking on the link “Annual Information Statemen...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1818
|
|
GST revenue collection for October second highest in history
Posted Date : 02-Nov-2021 , 08:05:23 am | Posted By CASANSAAR
The GST revenues for October have been the second-highest ever since the introduction of GST, second only to that in April this year.
The gross GST revenue collected in the month of October is one lakh 30 thousand 127 crore rupees. Out of this amount, the CGST component is 23,861 crore, SGST is 3...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1532
|
|
Canadian immigration is making major changes to the NOC in 2022
Posted Date : 01-Nov-2021 , 08:14:59 am | Posted By CASANSAAR
Canada has introduced NOC 2021 and the immigration system will incorporate the changes in 2022.
The National Occupational Classification (NOC) is a major part of Canada’s immigration system. Skilled worker candidates and temporary foreign workers need to demonstrate their work experience ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1793
|
|
PSBs to introduce common staff accountability guidelines for NPAs
Posted Date : 01-Nov-2021 , 08:10:40 am | Posted By CASANSAAR
Public sector banks will implement common staff accountability policies for loan accounts up to Rs 50 crore, excluding fraud accounts, turning into non-performing assets (NPAs) on or after April 1, 2022.
This is expected to ensure a common approach across state-owned banks in dealing with staff a...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1462
|
|
SEBI warns Vedanta over related-party transactions
Posted Date : 01-Nov-2021 , 08:07:05 am | Posted By CASANSAAR
Capital market regulator SEBI has warned billionaire Anil Agarwal's Vedanta Ltd for executing Rs 1,407 crore of related-party transactions without prior approval of the audit committee.
In a warning letter, which Vedanta as per SEBI directions disclosed to stock exchanges, the regulator said ...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 684
|
|
RBI allows banks to open current accounts for borrowers availing credit from other banks
Posted Date : 30-Oct-2021 , 08:52:46 am | Posted By CASANSAAR
Banks may open current accounts for borrowers who have availed credit facilities in the form of cash credit (CC)/ overdraft (OD) from the banking system, said Reserve Bank of India (RBI) on October 29 in a release.
The development comes after the RBI reviewed and took into account the feedbac...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1534
|
|
Shaktikanta Das reappointed as RBI Governor for three more years
Posted Date : 30-Oct-2021 , 08:32:32 am | Posted By CASANSAAR
The government has approved the reappointment of Shaktikanta Das as Governor of the Reserve Bank of India for a period of three years.
The Appointments Committee of the Cabinet has approved the reappointment of Mr Das. The re-appointment will be effective from 10th December this year or until fur...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 638
|
|
HC notice to Centre on petition challenging faceless income tax assessment
Posted Date : 29-Oct-2021 , 08:03:15 am | Posted By CASANSAAR
The Madras High Court has issued notice to the union government on a writ petition challenging the constitutional validity of the faceless assessment system under the Income Tax Act.
The court restrained the tax department from recovering additional demand and posted the matter to Novemb...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 822
|
|
|
