In the case of Ranjana Singh Vs Commissioner of State Tax, the Allahabad High Court has held that: On perusal of the show cause notice, rejection order and the appellate order, it appears that firstly clarification with regard to the possession of business premisses was required to be specified and secondly submission of electricity bill […]
Posted inBank / Bank Audit
Cardless Cash Withdrawal To Be Available At All Banks
Taking note of the increasing cases of frauds while withdrawing money through ATMs, the Reserve Bank has taken a major decision. Under this, the facility of cardless cash withdrawal with the help of UPI will now be available on all banks. The RBI Governor said that through this facility, the cases of frauds that occur […]
Posted inBUSINESS & ECONOMY
Big Setback To Loan Borrowers
Loan borrowers have got a big blow from RBI. RBI has not made any change in the repo rate and reverse repo rate. At the same time, it is clear from what has come out in the monetary policy review meeting that there will be no relief in inflation.
Posted inBank / Bank Audit
RBI Imposes Ban On This Co-Operative Bank
The Reserve Bank of India has announced to impose a number of restrictions on Shushruti Soudhaar Sahakara Bank Regularity based in Bengaluru. In a statement issued by the RBI in this regard, it has been said that the bank can no longer give loans or accept deposits without its approval. These restrictions will remain in […]
Posted inGST
New Functionalities Deployed On GST Portal For Taxpayers
Various new functionalities are implemented on the GST Portal, from time to time, for GST stakeholders. These functionalities pertain to different modules such as Registration, Returns, Advance Ruling, Payment, Refund and other miscellaneous topics. Various webinars are also conducted as well informational videos prepared on these functionalities and posted on GSTNs dedicated YouTube channel for […]
Posted inGST
Rajasthan Government’s Most Important Circular On GST Return Filing
Rajasthan Government has issued a circular on 5th April 2022, in which the government said that: It has come to the notice that in some instances, the taxpayers have not disclosed ineligible ITC in GSTR-3B on account of IGST paid on inward interstate supply and import supplies which might have culminated in short transfer of […]
Posted inINCOME TAX
Income Tax Portal Will Not Be Available On These Dates
Income Tax E-filing Portal has posted an update that: Alert: Website will not be accessible due to a scheduled maintenance activity from Saturday 9th April 8.00 PM to Sunday 10th April 10.00 AM IST.
Posted inBUSINESS & ECONOMY
Tata Group Introduces TATA NEU App
The Tata group on Thursday launched an app ‘Tata Neu’, which is probably the country’s first super app. The app brings everything from groceries to hotel, plane ticket booking and medicines on one platform. This app of Tata will give competition to Amazon and Flipkart. Tata Sons Chairman N Chandrasekharan said in a social media […]
Posted inBUSINESS & ECONOMY
Maruti Suzuki’s Market Share At 8-Year Low
Maruti Suzuki has suffered a major setback. Its market share has come down to 43 per cent in the financial year ended March 31, 2022. This is the lowest level in 8 years. The company has incurred a loss of 8% in three years. Its market share was 42% in 2013-14. The company has long […]
Posted inBUSINESS & ECONOMY
Global Challenges Will Have Less Impact On Indian Economy: Finance Ministry
After recovering from the pandemic, the economy is on the path of rapid recovery. The rise in several indices including GST collection data, e-way bill, UPI transactions and so on are indications of this. In the monthly economic review on Thursday, the Finance Ministry said, incentive schemes related to dynamism and production will help in […]
Posted inICAI
ICAI Research Project Scheme 2022 – An Initiative By The Research Committee
ICAI has launched ICAI Research Project Scheme 2022. ICAI said that: Recognising the paramount importance of research, the ICAI is happy to announce Research Project Scheme 2022 to encourage researchers keen to undertake research projects on contemporary topics and to further enhance studies in the field of accounting and allied domains. We are confident that […]
Posted inICAI
ICAI Doctoral Scholarship Scheme 2022 – An Initiative By The Research Committee
ICAI has launched ICAI Doctoral Scholarship Scheme 2022. ICAI said that: We are happy to share that the Institute through its Research Committee is announcing the ICAI Doctoral Scholarship Scheme 2022 for the members who wish to pursue Ph.D. The scheme is aimed at encouraging larger number of Chartered Accountants to enroll in the scheme. […]
Posted inICAI
ICAI: Revision in Peer Review Mandate
The Council at its 407thMeeting held from 7th– 9thJanuary 2022 decided to mandate the Peer Review process for coverage of more firms under Peer Review process. An Announcement dated 12.02.2022 in this regard was hosted on the website at https://www.icai.org/post/peer-review-mandate-roll-out Certain aspects required revision to bring in more clarity e.g. the time limit for compliance of […]
Posted inICAI
ICAI: Virtual Training Programme For Peer Reviewers On 7th And 8th April 2022
VIRTUAL-TRAINING PROGRAMME FOR PEER REVIEWERS on 7th and 8th April 2022 Organised by the Peer Review Board of ICAI and hosted by Ghaziabad branch of CIRC of ICAI (6 structured CPE Hours) Register at : https://www.icaigzb.org/pay.php
Posted inBank / Bank Audit
RBI MoneTary Policy: Monetary Policy Review Meeting Began On 6th April
The two-day monetary policy review meeting of the Reserve Bank of India (RBI) has started from Wednesday. This meeting is headed by the central bank governor Shaktikanta and its results will be announced on April 8. If experts are to be believed, this time also the Reserve Bank can keep the policy interest rates unchanged. […]
Posted inBUSINESS & ECONOMY
Reliance-Future Deal: Arbitration Proceedings Will Start Again On Merger Deal, Supreme Court Ordered
The Supreme Court on Wednesday ordered the resumption of arbitration proceedings on Rs 24,500-crore merger deal of Future Retail (FRL) with Reliance Retail Ltd. A bench of CJI NV Ramana, Justice Krishna Murari and Justice Hima Kohli has asked for the resumption of arbitration proceedings on the merger deal. The bench said the Singapore International […]
Posted inBUSINESS & ECONOMY
Indian Economy Will Grow At The Rate Of 7.5 Percent, Asian Development Bank Expressed Estimates
The more than a month-long war between Russia and Ukraine and its effects in the form of inflation have prompted rating agencies to cut growth forecasts. In a report released on Wednesday, the Asian Development Bank has said that India’s growth rate can be 7.5 percent this year. Collective growth rate of 7 per cent The […]
Posted inBank / Bank Audit
HDFC Bank Gives This Gift To Customers
HDFC Bank has announced to increase the interest rates on FDs with deposits of less than Rs 2 crore. According to the information available on the bank’s website, the new rates have come into effect from Wednesday, April 6. These have been increased by 10 basis points.
Posted inBank / Bank Audit
Trustee Units Of SBI, IDBI And Axis Under Siege, CCI Starts Investigation
The Competition Commission of India (CCI) is initiating an investigation into the trustee units of State Bank of India (SBI), Axis Bank and IDBI Bank. The investigation is being done following allegations of suspected collusion over fees. This is likely to spark a legal battle in the coming days. As per the rules, debt-raising companies […]
Posted inBank / Bank Audit
RBI Imposes Fine On Three Co-Operative Banks
The Reserve Bank of India has taken action against three co-operative banks for non-compliance with the rules. The banks which have been penalized include Phaltan-based Yashwant Co-Operative Bank Ltd., Kokan Mercantile Co-operative Bank Ltd., Samta Co-operative Development Bank Ltd. According to the statement, RBI has taken action against these banks for non-compliance. It was informed […]
Posted inBUSINESS & ECONOMY
1.2 Lakh Crore Rupees Spent On CSR, Only Five Percent Came in PM Cares: Government
Corporate Affairs Minister Rao Inderjit Singh while sharing the details in reply to supplementary questions during Question Hour in Rajya Sabha said that in the last seven years, around Rs 1.2 lakh crore has been spent by various companies under Corporate Social Responsibility Fund (CSR) and Only four to five percent of them have been […]
Posted inMARKETS
LIC IPO: Valuation Decreased Due To Poor Market Environment
Due to the Russia-Ukraine crisis, the effect of the bad stock market environment has started showing on the country’s biggest IPO. The government may bring the IPO of Life Insurance Corporation of India (LIC) before May 12. In this, it will now sell 7 percent stake. It is estimated to get Rs 50,000 crore in […]
Posted inINCOME TAX
CBDT Releases JSON Schema For ITR-1 To ITR-4 For A.Y. 2022-23 (F.Y. 2021-22)
On 4th April 2022, the CBDT has released JSON Schema for ITR-1, ITR-2, ITR-3 and ITR-4 for the A.Y. 2022-23. Download JSON Schema ITR-1: Download JSON Schema ITR-2: Download JSON Schema ITR-3: Download JSON Schema ITR-4: Download JSON Schema Reportedly, the CBDT has notified ITR-1 to ITR-6 for the A.Y. 2022-23 on 1st April 2022. […]
Posted inBUSINESS & ECONOMY
CBI Arrests Assistant Divisional Engineer Of Central Railway For Accepting Bribe
The Central Bureau of Investigation has arrested an Assistant Divisional Engineer(South), Central Railway, Nagpur for demanding & accepting bribe of Rs.1.80 Lakh from the Complainant. A case was registered against the Assistant Divisional Engineer (South), Central Railway, Nagpur on complaint alleging demand of bribe of Rs. 1,80,000/- for passing the bills of Complainant’s firm. It […]
Posted inBUSINESS & ECONOMY
CBI Registers Case Against 9 Officials Of NHAI
The Central Bureau of Investigation has registered a case against 09 officials of National Highways Authority of India (NHAI) including General Managers, Project Directors, Managers & 13 others including private persons, private companies and unknown officials/persons. It was alleged that during the year 2008-2010, the projects Surat-Hazira Port Section of NH-06, Kishangarh-Ajmer-Beawar Section of NH-08 […]
Posted inMARKETS
India is The Country With Highest FDI, Finance Minister Said This About Retail Investors
Union Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday that India continues to be the highest Foreign Direct Investment (FDI) recipient and Indian retail investors have decided to handle the situation arising out of large amount of FPI withdrawals from the stock markets. capacity has been developed. Retail investors proved themselves Responding […]
Posted inBUSINESS & ECONOMY
World’s Richest Person Elon Musk Bought Stake in Twitter
Elon Musk Buys 9.2% Stake Of Twitter: According to a report released on Monday, the world’s richest man and Tesla CEO Elon Musk has bought a 9.2 percent stake in micro-blogging site Twitter Inc. Under this, the billionaire businessman has bought about 74 lakh shares of the company.
Posted inBUSINESS & ECONOMY
Insurance Companies Settled 93 Percent Cases Of COVID-19
By bringing the COVID epidemic under the purview of health insurance, the central government has given great relief to the people. Ever since the outbreak of the pandemic, COVID has been brought under health insurance, government insurance companies have filed COVID insurance claims worth Rs 17,537 crore till December 2021. Union Minister of State for […]
Posted inBUSINESS & ECONOMY
Big Fraud Caught: ED Attaches Assets Worth Rs 409.92 Crore Of M/s Future Gaming & Hotel Services Pvt. Ltd.
Enforcement Directorate (ED) has provisionally attached movable assets worth Rs.409.92 Crore in the case against M/s. Future Gaming & Hotel Services Pvt. Ltd. & its various sub-distributors/area-distributors. The attached assets are in the form of balance in Bank Accounts and Mutual Fund Holdings. ED initiated money laundering investigation against M/s Future Gaming and its Sub […]
Posted inBUSINESS & ECONOMY
ED Attaches Assets Under Prevention Of Money Laundering Act (PMLA)
Directorate of Enforcement (ED), has provisionally attached Immovable and Movable properties valued at Rs. 4.04 Crore belonging to Chandrama Prasad Singh @ Tuntun Singh, his family members and others under the of Prevention of Money Laundering Act (PMLA), 2002. Chandrama Prasard Singh S/o- Shri Baleshwar Prasad Singh, R/o- Nandlal Chapra, Post- Manoharpur Kacchuwara, PS- Ramkrishana […]