CAclubindia News

Guidelines for Implementation of the circular on Opening of Current Accounts by Banks

05 August 2021 at 06:25

RBI had issued certain guidelines to enforce credit discipline amongst the borrowers as well as to facilitate better monitoring by the lenders. Now, the RBI has specified guidelines for implementation of the circular on Opening of Current A/c by Banks.

Posted in Others | 2151 Views

RBI cautions the public not to fall prey to fictitious offers of buying/ selling of Old Bank notes and Coins

05 August 2021 at 06:24

Certain elements are fraudulently using the name/logo of RBI, and seeking charges/commission/tax from the public, in transactions related to buying and selling of old banknotes and coins. It is clarified that RBI does not deal in such matters.

Posted in Others | 1902 Views

Insolvency and Bankruptcy Code (Amendment) Bill, 2021 passed by Lok Sabha and Rajya Sabha

05 August 2021 at 06:22

The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 was passed by the Lok Sabha on 28th July 2021 and by the Rajya Sabha on 3rd August 2021.

Posted in Corporate Law | 5766 Views

GSTN | Blocking of E-Way Bill generation facility to resume after 15th August, 2021

04 August 2021 at 20:48

The government has decided to resume the blocking of EWB generation facility on the EWB portal, for all the taxpayers in terms of Rule 138 E (a) and (b) of the CGST Rules, 2017, from 15th August onwards.

Posted in GST | 1 comments | 7839 Views

CBIC launches Compliance Information Portal (CIP)

04 August 2021 at 20:48

CBIC has launched the Indian Customs Compliance Information Portal (CIP) for providing free access to information on all Customs procedures and regulatory compliance for nearly 12,000 Customs Tariff Items.

Posted in Custom | 2661 Views

ICAI releases Exposure Draft on Initial Application of IFRS 17 and IFRS 9

04 August 2021 at 06:40

ICAI has released the Exposure Draft on the Initial Application of IFRS 17 and IFRS 9 - Comparative Information Proposed amendment to IFRS 17. Comments on the ED may be submitted electronically or via email or post by 3rd September 2021.

Posted in Professional Resource | 1608 Views

CGST authorities bust ITC fraud of more than Rs 31,000 crore involving more than 7,200 cases in FY 2020-21

04 August 2021 at 06:40

GST authorities have unearthed over Rs 31,000 crore of tax fraud committed by misuse of ITC provision under the GST regime during the financial year 2020-21 and booked more than 7,200 cases involving fake ITC.

Posted in GST | 1770 Views

GST authorities recover more than Rs 1,900 crore in tax evasion in FY 2021-22 up to June 2021

04 August 2021 at 06:38

Evasion may be committed intentionally and at times non-payment of tax may happen due to human error. However, no evasion of tax has been reported due to failure in the CBIC back-end system.

Posted in GST | 1587 Views

12,889 shell companies struck off in FY 2020-21

04 August 2021 at 06:37

GoI has undertaken a Special Drive for identification and strike off of Companies by invoking the provisions of section 248 (1) of the Act by which the Registrar of Companies struck off those companies after following the due process of law.

Posted in Corporate Law | 2736 Views

CBDT further extends the due dates for electronic filing of certain forms

03 August 2021 at 20:38

On consideration of difficulties reported by the taxpayers and other stakeholders in the electronic filing of certain Forms, CBDT has decided to further extend the due dates for electronic filing of such Forms vide Circular No.15/2021 dated 03.08.2021.

Posted in Income Tax | 3 comments | 30555 Views