M&C-MSS SectionThe Institute of Chartered Accountants of India29th September, 2020 IMPORTANT ANNOUNCEMENT The Council of ICAI considering the request from Members at large has decided to extend the
Background: In order to deter cash transactions, section 40A(3) was incorporated in the Income Tax Act, 1961 (IT Act). As per this section, a taxpayer who incurs cash
Pertains to alleged misappropriation of ₹729 crore of Religare Finvest The Economic Offences Wing of the Delhi Police has arrested two senior officials of Lakshmi Vilas Bank for colluding
Several global banks moved large sums of allegedly illicit funds over a period of nearly two decades, despite red flags about the origins of the money, BuzzFeed and
Punjab National Bank had the most number of fraud cases at 240. However, Bank of India took the biggest hit of Rs 5,124.87 crore. Public sector banks (PSBs)
The Central Board of Direct Taxes (CBDT) has prescribed five broad parameters for compulsory selection of returns for complete scrutiny under faceless assessment for FY 2020-21. The Board
In Kerala, firms that charge exorbitant rates from gullible but helpless borrowers are called ‘blade companies’ or ‘blade mafia’. It is fair to say Popular Finance, which duped
In a “massive relief” to small businesses, the GST Council Thursday doubled the limit for exemption from payment of goods and services tax (GST) to Rs 40 lakh and announced that the
If the court shifts its gaze inward to enforce reforms and accountability measures, criticism will lose its sting. In the wake of the Supreme Court’s recent pronouncement, the perimeters
The National Financial Reporting Authority (NFRA) is investigating abrupt resignations of statutory auditors in the last few months, including PwC India that recently resigned from GVK Power NSE
