Search Results for Tag : Account
Statute
Cabinet approves Transgender Persons (Protection of Rights) Bill 2016(20.07.2016)
The Union Cabinet approved the introduction of the Transgender Persons (Protection of Rights) Bill 2016 in Parliament.
The Bill envisages .....
Tags : transgender, protection, discrimination, accountability
Top Story
Central Government amends Companies (Indian Accounting Standards) Amendment Rules, 2020(24.07.2020)
The Central Government, in consultation with the National Financial Reporting Authority amends the Companies (Indian Accounting Standards) Rules, 2015.....
Tags : Accounting standards, Amendment, Rules
Centre introduces CA, CWA and CS (Amendment) Bill, 2021 in Lok Sabha(17.12.2021)
The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021, was introduced in the Lok Sabha. The bil.....
Tags : Chartered Accountants, Bill, Introduction
Judgments
Employment status of a person sought under RTI Act, can be furnished to spouse for purpose of deciding maintenance(02.08.2017)
Appellant had filed RTI application in year 2016, seeking information regarding details of EPF Account No. & EPF Account statement of wife of Appellan.....
Tags : Information, Disclosure, EPF Account
The findings cannot be said to be perverse unless it is found that some relevant evidence has not been considered or that certain inadmissible material has been taken into consideration(03.01.2018)
In facts of present case, Defendants awarded to the Plaintiff the construction work of Thana Kot-Naina Devi OFC route. The Plaintiff started the execu.....
Tags : Contract, Accounts, Settlement
Suo motu credit cannot be taken without applying for refund(04.06.2019)
In present case, the Appellants are engaged in the manufacture of transformers. For smooth functioning of the said final product, the Appellants use t.....
Tags : Suo motu credit, Cenvat account, Entitlement
Jammu and Kashmir HC approves suo moto accountability(01.02.2016)
Jammu and Kashmir High Court ruled the State’s Accountability Commission, a body receiving complaints against public functionaries, capable of beginni.....
Tags : Accountability commission, suo moto, proceedings
If a statute provides for a thing to be done in a particular manner then the same has to be done in that manner alone and in no other manner(03.02.2021)
The present appeal has been filed by Appellant raising the issue relating to the freezing of their bank account under Section 17 of the Prevention of .....
Tags : Prevention of Money-Laundering Act, 2002, Freezing of Account
Opportunity to decide NPA classification on account-basis slips by(11.04.2016)
A borrower having repaid all of the principal sum but with more than 20 per cent of interest remaining cannot escape the provisions of the SARFAESI Ac.....
Tags : non-performing asset, classification, multiple accounts, borrower
A candidate is disqualified on his failure to lodge true, correct and genuine account of his bona fide election expenses(14.07.2017)
Petitioner is aggrieved by order passed by Chief Election Commission vide which Petitioner stood disqualified under Section 10-A of Representation of .....
Tags : Election expenses, Account, Disqualification
News
Govt: Aadhaar Mandatory for Opening Bank Accounts, Transactions Over Rs. 50,000(19.06.2017)
Government, through a notification amending a prevention of money laundering law, has made it mandatory to provide Aadhaar to open a bank account and .....
Tags : Government, Bank Accounts
#GST: CBEC Notifies Aadhaar/ Bank Account Based Verification for Purpose of CGST Rules(21.06.2017)
Central Board of Excise and Customs (CBEC) has notified Aadhaar based Electronic Verification Code (EVC) or Bank account based One Time Password as mo.....
Tags : Goods and Services Tax, GST, CGST Rules, Aadhaar/ Bank Account
CIVIL - Why Suggestion Regarding to have CSR Account in Government Hospitals Not Followed: Delhi HC(14.03.2019)
Delhi High Court has asked Centre and Delhi Government why they have not followed its suggestion to have a separate account in hospitals run by them t.....
Tags : Delhi High Court, CSR Account, Government Hospital
Gujarat HC Set Aside Provisional Attachment of Bank Accounts of Person Accused of Tax Evasion(03.11.2020)
Gujarat High Court has quashed the order for provisional attachment of the five bank accounts of a person accused of tax evasion under Section 74(1) o.....
Tags : Gujarat High Court, Provisional Attachment of Bank Accounts
Bombay HC Rejects Plea Challenging Declaration of Account as NPA by IL&FS(03.11.2020)
Bombay High Court has rejected a writ petition filed by a private company against declaration of loan account as Non-Performing Asset over a 100 crore.....
Tags : Bombay High Court, Declaration of Account as NPA by IL&FS
Gujarat High Court: GST Registration of Dealers Can't Be Cancelled For Inadvertent Mistake of CA(01.04.2022)
Gujarat High Court has held that the dealer must not be forced to pay a hefty price for the termination of the GST registration for the chartered acco.....
Tags : Gujarat High Court, GST registration, Chartered accountant
Supreme Court Restrains I-T Department from Reassessing NuPower Accounts(11.10.2019)
Supreme Court has disallowed the Income Tax Department’s bid to reassess the accounts of Deepak Kochhar-owned NuPower Renewables to investigate an inv.....
Tags : Supreme Court, NuPower Accounts
Delhi HC Directs SBI to Open FCRA Accounts of NGOs Within 10 Days of Receiving Centre's Approval(24.05.2021)
Delhi High Court has directed the State Bank of India (SBI) to ensure that applications for opening the Foreign Contribution (Regulation) Act, 2010 (F.....
Tags : Delhi High Court, State Bank of India, FCRA Accounts
RBI to Banks: Pay Interest on Savings Account Every Quarter(16.03.2016)
Reserve Bank of India (RBI) has asked banks to pay interest on their customers’ savings accounts on a quarterly basis or shorter duration.
Tags : Reserve Bank of India, savings accounts
Reserve Bank of India Eases Norms for No-Frills Accounts(11.06.2019)
Reserve Bank of India has eased the norms for the Basic Savings Bank Deposit (BSBD) accounts popularly known as no-frills accounts by allowing banks t.....
Tags : Reserve Bank of India, No-Frills Accounts
RBI: Pensioner's Account Not to Exceed More Than 14 Credit Transactions in a Year(22.01.2016)
Reserve Bank of India (RBI) has directed banks that a pensioner's account should not exceed more than 14 credit transactions in a calender year for re.....
Tags : RBI, Pensioner's Account
NFRA: Chartered Accountant Penalized with One Lakh Rupees Fine for Professional Misconduct(24.06.2022)
National Financial Reporting Authority (NFRA) has penalized chartered accountant with a fine of one lakh rupees for professional misconduct and debarr.....
Tags : National Financial Reporting Authority, Professional Misconduct, Chartered Accountant
Gujarat High Court: Practicing Chartered Accountant Cannot Enroll As A Lawyer(06.09.2017)
Gujarat High Court has held that the profession as an Advocate or Lawyer is a full time, and one cannot be permitted if he is already working as a pro.....
Tags : Gujarat High Court, Chartered Accountant
Delhi HC Directs RBI, SBI to Maintain Status Quo on Reliance Accounts(07.01.2021)
Delhi High Court has directed Reserve Bank of India and State Bank of India to maintain status quo on the classification of Anil Ambani's Reliance Com.....
Tags : Delhi High Court, Reliance Bank Accounts
ITAT: Father Can’t be Taxed for Cash Deposit in Bank Account Opened in The Name of Major Son(25.07.2022)
Income Tax Appellate Tribunal (ITAT), Pune Bench while deleting an addition for cash deposit, has held that the clubbing of income under the provision.....
Tags : ITAT, Minor Children, Income-Tax, Bank Account
ITAT: Money Can’t be Treated as ‘Unaccounted’ Merely Because of Non-Response from Creditors(26.07.2022)
Income Tax Appellate Tribunal (ITAT), Delhi bench, while deleting penalty under section 271(1)(c) of the Income Tax Act, 1961 has held that the money .....
Tags : ITAT, Creditors, Unaccounted
EPFO Decides to Give Interest on Inoperative Accounts from April 1(30.03.2016)
Employees' Provident Fund Organisation (EPFO) has decided to give benefit of accrual of interest on the inoperative accounts, reversing the decision t.....
Tags : Employees' Provident Fund Organisation , Inoperative Accounts
Companies With Over Rs 500 Crore Net-Worth Now to Follow New Accounting Rules(31.03.2016)
Companies with a net-worth of Rs 500 crore or more will have to follow the new Indian Accounting Standards (Ind AS) from April 1. The new standards ar.....
Tags : Companies, New Accounting Rules
Cabinet Introduces The Uttarakhand Appropriation (Vote on Account) Ordinance, 2016(01.04.2016)
Ministry of Law and Justice has introduced the Uttarakhand Appropriation (Vote on Account) Ordinance, 2016.
Tags : The Uttarakhand Appropriation (Vote on Account) Ordinance, 2016
SC: Authority Has to Record Belief of Commission of Money Laundering Before Freezing Account(04.02.2021)
Supreme Court has observed that before directing freezing of bank accounts under Prevention of Money¬ Laundering Act, 2002, the Authority has to recor.....
Tags : Supreme Court, Freezing of Account
SC Declines Petition Challenging Privacy Policy for Whatsapp Business Accounts(05.02.2021)
Supreme Court has declined to entertain a petition by Confederation of All India Traders against the new privacy policy for business accounts of socia.....
Tags : Supreme Court, Whatsapp Business Accounts Privacy Policy
Delhi HC: Complaint Against Chartered Accountant After 7 Years of Misconduct is Time-Barred(08.09.2022)
Delhi High Court has held that a complaint against Chartered Accountant after seven years of alleged misconduct is liable to be quashed as time-barred.....
Tags : Delhi High Court, Chartered Accountant, Misconduct
Delhi HC Rejects Petition Challenging Results of CA Exam Held on Nov 2017(13.02.2018)
Delhi High Court has dismissed a petition challenging the results of Chartered Accountants (CA Exam Final) examination held on November 2017.
Tags : Delhi High Court, Chartered Accountants
P&H HC Upholds Publishing of Accounts of Private Unaided Educational Institutions on Website(31.05.2021)
Punjab and Haryana High Court has upheld an April 2018 notification of the Ministry of Home Affairs, requiring private unaided educational institution.....
Tags : Punjab and Haryana High Court, Publishing of Accounts of Private Unaided Educational Institutions
ITAT, Hyderabad: Joint Holder in Husband’s Salary Account Not Undisclosed Foreign Account(01.06.2021)
Income Tax Appellate Tribunal (ITAT) Hyderabad has dismissed an appeal by the revenue department wherein it ruled that being a joint account holder in.....
Tags : Income Tax Appellate Tribunal, Undisclosed Foreign Account
Bombay High Court Quashes Govt Resolution to Shift Teachers’ Salary Accounts(22.02.2018)
Bombay High Court, while terming the decision to shift teachers’ salary accounts from Thane District Central Cooperative Bank to Thane Janata Sahakari.....
Tags : Bombay High Court, Salary Accounts
NGT: Industries will have to Recycle and Maintain Water Accounts(07.10.2019)
National Green Tribunal has issued a directive wherein slaughterhouses, food processing units and other industries from where large quantities of effl.....
Tags : NGT, Water Accounts
Supreme Court Pulls Up Delhi, Centre for ‘Sorry State of Affairs’(07.10.2019)
Supreme Court has while expressing deep anguish over the authorities in Delhi, including the Centre and the AAP Government, fighting with each other w.....
Tags : NGT, Water Accounts
SEBI Issues Guidelines for Settlement of Running Accounts of Client Funds and Securities(17.06.2021)
Securities and Exchange Board of India has come out with new guidelines for settlement of running account of client's funds and securities that will b.....
Tags : Securities and Exchange Board of India, Settlement of Running Accounts
EPFO Introduces Universal Account Number based Form, 10-D(19.08.2016)
Employees' Provident Fund Organisation (EPFO) has introduced a simplified Universal Account Number based form, 10-D, for its subscribers for fixing th.....
Tags : EPFO, Universal Account Number based Form, 10-D
RBI Releases Final Guidelines on Account Aggregators(05.09.2016)
Reserve Bank of India (RBI) has released final guidelines around setting up a category of Non-Banking Financial Companies (NBFCs) called account aggre.....
Tags : RBI, Account Aggregators
SC Refuses to Entertain Plea Seeking Clarification on Declaration of Loan Accounts as NPA(09.07.2021)
Supreme Court has refused to entertain a plea seeking clarification and modification of its 23rd March 2021 judgement whereby it vacated the stay on d.....
Tags : Supreme Court, Declaration of Loan Accounts as Non-Performing Assets
Gujarat High Court: Order of Attachment of Bank Account is Prima Facie without Authority of Law(08.11.2019)
Gujarat High Court has observed that the order of attachment of bank account is prima facie without the authority of law and the order of blocking of .....
Tags : Gujarat High Court, Bank Account
Del. HC: Bank Customers Have No Way of Contacting Officials Who Send Emails(22.02.2023)
Delhi High Court while expressing concern over computer generated e-mails sent to customers without mention of contact details of officials under whos.....
Tags : Delhi High Court, Bank, Accountability
CESTAT: Payments Made Through Cenvat Account Liable To Be Re-Credited If Excise Duty Paid In Cash(23.01.2023)
Customs, Excise, and Service Tax Appellate Tribunal has ruled that once the duty has been paid in cash, earlier payments made through the Cenvat Accou.....
Tags : Customs, Excise, and Service Tax Appellate Tribunal, Cenvat Account
Delhi HC Permits NGO to Use Funds in FCRA Account(09.11.2016)
Delhi High Court has allowed an NGO, whose registration to receive foreign funding was not renewed by Government, to continue using funds already avai.....
Tags : Delhi High Court, NGO, FCRA account
EPFO Eases UAN Rule for PF Settlement, But Sets Riders(15.07.2016)
Employees Provident Fund Organisation (EPFO) has relaxed provision that requires furnishing of Universal Account Number (UAN) for settlement of claims.....
Tags : Employees Provident Fund Organisation , Universal Account Number
IRDAI Defers Implementation of Indian Accounting Standards in Insurance Sectors(22.01.2020)
Insurance Regulatory and Development Authority of India has decided to defer the implementation of Indian Accounting Standards in the Insurance Sector.....
Tags : Insurance Regulatory and Development Authority of India, Indian Accounting Standards
Bombay HC Sets Aside Goods and Services Tax Authority's Order on Power to Attach Bank Accounts(23.01.2020)
Bombay High Court has quashed and set aside an order by the Directorate General of Goods and Services Tax Intelligence holding that the said order of .....
Tags : Bombay High Court, Power to Attach Bank Accounts
SEZ Rules Amended to Make Legal, Accountancy Services From Foreign Entities Possible in SEZs(16.01.2017)
Govt has amended Special Economic Zones Rules to removes exclusion of Legal Services & Accounting from ambit of ‘services’, thereby waving a way to ma.....
Tags : Special Economic Zones Rules, Legal Services, Accounting
Supreme Court: Production of Account Book Not Relevant in Cheque Bounce Cases(05.02.2020)
Supreme Court has observed that the production of the account books or cash book may not be relevant in a criminal case filed under Section 138 of the.....
Tags : Supreme Court, Production of Account Books in Cheque Bounce Cases
Not Only Chartered Accountants, Cost Accountants Can Also Certify IGST Refund Claims: CBIC(21.09.2018)
Central Board of Indirect Taxes and Customs has authorized the Cost Accountants to certify the ‘IGST Refund Claims’ of exporters whose records were no.....
Tags : CBIC, GST, Cost Accountants
Calcutta HC Allows Bail to Chartered Accountant if He is Willing to Compound Offence(03.03.2020)
Calcutta High Court has directed the Lower Court to allow a Chartered Accountant involved in a Goods and Services Tax scam of Rs 98 Crore to bail if t.....
Tags : Calcutta High Court, Bail to Chartered Accountant
CESTAT Chennai: CA’s Certificate Certifying Tax Burden can be Considered as Evidence(15.01.2020)
Customs Excise and Service Tax Appellate Tribunal, Chennai has ruled that the Chartered Accountant’s Certificate that categorically certifies that the.....
Tags : Customs Excise and Service Tax Appellate Tribunal, Chartered Accountant's Certification, Evidence
Gujarat High Court: PAN Cannot be Declared Inoperative Due to Non-Linking with Aadhar(17.01.2020)
Gujarat High Court has held that the Permanent Account Number cannot be declared inoperative due to non-linking of Aadhaar or Aadhaar number.
Tags : Gujarat High Court, Permanent Account number
RBI Capped Withdrawal From Jan Dhan Accounts to Rs. 10000 Per Month(30.11.2016)
Reserve Bank of India (RBI) has issued a notification saying that Jan Dhan Account Holders will be allowed to withdraw only Rs 10,000 a month, as a te.....
Tags : Reserve Bank of India, Jan Dhan Account, money laundering, withdraw
Delhi HC: RBI's Intention is to Maintain Status Quo on Account Classification as on March 1(15.04.2020)
Delhi High Court has provided interim relief to an account from being declared a Non Performing Asset by the Punjab & Sind Bank in light of the morato.....
Tags : Delhi High Court, Reserve Bank of India, Status Quo on Account Classification
RBI: 90-Day NPA Norm Shall Exclude Moratorium Period for Standard Accounts as on March 1(17.04.2020)
Reserve Bank of India has announced that the moratorium permitted by it on 27th March, 2020 due to COVID-19 situation can be excluded from the 90-day .....
Tags : Reserve Bank of India, Moratorium Period for Standard Accounts
Telangana HC: Joint Account Holder Not a Signatory to Disputed Cheque(05.01.2022)
Telangana High Court has ruled that a joint account holder who is not a signatory to the disputed cheque shall not be prosecuted under Section 138 of .....
Tags : Telangana High Court, Joint Account Holder
Non-Residents Not Required to Disclose Their Foreign Bank Accounts: ITAT(26.11.2018)
Income Tax Appellate Tribunal (ITAT), Mumbai has held that the non-residents are not required to disclose the details of their foreign bank accounts a.....
Tags : ITAT, Non Residents Bank Accounts
Del. HC: Cost Accountants and Chartered Accountants Not Similarly Placed Under Law(22.09.2023)
Delhi High Court while observing that Cost Accountants and Chartered Accountants are not at all similarly placed under law and are governed by two ind.....
Tags : Delhi High Court, Cost Accountants, Chartered Accountants
Bom. HC: There Should be Some Accountability Fixed on Courts in Cases of Prolonged Incarceration(28.09.2023)
Bombay High Court has expressed that some accountability deserves to be fixed on the courts, who are in seized of such trials wherein the accused are .....
Tags : Bombay High Court, Accountability, Court
Delhi HC Denies Bail to Chartered Accountant for Committing Non-Disclosure of Documents(20.02.2020)
Delhi High Court has denied bail to Chartered Accountant Nitin Johari, ex-Chief Financial Officer of Bhushan Power & Steel Limited for committing an o.....
Tags : Delhi High Court, Bail to Chartered Accountant
Securities and Exchange Board of India Bars Transfer of Client Securities to Accounts of Brokers(26.02.2020)
Securities and Exchange Board of India has banned the transfer of client securities to Demat accounts of trading and clearing members. The Board furth.....
Tags : Securities and Exchange Board of India, Transfer of Client Securities to Accounts of Brokers
Bombay HC Grants Anticipatory Bail to Chartered Accountant Who Allegedly Submitted Bogus Surety(18.11.2021)
Bombay High Court has granted Anticipatory Bail to Chartered Accountants (CA) who has allegedly submitted a bogus surety.
Tags : Bombay High Court, Anticipatory Bail, Chartered Accountant, Bogus Surety
Cal. HC: Facilitation Council Can’t Delegate Decision Making to a Chartered Accountant(16.10.2023)
Calcutta High Court has held that Facilitation Council cannot desert the task of decision-making and leave it to a Chartered Accountant and depend on .....
Tags : Calcutta High Court, Facilitation Council, Chartered Accountant, MSME
Manipur HC: Mere Failure to Maintain True Account of Election Expenditure Not Corrupt(24.02.2022)
Manipur High Court has held that mere failure to maintain a true and correct account of election expenditure would not per se amount to corrupt practi.....
Tags : Manipur High Court, Account of Election Expenditure
Kerala High Court: Salary Accounts With Employer’s Official Bank Not Mandatory(19.05.2017)
Kerala High Court has held that all employees need not have salary accounts with official bank of employer and that official bank can transfer salarie.....
Tags : Kerala High Court, Salary Accounts
Rajasthan High Court Grants Bail to Chartered Accountant Accused of Wrongly Availing ITC(13.02.2020)
Rajasthan High Court has granted bail to Paridhi Jain, a Chartered Accountant accused of wrongfully availing the Income Tax Credit (ITC).
Tags : Rajasthan High Court, Bail to Chartered Accountant
SC Dismisses Plea Challenging Online Mode & Pattern Changes of Cost Accountancy Exams(02.12.2021)
Supreme Court has dismissed the writ petition challenging the pattern of the Intermediate and Final CMA Exams which is scheduled to be conducted onlin.....
Tags : Supreme Court, Cost Accountancy Exams
Madras HC: Banks Cannot Attach Savings Account Opened for Depositing Pension to Recover Loan(03.12.2015)
Madras High Court has held that Savings Bank Account maintained primarily for purpose of depositing monthly pension amount could not be attached by a .....
Tags : Madras High Court , Savings Bank Account
SC Directs Banks Not to Impose Penalty on EMI Default by Amrapali Home Buyers(19.04.2022)
Supreme Court has directed the banks that their accounts shall not be treated as Non-Performing Assets Accounts and no penalties shall be charged fro.....
Tags : Supreme Court , Non-Performing Assets Accounts, EMI, Amrapali Group
ITAT, Delhi Restricts Addition Only on Embedded Portion of Profit(19.04.2022)
Income Tax Appellate Tribunal, Delhi has observed that the addition due to mismatch amid the Books of Accounts and Form 26AS can be made only on the e.....
Tags : Income Tax Appellate Tribunal, Books of Accounts, Form 26AS, embedded profit portion
CESTAT, Mumbai: Dept Bound to Accept Description of Goods on CA Certificate(21.04.2022)
Customs, Excise and Service Tax Appellate Tribunal, Mumbai has ruled that the customs department is bound to accept the description of goods on the ba.....
Tags : Customs, Excise and Service Tax Appellate Tribunal, Chartered Accountant, special additional duty, customs department
Madras HC: Notice to Accused Not Necessary for Freezing Bank Account Under Section 102 CrPC(21.03.2022)
Madras High Court has dismissed a plea made by the wife of controversial PUBG gamer Madan seeking the defreezing of her bank account at Axis Bank Limi.....
Tags : Madras High Court, Freezing Bank Account
Madras HC Directs I-T Dept to Attach Bank Accounts of Actor Tadimalla Gautami(24.03.2022)
Madras High Court has directed Income Tax (I-T) department to lift its order attaching six bank accounts of actor Tadimalla Gautami after she pays 25%.....
Tags : Madras High Court, Bank Accounts of Actor Tadimalla Gautami
CESTAT: Deposits in Profit and Loss Account is Not Duty Under Excise Act(24.03.2022)
Customs, Excise, and Service Tax Appellate Tribunal ( CESTAT ) has ruled that deposit in Profit & Loss Account is not duty and therefore, provisions o.....
Tags : Customs, Excise, and Service Tax Appellate Tribunal, Deposits in Profit and Loss Account
Quoting Aadhaar Mandatory For PAN Applications & IT Returns From 1st July, 2017(06.04.2017)
Quoting of Aadhaar for filing of income tax return and for making an application for allotment of Permanent Account Number (PAN) will be mandatory fro.....
Tags : Aadhaar, Permanent Account Number
ICAI Announces Cut-off Date for Conversion from Earlier Scheme to Revised Scheme(28.07.2020)
Institute of Chartered Accountants of India ( ICAI ) has announced the cut-off date for conversion from Earlier Scheme to Revised Scheme of CA Final E.....
Tags : Institute of Chartered Accountants of India, Conversion from Earlier Scheme to Revised Scheme
ITAT, Bangalore: Income Tax Penalty Can’t be Imposed on Expenditure Due to Wrong Professional Advice(29.04.2022)
Income Tax Appellate Tribunal, Bangalore has ruled that the income tax penalty under section 271(1) of the Income Tax Act, 1961 cannot be imposed for .....
Tags : Income Tax Appellate Tribunal, income tax, section 271(1), Income Tax Act, 1961, Chartered Accountant
All. HC: Returning Unpaid Check With Endorsement of Account Closed Amounts to Dishnonor of Cheque(27.02.2024)
Allahabad High Court has held that if an unpaid cheque has been returned by bank with the endorsement Account Closed then it shall be equivalent to Di.....
Tags : Allahabad High Court, Section 138 of NI Act, Dishonor of Cheque, Account Closed
ITAT: Proprietary Concern Not Required to Obtain Separate PAN(07.07.2022)
Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench has held that proprietary concern is not required to obtain a separate Permanent Account Number .....
Tags : ITAT, Permanent Account Number, Income-Tax Act
CIC to Ministry of Law & Justice: Disclose Status of MoP for Judges, Judicial Accountability Bill(04.05.2017)
Central Information Commission (CIC) has expressed anguish over lack of transparency and accountability in process of appointment of Judges and direct.....
Tags : Central Information Commission, Judicial Accountability Bill
Orissa HC: Deposit of Amount in No-Lien/Escrow Account Will Not Constitute Actual Payment(11.03.2022)
Orissa High Court has ruled that deposit of amount in no-lien/escrow account will not constitute actual payment under Section 43-B of the Income Tax A.....
Tags : Orissa High Court, Deposit of Amount in No-Lien/Escrow Account
SC: Return Filed Without Regular Books of Account May be Defective but Not Invalid(25.01.2024)
Supreme Court has held that tax return filed without regular books of account by assessee is defective but not invalid and the burden to inform the as.....
Tags : Supreme Court, Tax Return, Books of Account, Assessing Officer
Kerala HC Seeks Response from Govt on SARFAESI Proceedings on Loan Accounts(11.09.2020)
Kerala High Court has sought response from the Central Government about the banks' plea seeking permission to continue Securitisation and Reconstructi.....
Tags : Kerala High Court, Loan Accounts, SARFAESI Proceedings
Madras High Court: Can’t Freeze Bank Account Under UAPA in Absence of Central Government’s Order(01.04.2024)
Madras High Court has held that authorities cannot freeze the bank account of Tamil Nadu Development Foundation Trust under the Unlawful Activities Pr.....
Tags : Madras High Court, Section 7(1) of UAPA, Bank Account
COMPANY - Conversion of Unaccounted Money Through Cloak of Share Capital/Premium Must be Scrutinised: SC(07.03.2019)
Supreme Court has observed that assessee is under a legal obligation to prove receipt of share capital/premium to satisfaction of Assessing Officer, f.....
Tags : Supreme Court, Share Capital/Premium, Conversion of Unaccounted Money
SC Allows Caretaker Trust to Operate Bank Accounts Towards Philanthropic Causes(22.10.2020)
Supreme Court has allowed the Maharawal Khewaji Trust that manages the Rs 20,000 Crores worth property of the last ruler of the erstwhile princely sta.....
Tags : Supreme Court, Operation of Bank Accounts
Gurugram Court rejects Bail Application of 2 CAs’ in Gurugram GST Refund Fraud Case(24.05.2022)
ACJM, Gurugram has rejected the bail applications filed by two Chartered Accountants in the recent GST refund fraud case.
Tags : ACJM, Bail, Chartered Accountant, GST Refund
BOD can Proceed Against CA for Sexual Harassment for Work Unrelated to Profession: Delhi HC(12.02.2019)
Delhi High Court has held that the Board of Discipline (BOD) under the Chartered Accountants Act 1949 can proceed against a Chartered Accountant (CA) .....
Tags : Delhi High Court, Chartered Accountant, Sexual Harrassment
Delhi HC Dismisses Plea Filed by Former CBI Head Against Removal of His Twitter Verification Tag(17.05.2022)
Delhi High Court has dismissed the plea with a cost of Rs. 10,000, filed by former Central Bureau of Investigation (CBI) head M. Nageswara Rao against.....
Tags : Delhi High Court, Central Bureau of Investigation, M. Nageswara Rao, Twitter, account
I-T Clarification on US Tax Law Enforcement(22.02.2016)
Income Tax Department has clarified that all upcoming reporting in May 2016 for purpose of adhering to the US Foreign Account Tax Compliance Act (FATC.....
Tags : Income Tax Department, US Foreign Account Tax Compliance Act
Allahabad HC: Non-Reporting of Seizure of Bank Account to Magistrate Doesn't Make Seizure Illegal(06.06.2022)
Allahabad High Court has observed that non-reporting of the seizure of a bank account, seized by police under Section 102 Code of Criminal Procedure, .....
Tags : Allahabad High Court, bank account, Illegal
Notifications & Circulars
RBI seeks Comments/Feedback on Report of the Working Group on the Implementation of Indian Accounting (20.10.2015)
Reserve Bank of India has released the Report of the Working Group on the Implementation of Indian Accounting Standards by Banks in India. The Report .....
Tags : Rbi, international reporting, accounting, india, standards, budget
Cabinet approves MoU signed in 2011 and Renewal of MoU between Institute of Chartered Accountants of India and Higher Colleges of Technology, United Arab Emirates(03.05.2017)
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) sign.....
Tags : MOU, Approval, Chartered Accountants, Institute
Timeframe for implementation of Ind AS for scheduled commercial banks(11.02.2016)
The Reserve Bank of India notified scheduled commercial banks are required to comply with Indian Accounting Standards (Ind AS) for accounting periods .....
Tags : Indian accounting standards, commercial banks, implementation
Department of Financial Services advises all Banks to take immediate steps to put restrictions on bank accounts of over two lakh 'struck off' companies(05.09.2017)
Government has stepped up decisive action against companies falling within the ambit of Section 248 of the Companies Act. The names of 2,09,032 compan.....
Tags : Bank accounts, Companies, 'Struck off'
SEBI proposes changes to InvIT disclosures(15.06.2016)
The Securities and Exchange Board of India released a consultation paperTags : invit regulations, disclosure, accounting standards
Amendment in Rule 114H of Income-tax Rules, 1962(22.06.2016)
Rule 114H of the Income Tax Rules 1962 has been amended to provide sufficient time to reporting financial institutions for completing due diligence in.....
Tags : Income tax rules, reportable accounts, deadline
Reporting of U.S. Tax Identification Numbers (TINs) for pre-existing accounts by Financial Institutions(15.01.2018)
India and USA have signed the Inter-Governmental Agreement (IGA) under FATCA in 2015. To enhance the effectiveness of information exchange and transpa.....
Tags : Tax Identification Numbers, (TINs), Accounts, Financial Institutions
Provisioning pertaining to Fraud Accounts(18.04.2016)
Reserve Bank of India notified amendments to provisions in respect of Fraud Accounts. Banks making good amounts upon detection of fraud can adjust fin.....
Tags : fraud accounts, banks, adjustment, profit and loss
Reporting and accounting of Central Government transactions of March 2021(18.03.2021)
1. Please refer to Circular DGBA.GBD.No.1744/42.01.029/2019-20 dated March 17, 2020 advising the procedure to be followed for reporting and accounting.....
Tags : Reporting, Accounting, Transactions
NDS-OM Web Module - Access to Gilt Account Holders (GAHs)(20.10.2016)
As announced in the First Bi-monthly Monetary Policy Statement for the year 2016-17 (paragraph 36) on April 5, 2016, it has been decided to make it ob.....
Tags : NDS-OM module, Account holders, On-line trading
Existing FCRA account holders given more time till 30.06.2021 to open "FCRA Account" in designated New Delhi Branch of State Bank of India(19.05.2021)
The Ministry of Home Affairs (MHA) has permitted existing Foreign Contribution (Regulation) Act (FCRA) account holders to open their "FCRA Account" in.....
Tags : FCRA, Account holders
Accounts under PMJDY – Precautions(29.11.2016)
Please refer to our circular DCM (Plg) No.1424/10.27.00/2016-16 dated November 25, 2016 on "Withdrawal of cash - Weekly limit". With a view to protect.....
Tags : Operation, Accounts, Limit
Guidelines for implementation of the circular on opening of current accounts by banks(04.08.2021)
1. This is with reference to circulars DOR.No.BP.BC/7/21.04.048/2020-21 dated August 6, 2020, DOR. No.BP.BC.27/21.04.048/2020-21 dated November 2, 202.....
Tags : Guidelines, Opening, Current accounts
Maintenance of current accounts in multiple banks by Stock Brokers(28.10.2021)
1. SEBI vide circular no. SMD/SED/CIR/93/23321 dated November 18, 1993 on "Regulation of Transactions between Clients and Brokers" mandated that all t.....
Tags : Maintenance, Current accounts, Multiple banks
Annual Report of Telecom Regulatory Authority of India for the year 2017-2018(21.02.2019)
The Annual Report of Telecom Regulatory Authority of India for the year 2017-18 detailing activities of the Authority, certified accounts and the audi.....
Tags : Annual Report, TRAI, Accounts, Audit report
International Financial Services Centres Authority (Form of Annual Statement of Accounts) Rules, 2022(28.02.2022)
In exercise of the powers conferred by clause (d) of sub-section (2) of section 27 read with sub-section(1) of section 16 of the International Financi.....
Tags : Financial Services, Annual Statement, Accounts, Rules
Accounting of premium, claims and related expenses on estimation basis(15.06.2022)
1. At present, para 2 of Part I of Schedule B of the Insurance Regulatory and Development Authority (Preparation of Financial Statements and Auditors .....
Tags : Accounting, Premium, Estimation basis
Sale of Securities held in Held to Maturity (HTM) Category - Accounting treatment(10.06.2019)
Please refer to Para 16.2 of Master Circular DCBR.BPD.(PCB).MC.No.4/16.20.000/2015-16 dated July 01, 2015 on Investments by Primary (Urban) Co-operati.....
Tags : Securities, Sale, Accounting treatment
Block Mechanism in demat account of clients undertaking sale transactions - Clarification(27.10.2022)
1. SEBI, vide circular no. CIR/HO/MIRSD/DOP/P/CIR/2022/595 dated July 16, 2021, introduced block mechanism in the demat account of clients undertaking.....
Tags : Block Mechanism, Demat account, Clarification
Enhancement of withdrawal limits from ATMs and Current Accounts(16.01.2017)
Please refer to our circulars DCM (Plg) No. 1274, 1317, 1437 and 2142/10.27.00/2016-17 dated November 14, 21 and 28 and December 30, 2016, respectivel.....
Tags : Limits, Withdrawal, Accounts
Facility to remedy erroneous transfers in Demat accounts(08.08.2023)
1. SEBI, vide circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/71 dated May 17, 2023, titled "Master Circular for Stock Brokers" has, inter alia, spe.....
Tags : Transfers, Demat accounts, Facility
Extension of timeline for finalization of audited accounts(06.07.2020)
1. Please refer to para 18(2) of the Master Direction on Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) D.....
Tags : Extension, Timeline, Audited accounts
International Trade Settlement in Indian Rupees (INR) - Opening of additional Current Account for exports proceeds(17.11.2023)
1. Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A.P. (DIR Series) Circular No. 10 dated July 11, 2022, in terms o.....
Tags : International Trade Settlement, Additional current account
Roadmap drawn up for converging Ind AS with IFRS(18.01.2016)
In consultation with the Reserve Bank of India, Insurance Regulatory and Development Authority and Pension Fund Regulatory and Development Authority, .....
Tags : Accounting standards, ifrs, roadmap, 2018
Settlement of Running Account of Client's Funds lying with Trading Member (TM)(28.12.2023)
1. In order to safeguard the interests of investors, SEBI in 2018 had mandated settlement of running account of client's funds on first Friday of the .....
Tags : Settlement, Running Account, Trading Member
Extension of timelines for providing 'choice of nomination' in eligible demat accounts and mutual fund folios(27.12.2023)
1. SEBI, vide circular nos. SEBI/HO/MIRSD/POD-1/CIR/2023/158 dated September 26, 2023 and SEBI/HO/IMD/IMD-I POD1/P/CIR/2023/160 dated September 27, 20.....
Tags : Extension, Timelines, Demat accounts
Draft Reporting System on Accounting Separation Regulations, 2016(22.02.2016)
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