CA Online

  As the Centre prepares to enforce a 28% GST on online gaming beginning Sunday, several search, recruitment and staffing firms have noted a surge in the resumes of employees from this sector entering the job market. The increasing number of job seekers reflects their concerns about the GST's potential effects on their future. Experts from over half-a-dozen hiring firms told ET that this trend has become particularly pronounced in recent weeks. "In the face of headwinds resulting from frequent regulatory changes and reports of scams, there are layoffs and a surge of talent actively seeking new opportunities in other sectors," said Manu Saigal, director - general staffing at Adecco. Job search by talent in Indian gaming bellwethers such as Dream11, Games24x7, MPL, Junglee, Baazi, Winzo and Moonfrog, among others, has nearly tripled over the last six weeks, according to data put together for ET by specialist staffing firm Xpheno. This comes as professionals face the prospec

  The Income Tax Department's e-filing portal received more than 30 lakh audit reports (TAR) up till September 30, the tax authority of India reported on Monday. In a release, the Income-tax Department expressed its gratitude to taxpayers and tax experts for timely compliance. The tax audit report had to be submitted by September 30 of the applicable assessment year by those who had their books audited. "More than 30.75 lakh audit reports, including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the e-filing portal till the end of the due date (September 30)," the release added. There were substantial outreach programmes carried out to help the taxpayers. "Around 55.4 lakh outreaches were done through e-mails, SMSs, social media, along with information messages on Income Tax portal to create awareness among the taxpayers to file the Tax Audit Reports and other audit forms within the due date," it said.   "Various user awareness videos w

  Recently, SEBI has introduced a very pragmatic method of drafting standards for implementation of a regulation. In a novel, unique and constructive move it has invited three of the main industry associations to together form an Industry Standards Forum which will assist in designing the implementation standards for some of the proposed regulations. The Forum will work in consultation with SEBI, and the two Stock Exchanges will coordinate these initiatives. This pilot initiative of SEBI is clearly a paradigm change in regulation implementation. It will allow experts in various industry bodies to contribute to the design of implementation standards for various regulations. The involvement of industry bodies is indeed path breaking.   The first regulation that has been worked upon by the Industry Standards Forum on a pilot basis is pertaining to rumour verification which was to come into effect from October 1, 2023. This regulation required some of the listed companies to confirm/ deny

  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s

  The matter was settled after the company paid Rs 8.79 lakh towards the settlement amount, according to an order passed by the Securities and Exchange Board of India (Sebi). Man Industries (India) Ltd on Monday settled with capital markets regulator Sebi a case concerning alleged delayed and inadequate disclosure regarding the initiation of a forensic audit. The matter was settled after the company paid Rs 8.79 lakh towards the settlement amount, according to an order passed by the Securities and Exchange Board of India (Sebi). The order came after the company filed an application with Sebi, requesting the settlement of the adjudication proceedings initiated through a show-cause notice in August last year."Specified proceedings initiated against the applicant (Man Industries) vide Show Cause Notice dated August 3, 2022 are disposed of in terms... of the Settlement Regulations on the basis of the settlement terms," Sebi said in its order.   The regulator had initiated a foren

  Floods and related power outages in July in 7-8 states across the country cited as top reason for being unable to file by the July 31st date. At least 27 percent of taxpayers are yet to file their income tax returns for fiscal 2023 while another 14 per cent will be unable to meet the July 31 deadline due to  extreme weather conditions across seven to eight states and its impact on the lives of some, revealed a survey by Local Circles. Feedback in community discussions indicates most people want just a 2-week extension to be able to file their returns as the flood and power outage situation on the ground normalises.Alternatively, the Government could consider giving deadline extension to residents of just those states. The survey received over 12,000 responses from citizens located in 315 districts of India. 68% respondents were men while 32% respondents were women.   The survey data showed that while 7 in 10 have already filed their income tax returns; 5 per cent of the respondents h

  CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration. CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said. Johri further said that the tax authorities are also discussing some more tightening in the GST return filing system to limit the scope of claiming Input Tax Credit (ITC), when taxes have not been paid by suppliers in the supply chain. The biometric authentication of authorised representatives or directors or partners of a company will be made for new registration applications and existing businesses registered under Goods and Services Tax (GST) if tax officers have a suspicion that the entities are being set up only to fraudulently claim ITC.   Also, geo-tagging of all entiti