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  • Rangachari Sridharan appoints as first chief of NFRA
    Posted Date : 28-Sep-2018 , 10:15:03 pm | Posted By CASANSAAR

    Former IAS officer Rangachari Sridharan appointed as the first chief of National Financial Reporting Authority (NFRA), according to an official order. Sridharan, a 1983 batch (retired) IAS officer of Karnataka cadre, will hold the post of chairperson, NFRA, for three years or till the incumb...

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  • RBI slaps Rs 5 crore penalty on Karur Vysya Bank
    Posted Date : 29-Sep-2018 , 08:33:26 am | Posted By CASANSAAR

    The Reserve Bank of India has imposed a penalty of Rs 5 crore on Karur Vysya Bank for non-compliance of its directives.  According to a RBI statement on Friday, the penalty was imposed for non-compliance with its directions on "Income Recognition and Asset Classification (IRAC) norms, r...

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  • Internal Auditor not to undertake GST Audit simultaneously - ICAI
    Posted Date : 28-Sep-2018 , 10:45:19 am | Posted By CASANSAAR

    We have received enquiries from the members at large and other stakeholders as to whether an internal auditor of an entity can also undertake GST Audit of the same entity as required under the Central Goods and Service Act, 2017. The Council of the Institute, while considering the issue at its 37...

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  • CBDT changes ITR preparation utilities for ITRs and validation rules for ITR 7
    Posted Date : 28-Sep-2018 , 08:52:46 am | Posted By CASANSAAR

    The Central Board of Direct taxes have revised the Income Tax Return preparation utilities (Excel as well as Java based) for ITR Forms 3,5,6 & 7  wef 27th September 2018. The validation rules for ITR 7 are also revised. Users are advised to download the new utilities and those who use so...

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  • Govt plans 8 special courts under NCLT to deal with rising insolvency cases
    Posted Date : 28-Sep-2018 , 08:27:12 am | Posted By CASANSAAR

    The government plans to set up eight special courts under the National Company Law Tribunal to handle rising number of cases under the insolvency law, according to a senior official. In recent times, there have been a substantial increase in the number of cases under the Insolvency and Bankruptcy...

    Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 857

  • RBI eases cash reserve rules to ease liquidity
    Posted Date : 28-Sep-2018 , 08:21:23 am | Posted By CASANSAAR

    The Reserve Bank of India Thursday allowed banks to dip further into statutory cash reserves in a bid to ease a liquidity squeeze afflicting the nation's money markets. RBI in a statement said banks could 'carve out' up to 15 per cent of holdings under the statutory liquidity reserves...

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  • Govt constitutes Lokpal search committee
    Posted Date : 28-Sep-2018 , 08:20:02 am | Posted By CASANSAAR

    The Government has set up an eight-member Lokpal Search Committee under the Chairmanship of former Supreme Court Judge, Justice  Ranjana Prakash Desai.  Prasar Bharati Chairman A Surya Prakash, former SBI Chief Arundhati Bhattacharya and Justice Sukha Ram Singh Yadav among others will b...

    Continue Reading... Category : General | Comments : 0 | Hits : 414

  • MCA extended last date for rendering Valuation Services upto 31st Jan 2019
    Posted Date : 26-Sep-2018 , 09:48:45 pm | Posted By CASANSAAR

    Ministry of Corporate Affairs has extended the last date for rendering the Valuation services without a Certificate of Registration under the Companies Act 2013 till 31st January, 2019. After 31st January 2019 only registered valuers under IBBI will do the Valuation. Prior to amendment the las...

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  • Taxmen arrest three for issuing fake GST invoices to claim input tax credit
    Posted Date : 27-Sep-2018 , 08:08:28 am | Posted By CASANSAAR

    The Commercial Taxes department has busted a racket involved in issuing fake GST invoices to help some dealers claim input tax credit (ITC) from the government.  Three Bengaluru-based businessmen, who have been arrested, had issued fake GST invoices worth Rs 203 crore to facilitate bogus cla...

    Continue Reading... Category : GST | Comments : 0 | Hits : 622

  • Aadhaar PAN linking mandatory only for Resident individuals
    Posted Date : 27-Sep-2018 , 08:05:41 am | Posted By CASANSAAR

    The Supreme Court today upheld the linking of Aadhaar with PAN for filing income tax returns, thus upholding the Section 139AA of the Income-tax Act, 1961. The government in 2017 has introduced the aforesaid  section in the income tax act making it mandatory for assesses to quote Aadhaar/Enrolm...

    Continue Reading... Category : PAN | Comments : 0 | Hits : 481

  • Cabinet approves MoU between ICAI and ICPAK
    Posted Date : 27-Sep-2018 , 07:53:28 am | Posted By CASANSAAR

      The Union Cabinet chaired by Prime Minister Shri Narendra Modi has  given its approval for signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Institute of Certified Public Accountants of Kenya (ICPAK).  It will he...

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  • Loans up to Rs 1 crore to MSMEs in just 59 minutes - FM
    Posted Date : 26-Sep-2018 , 09:35:12 pm | Posted By CASANSAAR

    In a bid to boost credit availability to Micro, Small and Medium Enterprises (MSMEs), Finance Minister Arun Jaitley has launched a web portal through which one can avail loans up to Rs 1 crore in just 59 minutes. The portal will enable principal approval of loans up to Rs 1 crore for MSMEs...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 679

  • Cabinet clears proposal to make GSTN 100% Govt-owned Co.
    Posted Date : 26-Sep-2018 , 09:30:36 pm | Posted By CASANSAAR

    The Union Cabinet Wednesday cleared a proposal to convert GST Network (GSTN), which provides IT infrastructure for the new indirect tax regime, into a 100 per cent government-owned company, Finance Minister Arun Jaitley said.  Briefing reporters about the decisions taken in the Cabinet meeti...

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  • Unique Document Identification Number (UDIN) will be mandatory wef 1st January, 2019
    Posted Date : 26-Sep-2018 , 09:26:15 pm | Posted By CASANSAAR

    It has been noticed that financial documents/ certificates attested by third person misrepresenting themselves as CA Members are misleading the Authorities and stakeholder. ICAI is also receiving number of complaints of forged signatures. To curb the malpractices, the Professional Development Commit...

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  • Videocon Telecom lenders invite bids under insolvency law
    Posted Date : 26-Sep-2018 , 08:17:57 am | Posted By CASANSAAR

    Resolution professional of debt-laden firm Videocon Telecommunications invited bids from prospective buyers for its assets as part of corporate insolvency resolution process. The corporate insolvency resolution process (CIRP) of Videocon Telecommunications (VTL) was commenced under the Insolvency...

    Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 578

  • FM asks PSU banks to take effective action against frauds, wilful defaults
    Posted Date : 25-Sep-2018 , 12:12:39 pm | Posted By CASANSAAR

    Finance Minister Arun Jaitley Tuesday asked public sector banks to take "effective action" in cases of fraud and wilful loan defaults. Reviewing the performance of state-owned lenders, he exuded confidence that formalisation of the economy would help India achieve sustainable growth of ...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 555

  • PNB, OBC, Andhra Bank next in line for merger
    Posted Date : 24-Sep-2018 , 11:20:32 pm | Posted By CASANSAAR

    The government, which reportedly asked the RBI last month to make a list of candidates for mergers and set a time-frame for bank consolidation, is going full steam ahead on its plan to clean up the banking system and create fewer, better-capitalised lenders. After announcing the merger of Bank of...

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  • Financial creditors not part of CoC don’t have voting rights - IBBI
    Posted Date : 25-Sep-2018 , 09:26:45 am | Posted By CASANSAAR

    The Insolvency and Bankruptcy Board of India (IBBI) has cleared the air on the crucial issue of whether a financial creditor who is not admitted as a member of the Committee of Creditors (CoC) would be considered a dissenting or abstaining financial creditor. The regulator has clarified via a cir...

    Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 1367

  • Infosys to design new forms for filing GST returns
    Posted Date : 24-Sep-2018 , 11:10:47 pm | Posted By CASANSAAR

    The Goods and Services Tax Network (GSTN) has directed its software vendor Infosys to design new forms for filing returns by traders, said its Group of Ministers Chairman Sushil Kumar Modi on Saturday.  "We have directed Infosys to design the new forms as suggested by the GST Council to...

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  • IL&FS may move NCLT against admitting bankruptcy case
    Posted Date : 24-Sep-2018 , 11:08:04 pm | Posted By CASANSAAR

    After defaulting on a series of loan repayments, Infrastructure Leasing and Financial Services Ltd ( IL&FS) is planning to approach the National Company Law Tribunal (NCLT) with a plea to not admit a bankruptcy case against the group, said two people directly aware of IL&FS’s plans. Th...

    Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 540

  • CBDT extends due date for filing of ITRs & TAR from 30th Sept to15th Oct, 2018
    Posted Date : 24-Sep-2018 , 06:43:29 am | Posted By CASANSAAR

    CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept,2018 to15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain....

    Continue Reading... Category : Tax Audit | Comments : 0 | Hits : 1236

  • Status of Tax Audit Date Extension - Update with Different High Courts
    Posted Date : 24-Sep-2018 , 04:25:56 am | Posted By CASANSAAR

    Gujrat High Court - Department has been called upon to consider genuine problems faced by assessee. CBDT to take into consideration representation of CA The matter is adjourned to 26/09 Rajasthan High Court - Writ Filed, No Hearing Yet. Delhi High Court - Writ Filed, No Hearing Ye...

    Continue Reading... Category : Tax Audit | Comments : 1 | Hits : 4507

  • Tax Audit Date Extension - Request for Tweet / Retweet
    Posted Date : 22-Sep-2018 , 12:57:01 am | Posted By CASANSAAR

    Everytime On Due Date MCA site crashed, GST site crashed, Income tax site crashed. Do they think that we professionals are magicians. We are unable to cope up with all these last dates with the poor efiling structure.  Form 3CD  amended midway (20/08/2018) of the Financial Year, Frequen...

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  • SEBI has rights to regulate auditors for activities under its regulations - MCA
    Posted Date : 21-Sep-2018 , 09:49:21 am | Posted By CASANSAAR

    SEBI is "well within its rights" to regulate auditors with respect to activities under its regulations, a senior government official said amid chartered accountants' apex body ICAI raising concerns about the proposal. Corporate Affairs Secretary Injeti Srinivas also said that there wil...

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  • Govt appoints 14 executive directors in banks
    Posted Date : 21-Sep-2018 , 09:45:44 am | Posted By CASANSAAR

    As many as 14 general managers have been appointed as executive directors in different public sector banks, according to an official order issued Thursday. Shanti Lal Jain and Vikramaditya Singh Khichi have been appointed as executive directors in the Bank of Baroda initially for a period of thre...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 968

  • Govt hikes interest rate on PPF, other small savings by up to 0.4%
    Posted Date : 20-Sep-2018 , 08:21:25 pm | Posted By CASANSAAR

    The government has raised interest rates on small savings schemes, including NSC and PPF, by up to 0.4 per cent for the October-December quarter, in line with rising deposit rates in the banks. Interest rates for small savings schemes are notified on a quarterly basis. The rates of interest on...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 700

  • SEBI approves new KYC norms for FPIs
    Posted Date : 18-Sep-2018 , 10:33:53 pm | Posted By CASANSAAR

    The Securities and Exchange Board of India (SEBI) has approved new KYC norms for foreign portfolio investors.  Stating this the SEBI Chairman Ajay Tyagi said that new guidelines will be issued soon.  He said, SEBI to allow foreign portfolio investors to trade in commodity derivatives...

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  • 21 Lakh directors may get another chance to adhere to KYC rules
    Posted Date : 17-Sep-2018 , 11:32:25 pm | Posted By CASANSAAR

    The government is considering giving another opportunity to 2.1 million company directors who have failed to comply with the ‘know your customer’ (KYC) norms, according to a senior official.  The government could give another 15 days for meeting the compliance norms or ...

    Continue Reading... Category : Companies Act | Comments : 0 | Hits : 2473

  • Exam, Pattern & Syllabus for GST Practitioners
    Posted Date : 17-Sep-2018 , 11:10:53 pm | Posted By CASANSAAR

    The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of rule 83 of the Central Goods and Services Tax Rules, 2017, vide Notificat...

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  • Government notifies withholding tax waiver for masala bonds
    Posted Date : 18-Sep-2018 , 09:25:15 am | Posted By CASANSAAR

    Investors will not have to pay withholding tax, a key levy on the rupee-denominated masala bonds this financial year, the government said in a notification Monday.  The move is aimed at obtaining dollar inflows into the country at a time when a drastic rupee route against the dollar threaten...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 589

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