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  • Constitutional validity of NFRA challenged in Madras High Court
    Posted Date : 04-Aug-2018 , 07:54:39 am | Posted By CASANSAAR

    The constitutional validity of the Centre’s proposed National Financial Reporting Authority (NFRA) which will replace the Institute of Chartered Accountants in India (ICAI) and wield penal and civil power over the practising CAs has been challenged in Madras high court. A division bench of ...

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  • SEBI discontinues sub-broker category
    Posted Date : 04-Aug-2018 , 07:49:01 am | Posted By CASANSAAR

    Sebi today said it has done away with the category of sub-brokers as market intermediaries, which require registration with the regulator.  Besides, the markets regulator said no person will be granted a fresh sub-broker registration, and the registered ones will have time till the end of th...

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  • Govt ready to make further changes to IBC if needed
    Posted Date : 04-Aug-2018 , 07:44:05 am | Posted By CASANSAAR

    The government is ready to make further changes to the Insolvency and Bankruptcy Code if required, a senior official said on Friday. While noting that the Code is a game changer, Corporate Affairs Secretary Injeti Srinivas also sought to dispel certain "myths" regarding the law, includi...

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  • GST Council may replace 12% and 18% slabs with 14-15% tax rate
    Posted Date : 04-Aug-2018 , 07:40:46 am | Posted By CASANSAAR

    The Goods and Service Tax Council (GST) may replace 12 per cent and 18 per cent slabs with 14-15 per cent, Bihar Deputy Chief Minister and GST Council member Sushil Modi said on Thursday. Modi added that the GST Council can think of bringing the petroleum products under the new tax regime only after...

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  • Tata Steel moves Supreme Court on Bhushan Power bids
    Posted Date : 04-Aug-2018 , 07:38:11 am | Posted By CASANSAAR

    Tata Steel Ltd on Friday moved the Supreme Court challenging the National Company Law Appellate Tribunal (NCLAT) order that allowed revision of bids for debt-laden Bhushan Power and Steel Ltd (BPSL). A lawyer representing Tata Steel informed the court that the company has sought urgent hearing on...

    Continue Reading... Category : General | Comments : 0 | Hits : 551

  • Govt permits e-commerce shipment via Foreign Post Offices
    Posted Date : 03-Aug-2018 , 10:27:59 pm | Posted By CASANSAAR

      The Customs Department plans to permit e-commerce shipment via foreign post offices. Exports by Post Regulations, 2018, prescribing the Postal Bill of Export-I for E-commerce shipments and Postal Bill of Export-II for non-E-commerce shipments, have been issued. Further, Circular ...

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  • Amendments to the Goods and Services Tax (GST) Laws
    Posted Date : 03-Aug-2018 , 10:26:45 pm | Posted By CASANSAAR

      The Government has proposed around 46 Amendments to the Goods and Services Tax (GST) laws viz., the Central Goods and Services Tax Act, 2017 along with the respective State Goods and Services Tax Act, 2017, Integrated Goods and Services Tax Act, 2017, Union Territory Goods and Services Tax...

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  • Notices for assessment/reassessment of income of old cases
    Posted Date : 03-Aug-2018 , 10:25:45 pm | Posted By CASANSAAR

    Under the provisions of Income-tax Act, 1961 (‘Act’), notices for assessment/reassessment of income of old cases of more than six years from the end of the relevant assessment year can be issued only in the following exceptional situations:   Under clause (c) of sub-section (...

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  • 2,25,910 companies under scanner of MCA for not filing returns
    Posted Date : 03-Aug-2018 , 10:24:31 pm | Posted By CASANSAAR

      Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during financial year 2018-19, a total of 2,25,910 companies have been identified for action under Section 248 of the Act on the basis of non- filing of due returns for...

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  • MCA ordered inquiry in 87 real estate companies in 2017-18
    Posted Date : 03-Aug-2018 , 10:22:29 pm | Posted By CASANSAAR

    Union Minister of State for Law & Justice and Corporate Affairs Shri P.P. Chaudhary said in Lok Sabha today that during the year 2017-18 and till 30.06.2018, the Ministry of Corporate Affairs has ordered inquiry in 87 companies, inspection of books and papers in 17 companies and investigati...

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  • Open book exam in the elective subjects of Paper 6 of Final (New) course
    Posted Date : 03-Aug-2018 , 05:11:07 pm | Posted By CASANSAAR

    ICAI had introduced elective subjects in Paper 6 in the CA Final (New) course exam from May 2018 exam and onwards, which is being held on open book methodology. In this regard, it is hereby clarified that it has been decided as follows in respect of Paper 6 Electives- of Final (New) course exam: ...

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  • GST officers arrest 2 businessmen for Rs 201 crore tax evasion
    Posted Date : 02-Aug-2018 , 07:27:25 am | Posted By CASANSAAR

    GST officers have arrested two city based businessmen for evading taxes worth Rs 201 crore by fraudulently issuing invoices of Input Tax Credit (ITC) without actual supply of goods.  The Central GST Delhi West Commissionerate has arrested two Rohini-based businessmen in the plastic granule i...

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  • GST refunds worth Rs 54,378 crore cleared till July
    Posted Date : 02-Aug-2018 , 12:34:02 pm | Posted By CASANSAAR

    GST refund claims of Rs 54,378 crore of exporters have been cleared by the Centre and state tax officials till July end, the finance ministry said today. As of July 31, 2018, the total amount of Integrated GST (IGST) refund claims disposed by CBIC is Rs 29,829 crore, taking the disposal rate to 93 p...

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  • Report on Audit Quality Review (2017-18) of the Quality Review Board
    Posted Date : 02-Aug-2018 , 11:22:40 am | Posted By CASANSAAR

    Government of India has, in exercise of the powers conferred under Section 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board (the ‘Board’) to perform the following functions u/s 28B of the Chartered Accountants Act, 1949:- a) to make recommendations to the...

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  • Cabinet clears amendments to GST laws
    Posted Date : 02-Aug-2018 , 09:11:43 am | Posted By CASANSAAR

    The Cabinet gave approval to GST laws amendments today, which included hiking threshold limit for availing composition scheme dealers to Rs. 1.5 crore, among other things. The government will now table amendments to the Central GST law, Integrated GST law, Compensation Cess law in the ongoing mon...

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  • RBI to unveil norms on co-origination of loans
    Posted Date : 02-Aug-2018 , 09:07:50 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Wednesday said it will soon release guidelines on what it called co-origination of loans by banks and non-bank finance companies (NBFCs) for the priority sector. Bankers said the move could help banks meet priority sector lending targets in a more convenient and or...

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  • CBDT signs 9 more unilateral APAs with taxpayers in July
    Posted Date : 02-Aug-2018 , 08:58:50 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) has signed nine more unilateral advance pricing agreements (APAs) with Indian taxpayers in July as it looks to reduce litigation by providing certainty in transfer pricing. The nine APAs signed in the past one month pertain to sectors like telecom, healthc...

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  • Income Tax dept can’t attach property being liquidated under IBC
    Posted Date : 02-Aug-2018 , 08:56:02 am | Posted By CASANSAAR

    Government agencies don’t have rights on the encumbered property of a company facing liquidation under the Insolvency and Bankruptcy Code, the Hyderabad High Court has ruled. A Bench of Justices Sanjay Kumar and Amarnath Goud was hearing a case filed by Leo Edibles and Fats against a decisi...

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  • Government Collects Rs 96483 Crore GST For June
    Posted Date : 02-Aug-2018 , 03:18:05 am | Posted By CASANSAAR

    The Total Gross GST Revenue collected in the month of July 2018 is Rs. 96,483 crore of which CGST is Rs. 15,877 crore, SGST is Rs. 22,293 crore, IGST is Rs. 49,951 crore (including Rs. 24,852 crore collected on imports) and Cess is Rs. 8,362 crore (including Rs. 794 crore collected on imports). This...

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  • RBI hikes repo rates by 25 basis points
    Posted Date : 02-Aug-2018 , 08:43:22 am | Posted By CASANSAAR

    The Monetary Policy Committee, MPC, of the Reserve Bank of India today hiked repo rate by 25 basis points to 6.50 per cent in its third bi-monthly monetary policy review of 2018-19.  For the second consecutive time, the six-member MPC headed by RBI Governor Urjit Patel has hiked the key poli...

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  • NCLT may move cases to other benches for speeding up the process
    Posted Date : 01-Aug-2018 , 09:35:50 am | Posted By CASANSAAR

    The Insolvency and Bankruptcy Board of India (IBBI) is considering allowing cases admitted by the National Company Law Tribunal (NCLT) for insolvency proceedings to be shifted from one bench to another to speed up the resolution process, sources close to the development said. In order to avoid pi...

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  • RBI begins simultaneous annual financial inspections for banks
    Posted Date : 01-Aug-2018 , 09:27:22 am | Posted By CASANSAAR

    he Reserve Bank of India (RBI) has begun simultaneous Annual Financial Inspections (AFIs) for banks for the 2017-18 financial year with an aim to collate a system-wide note on how much banks are underreporting on bad assets. The review of asset quality is a key element in this exercise. The centr...

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  • SEBI to empanel Auditors to conduct Forensic Audits of listed Cos
    Posted Date : 01-Aug-2018 , 09:22:01 am | Posted By CASANSAAR

    Markets regulator Sebi has decided to appoint auditors for conducting forensic audits of financial statements of listed companies to check frauds. The move comes amid Sebi ordering forensic audit of a slew of companies including Fortis Healthcare. Of late, there have been concerns voiced over cer...

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  • LS passes Insolvency and Bankruptcy Code amendment Bill
    Posted Date : 01-Aug-2018 , 03:40:20 am | Posted By CASANSAAR

    The Lok Sabha on Tuesday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 that recognises homebuyers as financial creditors to real estate developers. The bill also proposes a special dispensation for small sector enterprises.  The IBC Amendment Bill now requires clear...

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  • Number of cases of Tax Evasion reported Post GST regime
    Posted Date : 01-Aug-2018 , 08:56:56 am | Posted By CASANSAAR

      The number of cases of Tax Evasion reported post-GST regime are given in Table below:           Period Detection     ...

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  • The Syllabus for Limited Insolvency Examination wef 1st November, 2018
    Posted Date : 01-Aug-2018 , 08:38:33 am | Posted By CASANSAAR

    The Board hereby publishes the syllabus, format etc. of the Limited Insolvency Examination (Examination) under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st November, 2018....

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  • NCLT allows merger of LLP, Private Companies
    Posted Date : 31-Jul-2018 , 09:35:14 am | Posted By CASANSAAR

    In what could kick off a new wave of mergers and acquisitions and open a new frontier in the resolution space, Chennai National Company Law Tribunal has given the green signal to merger of a Limited Liability Partnership with a private company.  The move, experts say, sets a distinct precede...

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  • Assessee has to prove tax exemption - Supreme Court
    Posted Date : 31-Jul-2018 , 09:27:40 am | Posted By CASANSAAR

    The onus of proving a tax exemption where the guidelines aren’t clear would be on the assessee, and he cannot claim the benefit of any such ambiguity in provisions, a constitution bench of the Supreme Court said.  Experts said the ruling would completely alter precedents as also the pr...

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  • Draft format of the New GST Return
    Posted Date : 30-Jul-2018 , 08:44:55 pm | Posted By CASANSAAR

    GST Council in its 27th meeting held on 4thMay, 2018 had approved the basic principles of GST return design. Now in its 28th meeting held on 21st July, 2018, GST Council approved the key features and new format of the GST returns. This brief note lists the salient features of the new return format a...

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  • Only 66 per cent of registered companies are active - MCA
    Posted Date : 30-Jul-2018 , 08:51:02 am | Posted By CASANSAAR

    Nearly 66 per cent of 17.79 lakh companies registered in the country were active at the end of June, official data showed amid the government continuing its clampdown on shell entities. Latest data from the corporate affairs ministry showed that there were more than 11.89 lakh active companies as on...

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