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Posted Date : 05-Jul-2018 , 09:31:04 am | Posted By CASANSAAR
The Reserve Bank of India has issued licence to Bank of China to launch operations in India, official sources said today. Prime Minister Narendra Modi had made a commitment to Chinese President Xi Jinping to allow Bank of China to set up branches in India when they met on the sidelines of the SCO...
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Posted Date : 05-Jul-2018 , 09:24:41 am | Posted By CASANSAAR
Income Tax refunds worth over Rs 70,000 crore have been issued to the taxpayers and nearly all refund claims pending as on June-end has been processed, the Central Board of Direct Taxes (CBDT) said today. The Income Tax Department had observed a dedicated fortnight from June 1-15, which was later...
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Posted Date : 05-Jul-2018 , 09:14:30 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 today. 2. The following are salient amendments to the regulations: a. The ...
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Posted Date : 05-Jul-2018 , 09:11:59 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the extension of the scheme of recapitalization of Regional Rural Banks (RRBs) for the next three years i.e. upto 2019-20. This will enable the RRBs to maintain the minimum prescribed Capital to Ris...
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Posted Date : 05-Jul-2018 , 09:08:03 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed in 2014 and approval for renewal of MoU between the Institute of Chartered Accountants of India (ICAI) & Saudi Organisation for Certi...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 484
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Posted Date : 05-Jul-2018 , 08:56:12 am | Posted By CASANSAAR
Finance Minister Piyush Goyal will meet heads of banks in New Delhi today to discuss an inter-lender structure suggested under the 'Project Sashakta' that intends to fastrack resolution of stressed assets in the banking system. Sources said the meeting has been organised by Indian Banks Asso...
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Posted Date : 04-Jul-2018 , 09:40:30 am | Posted By CASANSAAR
Mandatory registration of auditors, powers to probe irregularities as well as recommend accounting and auditing standards are among the functions likely to be vested with the National Financial Reporting Authority (NFRA), according to sources. The Corporate Affairs Ministry has floated an initial...
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Posted Date : 04-Jul-2018 , 09:37:35 am | Posted By CASANSAAR
The corporate affairs ministry is planning to frame rules to make independent directors more accountable for malpractice. Besides, it is also mulling action against 42 auditors that have resigned from companies. According to a ministry official, an independent director cannot say he does not appr...
Continue Reading... Category : MCA | Comments : 0 | Hits : 612
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Posted Date : 03-Jul-2018 , 08:51:15 am | Posted By CASANSAAR
The draft rules for establishing a new body to oversee auditing and accounting standards under the National Financial Regulatory Authority (NFRA) will render the Institute of Chartered Accountants of India (ICAI) ineffective as the new watchdog will require auditors to register with it before taking...
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Posted Date : 03-Jul-2018 , 08:45:13 am | Posted By CASANSAAR
PricewaterhouseCoopers LLP was ordered to pay the Federal Deposit Insurance Corp. more than $625 million for negligence in the audit of Colonial BancGroup Inc., an Alabama bank holding company that failed during the financial crisis. U.S. District Judge Barbara Jacobs Rothstein issued the ruling ...
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Posted Date : 03-Jul-2018 , 08:35:33 am | Posted By CASANSAAR
The government is unlikely to insist on implementing the reverse charge mechanism, a key anti-evasion measure proposed under the goods and services tax (GST), on concerns that the rule will adversely impact small businesses while not yielding revenue gains. The implementation of the reverse charg...
Continue Reading... Category : GST | Comments : 0 | Hits : 612
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Posted Date : 02-Jul-2018 , 08:17:45 am | Posted By CASANSAAR
Emphasising that chartered accountants are watchdogs of public trust, President Ram Nath Kovind on Sunday said when white-collar crimes happen, it would be relevant to ask if those responsible for auditing balance sheets have truly done their duty. Amid rising instances of white-collar crimes and...
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Posted Date : 01-Jul-2018 , 09:28:17 pm | Posted By CASANSAAR
Government of India celebrated the 1st GST Day here today. The event saw an address on the eventful 1styear journey of GST over a live video link by Union Minister, Shri Arun Jaitley. Union Minister for Railways, Coal, Finance & Corporate Affairs, Shri Piyush Goyal presided over as the Chie...
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Posted Date : 02-Jul-2018 , 07:54:20 am | Posted By CASANSAAR
The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the Institute of Chartered Accountants of India (ICAI) in New Delhi today (July 1, 2018). Speaking on the occasion, the President said that adherence to a fair taxation system is much ...
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Posted Date : 01-Jul-2018 , 12:37:05 am | Posted By CASANSAAR
The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to...
Continue Reading... Category : Chartered Accountant | Comments : 0 | Hits : 1014
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Posted Date : 29-Jun-2018 , 09:39:22 pm | Posted By CASANSAAR
Instant e-PAN facility is Free of cost and instant allotment of e-Pan and is available only for a limited period on first come first serve basic for valid Aadhaar holders. Prerequisites: Applicant already having PAN should not apply for e-PAN The e-PAN facility is ONLY for reside...
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Posted Date : 30-Jun-2018 , 07:47:17 am | Posted By CASANSAAR
1. Is the Examination pattern changed from 1st July, 2018? The test administrator for the Limited Insolvency Examination has changed from NISM to NSEIT. The syllabus and pattern of the examination remains the same. The candidates who have already enrolled for examination will be refunded their ex...
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Posted Date : 29-Jun-2018 , 10:23:12 pm | Posted By CASANSAAR
As more and more loan-related scams come to light in many public and private sector banks leading to a massive pile-up of bad loans, the Reserve Bank of India (RBI) on Friday decided to take auditors to task by warning them of stern punitive actions against them. In a new circular titled 'Enf...
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Posted Date : 29-Jun-2018 , 09:54:55 pm | Posted By CASANSAAR
The ICICI Bank board on Friday approved the appointment of Girish Chandra Chaturvedi as its non-executive, part-time chairman, effective from July 1, 2018. "This is to inform you that the Board of Directors of ICICI Bank at its Meeting held today appointed Mr. Girish Chandra Chaturvedi as an...
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Posted Date : 29-Jun-2018 , 10:32:02 am | Posted By CASANSAAR
CA Vivek Khurana has declared his candidature for the Central Council Elections (Northern Region) of ICAI 2018. CA Vivek Khurana, Founder of casansaar.com, a renowned website is a practicing Chartered Accountant and fellow member of ICAI and Partner of Khurana Vivek & Co., a leading Char...
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Posted Date : 29-Jun-2018 , 09:07:44 am | Posted By CASANSAAR
As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved&...
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Posted Date : 28-Jun-2018 , 08:23:39 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is not convinced with the idea of chartered accountants and auditors being regulated by the Securities and Exchange Board of India (SEBI). The Union Cabinet had given the nod to establish the National Financial Regulatory Authority (NFRA) to regulate auditors ...
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Posted Date : 28-Jun-2018 , 08:11:36 am | Posted By CASANSAAR
GST Network has decided to go in for third-party audit of its software developed by Infosys to ensure that all changes in law are adequately captured and its performance is not lagging on any count, a senior official said. GSTN operates the IT backbone for collection of Goods and Services Tax (GS...
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Posted Date : 28-Jun-2018 , 08:05:54 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Wednesday clarified that foreign companies that have their place of effective management (POEM) in India will be taxed at 40%, plus applicable surcharge and cess. Provisions relating to POEM were applicable from the financial year 2016-17. Prior to this...
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Posted Date : 27-Jun-2018 , 08:16:08 pm | Posted By CASANSAAR
Regulator Sebi today decided to amend the norms governing initial public offers, takeovers and buybacks as well as harmonise shareholding patterns in market infrastructure institutions and cap the tenure of managing directors at stock exchanges. The board of Sebi, at its meeting in Mumbai, also c...
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Posted Date : 27-Jun-2018 , 08:12:38 pm | Posted By CASANSAAR
The GST investigation wing has detected tax evasion of over Rs 2,000 crore in two months, and data analysis reveals that only 1 per cent of over 1.11 crore registered businesses pay 80 per cent of the taxes, a senior official said today. CBIC member John Joseph said alike small businesses w...
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Posted Date : 27-Jun-2018 , 09:51:07 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is probing 22 listed companies for suspected misuse of funds raised through initial public offerings. In addition, the MCA is also reviewing its mechanism for monitoring initial public offerings. The firms under the MCA scanner are mainly those which have defa...
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Posted Date : 26-Jun-2018 , 09:24:27 pm | Posted By CASANSAAR
The revenue department has decided to keep in abeyance GST provisions relating to reverse charge mechanism, tax deducted at source (TDS) and tax collected at source (TCS) for another three months till September-end. The GST Council in its meeting on March 10 had suspended the provision for ...
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Posted Date : 26-Jun-2018 , 06:17:36 pm | Posted By CASANSAAR
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Monday directed the resolution professional (RP) of Alok Industries to submit an application for the approval of the resolution plan submitted by Reliance Industries (RIL) and JM Financial ARC. Alok Industries’ committee of cre...
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Posted Date : 26-Jun-2018 , 06:14:34 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) on Monday refused to direct the Mumbai bench of the National Company Law Tribunal (NCLT) to defer its pronouncement on State Bank of India’s (SBI’s) appeal seeking initiation of insolvency plea against Uttam Value Steel and Uttam Galva ...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000
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