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  • CBDT Releases Java Utility of ITR-2 for AY 2018-19
    Posted Date : 15-May-2018 , 09:54:01 am | Posted By CASANSAAR

    CBDT has finally released Java Utility of ITR-2 (For Individuals and HUFs not having income from profits and gains of business or profession) of Assessment Year 2018-19. Earlier CBDT has released Excel and  Java Utility of ITR 1 on 14th April 2018 and Excel and Java Utility of ITR-4 on 10th ...

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  • RBI declines to share copies of Inspection Reports of PNB Fraud
    Posted Date : 14-May-2018 , 09:05:39 am | Posted By CASANSAAR

    RBI has declined to share inspection reports for scam-hit Punjab National Bank or PNB, citing Right To Information clauses that bar disclosure of details which may impede the investigation process or prosecution of offenders among other reasons. Replying to an RTI query, the central bank also sai...

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  • 28% GST to be levied on e-rickshaw tyres - AAR
    Posted Date : 14-May-2018 , 08:51:43 am | Posted By CASANSAAR

    E-rickshaw tyres will attract GST at the highest slab of 28 per cent as they are registered as 'motor vehicles' under the Motor Vehicle Act, according to the order of the Authority for Advance Rulings (AAR). The Maharastra-bench of the AAR passed the order on an application filed by tyre-...

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  • PCA review of 11 state-run banks on May 17
    Posted Date : 12-May-2018 , 09:27:23 pm | Posted By CASANSAAR

    The government will hold a review meeting on May 17 of state-run banks that are under the Reserve Bank of India's prompt corrective action (PCA) framework. At present, there are 11 banks under PCA on account of poor performance.  "A review meeting has been called for some of the wea...

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  • RBI puts Dena Bank under prompt corrective action
    Posted Date : 12-May-2018 , 05:26:15 pm | Posted By CASANSAAR

    Reserve Bank has initiated prompt corrective action against public sector lender Dena Bank in view of high non-performing loans, restricting the bank from giving fresh credit and new hiring. The public sector lender yesterday reported widening of its net loss to Rs 1,225.42 crore in the March qua...

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  • ICAI sends notices to Big Four, other MNC auditors
    Posted Date : 12-May-2018 , 09:33:11 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI) has issued notices to Indian arms of multinational auditing firms including Deloitte, PricewaterhouseCoopers, EY, KPMG, Grant Thornton and BDO, seeking details of corporate structures, investments and revenue.  The body is investigating ...

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  • Bank unions announce 2 Days Strike from May 30
    Posted Date : 12-May-2018 , 09:26:31 am | Posted By CASANSAAR

    United Forum of Bank Unions (UFBU) has threatened to observe two-day bank strike on May 30 and 31 to protest against Indian Banks' Association's measly wage hike offer and delay in wage negotiation.  The bankers association has stirred up a hornets nest by offering an average pay inc...

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  • Adwords Advt paid by Google India to Google-Ireland taxable as royalty - ITAT
    Posted Date : 12-May-2018 , 09:23:43 am | Posted By CASANSAAR

    Google India will have to shell out a 10 per cent withholding tax for its payment to its Ireland unit for the AdWords advertising service for the assessment year 2013-14, the Income Tax Appellate Tribunal’s Bangalore bench has ruled. AdWords is an online advertising service developed by Goo...

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  • No consensus on GST concession for digital payments
    Posted Date : 12-May-2018 , 09:10:30 am | Posted By CASANSAAR

    The Group of State Finance Ministers, which met here on Friday to decide on providing a 2 percentage point concession in the GST rate for digital payments, could not reach a consensus. “We need some more data to arrive at a decision,” Sushil Kumar Modi, Deputy Chief Minister of Bihar ...

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  • Subramanian Swamy pitches for abolition of income tax
    Posted Date : 12-May-2018 , 08:58:14 am | Posted By CASANSAAR

    Bharatiya Janata Party MP, Subramanian Swamy on Friday pitched for abolition of Income Tax to ease the burden on the middle class and promote higher economic growth in the country. He said it is essentially the middle class and young generation of startup entrepreneurs who suffer because of incom...

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  • SEBI notifies new governance norms for listed firms, splits CMD post
    Posted Date : 11-May-2018 , 12:47:00 pm | Posted By CASANSAAR

    The market regulator Securities and Exchange Board of India (Sebi) on Thursday notified changes in the governance norms for listed companies to enhance governance and transparency. Separately, it issued a circular on the non-mandatory provisions such as disclosures of board evaluation, disclosure...

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  • Banks under taxman scanner for GST refund on ATM transactions
    Posted Date : 11-May-2018 , 10:20:27 am | Posted By CASANSAAR

     The indirect tax department’s investigation arm is scrutinising the GST credit availed by banks on taxes paid by their ATM vendors and could soon ask banks to cut the credit availed by them, two people with direct knowledge of the matter said.  The taxmen are examining whether ba...

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  • CBIC releases the list of e-way bill system grievance redressal officers
    Posted Date : 10-May-2018 , 11:51:01 am | Posted By CASANSAAR

    Central Board for Indirect Taxes and Custom (CBIC) has released list of grievance redressal Officers and their contact numbers for e-way bill system under rule 138D of Central/ State GST Rules, 2017. The list include, name of the concerned officer, designation, email id and contact landline numbe...

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  • ITR 4 for AY 2018-19 is now available for e-Filing
    Posted Date : 10-May-2018 , 11:19:51 am | Posted By CASANSAAR

    CBDT has finally released Excel and  Java Utility of ITR-4 (For presumptive income from Business & Profession) for Assessment Year 2018-19. Earlier CBDT has released Excel and  Java Utility of ITR 1 on 14th April 2018 . CBDT has notified ITR Forms vide Notification No. 16/2018-Income T...

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  • Walmart-Flipkart deal to face scrutiny from income tax dept
    Posted Date : 10-May-2018 , 10:46:11 am | Posted By CASANSAAR

    The Walmart-Flipkart deal will face fresh scrutiny from the income tax department. Even before Walmart’s acquisition of 77 per cent stake in Flipkart became official on Wednesday, the income tax department had sent a communication to the company, apprising them about the Sections of the Income...

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  • Court issues fresh order to attach Mallya's properties in PMLA case
    Posted Date : 09-May-2018 , 03:22:35 pm | Posted By CASANSAAR

    A Delhi court today issued fresh directions to attach the properties of businessman Vijay Mallya, who was declared a proclaimed offender for evading summons in a money laundering case related to FERA violations. Chief Metropolitan Magistrate Deepak Sherawat issued the order after advocate N K Mat...

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  • Finance ministry considers shore-up certificates to ease bad loan burden of lenders
    Posted Date : 09-May-2018 , 01:47:43 pm | Posted By CASANSAAR

    The finance ministry is looking at an idea to relieve banks of the burden of non-performing loans and allow them to focus on the core issue of financial intermediation by issuing ‘shore-up certificates’ against their stressed assets to shore up their capital.  “The Prime Mini...

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  • Food items served on train to attract full GST rate - AAR
    Posted Date : 09-May-2018 , 08:41:17 am | Posted By CASANSAAR

    Supply of food and beverages in trains will face goods and services tax as applicable on such items and not the concessional rate of 5% as specified by the government through a circular, Authority for Advance Rulings (AAR) said on Tuesday.  A train is a medium of transport and cannot be term...

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  • ICAI members can have membership of CA Australia & New Zealand
    Posted Date : 08-May-2018 , 11:55:53 am | Posted By CASANSAAR

    Chartered accountants' apex body ICAI said it has entered into an arrangement with Chartered Accountants Australia & New Zealand whereby its members based in the two countries would be able to have membership of CA ANZ.  The Institute of Chartered Accountants of India (ICAI) has ente...

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  • Govt may seek explanations for discrepancy in Income Tax, GST returns
    Posted Date : 08-May-2018 , 10:17:22 pm | Posted By CASANSAAR

    In a bid to boost measures against tax evasion, the government may ask taxpayers to explain any discrepancies between their income tax and GST returns. For this, the authority is looking to add a section in annual GSTR 9 form, reported Mint. GSTR 9 is a return to be filed once a year by registere...

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  • Additional fees on annual filing of documents at MCA @ Rs.100 per day wef 1st July 2018
    Posted Date : 08-May-2018 , 04:41:51 pm | Posted By CASANSAAR

    The Companies (Registration Offices and Fees) Second Amendment Rules 2018 has been notified on 7th May 2018. Accordingly, in case the due date of filings under Section 92 (Annual Return) or 137 (Annual Financial Statement) of the Companies Act, 2013 expires after 30/06/2018, the additional fee @Rs.1...

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  • Fee regulations for insolvency professionals soon - IBBI
    Posted Date : 08-May-2018 , 10:49:23 am | Posted By CASANSAAR

    The Insolvency and Bankruptcy Board of India (IBBI) may shortly go for some “light touch” regulations on the increasingly controversial aspect of fees quoted by insolvency professionals (IPs) handling corporate insolvency resolution processes (CIRP). The regulations will seek to impro...

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  • IBBI suspends registration of IRP demanding exorbitant fees
    Posted Date : 08-May-2018 , 10:44:20 am | Posted By CASANSAAR

    Sending a strong signal, insolvency regulator IBBI’s Disciplinary Committee (DC) has suspended the registration of an insolvency resolution professional (IRP) Bhavna Sanjay Ruia for one year for charging an exorbitant fee. This move came after the Committee concluded that Ruia, who is enrol...

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  • Govt considers time limit for withdrawal of cases under IBC
    Posted Date : 08-May-2018 , 10:38:01 am | Posted By CASANSAAR

    Companies referred to bankruptcy courts may not be allowed to leave the process once bids have been invited or a resolution plan has been accepted.  The government is considering setting a time limit for withdrawing cases admitted for insolvency resolution, ending ambiguity on a key aspect o...

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  • SC censures Income Tax dept for delay in filing appeal
    Posted Date : 08-May-2018 , 10:35:42 am | Posted By CASANSAAR

    The Supreme Court today came down heavily on the Income Tax Department for delayed filing of appeals in high courts and in the apex court. A bench comprising Justices A K Sikri and Ashok Bhushan took strong note of the usual delay in filing appeals by the IT department in cases related to income ...

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  • GSTN to rope in private entities for tax payer profiling, fraud analytics
    Posted Date : 08-May-2018 , 10:32:42 am | Posted By CASANSAAR

    GST Network has invited bids from private entities for "360-degree" profiling of taxpayers for early detection of fraud as it seeks to transform into an end-to-end platform for checking GST evasion, from being just a tax collection portal. The analytics company to be roped in will have ...

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  • Bank employees to go on 2-day strike over wage revision
    Posted Date : 07-May-2018 , 07:13:26 pm | Posted By CASANSAAR

    Over 10 lakh bankers in government and private banks will go on a two-day strike by the end of May if the government does not ask the Indian Banks Association (IBA) to make an improved offer, said a leader of the All India Bank Employees Association (AIBEA). "It is a matter of shame that whi...

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  • CBDT notifies the Protocol amending the DTAA between India and Kuwait
    Posted Date : 07-May-2018 , 05:37:44 pm | Posted By CASANSAAR

    A Protocol to amend the existing Double Taxation Avoidance Agreement (DTAA) between India and Kuwait signed on 15.06.2006 for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income was signed on 15.01.2017. The said Protocol has entered into force o...

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  • ICAI Advisory for the candidates of CA examinations
    Posted Date : 07-May-2018 , 05:35:15 pm | Posted By CASANSAAR

    7th May 2018 Advisory for the candidates of CA examinations  Heavy winds/rains and thunderstorms have been forecast by the Indian Metrological Department on 7th and 8th May 2018, across various places in India. In view of the above, candidates who are scheduled to write the CA examin...

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  • Coaching Classes are liable to 18% GST - AAR
    Posted Date : 07-May-2018 , 10:52:33 am | Posted By CASANSAAR

    A coaching class that helps students prepare for engineering and medical entrance exams is not exempt from the ambit of Goods and Service Tax (GST), according to a ruling given by the Maharashtra Authority for Advance Rulings (AAR). The ruling points out that a GST levy of 18% would apply on its fee...

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