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Posted Date : 07-May-2018 , 10:47:33 am | Posted By CASANSAAR
The National Company Law Tribunal has suggested to Insolvency and Bankruptcy Board of India that there is a need to review the insolvency code regulations to ensure that they are not “misused or misinterpreted”. It also said that the resolution professional should be competent and ind...
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Posted Date : 07-May-2018 , 10:28:47 am | Posted By CASANSAAR
GST officers have started sending scrutiny notices to companies whose tax payment did not match the final sales return, after revenue authorities detected underpayment of GST by about 34 per cent, a source said. Besides, companies whose final sales return GSTR-1 did not match GSTR-2A, which...
Continue Reading... Category : GST | Comments : 0 | Hits : 1514
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Posted Date : 05-May-2018 , 11:04:35 am | Posted By CASANSAAR
The GST Council on Friday decided to roll out in six months a new, simpler process of filing monthly returns, as it deferred a decision on imposing a sugar cess and allowing an incentive for digital payments. In its 27th meeting, the GST Council also decided to take complete ownership of the go...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 784
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Posted Date : 04-May-2018 , 11:47:32 pm | Posted By CASANSAAR
Over 23,000 cases of fraud involving ₹1 lakh crore have been reported in the past five years in various banks, according to the Reserve Bank of India (RBI). A total of 5,152 cases of fraud, up from over 5,000 cases in 2016-17, were reported in banks from April, 2017, to March 1,...
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Posted Date : 05-May-2018 , 10:07:37 am | Posted By CASANSAAR
The confusion and ambiguity in the Insolvency and Bankruptcy Code (IBC) will continue for some more time, as the Central government is planning to wait for two more quarters before proposing any changes in the code, as it seeks more clarity on the issue. The government had formed...
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Posted Date : 05-May-2018 , 09:55:57 am | Posted By CASANSAAR
Markets regulator SEBI allowed exchanges to extend the trading time for equity derivatives till 11:55 PM from October 1. The move is part of SEBI's efforts to enable integration of stocks and commodities trading on a single exchange. This is similar to the trading hours for commodity de...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 395
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Posted Date : 04-May-2018 , 11:23:25 pm | Posted By CASANSAAR
Incentive to promote Digital Transactions: 1. Keeping in view the need to move towards a less cash economy, the Council has discussed in detail the proposal of a concession of 2% in GST rate [where the GST rate is 3% or more, 1% each from applicable CGST and...
Continue Reading... Category : GST | Comments : 0 | Hits : 878
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Posted Date : 04-May-2018 , 11:22:00 pm | Posted By CASANSAAR
GST Council today in its 27th meeting approved principles for filing of new return design based on the recommendations of the Group of Ministers on IT simplification. The key elements of the new return design are as follows – Onemonthly Return:All taxpayers excluding a few exceptions ...
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Posted Date : 04-May-2018 , 04:33:31 pm | Posted By CASANSAAR
The Goods and Services Tax Network - Special Purpose Vehicle (GSTN-SPV) was created as a private limited, not-for-profit company under Section 25 of the Companies Act, 1956 (Section 8 of the Companies Act, 2013) by Govt. of India on 28th March, 2013 with an objective to provide shared IT infrastruct...
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Posted Date : 04-May-2018 , 09:31:24 am | Posted By CASANSAAR
Finance Act, 2018 has inserted clause (via) to section 28 of the Income-tax Act, 1961 (‘the Act’) so as to provide that any profit and gains from conversion of inventory into capital asset or its treatment as capital asset shall be charged to tax as business income. It has also been prov...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 495
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Posted Date : 04-May-2018 , 09:29:22 am | Posted By CASANSAAR
The main item on the agenda for the GST Council meeting on Friday is likely to be the simplification of the return filing system into a single form and a decision on whether businesses can avail of provision credit or not, according to tax analysts. According to the GST law, the return filing pro...
Continue Reading... Category : GST | Comments : 0 | Hits : 659
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Posted Date : 04-May-2018 , 09:24:35 am | Posted By CASANSAAR
The Income Tax (IT) department has detected three lakh unreported transactions in the financial year 2017-18, sources revealed on Thursday. The value of these transactions detected is more that Rs. one lakh crore. These unreported transactions were detected by the Directorate of Intelligence and ...
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Posted Date : 04-May-2018 , 09:21:23 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has entered into one Unilateral Advance Pricing Agreement (UAPA) during the month of April, 2018. With the signing of this Agreement, the CBDT has achieved another milestone of having signed its 200th UAPA. The total number of APAs entered into by CBDT has go...
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Posted Date : 03-May-2018 , 10:07:41 am | Posted By CASANSAAR
In what has implications for commercial rental space and businesses in general, the government has said transfer of tenancy rights is a service liable to tax. A finance ministry circular has said such activity against consideration in the form of tenancy premium constitutes a “supply of servic...
Continue Reading... Category : GST | Comments : 0 | Hits : 580
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Posted Date : 03-May-2018 , 09:58:38 am | Posted By CASANSAAR
Public sector banks did not make enough provisions as seen from their high net non-performing asset (NPA) ratio of 6.9 per cent (against 2.2 per cent and 0.6 per cent for private sector and foreign banks, respectively) at the end of March 2017, according to a Reserve Bank of India occasional paper. ...
Continue Reading... Category : RBI | Comments : 0 | Hits : 412
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Posted Date : 03-May-2018 , 09:53:00 am | Posted By CASANSAAR
Tax authorities cannot seize goods just because they-’re not accompanied by a physical copy of the electronic way bill (eway bill), the Allahabad High Court said in the first ruling on documents required to transport goods under the goods and services tax (GST) regime, thus setting a precedent...
Continue Reading... Category : GST | Comments : 0 | Hits : 435
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Posted Date : 03-May-2018 , 09:50:10 am | Posted By CASANSAAR
The Supreme Court has directed deletion of adverse remarks made against a Resolution Professional (RP) registered with the Insolvency and Bankruptcy Board of India by the National Company Law Appellate Tribunal (NCLAT) questioning his competence without any reasons and despite the Committee of Credi...
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Posted Date : 03-May-2018 , 09:32:56 am | Posted By CASANSAAR
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has has approved the Mutual Recognition Agreement between the Institute of Chartered Accountants of India (ICAI) and The South African Institute of Chartered Accountants (SAICA). Details: Approval...
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Posted Date : 01-May-2018 , 09:51:42 pm | Posted By CASANSAAR
Easing foreign investment rules, the Reserve Bank today permitted FPIs to invest in treasury bills issued by the central government. However, the foreign portfolio investors (FPIs) will have to ensure that their exposure in government securities as well as corporate bonds of less than one year ma...
Continue Reading... Category : RBI | Comments : 0 | Hits : 314
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Posted Date : 01-May-2018 , 12:12:23 pm | Posted By CASANSAAR
The revenue collection from Goods and Services Tax (GST) exceeded Rs 1 lakh crore in April 2018, the Ministry of Finance said on Tuesday. This is the first occasion that the monthly revenue has breached the Rs 1 trillion milestone. GST Revenue collection for April 2018 exceeds Rs.1 lakh crore. &...
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Posted Date : 30-Apr-2018 , 10:19:00 am | Posted By CASANSAAR
With an aim to identify possible non performing assets (NPAs), public sector banks have started carrying out audits on accounts which have loans of above Rs 50 crore registered against them. This comes after a directive issued from the Finance Ministry. Once the audit is completed, the banks will de...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 1191
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Posted Date : 30-Apr-2018 , 10:08:18 am | Posted By CASANSAAR
The Union government's drive towards higher compliance has already helped it garner additional Rs 1.5 lakh crore in direct taxes during 2017-18 and get a record number of new filers. But it is not done yet with the tax department chasing 65 lakh people who it suspects did not file returns last y...
Continue Reading... Category : ITR | Comments : 1 | Hits : 1762
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Posted Date : 28-Apr-2018 , 07:48:52 am | Posted By CASANSAAR
In a bid to facilitate cheaper access of overseas funds Reserve Bank of India (RBI) further liberalised External Commercial Borrowings (ECB) Policy by including more sectors in the window. "It has been decided to increase the ECB Liability to Equity Ratio for ECB raised from direct foreign e...
Continue Reading... Category : RBI | Comments : 0 | Hits : 2191
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Posted Date : 28-Apr-2018 , 07:19:40 am | Posted By CASANSAAR
Markets regulator Sebi today extended deadline till May 18 for putting in place a new system for depositories to monitor the foreign investment limits in listed Indian companies. The earlier deadline was May 1. In a circular issued today, Securities and Exchange Board of India (Seb...
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Posted Date : 28-Apr-2018 , 07:14:30 am | Posted By CASANSAAR
Quoting of the Unique Identity Number (UIN) allotted to diplomats and multilateral agency officials serving in India is necessary on the sale invoice, the government said on Friday. A Finance Ministry release here said that complaints had come in from foreign diplomatic missions and UN bodi...
Continue Reading... Category : GST | Comments : 0 | Hits : 3135
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Posted Date : 28-Apr-2018 , 07:08:13 am | Posted By CASANSAAR
Retirement fund body EPFO today said it has provided an offline tool for employers for validating the ECR or EPF return (electronic challan cum return) before uploading it at the unified portal. "In order to assist the employer to create the correct ECR file every month, EPFO has provided an...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 2267
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Posted Date : 28-Apr-2018 , 07:03:17 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) today stayed an order of the Competition Commission that imposed a penalty of Rs 136 crore on Google for unfair business practices in online search market. While admitting the plea of Google against the order, the NCLAT bench headed by Chairman ...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 2113
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Posted Date : 28-Apr-2018 , 07:01:42 am | Posted By CASANSAAR
The government mobilised Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18, according to the finance ministry. The government rolled out the GST regime from July 1 last year. "During the year 2017-18, total revenue collections under GST in the period between August 2...
Continue Reading... Category : GST | Comments : 0 | Hits : 2393
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Posted Date : 27-Apr-2018 , 12:28:55 pm | Posted By CASANSAAR
India has introduced monthly payroll reporting for the formal sector to facilitate analysis of new and continuing employment. It will put an end to all speculations and conjectures regarding job creation in the economy. The payroll data from Employees’ Provident Fund Organisation (EPF...
Continue Reading... Category : General | Comments : 0 | Hits : 2123
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Posted Date : 26-Apr-2018 , 10:11:54 am | Posted By CASANSAAR
Insolvency regulator IBBI has barred insolvency professionals from accepting fresh assignments if a show-cause notice is issued to them under a disciplinary proceeding. An insolvency professional (IP) who has been issued a show-cause notice should not accept any fresh assignment as interim resolu...
Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 2132
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
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- Bank Branch Statutory Audit Updates 2019
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- 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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