-
Posted Date : 26-Apr-2018 , 10:07:11 am | Posted By CASANSAAR
Flipkart won respite from the Income-Tax Appellate Tribunal in Bengaluru, which rejected the revenue department’s contention that discounts doled out on India’s largest online retailing platform two years ago should be reclassified as capital expenditure and are not eligible for de...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 2382
-
Posted Date : 25-Apr-2018 , 09:29:13 pm | Posted By CASANSAAR
More than 20 million (two crore) e-way bills have been generated since the beginning of this month, according to GSTN. The 'GST Systems' in a tweet said, "In a span of 24 days, over 2 crore E-Way Bills were generated for the movement of goods". The twitter handle of GST Syste...
Continue Reading... Category : GST | Comments : 0 | Hits : 2213
-
Posted Date : 25-Apr-2018 , 09:25:18 pm | Posted By CASANSAAR
Fraud-hit Punjab National Bank (PNB) has invited applications for empanelment of detective agencies to locate its untraceable borrowers as it looks to "significantly" supplement efforts to recover bad loans which surged to Rs 57,519 crore at December end. In its efforts to recover...
Continue Reading... Category : Banking | Comments : 0 | Hits : 463
-
Posted Date : 25-Apr-2018 , 01:37:09 pm | Posted By CASANSAAR
The Indian Banks’ Association is planning to lobby the government against an arbitrary tax notice which seeks to extract as much as Rs 40,000 crore from the country’s banks. In a notice served earlier this month, all banks were asked to pay service tax, penalties and interest on...
Continue Reading... Category : Bank | Comments : 0 | Hits : 557
-
Posted Date : 25-Apr-2018 , 10:15:15 am | Posted By CASANSAAR
The PMO and the law ministry have accepted all the key proposals of insolvency law panel and the cabinet is likely to take up those on Wednesday. The recommendations, if approved by the cabinet, will pave the way for out-of-court settlement of bad loans if 90 per cent of lenders support such a move....
Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 674
-
Posted Date : 24-Apr-2018 , 11:20:06 am | Posted By CASANSAAR
The Finance Act, 2018 has withdrawn the exemption under clause (38) of Section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term capital asset being an equity share in a company or a...
Continue Reading... Category : Finance Bill | Comments : 0 | Hits : 643
-
Posted Date : 24-Apr-2018 , 09:43:33 pm | Posted By CASANSAAR
In a bid to bridge the lag in actual revenue accrual, the Finance Ministry will from this fiscal shift to cash basis accounting for the Goods and Services Tax (GST) where monthly collections will be reported on the first working day of the following month. Till now, monthly tax returns under GST,...
Continue Reading... Category : GST | Comments : 0 | Hits : 639
-
Posted Date : 23-Apr-2018 , 10:37:12 pm | Posted By CASANSAAR
A number of representations have been received seeking clarifications in relation to requirement of e-Way Bill for “Bill To Ship To” model of supplies. In a typical “Bill To Ship To” model of supply, there are three persons involved in a transaction, namely: ‘A&rs...
Continue Reading... Category : GST | Comments : 0 | Hits : 1308
-
Posted Date : 24-Apr-2018 , 08:30:35 am | Posted By CASANSAAR
The Centre on Monday stated that the e-way bill system for intra-state movement of goods will be rolled out in four more states and one union territory on Wednesday. As per the Ministry of Finance, the e-way bill system is being introduced to four states starting April 25, namely Arunachal Prades...
Continue Reading... Category : GST | Comments : 0 | Hits : 896
-
Posted Date : 23-Apr-2018 , 08:31:31 am | Posted By CASANSAAR
The Delhi High Court has sought the response of the Centre, the RBI and the GST Council on a plea challenging a circular which prohibits banks and financial institutions from providing any service in relation to virtual currencies such as 'crypto-currencies'. A bench of justices S Ravindr...
Continue Reading... Category : RBI | Comments : 0 | Hits : 652
-
Posted Date : 22-Apr-2018 , 04:12:23 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has made Aadhaar and PAN cards mandatory for opening bank accounts. The RBI said the updated know-your-customer (KYC) requirement was subject to the Supreme Court’s final judgment on Aadhaar, for which the hearing is under way. The central bank updated its...
Continue Reading... Category : RBI | Comments : 0 | Hits : 526
-
Posted Date : 21-Apr-2018 , 08:58:19 am | Posted By CASANSAAR
PNB, the country’s second-largest public sector lender, has impounded passports of 150 wilful loan defaulters apart from lodging 37 FIRs against those who are not repaying loans as part of its recovery drive. “The bank has already declared 1,084 wilful defaulters and published photos ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 1104
-
Posted Date : 21-Apr-2018 , 08:53:17 am | Posted By CASANSAAR
The government is intensifying its drive against shell companies. After taking action against 226,000 shell companies last year, the Ministry of Corporate Affairs has now zeroed in on another 225,000 suspected shell companies. The ministry has sent notices to these companies, asking whether they had...
Continue Reading... Category : MCA | Comments : 0 | Hits : 3172
-
Posted Date : 21-Apr-2018 , 08:50:32 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday amended its ‘know your customer’ (KYC) guidelines, making Aadhaar key to conducting customer due diligence by banks and finance companies. The RBI has also done away with sections relating to the use of other “officially valid documents&rdq...
Continue Reading... Category : RBI | Comments : 0 | Hits : 537
-
Posted Date : 20-Apr-2018 , 10:30:35 am | Posted By CASANSAAR
In the wake of the currency shortage that has hit multiple states across the country and continued for more than two weeks, representatives of All India Bank Employees Association (AIBEA) have alleged negligence by the Reserve Bank of India (RBI) and have sought resignation of the RBI governor. &...
Continue Reading... Category : RBI | Comments : 0 | Hits : 1210
-
Posted Date : 20-Apr-2018 , 10:25:06 am | Posted By CASANSAAR
The government has approached the Reserve Bank to relax norms for non-performing assets (NPAs) or bad loans in case of small and mid-sized businesses to help them tide over the cash crunch problem. The MSME ministry has sought an extension of the NPA classification period from the current 9...
Continue Reading... Category : NPA | Comments : 0 | Hits : 648
-
Posted Date : 19-Apr-2018 , 01:34:30 pm | Posted By CASANSAAR
The Income Tax Department on Wednesday cautioned salaried class taxpayers against using illegal means like under-reporting of income or "inflating" deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against them....
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 777
-
Posted Date : 19-Apr-2018 , 12:00:37 pm | Posted By CASANSAAR
The government has advanced the deadlines for filing of seller forms under the goods and services tax, GSTR-1, for April, May and June, in comparison to those given for previous months. GSTR-1 for the month of April will have to be filed by May 31. Earlier, 40 days were given for filing these, wh...
Continue Reading... Category : GST | Comments : 0 | Hits : 497
-
Posted Date : 18-Apr-2018 , 08:34:55 pm | Posted By CASANSAAR
As per the decision of the GST Council, e-Way Bill system for all inter-State movement of goods has been rolled out from 01st April, 2018. As on 15th April, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Gujarat, Karnataka, Kerala, Tela...
Continue Reading... Category : GST | Comments : 0 | Hits : 366
-
Posted Date : 18-Apr-2018 , 02:17:04 pm | Posted By CASANSAAR
The Central Bureau of Investigation has registered a case against the promoters and directors of three private companies including a Delhi based pharmaceutical company for defrauding Punjab and Sindh Bank and the consortium of four other banks to the tune of 621 crore rupees. The case has b...
Continue Reading... Category : Banking | Comments : 0 | Hits : 451
-
Posted Date : 17-Apr-2018 , 10:45:41 pm | Posted By CASANSAAR
The Group of Ministers (GoM) headed by Bihar Deputy Chief Minister Sushil Modi on Tuesday worked out a new 'fusion' model for the tax filing by the companies, as it looks to simplify the return filing process under the Goods and Services Tax (GST). The ministerial panel was also unanimous th...
Continue Reading... Category : GST | Comments : 0 | Hits : 3568
-
Posted Date : 18-Apr-2018 , 08:44:09 am | Posted By CASANSAAR
The latest ITR-1 form, largely used by the salaried class of taxpayers, has been activated on the official e-filing portal of the Income Tax Department, a senior official said. The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, https://www...
Continue Reading... Category : ITR | Comments : 0 | Hits : 676
-
Posted Date : 17-Apr-2018 , 03:29:07 pm | Posted By CASANSAAR
Doubts are being raised about the manner of filing the quarterly return by composition dealers in FORM GSTR-4. In particular, there is a doubt with respect to the instruction at Sl. No. 10 appended to the said FORM which reads as below: For the tax periods July, 2017 to September, 2017 and Octobe...
Continue Reading... Category : GST | Comments : 0 | Hits : 3020
-
Posted Date : 17-Apr-2018 , 03:26:49 pm | Posted By CASANSAAR
A parliamentary panel has called Reserve Bank Governor Urjit Patel on May 17 to answer queries on a spate of banking scams unearthed in the last few months, sources said. The Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, today raised several queries related to...
Continue Reading... Category : RBI | Comments : 0 | Hits : 442
-
Posted Date : 17-Apr-2018 , 03:25:27 pm | Posted By CASANSAAR
The Group of Ministers (GoM) under Bihar Deputy Chief Minister Sushil Modi will meet tax experts and representatives from industry on the Goods Services Tax return simplification in New Delhi today. The GoM was constituted under Mr Modi last month to iron out issues being faced by businesse...
Continue Reading... Category : GST | Comments : 0 | Hits : 451
-
Posted Date : 16-Apr-2018 , 08:26:47 am | Posted By CASANSAAR
The government on Saturday said the Certificate of Incorporation (COI) issued by the Ministry of Corporate Affairs (MCA) is adequate proof of Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN) for a company. "Finance Act, 2018, amended section 139A of t...
Continue Reading... Category : PAN | Comments : 0 | Hits : 1074
-
Posted Date : 15-Apr-2018 , 08:41:13 pm | Posted By CASANSAAR
Detailing the uniform procedure for interception and inspection of goods under the e-way bill system of the goods and services tax (GST), the Central Board of Indirect Taxes and Customs (CBIC) has instructed field officials to submit inspection reports within three days of intercepting conveyances. ...
Continue Reading... Category : GST | Comments : 0 | Hits : 605
-
Posted Date : 15-Apr-2018 , 08:31:36 pm | Posted By CASANSAAR
The goods and services tax (GST) is set to make its way into textbooks. The ICSE board has decided to do away with the component on value added tax and replace it with GST in the Class X mathematics syllabus. The Council For Indian School Certificate Examinations (CISCE) said the segment on VAT c...
Continue Reading... Category : GST | Comments : 0 | Hits : 415
-
Posted Date : 15-Apr-2018 , 08:27:46 pm | Posted By CASANSAAR
The bankruptcy regulator has slapped a penalty and issued a show cause notice to the resolution professional of Electrosteel Steels, Dhaivat Anjaria, who is backed by consulting PWC for neglecting the claims made by operational creditors. The Insolvency and Bankruptcy Board of India has ord...
Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 482
-
Posted Date : 15-Apr-2018 , 08:21:58 pm | Posted By CASANSAAR
In a spree of arrests taking place for the frauds happening in various banks, another fraudulent case has come to light recently. This time, the former UCO bank CMD Arun Kaul has been arrested along with others by the CBI for allegedly being involved in a scam worth Rupees 621 Crore with the bank. R...
Continue Reading... Category : Banking | Comments : 0 | Hits : 515
- 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
Professional News For CA,CS,CMA.Fresh Accounting News Articles On Income Tax,Service Tax,Sales Tax, Vat,Company Law,RBI,CAG,Custom,Excise On CASANSAAR
