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Posted Date : 14-Apr-2018 , 08:13:10 am | Posted By CASANSAAR
In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs (MCA). In these cases, the Certificate o...
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Posted Date : 14-Apr-2018 , 12:05:18 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI), on Friday, arrested an income tax commissioner while taking a bribe of Rs 40 lakh. CBI said that a 1988 batch India Revenue Services (IRS) officer Swetabh Suman was caught red-handed while accepting a bribe of Rs 40 lakh. Along with Suman, his junior Pra...
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Posted Date : 13-Apr-2018 , 11:50:25 pm | Posted By CASANSAAR
In a bid to nab holders of benami property, the Income Tax Department has issued notices to nominees in mutual funds, wives of HNIs who don’t file income tax returns, NRIs who may have sold real estate in last few years and even those who had deposited more than Rs 1 lakh during demonetisation...
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Posted Date : 13-Apr-2018 , 01:39:58 pm | Posted By CASANSAAR
Nearly 438 bitcoins worth over Rs 20 crore were stolen from a top exchange firm in India in what is being billed as the biggest cryptocurrency theft in the country so far. Coinsecure, the Delhi-based cryptocurrency exchange, has filed an FIR with the cyber cell accusing its CSO, Amitabh Sax...
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Posted Date : 13-Apr-2018 , 08:47:09 am | Posted By CASANSAAR
The Reserve Bank today tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which an individual can transfer up to USD 2,50,000 abroad in a year. The LRS transactions are currently permitted by banks based on the declaration made by the remitter. The monitoring of adhere...
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Posted Date : 13-Apr-2018 , 08:42:11 am | Posted By CASANSAAR
In an attempt to make it easier for start-ups to attract investments, the Centre has introduced some amendments in rules including a clarification on angel investors funding and allowing online applications for start-up certification. The government on Thursday allowed start-ups to avail tax conc...
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Posted Date : 13-Apr-2018 , 08:33:53 am | Posted By CASANSAAR
Taxpayers registered for goods and services tax (GST) have begun receiving notices from the tax department, asking them to produce documents for detailed verification of transitional credits claimed. The government had earlier identified top 50,000 assessees in terms of the claims for further analys...
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Posted Date : 13-Apr-2018 , 08:19:44 am | Posted By CASANSAAR
The government on Thursday appointed former department of personnel and training secretary Bhanu Pratap Sharma chairman of the Banks Board Bureau (BBB). Sharma replaces former comptroller and auditor general (CAG) Vinod Rai, whose two-year term as the first head of the BBB got over on March 31. The ...
Continue Reading... Category : Banking | Comments : 0 | Hits : 466
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Posted Date : 12-Apr-2018 , 08:32:05 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed a Rs 3-crore penalty on IDBI Bank for failing to report bad loans in line with the central bank’s guidelines. In a statement issued here, the central bank said that the fine was for “for non-compliance with the directions issued by RBI on Incom...
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Posted Date : 12-Apr-2018 , 08:29:07 am | Posted By CASANSAAR
A recent Supreme Court order has prompted the Institute of Chartered Accountants of India (ICAI) to set up a nine-member committee to examine the legal framework for the entry and exit of multinational audit firms in the country. ICAI vice-president Prafulla P Chhajed has been appointed as the co...
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Posted Date : 12-Apr-2018 , 08:24:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has proposed changes in the application process for obtaining advance ruling to bring it in line with Base Erosion and Profit Shifting (BEPS) Action 5 objectives, which mandate spontaneous exchange of information on ruling with countries of immediate as well ...
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Posted Date : 12-Apr-2018 , 08:20:46 am | Posted By CASANSAAR
The recent relaxation given to lenders by RBI in provisioning norms and permitting them to spread mark-to-market (MTM) losses over four quarter will provide a Rs 27,000-crore breather to banks in the fourth quarter of fiscal 2017-18, said a report. The Reserve Bank of India (RBI) recently gave an...
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Posted Date : 12-Apr-2018 , 08:16:41 am | Posted By CASANSAAR
With a view to remove any doubt or uncertainty regarding rate of GST applicable on supply of food and drinks in educational institutions, it is clarified that: - i. GST rate on supply of food and drinks in a mess or canteen in an educational institution attracts GST at 5% without INPUT Tax Credit...
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Posted Date : 12-Apr-2018 , 08:11:01 am | Posted By CASANSAAR
In partial modification of the Institute’s Notification No. 13-CA(Exam)/M/2018 dated 8 th February, 2018, it is notified for general information that in view of the General Election to the Legislative Assembly of Karnataka, the Chartered Accountants Examinations scheduled to be held on 11th &a...
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Posted Date : 11-Apr-2018 , 08:38:22 am | Posted By CASANSAAR
In a positive move, the government has amended its Income Tax rules to allow transgenders to be recognised as the third gender in the Permanent Account Number (PAN). Changing its application form by including a new tick box for transgenders, Central Board of Direct Taxes (CBDT) on Monday issued a no...
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Posted Date : 10-Apr-2018 , 10:05:57 pm | Posted By CASANSAAR
As per the decision of GST Council, e-Way Bill system for all inter-State movement of goods has been rolled-out from 01stApril, 2018. E-way Bill system for Intra-State movement of goods in the State of Karnataka is also operational from the said date. E-Way Bills are getting generated successf...
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Posted Date : 11-Apr-2018 , 08:29:03 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Indian Institute of Corporate Affairs (IICA). The MoU was signed by Ms. Geeta Singh Rathore, Chief Administrative Officer of the IICA and Mr. K.R.Saji Kumar, Executive Director of the IBBI i...
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Posted Date : 10-Apr-2018 , 08:07:56 am | Posted By CASANSAAR
In a significant development in relation to the Insolvency and Bankruptcy Code, 2016, the Supreme Court issued notice to the Central government in a petition challenging the vires of various provisions of the Insolvency and Bankruptcy Code, 2016 (Code). The matter was heard by a Bench of Chief Ju...
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Posted Date : 09-Apr-2018 , 08:58:57 am | Posted By CASANSAAR
Around 340 million post office savings account holders will be able to avail a full-fledged digital banking service from May as the government has approved linking such accounts with that of India Post Payments Bank (IPPB). "The finance ministry has approved linking of savings bank accounts ...
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Posted Date : 09-Apr-2018 , 08:37:51 am | Posted By CASANSAAR
With the Reserve Bank of India (RBI) cracking the whip on bad loans menace, more than three dozen chartered accountants are under the scanner for allegedly conniving with promoters in defaulting as well as restructuring the stressed assets, officials said. At a time when more number of companies ...
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Posted Date : 08-Apr-2018 , 08:34:32 pm | Posted By CASANSAAR
Chartered accountants, company secretaries, cost accountants and valuers may have to forfeit their fees and face penalties if they are found lacking in their dealings with listed firms, according to a new set of norms being considered by Sebi. The role of auditors and valuers has come under the scan...
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Posted Date : 08-Apr-2018 , 08:16:09 pm | Posted By CASANSAAR
Awaiting a detailed vigilance report on the over Rs 13,000- crore Punjab National Bank scam, the Central Vigilance Commission (CVC) today said it has asked statutory auditors of the bank to appear before it to furnish specific details about financial transactions. The watchdog asserted the need f...
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Posted Date : 07-Apr-2018 , 09:21:24 am | Posted By CASANSAAR
Central Goods and Services Tax (CGST) officials have arrested the director of a company in Navi Mumbai for allegedly failing to pay the GST and Service Tax. An official release said that CGST, Navi Mumbai Commissionerate arrested the director of M/s OTS E Solution Private Limited, Rajpal Singh, y...
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Posted Date : 07-Apr-2018 , 09:18:44 am | Posted By CASANSAAR
Insolvency and Bankruptcy Board of India chairman MS Sahoo warned that directors of companies facing insolvency process and financial creditors cannot go unscathed while the companies are put under insolvency resolution process. The regulator has warned of action under the Insolvency and Bankrupt...
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Posted Date : 07-Apr-2018 , 08:53:10 am | Posted By CASANSAAR
With a view to remove any doubt or uncertainty in the matter and bring uniformity in the rate of GST applicable to supply of food and drinks made available in trains, platforms or stations, it has been clarified with the approval of the competent authority that the GST rate on supply of food and dri...
Continue Reading... Category : GST | Comments : 0 | Hits : 405
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Posted Date : 06-Apr-2018 , 10:53:10 am | Posted By CASANSAAR
With an objective to familiarise the eligible and desirous individuals and entities with the process of registration as a valuer with the Insolvency and Bankruptcy Board (IBBI) , the IBBI released the process required. The process of registration as registered value...
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Posted Date : 06-Apr-2018 , 10:50:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday decided to defer implementation of Indian Accounting Standard (Ind AS) by one year for the banks. Scheduled commercial banks (SCBs), excluding regional rural banks (RRBs), were required to implement Ind AS from April 1, 2018. "Necess...
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Posted Date : 06-Apr-2018 , 10:48:10 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has decided to put in place a centralised system to keep a tab on entities' compliance with CSR obligations under the companies law, according to sources. The move comes against the backdrop of rising instances of non-compliance with Corporate Social Responsi...
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Posted Date : 06-Apr-2018 , 10:43:02 am | Posted By CASANSAAR
The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplif...
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Posted Date : 06-Apr-2018 , 09:56:31 am | Posted By CASANSAAR
The Reserve Bank today directed all regulated entities including banks not to provide services to businesses dealing in virtual currencies like bitcoins, so as to protect consumer interest and check money laundering. In the first bi-monthly monetary policy review of 2018-19, RBI said virtual curr...
Continue Reading... Category : RBI | Comments : 0 | Hits : 354
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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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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