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Posted Date : 30-Mar-2018 , 09:57:59 am | Posted By CASANSAAR
The Income-Tax Department on Thursday released a pan-India list of 24 defaulting individuals and companies who owe about Rs 4.9 billion in taxes to the exchequer but have either gone untraceable or have reported inadequate assets for payment of dues. The department issued an advertisement as part...
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Posted Date : 30-Mar-2018 , 09:48:11 am | Posted By CASANSAAR
The Reserve Bank has imposed a penalty of Rs 58.9 crore on the country's leading private sector lender ICICI Bank for violating central bank's directions pertaining to direct sale of securities. "The Reserve Bank of India (RBI) has imposed through an order dated March 26, 2018, a mon...
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Posted Date : 30-Mar-2018 , 09:46:27 am | Posted By CASANSAAR
The finance ministry has asked RBI to look into the problems being faced by industry and banks by the abrupt ban on LoUs, and provide some breathing space to them, sources said. Reserve Bank of India this month banned issuance of Letters of Undertaking (LoUs) and Letters of Comfort (LoC), used ex...
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Posted Date : 29-Mar-2018 , 10:13:32 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has directed all scheduled commercial banks to audit their SWIFT interbank transactions by as early as June 30 to detect any anomaly or fraud, a top official told FE. The directive is part of the RBI’s efforts to crack down on any manipulation or abuse of the SW...
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Posted Date : 28-Mar-2018 , 08:46:43 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has evolved a transparent and consultative process for making regulations. It has been endeavour of the IBBI to effectively engage stakeholders in the regulation making process to factor in ground reality, secure ownership of regulations and make r...
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Posted Date : 28-Mar-2018 , 08:42:05 pm | Posted By CASANSAAR
Government has asked businesses and transporters to register on e-way platform as soon as possible with just three days left for the Electronic Way bill to roll out. From the first of April, businesses would be required to present the e-way bill to a GST inspector for inter-state transporta...
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Posted Date : 28-Mar-2018 , 10:00:08 am | Posted By CASANSAAR
The Asian Development Bank (ADB) and the Government of India signed $80 million loan here today to help modernize technical and vocational education and training (TVET) institutions and improve the skills ecosystem in the State of Himachal Pradesh. Shri Sameer Kumar Khare, Joint Secretary (Multil...
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Posted Date : 28-Mar-2018 , 10:15:09 am | Posted By CASANSAAR
The National Company Law Tribunal has ordered liquidation of two Rotomac group companies -- Global and Exports -- whose promoter Vikram Kothari is accused of being involved in a banking fraud. The order was pronounced at the NCLT’s Allahabad chapter. The initial period of 180 days exp...
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Posted Date : 28-Mar-2018 , 10:08:54 am | Posted By CASANSAAR
The Finance Ministry has simplified and reduced the number of columns in the complaint form to make it easier for consumers to report any profiteering activity by businesses post GST rollout. The number of columns in the simplified single-page form have been slashed to 16, of which 12 field...
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Posted Date : 27-Mar-2018 , 08:39:09 am | Posted By CASANSAAR
CBDT extended the due date for linking the Aadhar Card with PAN till June 30, 2018. Vide its orders dated 31.07.17, 31.08.17 & 08.12.17, in file of even number, CBDT had allowed time till 31st March, 2018 to link PAN with Aadhaar while filing the tax-returns. Upon consideration of...
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Posted Date : 27-Mar-2018 , 05:29:53 pm | Posted By CASANSAAR
The Council at its 374th meeting held from 21st to 24th March, 2018 while deliberating the item on introduction of E-voting in the elections to the Council and Regional Councils to be held in December, 2018 decided that E-voting should be introduced, in the first instance, for election to the Managi...
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Posted Date : 27-Mar-2018 , 05:23:27 pm | Posted By CASANSAAR
Total Revenue Collection under GST: The last date for filing of GSTR 3B return for the month of February 2018 was 20th March 2018. The total revenue received under GST for the month of February 2018(received in February/March upto 26th March) has been Rs. 85,174 crores. 1.05 crore taxpayers have ...
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Posted Date : 27-Mar-2018 , 05:21:13 pm | Posted By CASANSAAR
The last date for filing belated returns for Assessment Years 2016-17 and 2017-18 and revised returns for Assessment Year 2016-17 is 31st March, 2018. The Financial Year 2017-18 closes on 31st March, 2018 which is a Saturday. 29th & 30th March, 2018 are also closed holidays. Therefore, to fac...
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Posted Date : 27-Mar-2018 , 12:27:03 am | Posted By CASANSAAR
The revenue department’s intelligence unit has launched an investigation into alleged collusion between select banks and ATM service providers to avoid payment of value added tax (VAT) and wrongful claim of tax credit. The Directorate General of Goods and Services Tax Intelligence (DG...
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Posted Date : 27-Mar-2018 , 09:07:21 am | Posted By CASANSAAR
Banks will not remain closed for five consecutive days starting from Thursday, a union leader said on Monday. "The banks will work on March 31 (Saturday) and there is no continuous holidays as per messages in the social media," D. Thomas Franco Rajendra Dev, General Secretary of the All...
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Posted Date : 27-Mar-2018 , 08:42:50 am | Posted By CASANSAAR
A high-level panel set up to review the Insolvency and Bankruptcy Code (IBC) is likely to have recommended against extending a 270-day moratorium for restructuring a company after its case is admitted by the National Company Law Tribunal (NCLT). The committee submitted its report to the government o...
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Posted Date : 27-Mar-2018 , 08:29:41 am | Posted By CASANSAAR
In keeping with India’s commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, Section 286 of the Income-...
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Posted Date : 26-Mar-2018 , 04:15:21 pm | Posted By CASANSAAR
CA Megha Jain (2011 batch) created history to become the “First Indian civilian lady to record her name in LIMCA BOOKS OF RECORDS-2018 for flying fighter plane MIG29” on touching heights of around 18,400 m with a top speed of 1,850 km/hr over Sokol Airbase in Nizhny Novgorod, Russia.&nbs...
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Posted Date : 26-Mar-2018 , 08:40:10 am | Posted By CASANSAAR
The Ministry of Corporate Affairs is considering legal options to try to stall bankruptcy proceedings in the US against diamantaire Nirav Modi's group firm Firestar Diamond, amid stepped up action in the over Rs 130 billion scam at Punjab National Bank, according to officials. The move comes ...
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Posted Date : 26-Mar-2018 , 08:34:24 am | Posted By CASANSAAR
Businesses having zero tax liability for six consecutive months under GST may soon get relief once the proposal to allow such entities to file returns only twice a year gets the GST Council’s nod. According to recent data, as much as 40 per cent of return filers under the Goods and Services...
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Posted Date : 25-Mar-2018 , 10:12:10 am | Posted By CASANSAAR
More than 68,000 companies have been registered in eight months following the implementation of the Goods and Services Tax (GST) regime, Union Minister P P Chaudhary said. GST --the biggest tax reform-- was rolled out from July 1, 2017. "The total number of companies registere...
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MCA has filed prosecution against 780 listed companies under various sections of Companies Act, 2013Posted Date : 25-Mar-2018 , 10:00:28 am | Posted By CASANSAAR
The Government has taken any steps against listed companies which are not functioning. Ministry of Corporate Affairs (MCA) has filed prosecution against 780 listed companies under various sections of Companies Act, 2013 due to non-filing of Financial Statements and Annual Returns. As on 31st Dece...
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Posted Date : 22-Mar-2018 , 11:13:06 pm | Posted By CASANSAAR
The government is set to increase the number of bankruptcy courts to ease the load on existing benches overburdened by creditors suing defaulting businesses and expedite resolution of insolvency cases, corporate affairs secretary Injeti Srinivas said. The government will also hire more judicial a...
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Posted Date : 22-Mar-2018 , 11:07:53 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) registered a Rs1,394.43 crore bank fraud case against Hyderabad-based Totem Infrastructure Ltd on a complaint by state-run Union Bank of India. “The CBI registered a case today (Thursday) on a complaint by Union Bank of India against Totem Infrastru...
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Posted Date : 22-Mar-2018 , 11:04:25 am | Posted By CASANSAAR
Yet another bank fraud has come to light, with the CBI filing a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore. A Central Bureau of Investigation (CBI) team also carried out ...
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Posted Date : 22-Mar-2018 , 11:01:05 am | Posted By CASANSAAR
Department of Economic Affairs has apprised that in pursuance to the announcement made in the Budget Speech 2018-19 (para75), a Steering Committee on Fintech related issues was constituted to consider various issues relating to development of Fintech space in India with a view to make Fint...
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Posted Date : 22-Mar-2018 , 10:59:29 am | Posted By CASANSAAR
Government has received various representations from Association of Exporters as well as Corporate Bodies seeking clarity on e-way bill regarding movement of goods from dry-ports to sea ports and from SEZs within the zone. Some of the queries regarding applicability of e-way bill provisions are as b...
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Posted Date : 22-Mar-2018 , 10:57:31 am | Posted By CASANSAAR
The North Eastern and Hilly States have not been provided exemption from tax refund till March, 2027 under GST. The GST Council in the meeting held on 30.09.2016, had decided that all entities exempted from payment of indirect tax under the then existing tax incentive scheme shal...
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Posted Date : 22-Mar-2018 , 10:56:10 am | Posted By CASANSAAR
All kinds of representations received from the trade and industry (including start-ups) regarding GST rates on services have been deliberated in the Fitment Committee. Government has exempted various kinds of services in relation to skill development. Decision pertaining to rates of GST an...
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Posted Date : 22-Mar-2018 , 10:54:29 am | Posted By CASANSAAR
Prevention of Money Laundering Act, 2002 (PMLA) and the Rules impose obligation on reporting entities (RE’s) including Non-Banking Financial Companies (NBFC’s) to verify identity of clients, maintain records and furnish information to FIU-IND. To facilitate the filing of prescribed repor...
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- 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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