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  • Govt plans review of functioning of independent directors
    Posted Date : 14-Jan-2018 , 04:31:28 pm | Posted By CASANSAAR

    The government plans to carry out a comprehensive review of the functioning of independent directors, including analysing the reasons for their exit from the boards of companies, as part of efforts to strengthen the corporate governance framework. The corporate affairs ministry, which is implemen...

    Continue Reading... Category : Companies Act | Comments : 0 | Hits : 333

  • Took action on members in Satyam case - ICAI
    Posted Date : 13-Jan-2018 , 08:04:06 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI) on Friday said that it has taken action against members in the Satyam case, however, it has "no powers" to take action against CA firms. ICAI's statement comes days after market regulator Sebi barred Price Waterhouse Network of ...

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  • Nation celebrates 155th birth anniversary of Swami Vivekananda
    Posted Date : 12-Jan-2018 , 09:31:25 am | Posted By CASANSAAR

    Nation is celebrating the 155th birth anniversary of Swami Vivekananda today.  One of the greatest spiritual leaders of India Swami Vivekananda had introduced Indian philosophies of Vedanta and yoga to the western world.  He became popular in the western world after his famous speech...

    Continue Reading... Category : General | Comments : 0 | Hits : 399

  • Govt amends FDI policy to promote local Audit firms
    Posted Date : 11-Jan-2018 , 09:36:03 pm | Posted By CASANSAAR

    The government has quietly slipped in a swadeshi move while liberalising the foreign direct investment (FDI) rules by mandating that overseas auditors will have to undertake joint audit if an international investor insists on audit by a global firm, or its Indian affiliate. This marks a major shi...

    Continue Reading... Category : Auditing | Comments : 0 | Hits : 1159

  • Income tax dept attaches benami properties worth Rs 3,500 crore
    Posted Date : 12-Jan-2018 , 09:03:23 am | Posted By CASANSAAR

    Buying real estate in the names of proxies and depositing demonetized cash in bank accounts of multiple employees were among the ways tax evaders laundered unaccounted wealth after the November 2016 demonetisation of high-value banknotes, the income tax department said on Thursday. Intensive effo...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 606

  • Price Waterhouse set to lose Audit of 77 listed companies
    Posted Date : 12-Jan-2018 , 08:57:05 am | Posted By CASANSAAR

    The hit on Price Waterhouse (PW) has opened up new business opportunities worth over Rs 1 billion for other auditing firms in the country. The Securities and Exchange Board of India (Sebi) had on Wednesday banned PW from auditing listed companies for two years. Pw was the statutory auditor for 85...

    Continue Reading... Category : Auditing | Comments : 0 | Hits : 912

  • Govt is considering to establish Database of Independent Directors
    Posted Date : 12-Jan-2018 , 08:49:02 am | Posted By CASANSAAR

    The Union Minister of State for Ministry of Law, Justice and Corporate Affairs, Shri P.P. Chaudhary said that Independent Directors are watchpersons of Corporate entities. The MOS (Law, Justice and Corporate Affairs), Shri Chaudhary was delivering the Inaugural Address after inaugurating the two-day...

    Continue Reading... Category : Companies Act | Comments : 0 | Hits : 384

  • CA Final Nov 2017 & CPT Exam Result to be Declared on 17th Jan 2018
    Posted Date : 11-Jan-2018 , 05:33:18 am | Posted By CASANSAAR

    The result of the Chartered Accountants Final Examination held in November 2017 and Common Proficiency Test (CPT) held in December 2017 are likely to be declared on Wednesday, the 17th January 2018 around 2.00 P.M. and the same will be available on the following websites: &nbs...

    Continue Reading... Category : CA Results | Comments : 0 | Hits : 1712

  • Income Tax Dept warns of 7-year jail term and hefty fine in Benami Transactions
    Posted Date : 11-Jan-2018 , 09:43:05 am | Posted By CASANSAAR

    The Income-Tax Department on Wednesday warned people to “keep away” from benami transactions, cautioning that violations under the newly enacted law invites criminal prosecution and rigorous imprisonment up to seven years. The department put out its alert in an advertisement published...

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  • Existing NBFC cannot operate as peer-to-peer lender - RBI
    Posted Date : 11-Jan-2018 , 08:58:29 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) notified that existing non-banking financial companies cannot operate as peer-to-peer lenders. Further, new applicants for peer-to-peer lending license will need to provide the list of promoters and the source of funds for the minimum capital requirement of Rs20mn, th...

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  • SEBI bans PwC entities from issuing audit certificates for 2 yrs in Satyam Case
    Posted Date : 11-Jan-2018 , 08:50:13 am | Posted By CASANSAAR

    The Securities and Exchange Board of India (SEBI) has barred auditor major Price Waterhouse's network entities from issuing audit certificates to any listed company in India for two years after finding it guilty in the multi-crore Satyam scam.  It also ordered disgorgement of over 13 cro...

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  • No extension of date for filing return in FORM GSTR-1
    Posted Date : 11-Jan-2018 , 08:48:48 am | Posted By CASANSAAR

    The last date for filing of return in FORM GSTR-1, for different classes of taxpayers for the relevant periods, as shown in the Table below, remains 10th January, 2018. There has been no further extension of date for filing return in FORM GSTR-1. Table Sl. No. Class of Taxpa...

    Continue Reading... Category : GST | Comments : 0 | Hits : 915

  • Financial bids for all 12 large NPA accounts by month-end - SBI
    Posted Date : 11-Jan-2018 , 08:44:20 am | Posted By CASANSAAR

    Country's largest lender State Bank of India (SBI) expects financial bidding process for resolution of 12 big stressed accounts to be over by the end of this month, said the bank's top official. SBI is the lead banker in 6 out of 12 large NPAs with total outstanding loan of Rs 1.75 lakh c...

    Continue Reading... Category : NPA | Comments : 0 | Hits : 630

  • Cabinet clears 100% FDI in single-brand retail via automatic route
    Posted Date : 10-Jan-2018 , 01:51:45 pm | Posted By CASANSAAR

    The cabinet today approved 100 percent foreign direct investment (FDI) in single-brand retail through the automatic route, a move seen to trigger foreign inflows into India’s retail market. Previously, the government’s approval was needed for more than 49 percent FDI in single-brand reta...

    Continue Reading... Category : International Business | Comments : 0 | Hits : 333

  • GST Council to discuss various issues on January 11
    Posted Date : 10-Jan-2018 , 09:09:15 am | Posted By CASANSAAR

    The Goods and Services Tax Council (GST) is scheduled to meet on Thursday (January 11) to deliberate on reasons for the fall in revenue collection, simplification of  and other issues. The tax rate fitment committee may also look into any potential rate changes. Last time, the council met...

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  • Simplifying invoice matching process on GST Council agenda
    Posted Date : 10-Jan-2018 , 09:02:28 am | Posted By CASANSAAR

    Simplifying the invoice matching process to check tax evasion and the revenue leakages under the composition scheme will dominate discussions of the goods and services tax (GST) Council in its next meeting. The representative federal body comprising the Union finance minister and state finance mi...

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  • NCLT approves demerger of Emaar MGF
    Posted Date : 10-Jan-2018 , 08:55:26 am | Posted By CASANSAAR

    National Company Law Tribunal has approved the proposed demerger scheme of Emaar MGF Land Ltd that will pave the way for joint venture partners Dubai's Emaar Properties and India's MGF Development go separate ways. Approving the scheme, the tribunal said the "liabilities and duties&q...

    Continue Reading... Category : Merger & Acquisitions | Comments : 0 | Hits : 459

  • Govt notifies the Companies (Amendment) Act, 2017
    Posted Date : 09-Jan-2018 , 08:58:44 am | Posted By CASANSAAR

    The Central Government notified the Companies (Amendment) Act, 2017 (Amendment Act) on 3rd January, 2018. The provisions of this Amendment Act shall come into force on the date or dates as the Central Government may appoint by notification(s) in the Official Gazette. A few provisions in the Amendmen...

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  • MCA asked to conduct forensic audit of IFCI
    Posted Date : 07-Jan-2018 , 08:26:17 pm | Posted By CASANSAAR

    The Ministry of Corporate Affairs (MCA) has been asked to institute a forensic audit into the operations of IFCI in connection with non-performing loans, Parliament was informed today. "As part of its ordinary course of business, IFCI Ltd extends loans to corporate borrowers, some of which b...

    Continue Reading... Category : Auditing | Comments : 0 | Hits : 654

  • Companies facing insolvency action to get MAT relaxation
    Posted Date : 07-Jan-2018 , 08:23:01 pm | Posted By CASANSAAR

    In a bid to provide taxation relief to the companies facing corporate insolvency proceedings, the Income Tax Department has decided to relax norms for levy of Minimum Alternate Tax (MAT) from the current financial year 2017-18. The government will now allow such companies to reduce the amount of tot...

    Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 422

  • 1463 bad loan accounts owe PSU banks Rs 100 crore or more
    Posted Date : 07-Jan-2018 , 08:20:37 pm | Posted By CASANSAAR

    As many as 1,463 entities account for bad loans of Rs 100 crore or more in 21 public sector banks (PSBs), finance ministry data showed.  In State Bank of India (SBI) alone, 265 accounts had bad loans of more than Rs 100 crore each, totalling Rs 77,538 crore, at the end of the September quart...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 423

  • Budget Session of Parliament to begin from 29th Jan; General budget on 1st Feb
    Posted Date : 05-Jan-2018 , 07:30:55 pm | Posted By CASANSAAR

    The Budget Session of Parliament will be convened from 29th of this month.  Cabinet Committee on Parliamentary Affairs (CCPA) met in New Delhi and recommend to the President to convene the session.  After the meeting, Parliamentary Affairs Minister Ananth Kumar told reporters in New ...

    Continue Reading... Category : Budget | Comments : 0 | Hits : 471

  • RBI begins PCA against Allahabad Bank
    Posted Date : 05-Jan-2018 , 01:26:54 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has initiated prompt corrective action (PCA) against public sector lender Allahabad Bank, owing to its high net non-performing assets (NPAs) and negative return on assets (RoA) for two consecutive years. While in 2016-17, the bank’s net NPA ratio stood at 8.9...

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  • Bitcoin Exchanges seeking clarity over levy of GST
    Posted Date : 05-Jan-2018 , 01:23:42 pm | Posted By CASANSAAR

    Are Bitcoin exchanges required to pay goods and services tax? If they are, what would the rate be? And, will GST be levied on the revenues or operating margins of these exchanges?  India's top seven Bitcoin exchanges, which include Zebpay, Unocoin, CoinSecure and BtcxIndia, plan to appro...

    Continue Reading... Category : GST | Comments : 0 | Hits : 1258

  • ICAI told to give monthly reports on CAs
    Posted Date : 04-Jan-2018 , 08:32:34 am | Posted By CASANSAAR

    The central government has asked the Institute of Chartered Accountants of India (ICAI) to submit monthly reports on disciplinary action taken against chartered accountants (CAs) involved with shell companies, said sources. The task force of shell companies created in 2017 has directed the ICAI t...

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  • CBI arrests Income Tax officer for accepting bribe
    Posted Date : 04-Jan-2018 , 08:26:39 am | Posted By CASANSAAR

    The Central Bureau of Investigation (CBI) on Wednesday arrested a Mumbai-based Income Tax officer for demanding and accepting a bribe of Rs 1 lakh from a person.  A case was registered against the accused under Section 7 of PC Act 1988 after a complaint was filed against the officer for alle...

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  • Banks gearing up to refer 24 of 28 large NPA accounts to NCLT
    Posted Date : 03-Jan-2018 , 09:59:23 am | Posted By CASANSAAR

    With the closure of RBI s deadline to resolve the 28 identified large stressed accounts in the second list, banks are gearing up to refer as many as 24 of them for insolvency proceedings.  In August, the Reserve Bank had asked banks to either resolve the 28 more large stressed accounts or re...

    Continue Reading... Category : NPA | Comments : 0 | Hits : 933

  • E-way bill system under GST to be implemented from Feb 1
    Posted Date : 03-Jan-2018 , 09:55:37 am | Posted By CASANSAAR

    The Goods and Services Tax (GST) provision requiring transporters to carry an electronic waybill or e-way bill when moving goods between states will be implemented from February 1 to check rampant tax evasion and boost revenues by up to 20%. After implementation of the GST from July 1, the requir...

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  • Govt allows action against 196 companies for CSR violations in FY 2014-15
    Posted Date : 03-Jan-2018 , 09:32:05 am | Posted By CASANSAAR

    The centre government has given a nod for a suitable action against 196 companies who failed to spend two per cent of their annual average net profit on corporate social responsibility in the 2014-15 fiscal. Total 5,870 companies had spent around Rs 9,553.7 crore during the 2014-15 fiscal, while the...

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  • Govt to introduce reverse charge mechanism to check GST evasion
    Posted Date : 03-Jan-2018 , 09:27:44 am | Posted By CASANSAAR

    In its bid to check evasion, especially by traders and small businesses under goods and services tax (GST), the government is likely to introduce the reverse charge mechanism, wherein, recipient of goods or services are required to pay GST instead of suppliers, said a report.  This will ensu...

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