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  • Govt may provide relief for disqualified directors of Shell Companies
    Posted Date : 20-Dec-2017 , 08:05:34 am | Posted By CASANSAAR

    The ministry of corporate affairs, or MCA, will soon notify a scheme to provide relief to over 300,000 directors disqualified for associating with companies that failed to file their financial results, said two people with knowledge of the matter. Non-compliant companies can apply for a pardon (o...

    Continue Reading... Category : Companies Act | Comments : 0 | Hits : 1086

  • Companies (Amendment) Bill, 2017 passed in Parliament
    Posted Date : 20-Dec-2017 , 07:53:53 am | Posted By CASANSAAR

    Parliament has passed the Companies (Amendment) Bill, 2017 with the Rajya Sabha adopting it today. The Lok Sabha had passed it earlier in the monsoon session. The bill seeks to strengthen corporate governance standards, initiate strict action against defaulting companies and help improve ease of doi...

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  • Over 2,400 fresh cases of insolvency filed before NCLT
    Posted Date : 19-Dec-2017 , 08:14:31 am | Posted By CASANSAAR

    As many as 2,434 new cases have been filed before the National Company Law Tribunal (NCLT) since the enactment of Insolvency and Bankruptcy Code last year, Parliament was informed today.  "Since the enactment of Insolvency and Bankruptcy Code, 2016, 2,434 fresh cases have been filed bef...

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  • Bitcoins - Income Tax notices to 4-5 lakh HNIs across the country
    Posted Date : 19-Dec-2017 , 08:05:55 am | Posted By CASANSAAR

    Widening its probe into bitcoin investments and trade, the Income Tax department is set to issue notices to 4 to 5 lakh high networth individuals (HNI) across the country who were trading on the exchanges of this unregulated virtual currency.  The taxman had conducted surveys at nine su...

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  • Modi Govt set to issue notices to GST defaulters
    Posted Date : 18-Dec-2017 , 09:59:44 pm | Posted By CASANSAAR

    The Government it seems is in no mood to lower its guard on the tax collection front as it looks to send notices to GST defaulters. According to a report in Business Standard, the government is set to issue notices who have failed to file returns. Due to postponement of measures under the GST ...

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  • Bill to amend Payment of Gratuity Act provisions
    Posted Date : 18-Dec-2017 , 09:48:01 pm | Posted By CASANSAAR

    The government on Monday introduced a bill in the Lok Sabha that will allow it to notify the period of maternity leave and gratuity that can be availed by employees under a central law. The Payment of Gratuity (Amendment) Bill, 2017 was introduced by Labour Minister Santosh Kumar Gangwar in the H...

    Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 429

  • GSTN brings in option for monthly, quarterly filing of forms
    Posted Date : 18-Dec-2017 , 09:42:14 pm | Posted By CASANSAAR

    Goods and Services Tax Network (GSTN), the IT backbone of the new tax regime, today said it has put a new function on its portal to allow taxpayers choose the frequency of filing GSTR 1 form on quarterly or monthly basis.  Taxpayers with annual aggregate turnover up to Rs 1.5 crore in the pr...

    Continue Reading... Category : GST | Comments : 0 | Hits : 633

  • Bitcoin-inspired illicit investment schemes to face regulatory axe - SEBI
    Posted Date : 18-Dec-2017 , 07:50:35 am | Posted By CASANSAAR

    Market watchdog SEBI will come down heavily on illicit 'initial coin offers' seeking public investments with the promise of high returns from Bitcoins and other virtual currencies, amid a mushrooming of such schemes in the absence of any regulatory regime. However, SEBI is not keen to tak...

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  • Builders may face probe by GST anti-profiteering body
    Posted Date : 18-Dec-2017 , 07:42:22 am | Posted By CASANSAAR

    Real estate developers are likely to be the first to face investigation by the new anti-profiteering watchdog for allegedly denying consumers the benefit of reduced tax burden under the goods and services tax (GST) regime that kicked in from 1 July. A standing committee of officials attached to t...

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  • GST brings jobs boom for Indian CAs
    Posted Date : 18-Dec-2017 , 07:39:28 am | Posted By CASANSAAR

    After the implementation of the Goods and Services Tax (GST) in India in July this year, the demand for Chartered Accountants (CAs) well-versed in the new tax regime has been on a global rise, the Institute of Chartered Accountants of India (ICAI) revealed. GST or similar tax regimes are now applica...

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  • ICAI wants CA course to be accorded PG status
    Posted Date : 18-Dec-2017 , 07:31:13 am | Posted By CASANSAAR

    The Institute of Chartered Accountants of India (ICAI) will approach the University Grants Commission to accord postgraduate degree status for Chartered Accountant (CA) qualification. ICAI president Nilesh S. Vikamsey said here on Saturday that recognising the CA qualification as a postgraduate d...

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  • GSTN plans data scan to detect tax evasion
    Posted Date : 18-Dec-2017 , 07:23:56 am | Posted By CASANSAAR

    With nearly 10 million taxpayers registering themselves on the goods and services tax (GST) network, or GSTN, the information technology backbone of the new indirect tax regime is initiating the process of mining data to detect tax evasion and analyse taxpayer behaviour. GSTN will soon float a re...

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  • RBI levies Rs 5 crore penalty on Syndicate Bank for breaching KYC norms
    Posted Date : 17-Dec-2017 , 11:04:29 am | Posted By CASANSAAR

    Syndicate Bank has emerged as the latest entrant on the Reserve Bank of India's hit list for violation of norms. The central bank on December 12 imposed a monetary penalty of Rs 5 crore on the public sector lender for violating the Know Your Customer (KYC)/Anti-Money Laundering (AML) norms. ...

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  • ED freezes assets worth Rs 245 crore in STC fraud case
    Posted Date : 17-Dec-2017 , 10:38:36 am | Posted By CASANSAAR

    Enforcement Directorate (ED) has frozen assets worth Rs 245 crore in connection with its money laundering probe in the alleged fraud of Rs. 2,200 crore with the State Trading Corporation (STC). The agency had early this year registered a criminal case under the Prevention of Money Laundering Act ...

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  • GST Council Meet :- Inter-State e-way Bill to be made compulsory from 1st of February, 2018.
    Posted Date : 16-Dec-2017 , 02:06:11 pm | Posted By CASANSAAR

    The 24th Meeting of the GST Council held today through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about the implementation of e-way Bill system in the country. Till such time as the National e-way Bill is ready, the...

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  • GST Council to meet tomorrow; discuss roll out of e-way bill
    Posted Date : 15-Dec-2017 , 04:49:05 pm | Posted By CASANSAAR

    The all-powerful GST Council will meet tomorrow to discuss early implementation of e-way bill as well as ways to plug tax evasion. Headed by Finance Minister Arun Jaitley, the meeting will be held via video conferencing and deliberate on cementing gaps in the system as well as curbing evasion, so...

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  • SC extends Aadhaar-linking deadline for mobile phones, bank accounts to March 31
    Posted Date : 15-Dec-2017 , 02:11:14 pm | Posted By CASANSAAR

    The Supreme Court on Friday extended the deadline for linking of Aadhaar with mobile phone services and opening of new bank accounts to March 31, 2018, amid legal challenges over the legitimacy of the government’s push to make the biometric identification program mandatory. The five-judge c...

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  • ED to issue FEMA notices to 46 Indian entities in PANAMA case
    Posted Date : 15-Dec-2017 , 09:11:32 am | Posted By CASANSAAR

    The Enforcement Directorate (ED) is set to issue fresh notices to more than 45 Indian entities named in the Panama Papers list on charges of possible forex law violations, official sources today said. The agency, they said, is investigating about 46 "actionable" cases of Indians on this...

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  • Now File NIL GSTR 3B in one click
    Posted Date : 15-Dec-2017 , 09:09:14 am | Posted By CASANSAAR

    In a bid to make GST filing easier for taxpayers, a new functionality has been introduced on the official portal of GST. This new functionality has been initiated with the filing of GSTR-3B returns first.   The GST network in a statement said, “A new functionality has been introduced on...

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  • 35% of businesses registered in GST pay no tax - FM
    Posted Date : 15-Dec-2017 , 09:05:29 am | Posted By CASANSAAR

    Around 4 lakh people contribute 95% of GST collections, while 35% of those who have filed returns mostly paid no tax, finance minister Arun Jaitley said on Thursday. He provided these figures emerging from studies in response to a query at industry chamber Ficci’s 90th AGM here on whether t...

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  • GST collections could rise on e-way bills: FM
    Posted Date : 15-Dec-2017 , 09:02:00 am | Posted By CASANSAAR

    Revenue collections from the Goods and Services Tax could pick up over the coming months as provisions such as e-way bills for transport of goods kick in, Finance and Corporate Affairs Minister Arun Jaitley said on Thursday, stressing that lower direct and indirect tax rates are only possible when g...

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  • Govt Panel invites suggestions/comments from stakeholders about the provisions of the IBC and the Rules and Regulations
    Posted Date : 15-Dec-2017 , 08:49:15 am | Posted By CASANSAAR

      Government Panel invites suggestions/comments from stakeholders about the provisions of the Insolvency and Bankruptcy Code and the Rules and Regulations notified there under  Comments/suggestions along with the brief justification may be sent through the online facility only availa...

    Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 356

  • IBBI issues guidelines for Technical Standards for Core Services
    Posted Date : 15-Dec-2017 , 08:47:04 am | Posted By CASANSAAR

      Based on recommendations of the Technical Committee, the Insolvency and Bankruptcy Board of India (IBBI) has laid down the Technical Standards for the performance of Core Services for the following matters under Regulation 13 of the IBBI (Information Utilities) Regulations, 2017:...

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  • Deadline for linking Aadhaar with bank accounts, PAN extended to March 31
    Posted Date : 14-Dec-2017 , 09:48:47 am | Posted By CASANSAAR

    The government on Wednesday extended to March 31, 2018 the deadline for linking Aadhaar to bank accounts and various financial services. The move comes as a major relief for banks and other entities in the financial sector as crores of customers are yet to link their accounts to Aadhaar and might ha...

    Continue Reading... Category : PAN | Comments : 0 | Hits : 495

  • Income Tax Dept conducts surveys at Bitcoin exchanges country wide
    Posted Date : 13-Dec-2017 , 04:11:44 am | Posted By CASANSAAR

    The Income Tax Department today conducted survey operations at major Bitcoin exchanges across the country on suspicion of alleged tax evasion, official sources said. They said various teams of the sleuths of the department, under the command of the Bengaluru investigation wing, today visited the ...

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  • Hotels, Restaurants Can Sell Bottled Water Above MRP - Supreme Court
    Posted Date : 13-Dec-2017 , 01:39:05 am | Posted By CASANSAAR

    The Supreme Court on Tuesday held that hotels and restaurants are not bound by the maximum retail price (MRP) when they sell bottled mineral water. A bench led by Justice Rohinton F Nariman held that provisions of Legal Metrology Act will not be applicable in selling bottled water in hotels and r...

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  • Govt asks panel to review amendment to Insolvency and Bankruptcy Code
    Posted Date : 13-Dec-2017 , 08:10:20 am | Posted By CASANSAAR

    The government has decided to ask a panel it formed in November to review provisions of the Insolvency and Bankruptcy Code (IBC) to also review a later amendment prohibiting defaulting promoters and related entities from bidding for their assets, two people aware of the matter said. The committee...

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  • Govt sets aside Rs 10000 cr service tax demand notices on IT firms
    Posted Date : 13-Dec-2017 , 08:02:18 am | Posted By CASANSAAR

    In a relief to IT companies, government has set aside a 10,000 crore rupee service tax demand notices on IT companies. In a statement, the Finance Ministry said, as a result, apprehensions about the negative effects on the software industry are without basis. The government's move came a day ...

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  • Filing of Form TRAN-I to avail Input Tax Credit
    Posted Date : 13-Dec-2017 , 07:55:41 am | Posted By CASANSAAR

    Transition to GST provided for trust based transition of input tax credit of the existing taxpayers. A tax payer could file Form TRAN-1 and avail input tax credit on the basis of closing balance of the input tax credit declared in the last return under the pre GST regime. The last date for filing of...

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  • 14 crore PAN-Aadhaar linkages done till now
    Posted Date : 13-Dec-2017 , 07:53:29 am | Posted By CASANSAAR

    Over 14 crore Permanent Account Numbers (PANs) have been linked with Aadhaar till now, official sources said today. With this, about 41 per cent of PANs are now linked with Aadhaar numbers. There are about 33 crore PAN cards, while Aadhaar has been issued to about 115 crore people. "Ov...

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