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Posted Date : 27-Aug-2020 , 10:24:23 am | Posted By CASANSAAR
The GST Council will meet today with the agenda of compensation for loss of revenue arising from the implementation of GST. The 41st meeting of the GST Council will be held via video conferencing. Ahead of the meeting, chief ministers of opposition-ruled states got together to devise a common str...
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Posted Date : 26-Aug-2020 , 10:31:52 am | Posted By CASANSAAR
Over 3 lakh micro, small and medium enterprises (MSMEs) have registered in nearly two months through the new registration process on the 'Udyam' portal, a top official said on Tuesday. "More than 3 lakh registrations have taken place in the months of July and August and now the speed...
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Posted Date : 26-Aug-2020 , 10:19:03 am | Posted By CASANSAAR
Government has announced a major initiative to allow the Public Sector Undertakings to first clear the goods imported by them through Customs and then pay Customs duty later, within 14 days. In a statement, Central Board of Indirect Taxes and Customs (CBIC) said, this measure is expected to result i...
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Posted Date : 25-Aug-2020 , 10:24:13 am | Posted By CASANSAAR
Observing that the failure of the developer to comply with the contractual obligation to provide a flat to a homebuyer within the period stipulated in the contract amounts to a ‘deficiency’, the Supreme Court has held that homebuyers are entitled to compensation for “delayed handin...
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Posted Date : 25-Aug-2020 , 10:04:07 am | Posted By CASANSAAR
The Ministry of Finance yesterday said that businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh. In a tweet, the Finance Ministry said, additionally those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1 per ...
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Posted Date : 24-Aug-2020 , 09:27:06 am | Posted By CASANSAAR
Government has activated Aadhaar authentication for new goods and services tax (GST) registration to enhance ease of doing business. For those opting for Aadhaar authentication, new GST registration will be issued within three working days and will not need to wait for physical verification. Howe...
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Posted Date : 24-Aug-2020 , 09:20:42 am | Posted By CASANSAAR
The CBIC has asked GST field offices to conduct hearings in GST appeal cases via video conferencing for their expeditious disposal while ensuring social distancing. In April, the Central Board of Indirect Taxes and Customs (CBIC) had issued guidelines for conducting personal hearing in virtual mode ...
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Posted Date : 22-Aug-2020 , 10:19:50 am | Posted By CASANSAAR
Businesses registering under GST can opt for Aadhaar authentication, in absence of which registration would be granted only after physical verification of the place of business. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said when an applicant for GST registration o...
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Posted Date : 22-Aug-2020 , 10:17:04 am | Posted By CASANSAAR
The NCLT has directed to initiate insolvency proceedings against Reliance Communications Chairman Anil Ambani to recover Rs 1,200 crore under the personal guarantee clause of the bankruptcy law. Anil Ambani had given a personal guarantee to the loans given by State Bank of India (SBI) to Reliance...
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Posted Date : 21-Aug-2020 , 09:52:53 am | Posted By CASANSAAR
The government may privatise four PSU banks as early as by the end of this fiscal year, Reuters reported citing unidentified officials. The government has drawn a list of four PSU banks, namely, Punjab & Sind Bank, Bank of Maharashtra, UCO Bank, and IDBI Bank, in which it directly or indirectly ...
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Posted Date : 21-Aug-2020 , 09:31:58 am | Posted By CASANSAAR
The Cabinet on Wednesday allowed all non-banking financial companies to provide discount loans to MSMEs against dues from government departments, through the TReDS platform. So far only a selected NBFCs and banks were on the platform and could give the discount loans to MSMEs. Briefing the med...
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Posted Date : 20-Aug-2020 , 10:31:20 am | Posted By CASANSAAR
Canada held its 160th Express Entry draw, inviting immigration candidates to apply for permanent residence on August 19. Canada invited PNP candidates in its latest Express Entry draw The new Express Entry round issued 600 invitations to candidates with Comprehensive Ranking System (CRS) scores o...
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Posted Date : 20-Aug-2020 , 10:21:37 am | Posted By CASANSAAR
Markets regulator Sebi on Wednesday proposed relaxation in norms pertaining to 25 per cent minimum public shareholding for companies which undergo corporate insolvency resolution and seek relisting following the process. Besides, it proposed enhanced disclosure for such companies. Sebi said it...
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Posted Date : 19-Aug-2020 , 10:39:04 am | Posted By CASANSAAR
The government is considering according MSME status to dealers as it will enable them to avail benefits offered to micro, small and medium enterprises, Union Minister Nitin Gadkari said on Tuesday. Micro, small and medium enterprises (MSMEs) comprising manufacturing and services units need to get...
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Posted Date : 19-Aug-2020 , 10:23:32 am | Posted By CASANSAAR
Reserve Bank of India has unveiled the framework for setting up of pan-India Umbrella Entity for Retail Payments. As per the framework, the companies with a net worth of over 500 crore rupees will be eligible to set up an umbrella entity which among other things will be permitted to set up, manage a...
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Posted Date : 18-Aug-2020 , 10:23:57 am | Posted By CASANSAAR
The Bank of Maharashtra, a public sector bank, has “technically written off” a staggering over Rs 7,000 crore owed by loan defaulters in the last four years. The bank has said that it would recover the amount at a later stage and that it has not been waived permanently. Activist and b...
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Posted Date : 18-Aug-2020 , 09:57:18 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has observed that appointment of BSR & Associates, part of KPMG India network, as the auditor of IL&FS Financial Services Ltd (IFIN) was illegal and that the firm did not adhere to standards of auditing while scrutinising the accounts. NFR...
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Posted Date : 18-Aug-2020 , 09:50:54 am | Posted By CASANSAAR
Taxpayers will not be required to mention their high-value transactions in their income tax returns, officials in the know of the development said. "There is no such proposal to modify income tax return forms," an official said, responding to reports of the proposed expansion of reporta...
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Posted Date : 17-Aug-2020 , 09:43:05 am | Posted By CASANSAAR
In what could be another blow to the Insolvency and Bankruptcy Code (IBC), the Supreme Court has said that the insolvency law is not out of purview of the Limitation Acts as it rejects an application for a default committed more than three years from the date of insolvency petition. The apex cour...
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Posted Date : 17-Aug-2020 , 09:35:51 am | Posted By CASANSAAR
The Income Tax department has issued guidelines for the demarcation of roles of officers for the implementation of faceless assessment, making the National e-Assessment Centre (NeAC) as the main gateway for communication with a taxpayer. The Central Board of Direct Taxes (CBDT) has notified the N...
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Posted Date : 17-Aug-2020 , 09:27:21 am | Posted By CASANSAAR
The RBI Board has approved the transfer of 57,128 crore rupees as surplus to the central government for the accounting year 2019-20. In a statement, RBI has informed that it has also decided to maintain a Contingency Risk Buffer at 5.5 percent. These decisions were taken at the 584th meeting o...
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Posted Date : 14-Aug-2020 , 11:01:58 am | Posted By CASANSAAR
Markets regulator Sebi on Thursday came out with a framework for handling investor complaints by exchanges as well as standard operating procedure for actions to be taken against listed companies for failure to redress such grievances. Under the framework, exchanges can levy penalty on companies ...
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Posted Date : 14-Aug-2020 , 11:00:45 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday announced stricter guidelines for core investment companies (CICs), mandating more disclosures, better risk management and a simpler group structure. The new guidelines were based on the recommendations of the Working Group to Review Regulatory and Supe...
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Posted Date : 14-Aug-2020 , 10:55:47 am | Posted By CASANSAAR
The income tax surveys to collect information for scrutiny assessment will be undertaken only by the investigation wing and the tax deducted at source (TDS) directorate with effect from Thursday, the Central Board of Direct Taxes (CBDT) has said. In an order, the CBDT said officers in Direc...
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Posted Date : 13-Aug-2020 , 10:57:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Wednesday asked urban co-operative banks (UCBs) with assets of Rs.2,000 crore or more to implement system-based asset classification from 30 June 2021. System-based asset classification refers to asset classification (downgrading as well as upgrading) carried ou...
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Posted Date : 13-Aug-2020 , 10:55:41 am | Posted By CASANSAAR
The government has granted an exemption to non-residents (NRs) investing in category I and category II alternative inv­e­s­tment funds (AIFs) located in the International Financial Services Centre (IFSC) from furnishing the permanent account number (PAN). This was a long-standing dema...
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Posted Date : 13-Aug-2020 , 10:49:56 am | Posted By CASANSAAR
Prime Minister Narendra Modi will launch a platform which will honour the honest taxpayers of the country. The unveiling will take place at 11 am today via video conferencing. The “Transparent Taxation - Honoring The Honest” platform will initiate major tax reforms aimed at bringing t...
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Posted Date : 12-Aug-2020 , 09:52:41 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) has unearthed money-laundering worth over 1,000 crore rupees involving Chinese and Indian nationals. The Income Tax Department has conducted searches on premises of Chinese entities, their close confederates and a couple of bank employees. CBDT said, based on ...
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Posted Date : 12-Aug-2020 , 09:51:16 am | Posted By CASANSAAR
In a landmark judgment, Supreme Court has ruled that daughters will have inheritance rights equal to those of sons from properties of fathers and grandfathers right from the codification of the law in 1956. A bench of Justices Arun Mishra, S Abdul Nazeer and MR Shah cleared the confusion arising ...
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Posted Date : 11-Aug-2020 , 10:49:43 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has come up with a document which lists 'red flags' to detect avoidance transactions by corporate debtors. The document provides guidelines to insolvency professionals (IPs) for understanding certain warnings, or red flags, in this...
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- 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
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