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Posted Date : 23-Jul-2020 , 10:03:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) may allow lenders to offer companies in stressed sectors such as aviation, automobiles and hospitality the option to pause loan repayments even after the six-month moratorium ends on August 31, two people directly aware of the discussions said. The banking regulato...
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Posted Date : 23-Jul-2020 , 09:47:21 am | Posted By CASANSAAR
The market regulator has formed a high level committee to look at financial and regulatory technology, said G Mahalingam, whole time member, Securities and Exchange Board of India (Sebi) at Global Fintech Summit on Wednesday. This committee is examining the aspects of technology and unstructured ...
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Posted Date : 23-Jul-2020 , 09:36:33 am | Posted By CASANSAAR
The National Financial Regulatory Authority (NFRA) has barred former Deloitte Haskins and Sells LLP chief Udayan Sen from auditing for seven years and imposed a monetary penalty of Rs.25 lakh for auditing lapses at Infrastructure Leasing & Financial Services Ltd (IL&FS). The watchdog has fou...
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Posted Date : 22-Jul-2020 , 10:06:10 am | Posted By CASANSAAR
Following representations from the broking community, markets regulator Sebi on Monday postponed the implementation of the enhanced margin requirements for trading in the stock market, aimed at making the market safer for investors, by three months to December 1. Among several rules brought in by...
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Posted Date : 22-Jul-2020 , 10:00:51 am | Posted By CASANSAAR
The Department of Telecommunications (DoT)on Tuesday extended the relaxation in terms and conditions to facilitate work from home till December 31, 2020, in a move that was welcomed by leaders of the Indian IT industry. This means companies can ask their employees to continue to wor...
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Posted Date : 21-Jul-2020 , 08:50:09 am | Posted By CASANSAAR
India is looking to privatise more than half of its state-owned banks to reduce the number of government-owned lenders to just five as part of an overhaul of the banking industry, government and banking sources said. The first part of the plan would be to sell majority stakes in Bank of India, Ce...
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Posted Date : 21-Jul-2020 , 08:40:18 am | Posted By CASANSAAR
Markets regulator Sebi on Monday released framework to enable verification of upfront collection of margins from clients in cash and derivatives segments. The new framework will come into effect from December 1, 2020, the Securities and Exchange Board of India (Sebi) said in a circular. The re...
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Posted Date : 20-Jul-2020 , 10:39:46 am | Posted By CASANSAAR
The Madras High Court has ruled that the time limit for availing transitional credit is mandatory and not directory. This is just opposite to the Delhi High Court’s order of May 5 which has been stayed by the Supreme Court. Transitional credit refers to use of tax credit accumulated up to J...
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Posted Date : 20-Jul-2020 , 10:32:13 am | Posted By CASANSAAR
The Income Tax department has disposed of 7,116 cases under the first phase of faceless assessment scheme, an official source said. Since its launch on October 7, 2019 and implementation of first phase, faceless scrutiny assessment scheme has provided for assessment of income tax in electronic mo...
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Posted Date : 19-Jul-2020 , 09:09:21 am | Posted By CASANSAAR
The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the State...
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Posted Date : 19-Jul-2020 , 08:43:40 am | Posted By CASANSAAR
The Income Tax Department on July 18 said it has identified certain individuals with high value transactions in 2018-19 who have either not filed returns or have discrepancies in their ITRs. The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant t...
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Posted Date : 18-Jul-2020 , 08:46:37 am | Posted By CASANSAAR
Over 1,300 exporters who have wrongfully claimed Goods and Services Tax (GST) refunds worth Rs.1,875 crores have been found untraceable at their main place of business, said a government official. The government has also identified 7,516 entities as risky exporters going by the red flags raised by v...
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Posted Date : 18-Jul-2020 , 08:36:25 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued refunds worth Rs 71,229 crore in more than 21.24 lakh cases upto 11th July, 2020, to help taxpayers with liquidity during COVID-19 pandemic, since the Government’s decision of 8th April, 2020 to issue pending income tax re...
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Posted Date : 17-Jul-2020 , 09:58:14 am | Posted By CASANSAAR
The finance ministry on Thursday said banks have sanctioned loans of about Rs 1.23 lakh crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for MSME sector, reeling under the economic slowdown caused by COVID-19 pandemic. However, disbursements against this stood at Rs ...
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Posted Date : 17-Jul-2020 , 09:52:18 am | Posted By CASANSAAR
In the backdrop of likely rise in Non Performing Assets (NPA) due to the pandemic, the Reserve Bank of India (RBI) has announced guidelines for “Fair Practices Code” (FPC) for Asset Reconstruction Companies (ARCs) to ensure highest standards of transparency and fairness while dealing wit...
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Posted Date : 17-Jul-2020 , 09:38:07 am | Posted By CASANSAAR
No. 13-CA (EXAM)/N/2020: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Chartered Accountants Foundation Course {Under New Scheme}, Intermediate (IPC) {Under Old Scheme}...
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Posted Date : 16-Jul-2020 , 09:49:50 am | Posted By CASANSAAR
Markets regulator Sebi on Wednesday eased compliance norms for entities planning to list debt securities, including non-convertible debentures and commercial papers, on account of the coronavirus pandemic. In a circular, the regulator said it has decided to permit listed issuers who have issued n...
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Posted Date : 15-Jul-2020 , 10:37:06 am | Posted By CASANSAAR
The Central Board of Direct Taxes lifted an embargo on e-communication with taxpayers under the faceless scheme, issuing a circular asking its officers to reach out to assessees and start proceedings in all pending cases. The CBDT has set a target of completing 5,000 assessments a week, according to...
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Posted Date : 15-Jul-2020 , 10:26:41 am | Posted By CASANSAAR
Amid the ongoing debate over goods and services tax (GST) rate on hand sanitizers, the Goa bench of the GST Authority of Advance Ruling (AAR) has held that the alcohol-based hygiene product will attract 18 per cent GST. It added that its classification as an essential commodity cannot be a criteria ...
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Posted Date : 14-Jul-2020 , 09:21:58 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is finalising a special insolvency resolution under section 240A of the Insolvency and Bankruptcy Code (IBC), 2016. "The Ministry of Corporate Affairs is finalising a special insolvency resolution under section 240A of the Code, to provide relief to th...
Continue Reading... Category : MSME | Comments : 0 | Hits : 290
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Posted Date : 13-Jul-2020 , 09:26:07 am | Posted By CASANSAAR
Hon’ble Prime Minister Shri Narendra Modi on May 12th, 2020, announced the Special economic and comprehensive package of Rs. 20 lakh crores - equivalent to 10% of India’s GDP – to fight COVID-19 pandemic in India. He gave a clarion call for Aatma Nirbhar Bharat or Self-Reliant Indi...
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Posted Date : 12-Jul-2020 , 10:32:32 pm | Posted By CASANSAAR
The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of t...
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Posted Date : 12-Jul-2020 , 09:11:30 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) governor Shaktikanta Das has made a case for a resolution corporation that will revive stressed banks as an alternative to the traditional practice of merging failed institutions with stronger ones. A bill which proposed the corporation in 2017, was withdrawn followin...
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Posted Date : 11-Jul-2020 , 10:16:45 am | Posted By CASANSAAR
Canada has resumed all-program Express Entry draws and is now issuing invitations to apply to Federal Skilled Worker Program (FSWP) candidates. Canada’s first all-program Express Entry draw since March 4 has issued 3,900 invitations to apply (ITAs) for permanent residence. Candidates needed...
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Posted Date : 11-Jul-2020 , 10:09:14 am | Posted By CASANSAAR
The income tax department on Friday asked officers to process returns filed up to the assessment year (AY) 2017-18 with refund claims by October 31, 2020. In an order, the Central Board of Direct Taxes (CBDT) extended the time given to the tax officers to process such returns, which were not pick...
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Posted Date : 10-Jul-2020 , 10:17:34 am | Posted By CASANSAAR
Punjab National Bank has decided to report a fraud of Rs 3,688.58 crore by Dewan Housing Finance Corporation Ltd (DHFL) to the Reserve Bank of India (RBI). “A fraud of Rs 3,688.58 crore is being reported by the bank to the RBI in the accounts of the company (DHFL). The bank has already made...
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Posted Date : 10-Jul-2020 , 10:13:25 am | Posted By CASANSAAR
The Madras High Court today issued a notice to the Reserve Bank of India (RBI), asking it to respond to a Public Interest Litigation (PIL) filed with the Court challenging the Non-Performing Assets (NPA) norms set by the banking regulator. The notice was issued by Justice M M Sundresh and Justice...
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Posted Date : 09-Jul-2020 , 10:49:22 am | Posted By CASANSAAR
The central government has moved the Supreme Court challenging a Delhi High Court (HC) order that allowed Bharti Airtel to claim goods and services tax refund worth Rs 923 crore. The case pertains to under-reporting of input tax credit in the GST summary return form, GSTR-3B, between July and Sep...
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Posted Date : 09-Jul-2020 , 10:37:51 am | Posted By CASANSAAR
A formal Memorandum of Understanding (MoU) was signed today between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two organizations. The MoU was signed by Smt. Anu J. Singh, Pr. DGIT (Systems), CBDT and Smt. Madhabi Puri ...
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Posted Date : 08-Jul-2020 , 11:17:23 am | Posted By CASANSAAR
Markets regulator Sebi is looking at permitting futures trading in petrol and diesel, an official said emphasising that there has been no disruption in commodities derivatives trading during the Covid-19 crisis. The Securities and Exchange Board of India (Sebi) is also looking at re-allowing futu...
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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
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- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
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- 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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