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Posted Date : 05-Jun-2020 , 08:58:17 am | Posted By CASANSAAR
Taking stock of the current situation due to COVID-19 where State Governments need to undertake expenditure while their resources are adversely hit, the Central Government has released the GST Compensation of Rs.36,400 crore to the States/UTs with Legislature for the period from December, 2019 ...
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Posted Date : 05-Jun-2020 , 08:55:07 am | Posted By CASANSAAR
The Supreme Court Thursday sought finance ministry's reply on waiver of interest on loans during the moratorium period after the RBI said it would not be prudent to go for a forced waiver of interest risking financial viability of the banks. The top court said there are two aspects unde...
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Posted Date : 04-Jun-2020 , 03:41:50 pm | Posted By CASANSAAR
Union Ministry of Micro, Small and Medium Enterprises (M/o MSMEs) has issued Gazette notification to pave way for implementation of the upward revision in the definition and criteria of MSMEs in the country. The new definition and criterion will come into effect from 1st July, 2020. Aft...
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Posted Date : 04-Jun-2020 , 09:59:33 am | Posted By CASANSAAR
The Reserve Bank of India told the Supreme Court that it cannot waive interest on loans for the moratorium period, as it would affect the financial stability of the banking sector. In an affidavit filed in the top court, it estimated the interest payable on these loans to be Rs 2.01 lakh crore, or e...
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Posted Date : 04-Jun-2020 , 09:52:37 am | Posted By CASANSAAR
Insolvency regulator IBBI’s Disciplinary Committee(DC) has slapped a penalty of Rs 34.22 lakhs on an insolvency professional, for violations of certain provisions of the Insolvency and Bankruptcy Code (IBC). The penalty imposed is equal to 25 per cent of the fee that he had received as reso...
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Posted Date : 04-Jun-2020 , 09:45:37 am | Posted By CASANSAAR
From 1st July 2020, over six crore micro, small and medium enterprises across the country will be classified on the basis of the new criteria approved by the government. As per the revised criteria, a unit with Rs 50 crore of investment and Rs 250 crore of turnover will fall under the 'medium...
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Posted Date : 03-Jun-2020 , 09:02:48 am | Posted By CASANSAAR
The government's credit guarantee scheme for micro, small and medium enterprises (MSME) has taken off with the State Bank of India (SBI) beginning disbursements. Rajnish Kumar, chairman of SBI, the country's largest lender, on Tuesday said the public sector bank in a single day disbursed ...
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Posted Date : 03-Jun-2020 , 09:00:23 am | Posted By CASANSAAR
Even as the central government has further revised the criterion for defining micro, small and medium enterprises (MSMEs), a disparity in the cabinet note and the gazette notification has left industrialists confused. Under the new definition, industries having an investment into plant and machin...
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Posted Date : 02-Jun-2020 , 09:16:30 am | Posted By CASANSAAR
In the recent past, tweets have been noticed by the Government on the issue of waiver of late fee applicable on non-filing of GSTR 3B returns. The demands are largely for the waiver of late fee for the returns which were required to be filed from the beginning of Goods & Services Tax (...
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Posted Date : 02-Jun-2020 , 09:14:58 am | Posted By CASANSAAR
It has come to the notice of Reserve Bank of India that some unscrupulous entities/scamsters are imitating RBI mails for fraudulent purposes. Most of such mails are sent using fake domains, which do not belong to the Reserve Bank of India, but these could be deceptively similar involving use of word...
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Posted Date : 02-Jun-2020 , 09:13:55 am | Posted By CASANSAAR
Prime Minister Narendra Modi launched technology-based solution named as CHAMPIONS for MSME sector, today in New Delhi. The platform CHAMPIONS which stands for Creation and Harmonious Application of Modern Processes for Increasing the Output and National Strength is aimed to provide one stop solu...
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Posted Date : 01-Jun-2020 , 10:28:01 am | Posted By CASANSAAR
The Banks Board Bureau (BBB) has recommended the elevation of Ashwani Bhatia as Managing Director of State Bank of India. The Bureau also recommended the appointment of Matam Venkat Rao and PP Sengupta as MD & CEO of Central Bank of India and Indian Overseas Bank, respectively. T...
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Posted Date : 30-May-2020 , 10:31:56 am | Posted By CASANSAAR
The Reserve Bank has imposed a penalty of Rs 4 crore on Citibank for non-compliance with various regulatory norms and directions of the central bank. In a release, RBI said the penalty has been imposed on Citibank N A for contravention of certain sections of the Banking Regulation Act and for non...
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Posted Date : 30-May-2020 , 10:29:08 am | Posted By CASANSAAR
Notices have been issued to crisis-hit Franklin Templeton Mutual Fund and Sebi by the Madras High Court after a petition was filed by an investors group to safeguard nearly Rs 28,000 crore of investors' money stuck in six schemes shut down by the fund house, according to a statement. The inve...
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Posted Date : 29-May-2020 , 10:47:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday imposed a penalty of Rs 6.50 crore on Karnataka Bank, Bank of India and Saraswat Co-operative Bank for non-compliance with central bank's Income Recognition and Asset Classification norms. It fined Rs 5 crore on Bank of India, while it charged Rs 1....
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Posted Date : 29-May-2020 , 10:44:20 am | Posted By CASANSAAR
In line with the announcement made in the Union Budget, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman formally launched the facility for instant allotment of PAN (on near to real time basis) here today. This facility is now available for those PAN applicants who possess ...
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Posted Date : 28-May-2020 , 08:49:46 am | Posted By CASANSAAR
The government on May 26 notified the Rs 3 lakh crore Emergency Credit Line Guarantee Scheme for Medium, Small and Micro Enterprises (MSMEs) under the Atma Nirbhar Bharat Abhiyan to help them tide over the economic distress being faced due to the COVID-19 pandemic. Under this scheme, MSMEs borrow...
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Posted Date : 28-May-2020 , 08:45:18 am | Posted By CASANSAAR
The government has made the Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES Fund) eligible to receive contributions from corporate social responsibility (CSR) corpuses of corporates. The Ministry of Corporate Affairs (MCA) has allowed the CSR contributi...
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Posted Date : 28-May-2020 , 08:39:24 am | Posted By CASANSAAR
A principal tax commissioner posted at the income tax office has committed suicide at his residence in Bapu Dham, Chanakyapuri. He was found hanging in his bedroom using a bed sheet. A suicide note has been found from his room. The man Keshav Saxena (57) was found hanging in his room by his wife ...
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Posted Date : 27-May-2020 , 10:52:50 am | Posted By CASANSAAR
The Rs 3 lakh crore emergency credit borrowing scheme for Micro, Small and Medium Enterprises (MSMEs) announced by the govt on May 12 will also cover retailers and other businesses. Retail businesses devastated by the 62-day lockdown have been declared eligible for the scheme, although they are n...
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Posted Date : 26-May-2020 , 10:05:14 am | Posted By CASANSAAR
In a relief to the Ministry of Corporate Affairs (MCA), the National Company Law Appellate Tribunal (NCLAT) set aside an order of the Principal Bench of the National Company Law Tribunal (NCLT) which had directed that the MCA be made a party in all cases filed under the Section 7, 9, and 10 of the I...
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Posted Date : 26-May-2020 , 10:03:27 am | Posted By CASANSAAR
The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days. In a tweet, the CBIC said it is "committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown". The tweet added that 29,230 ...
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Posted Date : 24-May-2020 , 08:23:34 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Saturday said banks have been asked to extend loans automatically to eligible borrowers without fear of 3Cs -- CBI, CVC and CAG. She said clear instructions have been given in a meeting with CEOs and MDs of public sector banks and financial institutions on F...
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Posted Date : 23-May-2020 , 09:58:43 am | Posted By CASANSAAR
French business process outsourcing firm Teleperformance has laid off hundreds of employees in India as its business took a hit at the back of COVID-19. Harpreet Saluja, Founder & General Secretary - National Information Technology Employees Senate (NITES), has said that Teleperformance emplo...
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Posted Date : 23-May-2020 , 09:49:26 am | Posted By CASANSAAR
The tax department on Friday said it has issued I-T refunds of Rs 26,242 crore to 16.84 lakh taxpayers since April as part of efforts to hasten refund process for making liquidity available with people and firms to deal with COVID-19 crisis. The Central Board of Direct Taxes (CBDT) said 16,84,298...
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Posted Date : 23-May-2020 , 09:41:26 am | Posted By CASANSAAR
The Supreme Court (SC) on Friday sought the response of the central government in a plea seeking a ban on the use of Zoom software application, citing privacy and security concerns. Zoom app, which is owned by the US-headquartered company, Zoom Video Communications, enables video conferences and ...
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Posted Date : 22-May-2020 , 10:46:38 am | Posted By CASANSAAR
RBI announced that it has decided to cut the repo rate cut by 40 basis points from 4.4 per cent to 4 per cent, adding that the reverse repo rate has been reduced to 3.35 per cent. Addressing his third press conference in less than two months, RBI Governor Shaktikanta Das said that the GDP g...
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Posted Date : 22-May-2020 , 09:44:09 am | Posted By CASANSAAR
The Senate overwhelmingly approved legislation on Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd and Baidu Inc being barred from listing on US stock exchanges amid increasingly tense relations between the world’s two largest economies. The bill, introduced ...
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Posted Date : 22-May-2020 , 09:38:15 am | Posted By CASANSAAR
The ministry of corporate affairs (MCA) further extended the expiration of names reserved for company incorporation by 20 days from May 31 for those reserved names that were expiring between May 15-31. Similarly, the expiration of names reserved for change of name by existing companies was extend...
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Posted Date : 21-May-2020 , 10:18:46 am | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given the following approvals: To enable additional funding of up to Rs. three lakh crore to eligible MSMEs and interested MUDRA borrowers by way of "Emergency Credit Line Guarantee Scheme." Under the Sch...
Continue Reading... Category : Finance | Comments : 0 | Hits : 1078
- 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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- Bank Branch Statutory Audit Updates 2019
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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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