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Posted Date : 13-Sep-2019 , 09:38:21 am | Posted By CASANSAAR
In a joint operation, the Director General of GST Intelligence and the Director General of Revenue Intelligence have found dozens of bogus firms and exporters who were fraudulently claiming Integrated Goods and Services Tax (IGST) from the government. The raids were conducted on Wednesday by 1,20...
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Posted Date : 12-Sep-2019 , 10:42:27 am | Posted By CASANSAAR
A one-time facility to apply for compounding of income tax offences has been launched and taxpayers can avail this opportunity by December 31, a latest CBDT directive said. It said this "one-time measure" is being undertaken to mitigate unintended hardship to taxpayers in deserving cases a...
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Posted Date : 12-Sep-2019 , 10:38:47 am | Posted By CASANSAAR
Businesses are likely to get extra time for filing their Goods and Services Tax (GST) annual return and audit report for FY19, the first full year of the indirect tax reform. Federal indirect tax body, the GST Council, is likely to extend the due date from 31, December to enable businesses to com...
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Posted Date : 12-Sep-2019 , 10:33:05 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has relaxed some norms relating to prosecution of income tax defaulters for delay in depositing TDS (tax deducted at source), under-reporting of income in the tax return or non-filing of I-T return. CBDT’s circular, issued on September 9, sets the li...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 891
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Posted Date : 11-Sep-2019 , 08:02:57 am | Posted By CASANSAAR
A Reserve Bank of India (RBI) panel, which was tasked with reviewing the existing state of housing finance securitization, and suggest measures to make the market more attractive, has recommended that an intermediary be set up under the National Housing Bank (NHB), wherein the government will have a...
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Posted Date : 10-Sep-2019 , 11:18:05 am | Posted By CASANSAAR
Please SUBSCRIBE CASANSAAR YouTube Chanel. (Click on the link below and Subscribe) https://www.youtube.com/channel/UC4-Bk3Aw5QKFpn9gw_vFJDw...
Continue Reading... Category : General | Comments : 0 | Hits : 609
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Posted Date : 10-Sep-2019 , 11:14:04 am | Posted By CASANSAAR
Communication or NOC from Previous Auditor explained by CA Sanjay Agarwal. https://youtu.be/Dqon2gmDOeI Don't forget to Like and share with friends. *SUBSCRIBE* CASANSAAR YouTube Chanel. https://www.youtube.com/channel...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 2340
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Posted Date : 10-Sep-2019 , 10:02:24 am | Posted By CASANSAAR
The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to avoid creating more uncertainty for businesses amid an economic slowdown. Some suggestions in the draft legislation, submitted to finance minister ...
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Posted Date : 10-Sep-2019 , 09:43:51 am | Posted By CASANSAAR
Advisory on Auditor’s Reporting on Section 197(16) of the Companies Act, 2013 1 Section 197(16) of the Companies Act, 2013 requires as under: “The auditor of the company shall, in his report under section 143, make a statement as to whether the remuneration paid b...
Continue Reading... Category : ICAI | Comments : 0 | Hits : 534
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Posted Date : 09-Sep-2019 , 09:21:56 am | Posted By CASANSAAR
A total of 2,480 cases of fraud involving a huge sum of Rs 31,898.63 crore rattled 18 public sector banks in between April and June this year, an RTI query has revealed. The country's largest lender State Bank of India (SBI) remained the biggest prey to frauds with 38 per cent share, Neemuch-...
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Posted Date : 09-Sep-2019 , 09:17:40 am | Posted By CASANSAAR
Tax receipts arising from a levy on payments made to digital advertising platforms such as Google and Facebook from Indian entities jumped 59% in the year ended March, said a tax official privy to the development. The tax department collected ₹939 crore in the year to 31 March, up from â�...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 482
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Posted Date : 07-Sep-2019 , 08:31:49 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has refused to extend Chennai-based Equitas Small Finance Bank’s deadline for listing. The banking regulator said that the bank cannot open new branches till further orders. The order comes at a time when the bank completed three years of operations. RBI said...
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Posted Date : 07-Sep-2019 , 08:23:41 am | Posted By CASANSAAR
A Division Bench of Madras High Court has partially allowed an appeal by IT major Cognizant against a single judge order, while upholding its direction to the company to approach the tax appellate authority for a remedy. The order was issued on an appeal filed by the company against a single judg...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 473
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Posted Date : 06-Sep-2019 , 08:58:49 am | Posted By CASANSAAR
Webinar on issues and challenges with Tax Audit and Tax Audit Report - Queries and Answers. by CA Sanjay Kumar Agarwal https://youtu.be/KMblZcUBtio Don't forget to Like and share with friends. *SUBSCRIBE* CASANSAAR YouTube Chanel https://www.yo...
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Posted Date : 06-Sep-2019 , 08:50:03 am | Posted By CASANSAAR
Regulator Sebi has envisaged a three-tier structure to bolster cyber security in securities market and plans to deploy data analytics and new generation technologies to deal with various challenges. Sebi plans to set up a Cyber Security and Compliance Reporting System for the regulated entities t...
Continue Reading... Category : SEBI | Comments : 0 | Hits : 479
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Posted Date : 06-Sep-2019 , 08:43:25 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) today approved JSW Steel Ltd.’s $2.7 billion bid for Bhushan Power & Steel Ltd., the second major steel asset the mill has bagged under the nation’s new insolvency process. The NCLT approved the offer while stating that profits made by Bhus...
Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 425
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Posted Date : 05-Sep-2019 , 09:39:36 am | Posted By CASANSAAR
Clarification Regarding Section 44AD of Income Tax Act - Tax Audit or Not? by CA. Sanjay Agrawal, https://youtu.be/Uy0ay43k9qo Don't forget to Like and share with friends. SUBSCRIBE CASANSAAR YouTube Chanel https://www.youtube.com/channel/UC4-Bk3Aw5QKFpn9gw_vFJDw...
Continue Reading... Category : Tax Audit | Comments : 0 | Hits : 2916
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Posted Date : 05-Sep-2019 , 09:35:05 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has entered into 26 Advance Pricing Agreements (APAs) in the first 5 months of the current financial year (April to August, 2019). With the signing of these APAs, the total number of APAs entered into by the CBDT as of now stand at 297, which includes 32 Bila...
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Posted Date : 05-Sep-2019 , 09:22:22 am | Posted By CASANSAAR
Public sector lender Bank of Baroda or BoB will issue up to 15 crore fresh equity shares to its staff under the Employee Share Purchase Scheme (ESPS), the bank said on Tuesday. The decision was taken by the compensation committee of the board at its meeting held on Tuesday, the bank said in a regula...
Continue Reading... Category : Banking | Comments : 0 | Hits : 506
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Posted Date : 05-Sep-2019 , 09:07:09 am | Posted By CASANSAAR
The Reserve Bank of India has made it mandatory for banks to link all of their new loan products, be it personal, housing or auto to an external benchmark like the policy repo rate. Stating that transmission of policy rate benefits under the current framework has not been satisfactory, RBI ...
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Posted Date : 04-Sep-2019 , 08:31:10 am | Posted By CASANSAAR
Auditors of companies overseen by the National Financial Reporting Authority (NFRA) will need to disclose their findings separately as the government looks to address audit-related concerns and step up transparency. The government is set to notify a new form that will require auditors to fi...
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Posted Date : 04-Sep-2019 , 08:27:44 am | Posted By CASANSAAR
In order to further dispel the fears surrounding the Angel Tax for startups, the Central Board of Direct Taxes (CBDT) has constituted a startup cell to redress grievances and address various tax related issues. It also has the provision to file these grievances online. The body also reiterated the m...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 330
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Posted Date : 04-Sep-2019 , 08:25:31 am | Posted By CASANSAAR
A task force set up by India's central bank on Tuesday recommended a slew of measures for developing a secondary market for corporate loans, including easing of regulations to allow foreign portfolio investors (FPIs) to directly purchase distressed loans from banks. These moves are aimed at d...
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Posted Date : 04-Sep-2019 , 08:12:31 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Infusion of Rs 4,557 crore by Government in IDBI Bank. It will help in completing the process of IDBI Bank’s turnaround and enable it to return to profitability and normal lending, and giving Governmen...
Continue Reading... Category : Banking | Comments : 0 | Hits : 324
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Posted Date : 03-Sep-2019 , 09:44:47 am | Posted By CASANSAAR
The Corporate Affairs Ministry (MCA) has set up a eight member 'Committee of Experts' to examine the need for an institutional framework for regulation and development of valuation professionals. The Panel would be headed by IBBI Chairman M S Sahoo. It would also cover the regulatory arch...
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Posted Date : 03-Sep-2019 , 09:41:26 am | Posted By CASANSAAR
The Income Tax Department will automatically issue PAN to a taxpayer using Aadhaar number for filing returns as part of a new arrangement to link the two databases. According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, “shall b...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1134
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Posted Date : 03-Sep-2019 , 09:33:57 am | Posted By CASANSAAR
In order to provide hassle-free tax environment to the Start-ups, a series of announcements have been made by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman in her General Budget Speech, 2019, and also on 23rd August 2019. To give effect to these announcements, the Central Bo...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 432
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Posted Date : 02-Sep-2019 , 07:31:47 am | Posted By CASANSAAR
In another indicator of economic slowdown, GST collection in the month of August dropped below Rs 1 lakh crore mark to Rs 98,202 crore. The tax collection was at Rs 1.02 lakh crore in July this year. The August mop-up was, however, 4.5 per cent higher than the Rs 93,960 crore collected in the same m...
Continue Reading... Category : GST | Comments : 0 | Hits : 1002
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Posted Date : 02-Sep-2019 , 07:28:48 am | Posted By CASANSAAR
Income Tax department today said it created a sort of world record by achieving a record Income Tax Return filing in a single day. "The department made a history with an all time high record of 49 lakh 29 thousand ITRs filed in a single day on August 31," Central Board of Direct T...
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Posted Date : 31-Aug-2019 , 10:50:09 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday extended the timeline for the conversion of minimum detail Prepaid Payment Instruments to KYC-compliant PPIs from 18 months to 24 months, a move welcomed players in the segment. The Payments Council of India (PCI) which represents the players in the payme...
Continue Reading... Category : RBI | Comments : 0 | Hits : 324
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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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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