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Posted Date : 02-Aug-2019 , 12:12:35 pm | Posted By CASANSAAR
The Financial Intelligence Unit (FIU-Ind) has imposed a penalty of Rs 15.62 crore on state-owned Punjab National Bank (PNB) for breaching anti-money laundering rules. The FIU move against PNB is significant because it is based on inspection and review of the Bank during April 2016-November 2017, whi...
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Posted Date : 01-Aug-2019 , 08:33:51 am | Posted By CASANSAAR
President Ram Nath Kovind has given his nod to the Muslim Women (Protection of Rights on Marriage) Bill, 2019 that abolishes the practice of instant Triple Talaq. The law comes into force retrospectively from 19th September 2018. A Gazette Notification to this effect was issued yesterday. T...
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Posted Date : 01-Aug-2019 , 08:32:43 am | Posted By CASANSAAR
The Rajya Sabha passed the Motor Vehicles (Amendment), Bill, 2019 with some amendments. The bill was passed yesterday with 108 members voting in favour of the bill and 13 against. It will be again sent to the Lok Sabha for approval as it was passed with Amendments. The bill seeks to amend the ...
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Posted Date : 31-Jul-2019 , 09:54:32 am | Posted By CASANSAAR
Goods and Services Tax Network (GSTN) on July 30 released trial version of offline tools of GST forms related to supply of goods and services. The offline tools have been released for Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2), GSTN, which is the IT backbone of the ...
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Posted Date : 31-Jul-2019 , 09:51:53 am | Posted By CASANSAAR
The Comptroller and Auditor General of India (CAG) has rapped direct tax authorities for irregularities in assessments of personal income and corporation taxes over the years. In a report on direct taxes for 2018-19 tabled in Parliament on Tuesday, the auditor suggested that the government consid...
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Posted Date : 31-Jul-2019 , 09:46:28 am | Posted By CASANSAAR
Senior IAS officer Rajiv Kumar, currently serving as Financial Services Secretary, was on Tuesday appointed as the new Finance Secretary, reported ANI. The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi approved the designation of Kumar as the new Finance Secretary, ...
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Posted Date : 31-Jul-2019 , 09:40:31 am | Posted By CASANSAAR
The roll-out of GST has unified the multiple central and state taxes on goods and services to a great extent and made credit for input taxes available through the value chain, but hasn’t simplified the tax compliance regime while the experience so far has also been that of slowdown in tax reve...
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Posted Date : 31-Jul-2019 , 09:26:38 am | Posted By CASANSAAR
In more liquidity easing measures, the Reserve Bank has liberalised the end-use stipulations for the External Commercial Borrowings both for corporates as well as liquidity starved non-banking lenders. The central bank in a statement yesterday said that liberalisation will be applicable to ECBs t...
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Posted Date : 30-Jul-2019 , 09:57:43 pm | Posted By CASANSAAR
Parliament has passed the Companies (Amendment) Bill, 2019, with the Rajya Sabha approving it today. The Lok Sabha has already passed the bill. The Bill seeks to amend the Companies Act, 2013. It aims to tighten Corporate Social Responsibility-CSR compliance, transfer certain responsibiliti...
Continue Reading... Category : General | Comments : 0 | Hits : 484
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Posted Date : 30-Jul-2019 , 09:55:13 pm | Posted By CASANSAAR
The Lok Sabha today passed The Code on Wages Bill, 2019. While opening the discussion for consideration and passing of the Bill, Minister of State (I/C) for Labour and Employment Shri Santosh Kumar Gangwar said that it is a historic Bill which aims to transform the old and obsolete labour laws...
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Posted Date : 30-Jul-2019 , 10:48:03 am | Posted By CASANSAAR
The Income Tax Department will use data mining and risk profiling rather than intrusive methods for tax collection, Revenue Secretary Ajay Bhushan Pandey said on Wednesday while exuding confidence of achieving the direct tax mop-up target for the current fiscal. In the 2019-20 Budget, the g...
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Posted Date : 30-Jul-2019 , 10:20:00 am | Posted By CASANSAAR
The government’s move to amend the Insolvency and Bankruptcy Code (IBC) was largely to clear its legislative intent and not to encroach on the Supreme Court’s domain, Finance Minister Nirmala Sitharaman said on Monday. She was replying to a debate on the amendments to the code in the ...
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Posted Date : 30-Jul-2019 , 10:01:56 am | Posted By CASANSAAR
The Rajya Sabha on Monday approved amending the three-year-old Insolvency and Bankruptcy Code (IBC), providing clarity about preference to secured lenders over operational creditors and giving lenders explicit authority over distribution of proceeds of auction of loan defaulting companies. Replyi...
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Posted Date : 30-Jul-2019 , 09:54:52 am | Posted By CASANSAAR
The Reserve Bank has imposed a fine of about 26 lakh rupees on two online payment solutions providers for non-compliance of regulatory guidelines. The central bank said in a release that Mobikwik Systems Private Limited has been slapped a fine of 15 lakh rupees while Hip Bar Pvt Ltd faced a fine ...
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Posted Date : 29-Jul-2019 , 07:55:17 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has changed the process of liquidation to make it time-bound. The new rules say that the process must be finished within one year of its commencment. The new regulations also say that a compromise between the stakeholders must happen within 90 d...
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Posted Date : 28-Jul-2019 , 07:37:40 am | Posted By CASANSAAR
JW Marriott Saturday was fined Rs 25,000 by the Chandigarh Excise and Taxation department for illegally levying 18 percent GST on fresh bananas served to actor Rahul Bose. Fresh fruits are tax-free under the GST regime. Bose, last Sunday had posted a video on micro-blogging website...
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Posted Date : 28-Jul-2019 , 07:33:49 am | Posted By CASANSAAR
Federal indirect tax body, the Goods and Services Tax (GST) Council, on Saturday decided to reduce tax rates on electric vehicles and chargers from 1 August. The tax rate is reduced from 12% to 5% on vehicles and from 18% to 5% on electric vehicle chargers. The Council also made hiring of elec...
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Posted Date : 27-Jul-2019 , 08:21:33 am | Posted By CASANSAAR
Kolkata Police found 500 Chartered Accountancy exam answer sheets at the residence of an unauthorised individual named. The answer sheets are of a CA exam conducted in June 2019. Ray, an accountant who works at a CA firm, is not an authorised examiner of the Chartered Accountancy exam. Police say...
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Posted Date : 27-Jul-2019 , 08:10:28 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has amended norms pertaining to insolvency resolution process for corporate persons and liquidation process. The amendments specify the process for withdrawal of applications before constitution of Committee of Creditors (CoC) and other scenario...
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Posted Date : 27-Jul-2019 , 08:02:05 am | Posted By CASANSAAR
Capital markets regulator Sebi on Friday fixed the minimum duration of the staggered delivery period at five working days for all commodity futures in order to bring uniformity in the timeline across exchanges. Staggered delivery period is the duration during which sellers or buyers having ...
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Posted Date : 27-Jul-2019 , 07:58:01 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has changed the process of liquidation to make it time-bound. The new rules say that the process must be finished within one year of its commencment. The new regulations also say that a compromise between the stakeholders must happen within 90 d...
Continue Reading... Category : Insolvent Professional | Comments : 0 | Hits : 388
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Posted Date : 27-Jul-2019 , 07:39:11 am | Posted By CASANSAAR
The CBDT on July 26 said that it has extended the taxman's deadline by another two months till September to complete the final assessment of about 87,000 entities across the country who made suspicious deposits post-demonetisation. The CBDT said the extension of time is being granted after co...
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Posted Date : 27-Jul-2019 , 07:34:08 am | Posted By CASANSAAR
The Lok Sabha has passed The Companies (Amendment) Bill, 2019. The Bill seeks to amend the Companies Act, 2013. It aims to tighten Corporate Social Responsibility compliance, transfer certain responsibilities to National Company Law Tribunal and recatgorise certain offences as civil offences.&...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 373
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Posted Date : 26-Jul-2019 , 07:45:31 am | Posted By CASANSAAR
Please be aware that the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019. As per the said notification: i) eForm DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the fi...
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Posted Date : 25-Jul-2019 , 10:51:02 pm | Posted By CASANSAAR
The 36th meeting of the GST Council which was scheduled to be held in New Delhi today has been postponed. The meeting will be rescheduled for a later date. #casansaar (Source - NewsonAir)...
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Posted Date : 25-Jul-2019 , 10:48:32 pm | Posted By CASANSAAR
Parliament has passed the Right to Information (Amendment) Bill, 2019 with the Rajya Sabha approving it today amid opposition walkout. The Lok Sabah has already passed the bill. The Bill seeks to empower the Centre to make rules to decide the tenure, salary, allowances and other terms of se...
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Posted Date : 25-Jul-2019 , 10:44:03 pm | Posted By CASANSAAR
A Committee constituted by Reserve Bank of India (RBI), headed by former SEBI Chairman UK Sinha, has recommended that the limit for collateral free lending should be increased to Rs 20 lakh for MSMEs and Self-Help Groups (SHGs). The Committee has also recommended revision of loan limit sanctioned...
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Posted Date : 25-Jul-2019 , 07:50:59 am | Posted By CASANSAAR
In a significant move, the Insolvency and Bankruptcy Board of India (IBBI) has tightened norms governing resolution professionals wherein restrictions will also be in place for their relatives from taking up employment after completion of a resolution process. Insolvency resolution professi...
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Posted Date : 25-Jul-2019 , 07:33:22 am | Posted By CASANSAAR
The government came out in support of financial creditors and spelled out concerns over extensive litigation causing undue delays in insolvency proceedings, while introducing the Insolvency and Bankruptcy Code Amendment Bill in the Rajya Sabha on Wednesday. The statement of object and reasons sai...
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Posted Date : 25-Jul-2019 , 07:27:47 am | Posted By CASANSAAR
Union Cabinet has approved Official Amendments to the Aadhaar and Other Laws (Amendment) Bill 2019. Briefing the reporters after the Cabinet meeting, Information and Broadcasting Minister Prakash Javadekar said, the government has decided to make Aadhaar as identification document so that p...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 481
- 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
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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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