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  • RBI to review organisational structure as part of vision strategy
    Posted Date : 24-Jul-2019 , 06:48:27 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) will undertake review and reframing of its organisational structure to implement strategies that form its vision statement for 2019-22. The apex bank will also enhance the performance assessment system for its employees, RBI said, adding that it will also use techn...

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  • Parliament passes Finance Bill 2019
    Posted Date : 24-Jul-2019 , 06:45:40 am | Posted By CASANSAAR

    Parliament has passed the Finance Bill 2019 and Appropriation Bill 2019 with the Rajya Sabha returning them to the Lower House.  The Lok Sabha has already passed the bills. The Finance bill gives effect to the financial proposals of the Central Government for the financial year 2019-20. Whil...

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  • Deadline to file income tax return for FY 2018-19 extended to August 31
    Posted Date : 23-Jul-2019 , 07:58:56 pm | Posted By CASANSAAR

    The finance ministry has extended the deadline for filing income tax return (ITR) for FY2018-19 by individuals to August 31, 2019 from July 31, 2019. The extension is a much needed relief as there were multiple problems being faced by individuals in filing returns by July 31. July 31 was the deadlin...

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  • Deloitte exits as auditor of two B.M. Khaitan group companies
    Posted Date : 23-Jul-2019 , 08:56:37 am | Posted By CASANSAAR

    The audit woes of the B. M. Khaitan Group companies continue with Deloitte Haskins & Sells LLP exiting two companies — Mcleod Russel India Ltd. (MRIL) and McNally Bharat Engineering Company Ltd. About a month ago, PwC had exited group flagship Eveready Industries India Ltd. (EIIL). MRIL...

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  • FM to Launch Taxpayer E-assistance Campaign at Income Tax Day
    Posted Date : 23-Jul-2019 , 08:49:48 am | Posted By CASANSAAR

    A country-wide 'taxpayer e-assistance campaign' will be launched on Wednesday by Finance Minister Nirmala Sitharaman to mark the 159th 'Income Tax Day', officials said on Monday. The campaign has been conceptualised by the CBDT and it will be launched across all regional offices o...

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  • 18% GST on flat owners paying monthly maintenance of over Rs 7,500
    Posted Date : 23-Jul-2019 , 08:43:44 am | Posted By CASANSAAR

    Flat owners will have to pay GST at 18 per cent if their monthly contribution to resident welfare association (RWA) exceeds Rs 7,500, the Finance Ministry said Monday. As per the rules, RWAs are required to collect GST on monthly subscription/contribution charged from its members if such payment is ...

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  • Government wants CCI probe on Big 4 Auditors
    Posted Date : 22-Jul-2019 , 05:30:30 pm | Posted By CASANSAAR

    The Indian government wants the country's antitrust body to assess whether the so-called "Big Four" auditing firms and their affiliates are hurting competition in any manner, a senior government official told reporters. The Competition Commission of India (CCI) needs to conduct a su...

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  • 5 reasons why deadline to file ITR needs to be extended this year
    Posted Date : 22-Jul-2019 , 09:10:04 am | Posted By CASANSAAR

    The last date for filing income tax return (ITR) for the assessment year 2019-20 with no penalty or a fine is July 31, 2019. However, the due date for ITR filing may get an extension for the taxpayers to file the return of income well beyond the last date even without paying any fine.  Here ...

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  • Punjab & Sind Bank flags fraud in Bhushan Power account
    Posted Date : 22-Jul-2019 , 09:04:14 am | Posted By CASANSAAR

    State-owned Punjab & Sind Bank reported over Rs 238 crore fraud by Bhushan Power and Steel, a third such instance after similar disclosures made by PNB and Allahabad Bank recently.  "On the basis of forensic audit investigation findings and CBI filing FIR, on suo moto basis, against...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 371

  • NCLT allows MCA plea to implead 22 more parties in IL&FS case
    Posted Date : 22-Jul-2019 , 08:54:37 am | Posted By CASANSAAR

    The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed the petition of the Ministry of Corporate Affairs (MCA) to implead 22 more parties as accused in the alleged financial misappropriation in the debt-laden Infrastructure Leasing & Financial Services (IL&FS). This brings ...

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  • GST Council to decide on tax cut on EVs this week
    Posted Date : 22-Jul-2019 , 08:46:54 am | Posted By CASANSAAR

    The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on July 25 and decide on lowering tax rates for electric vehicles, officials said. The 36th meeting of the Council, which will happen through video conferencing, is also likely to decide the valuation of goods and services...

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  • Govt to levy 2% TDS on cash withdrawal over Rs 1 cr from multiple accounts
    Posted Date : 20-Jul-2019 , 08:34:01 am | Posted By CASANSAAR

    The government will charge a two per cent tax if aggregate cash withdrawal from one or more accounts exceeds Rs 1 crore, according to an amendment made to a Budget proposal and announced Thursday. Finance Minister Nirmala Sitharaman, in her Budget on July 5, had proposed 2 per cent tax deduction ...

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  • GST officers arrest one person for creating 90 fake firms, issuing bogus invoices
    Posted Date : 20-Jul-2019 , 08:29:42 am | Posted By CASANSAAR

    GST officers have arrested one person for creating about 90 fake firms for the purpose of issuing bogus invoices without supply of goods thereon, the finance ministry said on Friday. The officers of Directorate General of GST Intelligence (DGGI), Headquarters, arrested one Anupam Singla, a resident ...

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  • SEBI moots stricter disclosures on Auditor resignation
    Posted Date : 19-Jul-2019 , 10:00:01 am | Posted By CASANSAAR

    Markets regulator Sebi July 18 proposed stricter disclosures, including detailed reasons, on resignation of auditors, amid rising instances of auditors quitting companies. Besides, an auditor would have to provide appropriate disclaimer in case of auditor's resignation is due to non-receipt of i...

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  • CA CPT Pass Percentage of June 2019 Exam
    Posted Date : 19-Jul-2019 , 09:58:18 am | Posted By CASANSAAR

    ICAI Press Release The Institute of Chartered Accountants of India (ICAI) announced the result of Common Proficiency Test (CPT) exam held on June 16, 2019. The result analysis of the CPT Examination in terms of total pass percentage & gender wise details are mentio...

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  • NCLT allows MCA to prosecute Deloitte Haskins, BSR Associates in IL&FS case
    Posted Date : 19-Jul-2019 , 09:55:27 am | Posted By CASANSAAR

    The National Company Law Tribunal (NCLT) has allowed the Ministry of Corporate Affairs (MCA) to prosecute the auditors of IL&FS Financial Services (IFIN) — Deloitte Haskins and BSR Associates — based on the investigation report filed by the Serious Fraud Investigation Office (SFIO). ...

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  • Cabinet clears bill to amend Companies Law
    Posted Date : 18-Jul-2019 , 09:41:10 am | Posted By CASANSAAR

    The government Wednesday approved 43 amendments to the companies law as it seeks to further strengthen the regulatory framework and ensure stricter action for violations. From de-clogging of the National Company Law Tribunal (NCLT) to bolstering corporate governance standards and tweaking provisi...

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  • Internal Auditor of Unitech resigns
    Posted Date : 18-Jul-2019 , 09:37:18 am | Posted By CASANSAAR

    Crisis-hit realty firm Unitech Ltd said on Tuesday that its internal auditors S K P & Co. Chartered Accountants has resigned citing time constraints. In a filing to the BSE, Unitech said that “Internal Auditors of the company S K P & Co. Chartered Accountants. has resigned with effe...

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  • RBI wants audit firm partners under lens to stay off banks
    Posted Date : 18-Jul-2019 , 09:33:42 am | Posted By CASANSAAR

    Audit firm partners who are in the midst of any disciplinary proceedings will be barred from signing the balance sheet of any bank or even engage in the audit process. This is the latest directive to banks from the Reserve Bank of India (RBI) which over the last one year has placed significant respo...

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  • Rs 45,682.83 Cr fraud detected since GST rollout in July 2017
    Posted Date : 18-Jul-2019 , 09:28:20 am | Posted By CASANSAAR

    A total of 9385 cases of tax fraud involving amount of Rs 45,682.83 crore has been detected by the tax authorities under the Goods and Services Tax (GST) regime since its rollout from July 1, 2017, government data showed. Out of this, 1,593 tax fraud cases involving an amount of Rs 6520.40 crore hav...

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  • Cabinet approves eight amendments to IBC for easier resolution
    Posted Date : 18-Jul-2019 , 09:23:22 am | Posted By CASANSAAR

    The Union cabinet on Wednesday cleared major changes to the bankruptcy law that will enforce a strict 330-day timeline for the insolvency resolution process, including any legal challenges, and uphold secured creditors’ priority right on the sale or liquidation proceeds of bankrupt companies. ...

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  • Cabinet approves bill to scrap 58 redundant laws
    Posted Date : 18-Jul-2019 , 09:18:28 am | Posted By CASANSAAR

    In its effort to weed out archaic and dead statutes, the Union Cabinet Wednesday approved a bill to scrap 58 laws which have lost their relevance. The NDA government in its two terms has sent to the chopping block 1824 old laws which had become redundant. After the Repealing and Amendment Bill...

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  • Cabinet extends 15th Finance Commission's term up to Nov 30
    Posted Date : 18-Jul-2019 , 09:13:42 am | Posted By CASANSAAR

    Cabinet has approved the extension of the term of Fifteenth Finance Commission up to 30th November this year. It will enable the Commission to examine various comparable estimates for financial projections in view of reforms and the new realities to finalise its recommendations for the period 2020-2...

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  • BSR & Associates resigns as Auditor of IL&FS Engineering
    Posted Date : 17-Jul-2019 , 08:41:35 am | Posted By CASANSAAR

    BSR & Associates tendered its resignation as one of the joint statutory auditors to IL&FS Engineering and Construction Company ‘with immediate effect’ citing non-receipt of requested information and response to audit matters for audit of the previous fiscal year, among other reas...

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  • Disciplinary proceedings initiated by IBBI cannot be quashed by NCLT - NCLAT
    Posted Date : 17-Jul-2019 , 08:36:18 am | Posted By CASANSAAR

    In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) has held that the National Company Law Tribunal (NCLT) can’t quash the disciplinary proceedings initiated by the insolvency regulator IBBI. This will be the position even if the IBBI’s proceeding had been ini...

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  • CBDT issues clarification on incorrect reports in social media pertaining to difficulty in filing of Income Tax Returns
    Posted Date : 17-Jul-2019 , 08:28:15 am | Posted By CASANSAAR

    Central Board of Direct Taxes (CBDT) has said today that no changes have been made in any of the Income-tax Return (ITR) forms including ITR-2 and ITR-3 since the notification made on 1st April 2019, i.e. on the 1st day of the Assessment Year 2019-20. There were reports in social media that the taxp...

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  • SEBI provides new format for compliance report on corporate governance
    Posted Date : 16-Jul-2019 , 09:16:16 pm | Posted By CASANSAAR

    Markets regulator Sebi July 16 came out with a new format for compliance report on corporate governance to be submitted by listed companies to stock exchanges. In a circular, the regulator prescribed new format for disclosures to be made on quarterly basis, annual basis for the whole of financial ye...

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  • No changes made in ITR forms after April 1 2019 - CBDT
    Posted Date : 16-Jul-2019 , 09:12:44 pm | Posted By CASANSAAR

    Central Board of Direct Taxes (CBDT) has said, no changes have been made in any of the Income-tax Return (ITR) forms since the notification made on 1st April this year.  CBDT, in an official statement, said, there were reports in social media that the taxpayers were facing difficulties in fi...

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  • Income Tax Dept snooping on social media posts is a misconception - CBDT
    Posted Date : 16-Jul-2019 , 10:24:10 am | Posted By CASANSAAR

    It is a "misconception" to think that the Income Tax Department is snooping on social media posts related to exotic foreign tours or possession of expensive goods to check undisclosed income, a top official has said. CBDT Chairman P C Mody told PTI during an interview that the tax depar...

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  • RBI impose fines on Union Bank, SBI for flouting norms
    Posted Date : 16-Jul-2019 , 10:15:26 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) has penalised State Bank of India and Union Bank of India for violating certain regulatory guidelines. SBI was fined Rs. 7 crore for non-compliance with the directions issued by the RBI on Income Recognition and Asset Classification (IRAC) norms, code of conduct fo...

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