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Posted Date : 20-May-2019 , 10:21:52 am | Posted By CASANSAAR
Companies can claim input tax credit (ITC) under the goods and services tax (GST) regime even if the liability to pay for inputs between them, including tax, is discharged through adjustments in their books, ruled an authority for advance rulings (AAR). The Bengal wing of AAR made the ruling whil...
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Posted Date : 20-May-2019 , 10:15:28 am | Posted By CASANSAAR
The government plans to introduce artificial intelligence system in the MCA 21 portal as it seeks to make the compliance process easier as well as ensure routine enforcement activities are done round-the-clock on autopilot basis. MCA 21 is the electronic backbone for the dissemination of informat...
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Posted Date : 17-May-2019 , 10:05:58 am | Posted By CASANSAAR
Reserve Bank of India said on Thursday that shadow banks also known as non-banking finance companies (NBFC) with asset size of more than Rs 5,000 crore should appoint a chief risk officer (CRO) in a move to tighten regulation after a series of defaults at top lender Infrastructure Leasing & Fina...
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Posted Date : 17-May-2019 , 09:51:07 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has announced transfer postings of 20 principal chief commissioners of the Income Tax Department. A CBDT official told ANI that Monday's order was issued after seeking the Election Commission's approval. A total of 14 officers were promoted on M...
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Posted Date : 17-May-2019 , 09:47:12 am | Posted By CASANSAAR
The new simplified returns filing format, approved by the GST Council last July, is finally ready to be rolled-out after being deferred twice. Under the new format, taxpayers will be required to file one monthly return, except small taxpayers and a few exceptions. Those with no purchases, no output ...
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Posted Date : 17-May-2019 , 09:34:56 am | Posted By CASANSAAR
The Principal Bench of National Company Law Tribunal (NCLT) recently ordered de-attachment of properties belonging to a corporate debtor, which were attached as part of execution proceedings by the Securities and Exchange Board of India (SEBI). The attachment order was also upheld by the Securities ...
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Posted Date : 16-May-2019 , 08:57:59 am | Posted By CASANSAAR
The Income Tax Department, investigating cases of tax evasion during demonetisation, is stepping up probe into gains made in agriculture income by farmers and other assessees. Under the Income Tax (IT) Act of 1961, agriculture income is exempt from taxes. But during the demonetisation period, Inc...
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Posted Date : 16-May-2019 , 08:52:17 am | Posted By CASANSAAR
The National Stock Exchange (NSE), after monitoring compliance of listing regulations of all its listed entities, imposed fines and issued notices to more than 250 non-compliant companies for March quarter, the exchange said on Wednesday. Big names on the list included Adani Ports...
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Posted Date : 16-May-2019 , 08:49:20 am | Posted By CASANSAAR
In a latest twist to the financial frauds at IL&FS, an audit report has found about 107 instances of loan evergreening, loans given without adequate collateral and management links with borrower companies. The report submitted by Grant Thornton last week to the new IL&FS board headed by U...
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Posted Date : 16-May-2019 , 08:44:35 am | Posted By CASANSAAR
Home buyers will have to pay 12 per cent GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the CBIC has said. Builders who have received completion certificate for an ongoing project before April 1, 2019, will have to charge...
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Posted Date : 15-May-2019 , 10:49:28 am | Posted By CASANSAAR
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized vide Notification No. 24/2018-Central Tax dated 28.5.2018, to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of Rule 83 of the...
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Posted Date : 15-May-2019 , 10:33:40 am | Posted By CASANSAAR
Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement, an official said. Under GST, every person making a claim of refund o...
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Posted Date : 15-May-2019 , 10:29:00 am | Posted By CASANSAAR
The income-tax department has said it will undertake expeditious disposal of appeal cases, and look into taxpayer concerns of adjustment of past tax demands with due refunds during the fortnight beginning May 16. In a letter to field formations, the Central Board of Direct Taxes (CBDT) said that ...
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Posted Date : 15-May-2019 , 10:15:26 am | Posted By CASANSAAR
14th May 2019 Admit Cards for appearing in May 2019 CA Final / Intermediate/ Intermediate(IPC) exams Admit cards in respect of May 2019 CA exams have been hosted on https://icaiexam.icai.org. Candidates may download the same and print them at their convenience. It may be no...
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Posted Date : 15-May-2019 , 10:11:23 am | Posted By CASANSAAR
ICAI releases E Version of Compendium of Ind AS effective 1.4.2019 We are pleased to share that the Accounting Standards Board (the Board/ ASB) of Institute of Chartered Accountants of Indian (ICAI) has released e-version of Compendium of Indian Accounting Standards (Ind AS). As you are a...
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Posted Date : 15-May-2019 , 10:03:01 am | Posted By CASANSAAR
Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an insolvency professional (IP) who may act as an interim resolution professional (IRP) in ca...
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Posted Date : 13-May-2019 , 08:33:07 am | Posted By CASANSAAR
Amid the row over functionality of its database, the Ministry of Corporate Affairs is working on the Version 3 of MCA-21 database, which will address many current flaws in this online registry. The new MCA-21 V 3.0 will have features like single source of truth, ease of doing business, e-ad...
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Posted Date : 13-May-2019 , 08:20:22 am | Posted By CASANSAAR
Audit firms may face more restrictions on the juicy non-audit assignments they could accept from statutory audit clients. This is part of a government initiative to tighten the rules to improve the quality of statutory audit. The ministry of corporate affairs and the National Financial Reporting ...
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Posted Date : 12-May-2019 , 10:06:07 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea for initiation of insolvency proceedings against Spicejet by Ramco Systems Ltd, an operational creditor of the low-cost carrier. A two-member bench headed by Chairman Justice S J Mokhopadhaya upheld the orders passed by the ...
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Posted Date : 11-May-2019 , 09:09:54 am | Posted By CASANSAAR
Banks need to expand their global banking relationship and shift towards globally accepted trade finance instruments instead of indigenous instruments (such as letter of undertaking/ letter of credit), according to a Reserve Bank of India paper. This, however, may push up costs, the paper added. ...
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Posted Date : 11-May-2019 , 09:03:33 am | Posted By CASANSAAR
Jet Airways (India) Ltd. on Friday said that the Ministry of Corporate Affairs (MCA) had during September last year conducted an inspection and sought documents from the airline’s management before approaching the company again last month for seeking further documents and details. This happ...
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Posted Date : 11-May-2019 , 08:39:49 am | Posted By CASANSAAR
Excel / Jav Utility for ITR 1, ITR 2, ITR 3& ITR 4 for AY 2019-20 is available for e-Filing. Other ITRs will be available shortly. ITR 1 For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House P...
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Posted Date : 10-May-2019 , 09:26:14 am | Posted By CASANSAAR
The GST Council extended by 10 days till May 20 the deadline for realtors to opt for old GST rates with input tax credit for ongoing projects or shift to new lower tax rates. The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had in March allowed real esta...
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Posted Date : 09-May-2019 , 10:59:58 am | Posted By CASANSAAR
The taxman has asked builders to choose before May 10 the new goods & services tax (GST) rate for ongoing realty projects. The concessional rate, which came into effect April 1, was set at 1% for affordable houses and 5% for others, from the earlier 8% and 12%, respectively. Developers ...
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Posted Date : 08-May-2019 , 07:17:47 am | Posted By CASANSAAR
The Committee of Creditors (CoC) of a non-performing asset (NPA or bad loan) account must provide all relevant information and share its vision for the company under resolution with the prospective resolution applicants in order to come up with a rescue plan, the insolvency regualtor has said. ...
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Posted Date : 08-May-2019 , 07:13:17 am | Posted By CASANSAAR
The lenders to the crippled Reliance Communications (RCom) May 7 moved NCLT to appoint a new resolution professional and form a committee of creditors, the first step to begin the bankruptcy process of the Anil Ambani group company that owes close to Rs 50,000 to 31 lenders led by State Bank of Indi...
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Posted Date : 06-May-2019 , 05:33:08 pm | Posted By CASANSAAR
CA Sansaar had created the history by organising Seminar at Attari Border. CA Sansaar had organised the study tour for members to Amritsar on 04-05 May 2019. Members from Delhi, Gaziabad, Mumbai, Rohtak, Kaithal, Patiala, Jaipur, Ludhiana, Narnaul, Chandigarh, Batala and Amritsar had joined the Stud...
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Posted Date : 06-May-2019 , 10:16:00 am | Posted By CASANSAAR
All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said. The revenue secretary is monitoring the progress of...
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Posted Date : 06-May-2019 , 10:10:52 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is understood to be weighing a plan to ‘incentivise’ lenders to take errant borrowers to bankruptcy court. It’s part of the regulatory countermove that RBI is working on to overcome hurdles in the wake of a recent Supreme Court ruling. A mon...
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Posted Date : 06-May-2019 , 10:08:09 am | Posted By CASANSAAR
In a first in recent history of tax filings, income tax e-filings in FY2019 have dropped by more than 6.6 lakh, a trend that analysts said was surprising as tax base was expected to increase post demonetisation. According to statistics put out on Income Tax Department's e-filing website, inco...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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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
Professional News For CA,CS,CMA.Fresh Accounting News Articles On Income Tax,Service Tax,Sales Tax, Vat,Company Law,RBI,CAG,Custom,Excise On CASANSAAR
