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Posted Date : 08-Apr-2019 , 08:44:01 am | Posted By CASANSAAR
GST officers have started seeking clarification from companies whose tax payments did not match with the e-way bills generated, as revenue authorities start matching supplies data to check tax evasion, sources said. Touted as an anti-evasion measure, e-way bill system was rolled out on April 1, 2...
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Posted Date : 07-Apr-2019 , 10:21:31 am | Posted By CASANSAAR
Individuals and businesses have to disclose more details of professional and residential status, as well as their income, while filing income tax returns (ITRs) for 2018-19, according to the new forms notified on Thursday night by the income tax department. The aim is to increase transparency and na...
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Posted Date : 06-Apr-2019 , 08:24:48 am | Posted By CASANSAAR
The board of Lakshmi Vilas Bank on Friday approved the merger of the private sector lender with Indiabulls Housing Finance (IBH) through a share swap deal. The merger will help Indiabulls get access to low-cost stable funds and an entry into banking. The company, the nation’s second largest ho...
Continue Reading... Category : Merger & Acquisitions | Comments : 0 | Hits : 435
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Posted Date : 05-Apr-2019 , 08:04:52 am | Posted By CASANSAAR
With the Supreme Court striking down the Reserve Bank of India's (RBI’s) February 12, 2018, circular, Governor Shaktikanta Das said on Thursday that the central bank would shortly come up with a revised circular for restructuring stressed assets. Das said the apex court's order had ...
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Posted Date : 04-Apr-2019 , 07:53:39 pm | Posted By CASANSAAR
The CBI has arrested an income tax officer from Bengaluru allegedly for accepting a bribe of Rs 14 lakh from a complainant and was later produced before the court, an official said on Thursday. According to sources, the officer has been identified as HR Nagesh. Besides Nagesh, the agency ha...
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Posted Date : 04-Apr-2019 , 02:46:41 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday cut the repo rate by 25 basis points to 6 percent in the first bi-monthly monetary policy meet of the financial year (FY) 2019-20. It was the first back-to-back rate cut by the central bank since the Monetary Policy Committee (MPC) was formed in late 2016....
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Posted Date : 04-Apr-2019 , 08:20:33 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has taken a position that it will contest applications under right to information (RTI) seeking audit and inspection reports of banks despite a Supreme Court ruling in favour of disclosing the information. In a change of tack, the RBI has also decided to share informa...
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Posted Date : 04-Apr-2019 , 08:14:47 am | Posted By CASANSAAR
The Supreme Court's order quashing the RBI's February 12 circular will give the government discretionary power to issue a direction to the apex bank for referring a defaulting company to the NCLT on a case by case basis in public interest, official sources said. The Supreme Court on Tuesd...
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Posted Date : 04-Apr-2019 , 08:10:08 am | Posted By CASANSAAR
Cracking down on tax evaders, the CBIC has asked tax officers to be cautious while processing application for fresh GST registration by those businesses whose earlier registration has been cancelled due to non-compliance. The Central Board of Indirect Taxes and Customs (CBIC) also directed tax of...
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Posted Date : 03-Apr-2019 , 04:23:47 pm | Posted By CASANSAAR
The Delhi High Court has held that banking legislation and the Insolvency and Bankruptcy Code, 2016 (IBC) do not prevail over the Prevention of Money Laundering Act, 2002 (PMLA) when it comes to attachment of properties obtained as “proceeds of crime”. The Recovery of Debts Due to Ban...
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Posted Date : 03-Apr-2019 , 09:28:24 am | Posted By CASANSAAR
The Supreme Court decision declaring RBI's February 12 circular ultra vires may push for a relook to some of the cases referred to the National Company Law Tribunal (NCLT), said a report on Tuesday. The circular mandates lenders to initiate resolution or restructuring of loans of Rs 2,000 cro...
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Posted Date : 02-Apr-2019 , 01:34:03 pm | Posted By CASANSAAR
The Supreme Court on Tuesday declared the Reserve Bank of India circular of February 12, which mandates insolvency proceedings for a debt servicing default beyond 180 days, to be ultra vires. A Bench of Justices Rohinton F. Nariman and Indu Malhotra pronounced the judgment meant to be a relief fo...
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Posted Date : 02-Apr-2019 , 09:33:45 am | Posted By CASANSAAR
Reserve Bank of India has made life a little bit easier for banks by tweaking the bad loan divergence rule. Banks’ disclosure of divergence practice mandated by RBI aims at improving transparency in asset classification and preventing under-reporting of bad loans. The central bank has on Monda...
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Posted Date : 02-Apr-2019 , 09:33:29 am | Posted By CASANSAAR
The new accounting standard for leases will bring substantial visibility of companies’ lease commitments and improve the quality of financial information about companies, chartered accountants’ body Institute of Chartered Accountants of India (ICAI) said on Monday. Ind AS 116, which s...
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Posted Date : 02-Apr-2019 , 09:33:04 am | Posted By CASANSAAR
In the first major action by the Serious Fraud Investigation Office (SFIO) in the IL&FS case in Mumbai, Hari Sankaran, former vice-chairman and MD of the scandal-hit company was arrested on Monday for allegedly conspiring to commit fraud by funding defaulting borrowers, and indiscriminate lendin...
Continue Reading... Category : General | Comments : 0 | Hits : 1499
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Posted Date : 01-Apr-2019 , 06:19:46 pm | Posted By CASANSAAR
Bank of Baroda (BoB) on Monday became the second largest state-owned lender after merging Dena Bank and Vijaya Bank into itself as part of the first three-way amalgamation. The consolidated entity started its operation with a business mix of over Rs 15 lakh crore of balance sheet, with deposits a...
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Posted Date : 01-Apr-2019 , 06:14:41 pm | Posted By CASANSAAR
Total Gross GST revenue collected in the month of March, 2019 is Rs. 1,06,577 crore of which CGST is Rs. 20,353 crore, SGST is Rs.27,520 crore, IGST is Rs.50,418 crore (including Rs. 23,521crore collected on imports) and Cess is Rs. 8,286 crore (including Rs. 891crore collected on imports). The tota...
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Posted Date : 01-Apr-2019 , 08:12:16 am | Posted By CASANSAAR
New guidelines on bank exposure to large borrowers take effect on 1 April, even as the Indian Banks’ Association (IBA) has made a last-ditch attempt to defer the deadline. The new guidelines cap a bank’s exposure to a group of connected companies at 25% of its core capital, and to an ...
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Posted Date : 31-Mar-2019 , 09:25:04 pm | Posted By CASANSAAR
All commercial and co-operative banking institutions will remain closed on Monday i.e. April 1 on account of annual closing of accounts, the Reserve Bank of India said. Bank branches, however, will be open on Sunday to facilitate government receipt and payment transactions. The central bank, in a...
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Posted Date : 31-Mar-2019 , 09:04:59 pm | Posted By CASANSAAR
The government has extended the cut-off date for linking Aadhaar with Permanent Account Number (PAN) to September 30, 2019. However, it would be mandatory to quote and link Aadhaar number while filing the return of income from April 1, 2019 unless specifically exempted. “The ...
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Posted Date : 31-Mar-2019 , 02:34:39 pm | Posted By CASANSAAR
The pilot project envisaged for rolling out simplified monthly GST return forms from April 1 has been deferred and the new forms would be made available once they the notified and the software is ready. The GST Council had in July last year decided that the simplified GST return forms -- Sahaj an...
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Posted Date : 31-Mar-2019 , 12:42:52 pm | Posted By CASANSAAR
Branches of Vijaya Bank and Dena Bank will function as Bank of Baroda outlets from April 1, following amalgamation of the two lenders with the latter, the RBI said on Saturday. The merger of Vijaya Bank and Dena Bank with Bank of Baroda, will be effective from April 1, 2019. “Consequently, ...
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Posted Date : 31-Mar-2019 , 12:31:58 pm | Posted By CASANSAAR
Bank Branch Audit 2019 - Update on allotment of Branches As per information received, RBI has approved the Bank Branch Audit Panel. Banks start sending mails for allotment of Branches. Following Banks has started sending emails for allotment of branches as informed by Mem...
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Posted Date : 30-Mar-2019 , 07:59:20 am | Posted By CASANSAAR
Chartered accountants across the country have requested the Prime Minister’s office and the Finance Ministry to rein in tax officials who have been directed to take “all possible actions” to recover tax amid a shortfall in revenue collection. On March 26, the Central...
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Posted Date : 30-Mar-2019 , 07:58:06 am | Posted By CASANSAAR
Tax evasion is likely to get more difficult if not impossible with the entry of Big Data Analytics into the Income Tax (I-T) Department's realm of tools to check tax evasion starting April 1. The Rs 1,000 crore programme named "Project Insight" would track social networking profiles...
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Posted Date : 30-Mar-2019 , 07:47:06 am | Posted By CASANSAAR
The Supreme Court has held that the Assessing Officer can suo moto extend the time period for a special audit retrospectively, even before the amendment in the Finance Act of 2008. The judgment, which lays to rest a long controversy, relates to Section 142 (2C) of the Income Tax Act, which deals ...
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Posted Date : 29-Mar-2019 , 07:13:52 am | Posted By CASANSAAR
The CBDT has issued directions to Income Tax offices across the country to probe financial transactions of about three lakh firms, de-registered by the government for their dubious financial credentials, for tax evasion and money laundering, especially during demonetisation. The board has a...
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Posted Date : 29-Mar-2019 , 12:34:07 pm | Posted By CASANSAAR
Clearing decks for the scheduled merger of three public sector lenders -- Vijaya Bank, Dena Bank and Bank of Baroda -- the Supreme Court on Thursday refused to stay the amalgamation. The top court dismissed the applications filed by several bank officers' associations for staying the merger, ...
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Posted Date : 29-Mar-2019 , 12:28:40 pm | Posted By CASANSAAR
The Goods and Services Tax, GST Authority has clarified that transfer or change in the ownership of business will include transfer or change in the ownership of business due to death of the sole proprietor. In a circular, Central Board of Indirect Taxes and Customs, CBIC said, that the transferee or...
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Posted Date : 28-Mar-2019 , 04:04:17 pm | Posted By CASANSAAR
Taking note of tribunals being starved of manpower and infrastructure for years, the Supreme Court on Wednesday expressed concern over the large number of vacancies in important tribunals and asked the Centre to fill them up in two weeks. A constitution bench of Chief Justice Ranjan Gogoi and Jus...
Continue Reading... Category : General | Comments : 0 | Hits : 175
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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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