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  • Income tax dept to issue only e-refunds from Mar 1, 2019
    Posted Date : 27-Feb-2019 , 08:15:22 am | Posted By CASANSAAR

    Come March 1, 2019 Income tax department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN.  In addition to that, you are also required to prae-validate your bank account with the income tax department e-filing portal to receive tax refund.&n...

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  • RBI removes Allahabad Bank, Corporation Bank and Dhanlaxmi Bank from PCA framework
    Posted Date : 27-Feb-2019 , 08:11:56 am | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on February 26 said that Allahabad Bank, Corporation Bank and Dhanlaxmi Bank have been taken out of the Prompt Corrective Action (PCA) framework. In a statement, RBI said the Board for Financial Supervision (BFS) reviewed the performance of banks under PCA and note...

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  • Trade bodies welcome rate cut in GST on real estate
    Posted Date : 25-Feb-2019 , 08:30:31 am | Posted By CASANSAAR

    Various trade bodies have lauded the GST Council decision on Goods and Services Tax rate cut on real estate.  Director General of Confederation of Indian Industry (CII) Chandrajit Banerjee said the GST Council's decision will address the needs of home buyers and boost offtake of housing....

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  • IBC reigns supreme over other Civil Laws - Delhi HC
    Posted Date : 25-Feb-2019 , 08:22:38 am | Posted By CASANSAAR

    The Delhi High Court on Friday upheld the supremacy of Insolvency and Bankruptcy Code (IBC) over other civil laws such as those of contracts and guarantees and said that only the National Company Law Tribunal (NCLT) or similar adjudicating authorities should deal with the cases falling under the cod...

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  • GST on under-construction housing properties cut to 5%, affordable houses to 1%
    Posted Date : 24-Feb-2019 , 08:09:51 pm | Posted By CASANSAAR

    Union and state governments on Sunday decided to lower Goods and Services Tax (GST) on under construction housing properties to 5% from an effective 12% in a pro-consumer decision ahead of national polls due by April-May. GST rate on affordable housing projects too has been lowered from an effect...

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  • MCA seeks more details from Companies to put a check on shell firms
    Posted Date : 23-Feb-2019 , 11:03:11 am | Posted By CASANSAAR

    Every company incorporated till December 31, 2017, has to disclose its particulars and registered office in a new return, a move aimed at tightening the noose around shell firms. Experts say the move would increase the compliance burden on companies and be good for the economy in the long run. ...

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  • Finance Bill 2019 becomes Act - President assented interim Budget 2019
    Posted Date : 23-Feb-2019 , 10:58:30 am | Posted By CASANSAAR

    The interim budget 2019 finance bill has been assented to by the President on February 21 thereby making it an Act. This means that the proposals in the Finance bill 2019 including the tax changes now become law. The interim budget had proposed to increase standard deduction for salaried employees t...

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  • CBDT sets up panel to help bring down tax litigation
    Posted Date : 23-Feb-2019 , 10:56:29 am | Posted By CASANSAAR

    The government is looking to address taxation-related pain points and cut down the number of tax litigations, while focusing on some of the major issues that may lead to revenue generation, people familiar with the development said.  The Central Board of Direct Taxes (CBDT) has formed a four...

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  • MCA announces new verification e-form for newly-incorporated companies
    Posted Date : 23-Feb-2019 , 10:52:50 am | Posted By CASANSAAR

    The Ministry of Corporate Affairs (MCA) has rolled out a new e-form that must be filed by all companies incorporated on or before December 31, 2017. According to a February 21 press note, the form is named ACTIVE (INC-22A), and is part of the ACTIVE (Active Company Tagging Identities and Verifica...

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  • Government passes ordinance to ban unregulated deposit
    Posted Date : 22-Feb-2019 , 09:36:03 pm | Posted By CASANSAAR

    In a bid to save credulous investors from ponzi schemes, the Central government has banned unregulated deposit schemes, a move that may help tackling the menace of illicit deposit-taking activities. Pursuant to this ordinance now any Individual or group of individuals cannot take any deposit or l...

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  • CBI issues lookout circular against Chanda Kochhar
    Posted Date : 22-Feb-2019 , 03:06:22 pm | Posted By CASANSAAR

    After charging her for corruption and cheating last month, the Central Bureau of Investigation (CBI) has alerted the immigration authorities at all the airports and entry-exit points across the country to inform it if former ICICI Bank CEO Chanda Kochhar + tries to leave the country. Highly place...

    Continue Reading... Category : Banking | Comments : 0 | Hits : 463

  • SEBI revises minimum haircut for govt securities used as collateral
    Posted Date : 22-Feb-2019 , 08:40:23 am | Posted By CASANSAAR

    Sebi on Thursday revised the minimum haircut for government securities (G-sec) that are used as collateral in the market. Generally, haircut refers to the difference between the market value of the particular securities and the value at which the same has been kept as collateral. Now, there would...

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  • EPFO Board recommends interest rate of 8.65% for FY19
    Posted Date : 21-Feb-2019 , 10:16:27 pm | Posted By CASANSAAR

    The Board of retirement fund body Employees’ Provident Fund Organisation (EPFO) has recommended an interest rate of 8.65 percent for FY19, 10 basis points higher than FY18, to its six crore subscribers. This is the first time since FY16 that the interest rate has been raised. The EPFO Bo...

    Continue Reading... Category : General | Comments : 0 | Hits : 231

  • Merger of Vijaya Bank and Dena Bank with BoB to be effective from April 1
    Posted Date : 21-Feb-2019 , 08:23:57 am | Posted By CASANSAAR

    Bank of Baroda on Wednesday said the merger of Dena Bank and Vijaya Bank with itself would be effective from April 1 as per the scheme of amalgamation approved by the government. Besides, the board of the bank fixed March 11, 2019, as record date for issuing and allotting equity shares of the Ban...

    Continue Reading... Category : Merger & Acquisitions | Comments : 0 | Hits : 964

  • GST Council defers decision on tax on real estate
    Posted Date : 20-Feb-2019 , 10:41:56 pm | Posted By CASANSAAR

    The GST Council deferred a decision on the rationalisation of tax rates on real estate till February 24 as some states wanted a physical meeting before a final decision is taken on the issue.  Briefing media after the 33rd meeting of GST Council held in New Delhi on Wednesday through video- ...

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  • Govt to infuse Rs 48,239 Cr in 12 Public Sector Banks
    Posted Date : 20-Feb-2019 , 10:34:08 pm | Posted By CASANSAAR

    The government has approved recapitalisation of Rs 48,239 crore in 12 public sector banks, including fraud-hit Punjab National Bank.  It will pump Rs 6,896 crore in Allahabad Bank, Rs 4,112 crore in Union Bank, Rs 4,638 crore in Bank of India, Rs 205 crore in Bank of Maharashtra and Rs 9,086...

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  • Cabinet approves Promulgation of the Companies (Second Amendment) Ordinance 2019
    Posted Date : 19-Feb-2019 , 10:42:48 pm | Posted By CASANSAAR

      The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of the Companies (Second Amendment) Ordinance 2019 and for replacement of the said Ordinance in Parliament by a replacement Bill. It is based on the recommendations of the Committee to review offen...

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  • Banks may have to write off nearly Rs 30,000 cr of loan to IL&FS entities
    Posted Date : 19-Feb-2019 , 05:10:25 pm | Posted By CASANSAAR

    Financial institutions that have lent money to IL&FS group companies could be collectively staring at a write-off of nearly Rs 30,000 crore, a source told Moneycontrol. That is because Rs 65,000 crore of the outstanding loans are to IL&FS groups classified in the ‘red’ categor...

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  • RBI to give Rs 28,000 cr to Centre as dividend
    Posted Date : 19-Feb-2019 , 06:43:33 am | Posted By CASANSAAR

    The Reserve Bank has announced that it will transfer an interim surplus of 28,000 crore rupees to the central government for the half-year ended 31st December 2018. In a statement, the RBI said the decision has been based on a limited audit review and after applying the extant economic capital fr...

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  • CIC pulls up RBI for non-disclosure of demonetisation records
    Posted Date : 18-Feb-2019 , 09:26:44 pm | Posted By CASANSAAR

    The Central Information Commission has pulled up the Reserve Bank of India for "perfunctory handling" of an RTI application seeking records of its board meetings where the issue of demonetisation was deliberated, and issued a show-cause notice to its Central Public Information Officer.&nbs...

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  • GoM favours uniform tax on lottery, GST Council to decide rate on Feb 20
    Posted Date : 18-Feb-2019 , 09:22:08 pm | Posted By CASANSAAR

    A state ministerial panel set up to review tax rate on lottery Monday favoured a uniform GST rate of either 18 per cent or 28 per cent -- a final call on which would be taken by the GST Council at its meeting on February 20.  Currently, a state-organised lottery attracts 12 per cent GST whil...

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  • RBI to transfer Rs 28,000 cr interim surplus to Centre
    Posted Date : 18-Feb-2019 , 09:18:35 pm | Posted By CASANSAAR

    The Reserve Bank has announced that it will transfer an interim surplus of Rs 28,000 crore to the central government for the half-year ended 31st December, 2018.  In a statement issued on Monday evening, the RBI said the decision has been based on a limited audit review and after applying th...

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  • Karnataka businessman jailed for income tax default of Rs 7.35 Cr
    Posted Date : 18-Feb-2019 , 08:55:37 am | Posted By CASANSAAR

    A Karnataka-based businessman has been jailed for six months for allegedly not filing his income tax arrears and interest of around Rs 7.35 crore despite reminders, an official said on Saturday. "The defaulter was arrested on Friday for failing to pay his tax arrears and produced before the ...

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  • IICA launches two-year graduate insolvency programme
    Posted Date : 16-Feb-2019 , 08:38:52 am | Posted By CASANSAAR

    With growing demand for insolvency professionals, Indian Institute of Corporate Affairs (IICA) has launched a graduate insolvency programme (GIP). Approved by the Insolvency and Bankruptcy Board of India (IBBI), GIP offers course for those individuals who want to join the insolvency profession or...

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  • ICAI withdraws announcement on Auditor rotation after govt directive
    Posted Date : 16-Feb-2019 , 08:36:36 am | Posted By CASANSAAR

    Chartered accountants' apex body ICAI on  Friday withdrew an announcement regarding applicability of rotation of auditors at companies, following a directive from the corporate affairs ministry. In a rare instance, the ministry told the Institute of Chartered Accountants of India (ICAI) ...

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  • PAN Aadhaar Linking is mandatory for tax filers and to be completed by March 31 - CBDT
    Posted Date : 16-Feb-2019 , 08:34:14 am | Posted By CASANSAAR

    The CBDT has stressed that Aadhaar-PAN linking is 'mandatory' for those filing an Income Tax Return (ITR) and this procedure has to be 'completed' by March 31 this year. "Constitutional validity of Aadhaar has been upheld by the Supreme Court of India in September, 2018. Consequ...

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  • PC Mody takes charge as new CBDT Chairman
    Posted Date : 16-Feb-2019 , 08:20:03 am | Posted By CASANSAAR

    IRS officer Pramod Chandra Mody on Friday took over as the new chairman of the Central Board of Direct Taxes (CBDT), the policy making body of the Income Tax Department. Mody, a 1982-batch Indian Revenue Service (Income Tax cadre) officer, has been appointed in place of Sushil Chandra, who was on...

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  • Arun Jaitley resumes charge of Finance Ministry
    Posted Date : 15-Feb-2019 , 02:54:51 pm | Posted By CASANSAAR

    Union Minister Arun Jaitley on Friday resumed charge as finance minister after his return from the US last Saturday. “The President of India, as advised by the Prime Minister, has directed to assign the portfolios of the Minister of Finance and Minister of Corporate Affairs to Shri Arun Jai...

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  • CBDT chairman Sushil Chandra appointed as new Election Commissioner
    Posted Date : 15-Feb-2019 , 10:06:16 am | Posted By CASANSAAR

    Sushil Chandra, the chairman of the Central Board of Direct Taxes (CBDT), has been appointed as the new Election Commissioner on Thursday. A 1980-batch Indian Revenue Service (IRS) official and an IIT alumnus, Chandra has recently retired from the CBDT, who was given a one-year extension till May...

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  • ICAI to train 1 lakh students on GST accounting
    Posted Date : 15-Feb-2019 , 10:02:22 am | Posted By CASANSAAR

    The Institute of Cost Accountants of India (ICAI) will be launching a course in Goods and Services Tax (GST) accounting in a about a month from now. “We are in discussions with Government and modalities are being worked out,” Amit Anand Apte, President, ICAI told newspersons here on T...

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