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  • RBI to punish Auditors for lapses in Bank Audit
    Posted Date : 05-Feb-2019 , 07:34:59 am | Posted By CASANSAAR

    Reserve Bank of India said it would punish statutory auditors for lapses in conducting banks’ statutory audit and may even bar them from taking fresh audit assignment depending on the magnitude of it. The regulator said the quantum of punishment will depend on the magnitude of divergence fr...

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  • GST throws a challenge to CAG - Rajiv Mehrishi
    Posted Date : 05-Feb-2019 , 07:08:49 am | Posted By CASANSAAR

    GST has come as a challenge for government auditor CAG as huge numbers are to be worked, Comptroller & Auditor General of India (CAG) Rajiv Mehrishi said Monday.  The new indirect tax regime, however, also offers an opportunity as the data is available on a single platform making it poss...

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  • IDBI Bank may now become LIC IDBI Bank or LIC Bank
    Posted Date : 05-Feb-2019 , 07:01:20 am | Posted By CASANSAAR

    The board of IDBI Bank Monday proposed change in the name of the lender to either LIC IDBI Bank or LIC Bank following its takeover by Life Insurance Corporation. Last month, the insurance behemoth completed the acquisition of 51 per cent controlling stake in IDBI Bank, marking the entry of more t...

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  • Board of bankrupt companies can access documents - SC
    Posted Date : 04-Feb-2019 , 11:51:08 am | Posted By CASANSAAR

    The erstwhile boards of bankrupt companies will now have access to vital documents, including proposed resolution plans of the companies they ran, while participating in the meetings of the lenders, the Supreme Court has ruled.  The apex court in its order dated January 31 also ruled, howeve...

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  • Income tax rebate of Rs 12500 to those who earn up to Rs 5 lakh from April 1 - CBDT
    Posted Date : 02-Feb-2019 , 04:45:51 pm | Posted By CASANSAAR

    The income tax department will give a "straight rebate" of Rs 12,500 to people having an annual income of Rs 5 lakh from the beginning of next fiscal, thus making their tax liability zero, CBDT Chairman Sushil Chandra said Friday, explaining the proposal made in the Union Budget for 2019-2...

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  • Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed
    Posted Date : 01-Feb-2019 , 01:54:48 pm | Posted By CASANSAAR

      Individual taxpayers having taxable annual income up to  Rs.5 lakhs will get full tax rebate and therefore will not be required to pay any income tax.  While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways &amp...

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  • Highlights Of Interim Budget 2019-20
    Posted Date : 01-Feb-2019 , 01:53:22 pm | Posted By CASANSAAR

    The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows:   New Announcements Farmers 12 crore small and marginal farmers to be provided wit...

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  • Tax collections increased from Rs 6.38 Lakh Cr in year 2013-14 to almost Rs 12 Lakh Cr
    Posted Date : 01-Feb-2019 , 01:39:27 pm | Posted By CASANSAAR

      The Government has reduced tax rates, more for the common man and middle class, and made the interface with the tax department much simpler and largely faceless. Due to this, the tax collections increased significantly from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore this year...

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  • Budget 2019 - Defence budget hiked to Rs. 3,05,296 crore
    Posted Date : 01-Feb-2019 , 01:30:12 pm | Posted By CASANSAAR

      Rs. 3,05,296 crore have been provided in the Budget Estimates for 2019-20, compared to Rs. 2,82,733 crore provided in 2018-19 Budget Estimates. The figures were revised to Rs. 2,85,423 crore in the Revised Estimates of 2018-19. While presenting the Interim Budget 2019-20 in Parliament toda...

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  • One Lakh villages to go digital over next five years
    Posted Date : 01-Feb-2019 , 01:28:27 pm | Posted By CASANSAAR

    India having emerged as the world leader in the consumption of mobile data, the Government now aims to widen its impact by reaching out to the interior and rural areas. While presenting the Interim Budget 2019-20 in Parliament today, the Union Minister for Finance, Corporate Affairs, Railways & ...

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  • Govt allocates Rs.64,587 Crore for Railways in 2019-20
    Posted Date : 01-Feb-2019 , 01:26:55 pm | Posted By CASANSAAR

      In the Interim Budget 2019-20, the Railways has been allocated Rs.64,587 crore.  The Railways’ overall capital expenditure programme is of Rs.1,58,658 crore.  This was stated by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal, while...

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  • Anti-black money measures brought undisclosed income of about Rs 1.3 Lakh Crore to tax
    Posted Date : 01-Feb-2019 , 01:25:45 pm | Posted By CASANSAAR

    The anti-black money measures taken by the Government during the last four and half years in the form of Black Money Law, the Fugitive Criminal Offenders Act, and Demonetisation, have brought undisclosed income of about Rs 1,30,000 crore to tax. These measures have also led to seizure and attachment...

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  • Union Budget 2019 - Live Updates
    Posted Date : 01-Feb-2019 , 07:12:38 am | Posted By CASANSAAR

    FM Piyus Goyal to present Interim Budget 2019 today. CASANSAAR are providing you live updates of Interim Budget 2019. JUST REFRESH THE PAGE (CLICK F5) FOR ALL LIVE UPDATES. Individual taxpayers having annual income upto 5 lakhs will get full tax rebate Capital gains exempti...

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  • CBDT notifies verification scheme for issuance of e-notices to taxpayers
    Posted Date : 01-Feb-2019 , 09:20:42 am | Posted By CASANSAAR

    The Central Board of Direct Taxes (CBDT) has come up with a new verification scheme for issuance of e-notices to taxpayers. It will also process the taxpayers’ information, related documents and make the data available to the assessing officer, it said in a notification on Thursday. “...

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  • GSTN develops system to fetch e-way bill data to curb evasion
    Posted Date : 01-Feb-2019 , 09:18:40 am | Posted By CASANSAAR

    Now, businesses supplying goods worth more than Rs 50,000 will have option to include details of e-way bills generated while filing the final monthly sales return under GSTR-1, a move aimed at curbing tax evasion by reporting different sets of supplies data. Matching of invoices of e-way bills wi...

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  • GST collections in January cross Rs 1 lakh crore mark
    Posted Date : 01-Feb-2019 , 09:05:29 am | Posted By CASANSAAR

    The GST collections in January this year has crossed one lakh crore rupees mark.  In a tweet, Finance Ministry said, this has been a significant improvement in comparison to GST collection over 94 thousand crore rupees during last month. It said, in January last year the GST collection wa...

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  • RBI lifts lending restrictions of BoI, BoM and OBC
    Posted Date : 31-Jan-2019 , 10:24:50 pm | Posted By CASANSAAR

    The Reserve Bank of India (RBI) on Thursday removed three state-owned banks from its weak-bank watch list, a move that will lift lending restrictions on them. "It has been decided that Bank of India (BoI) and Bank of Maharashtra (BoM) which meet the regulatory norms including Capital Conserv...

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  • FM Piyush Goyal to present Union Budget in Parliament
    Posted Date : 31-Jan-2019 , 10:05:26 pm | Posted By CASANSAAR

    Finance Minister Piyush Goyal will present the Budget in Parliament tomorrow. AIR correspondent reports that the government is likely to announce several welfare measures for various sections of society.  Industries bodies expect that the credit flow to industries will increase and corporate...

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  • SEBI proposes relaxed norms for REITs, InvITs to increase access to investors
    Posted Date : 31-Jan-2019 , 09:01:28 am | Posted By CASANSAAR

    Sebi has proposed a new set of framework for REITs and InvITs in order to provide flexibility to the issuers in terms of fund raising and increasing the access of these investment vehicles to investors. Under the proposal, minimum allotment and trading lot for publicly issued REITs (Real Estate I...

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  • Budget session of Parliament begins today
    Posted Date : 31-Jan-2019 , 08:48:43 am | Posted By CASANSAAR

    The budget session of Parliament begins today. The session will commence with President Ram Nath Kovind's address to the joint sitting of both the Houses in Central Hall at 11 AM. The Budget will be presented tomorrow. The session will conclude on the 13th of next month. The government has co...

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  • Adjudicating Authority revokes benami attachment order against SRK
    Posted Date : 30-Jan-2019 , 08:53:25 am | Posted By CASANSAAR

    Actor Shah Rukh Khan has been absolved of the charge of being a beneficiary of a benami property in the scenic beach town of Alibaug in Maharashtra as an appellate Authority under the law has "revoked" the attachment order of the I-T Department, calling it baseless and coloured. The Adj...

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  • Rajasthan HC notice to Centre, State Govt on GST input credit benefit delay
    Posted Date : 30-Jan-2019 , 08:30:10 am | Posted By CASANSAAR

    Rajasthan High Court on Tuesday issued notices to the Central government, state government and the GST Council seeking reply in four weeks on the denial of the input tax credit benefit. Lakhani Metal and Castings Pvt. Ltd. of Bikaner had moved a petition challenging the clause (ii) of proviso of ...

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  • Govt may ask taxmen to file GST profiteering pleas
    Posted Date : 30-Jan-2019 , 08:28:02 am | Posted By CASANSAAR

    The GST officials are working out mechanism to prompt taxmen to initiate profiteering complaints, which could be taken up for further investigation by the Directorate General of Anti-Profiteering (DGAP). Currently, only consumers file complaints against businesses for not passing on the benefits ...

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  • Govt empowers PSU banks to seek lookout circulars against wilful defaulters
    Posted Date : 28-Jan-2019 , 08:42:36 am | Posted By CASANSAAR

    In a bid to prevent big economic offenders like Vijay Mallya and Nirav Modi from fleeing the country, the government has empowered PSU banks to request lookout circulars (LOCs) against wilful defaulters and fraudsters, officials said on Sunday. The Home Ministry has also authorised the Serious Fr...

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  • IL&FS may hire Auditors to check 5 years’ accounts
    Posted Date : 27-Jan-2019 , 08:29:03 pm | Posted By CASANSAAR

    Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services (IL&FS) is looking to appoint an auditor that will look into audited books of the group and its subsidiaries, said people with direct knowledge of the matter.  Role of EY, Deloitte and KPMG that ...

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  • SC issues contempt notices to RBI for denying info under RTI on loan defaulters
    Posted Date : 27-Jan-2019 , 08:27:38 pm | Posted By CASANSAAR

    The Supreme Court on Friday issued contempt notices to the RBI for failing to reveal under the Right to Information Act intelligence received on loan defaulters and details of action taken against banks in connection with fraud.  In December 2015, a bench of the top court — comprising ...

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  • Tax officials may examine high usage of ITC to set off GST liability
    Posted Date : 27-Jan-2019 , 08:18:00 pm | Posted By CASANSAAR

    Concerned over a decline in GST revenues, tax officials are likely to examine the high usage of input tax credit (ITC) to set off tax liability by businesses, sources said. The issue of high ITC was flagged at the meeting of the Group of Ministers (GoM) which was set up by the GST Council to look...

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  • Happy Republic Day
    Posted Date : 26-Jan-2019 , 09:08:17 am | Posted By CASANSAAR

    Our Best Wishes to You On the Republic Day Let Us Salute the Prosperity of India and Every Freedom Fighter Who Made It Possible Let Us Hail the Glory Of This Wonderful Country India and its Freedom Fighters Who Made it All a Victory for Us. Happy Republic Day.!!!...

    Continue Reading... Category : General | Comments : 0 | Hits : 263

  • Padma Awards 2019 announced
    Posted Date : 26-Jan-2019 , 09:04:59 am | Posted By CASANSAAR

    Padma Awards - one of the highest civilian Awards of the country, are conferred in three categories, namely, Padma Vibhushan, Padma Bhushan and Padma Shri. The Awards are given in various disciplines/ fields of activities, viz.- art, social work, public affairs, science and engineering, trade and in...

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  • Supreme Court upholds Insolvency and Bankruptcy Code in its entirety
    Posted Date : 25-Jan-2019 , 03:56:26 pm | Posted By CASANSAAR

    The Supreme Court of India upheld the two-year old insolvency code in its entirety, quashing petitions which challenged the law saying it was discriminatory.  The two-judge bench headed by Justice Rohinton Nariman also upheld the ban on promoters’ bids for the defaulting company underg...

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