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Posted Date : 14-Jan-2019 , 07:23:33 am | Posted By CASANSAAR
The government has re-promulgated an ordinance to amend the companies law to further improve the ease of doing business as well as ensure better compliance levels. Since the Bill to make amendments to the Companies Act, 2013, is pending in the Rajya Sabha, the ordinance has been re-promulgated. T...
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Posted Date : 14-Jan-2019 , 07:13:41 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal has held that financial creditor can proceed against corporate guarantor even before proceeding against corporate debtor. It was held : We hold that it is not necessary to initiate 'Corporate Insolvency Resolution Process' against the 'Pr...
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Posted Date : 13-Jan-2019 , 03:18:45 pm | Posted By CASANSAAR
Private sector lender IDFC Bank said its name has been changed to IDFC First Bank Ltd with effect from Saturday. “...the name of the Bank has been changed from IDFC Bank Ltd to ‘IDFC First Bank Limited’ with effect from January 12, 2019 by virtue of ‘Certificate of Incorporat...
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Posted Date : 13-Jan-2019 , 03:12:59 pm | Posted By CASANSAAR
In a consumer-friendly measure, the revenue department is planning to make it mandatory for composition dealers and service providers to declare their GST registration status in invoices to ensure that they do not charge any tax from buyers. The measure, once implemented, would check the widespre...
Continue Reading... Category : GST | Comments : 0 | Hits : 543
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Posted Date : 12-Jan-2019 , 07:17:40 am | Posted By CASANSAAR
Markets regulator Sebi Friday slapped a fine totalling Rs 20 lakh on two entities for executing fraudulent trades, which created artificial volume in the illiquid stock option segment on the BSE. The regulator conducted a probe between April 2014 and September 2015 into the trading activities of ...
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Posted Date : 12-Jan-2019 , 09:18:11 am | Posted By CASANSAAR
Ashok Chawla resigned as the chairman of the National Stock Exchange(NSE) in light of the recent legal developments, the bourse said in a release on Friday evening. The Central Bureau of Investigation(CBI) on Friday informed a special CBI court that it has got sanction from the government t...
Continue Reading... Category : Shares & Stock | Comments : 0 | Hits : 367
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Posted Date : 12-Jan-2019 , 09:10:01 am | Posted By CASANSAAR
Results of the Chartered Accountants Final Examination (Old course & New Course), Foundation Examination and Common Proficiency Test (CPT) held in November/December, 2018 are likely to be declared on Wednesday, the 23rd January 2019 around 6.00 P.M - ICAI...
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Posted Date : 12-Jan-2019 , 08:59:47 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on Citibank India for not complying with directions regarding the 'fit-and-proper criteria' for directors of the bank. The RBI in a statement, however, added that the action is based on deficiencies in regulatory co...
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Posted Date : 12-Jan-2019 , 08:49:36 am | Posted By CASANSAAR
FOR INFORMATION OF THE MEMBERS Subject: Extension of last date “for complying with the CPE hours requirements for the Calendar Year 2018” - till 31st January, 2019 This is for kind information of the members that the last date for complying with the CPE Hours requirement for the ...
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Posted Date : 12-Jan-2019 , 08:47:10 am | Posted By CASANSAAR
Ahead of the general elections, the government is considering an insurance scheme for lakhs of GST-registered small and medium scale traders with a view to address certain concerns of this segment. According to sources, the scheme may provide accidental insurance cover on the lines of Pradhan Man...
Continue Reading... Category : GST | Comments : 0 | Hits : 361
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Posted Date : 11-Jan-2019 , 09:53:25 am | Posted By CASANSAAR
Markets regulator SEBI on Thursday put in place a robust and strict cybersecurity framework for mutual funds and asset management companies (AMCs) to guard against breaches of data leak. The new norms would be effective from April 1, 2019, Securities and Exchange Board of India (SEBI) said in a c...
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Posted Date : 10-Jan-2019 , 08:37:34 pm | Posted By CASANSAAR
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi gave approval for the following: i. Changes made by CGST (Amendment) Act,2018, IGST (Amendme...
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Posted Date : 10-Jan-2019 , 08:35:43 pm | Posted By CASANSAAR
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others - 1. Increase in Turnover Lim...
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Posted Date : 10-Jan-2019 , 03:45:52 pm | Posted By CASANSAAR
The GST Council on Thursday doubled the Goods and Services Tax (GST) exemption limit for small and medium enterprises (SMEs) from April 2019, according to sources. Besides, companies with up to Rs 4 million turnover in a year will be exempted from GST payment. Relief for the real estate sector is al...
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Posted Date : 10-Jan-2019 , 03:27:41 pm | Posted By CASANSAAR
The 32nd Goods and Services Tax (GST) Council meeting concluded today with a list of decisions made that would impact medium and small-scale industries. Here's what was decided: 1) From April 1, composition scheme limit will be increased from Rs 1 crore to Rs 1.5 crore. Those who come u...
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Posted Date : 09-Jan-2019 , 06:14:59 pm | Posted By CASANSAAR
The budget session of Parliament is likely to be held from January 31 to February 13, 2019 and an interim budget is expected to be presented by finance minister Arun Jaitley on February 1, news agency PTI reported quoting government sources. The Cabinet Committee on Political Affairs (CCPA) delib...
Continue Reading... Category : Budget | Comments : 0 | Hits : 421
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Posted Date : 09-Jan-2019 , 02:31:54 pm | Posted By CASANSAAR
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups. The Bangalore Income Tax Appellate Tribunal (ITAT) s...
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Posted Date : 09-Jan-2019 , 08:21:56 am | Posted By CASANSAAR
In a move aimed at enhancing the safety and security of the payment systems in the country, the Reserve Bank of India (RBI) on Tuesday issued guidelines on the use of tokenisation - a way to mask sensitive card data with unique symbols or elements. The tokenisation for debit/credit/prepaid card t...
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Posted Date : 09-Jan-2019 , 08:12:09 am | Posted By CASANSAAR
The Goods and Services Tax (GST) Council will join hands with the National Highways Authority of India (NHAI) to curb e-way bill fraud, sources said on Tuesday. As per the source, the GST Council, in its 32nd meeting that is scheduled to be held on January 10, will discuss the use of vehicle's ...
Continue Reading... Category : GST | Comments : 0 | Hits : 502
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Posted Date : 09-Jan-2019 , 08:09:51 am | Posted By CASANSAAR
GST, central excise and service tax evasion detected during the April-December period of the current financial year stood at Rs 48,555 crore, the highest in two years. During the period, 8,917 cases of evasion of central excise, service tax and GST were detected involving an amount of Rs 48,555.0...
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Posted Date : 08-Jan-2019 , 05:28:18 pm | Posted By CASANSAAR
The Reserve Bank of India on Tuesday appointed Infosys co-founder Nandan Nilekani as chairman of a committee to look into the digitisation of payments in India. Nilekani, who is known as the architect of the Aadhaar, and the former Unique Identification Authority of India (UIDAI) chairman, will be a...
Continue Reading... Category : RBI | Comments : 0 | Hits : 395
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Posted Date : 07-Jan-2019 , 03:17:37 pm | Posted By CASANSAAR
The Union Cabinet on January 7 approved a 10 percent reservation for economically backward upper castes in government jobs. A constitutional amendment bill would be moved in Parliament to this effect on January 8. The benefit would be extended to those whose family income is under Rs 8 lakh pe...
Continue Reading... Category : General | Comments : 0 | Hits : 1429
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Posted Date : 07-Jan-2019 , 02:49:51 pm | Posted By CASANSAAR
Reserve Bank Governor Shaktikanta Das Monday said the central bank will take steps if there is a liquidity shortage in the economy, though currently liquidity needs are largely met. Das, who met associations of small and medium enterprises in the national capital, will meet non-banking financial ...
Continue Reading... Category : RBI | Comments : 0 | Hits : 196
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Posted Date : 07-Jan-2019 , 09:32:58 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) has removed the statutory auditor of Zen Shaving and allowed the Ministry of Corporate Affairs (MCA) to appoint an independent director in his place. This is the first time the NCLT has passed such an order against an auditor under the Companies Act, 2013. ...
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Posted Date : 07-Jan-2019 , 04:02:13 am | Posted By CASANSAAR
In efforts to weed out unscrupulous elements, the Corporate Affairs Ministry plans to collect KYC details of companies, chartered accountants, cost accountants and company secretaries. A senior ministry official said the exercise would help in having a "sanitised list" of companie...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 1513
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Posted Date : 07-Jan-2019 , 09:27:33 am | Posted By CASANSAAR
Banking services are likely to be affected on January 8-9 as a section of PSU bank employees would go on a two-day strike in support of the nation-wide strike call given by 10 central trade unions against the government's alleged anti-worker policy. The All India Bank Employees Associat...
Continue Reading... Category : Banking | Comments : 0 | Hits : 429
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Posted Date : 07-Jan-2019 , 09:23:50 am | Posted By CASANSAAR
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has allowed a sum of Rs 11.35 crore advanced by actor Jackie Shroff to his wife Ayesha and her production house to be treated as a business loss. As there was no hope of recovery of these advances, during the financial year 2008-09, the ac...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 551
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Posted Date : 07-Jan-2019 , 09:18:33 am | Posted By CASANSAAR
The Income Tax Department has withdrawn a four-day old circular relating to transfer of shares for “no or inadequate consideration”, saying the matter is sub-judice. The Central Board of Direct Taxes (CBDT) had on December 31, 2018, issued a circular clarifying applicability of sectio...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 462
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Posted Date : 07-Jan-2019 , 09:13:48 am | Posted By CASANSAAR
With growth in direct tax collections sluggish, the CBDT has directed income tax department officials to “maximise” their efforts and conduct targeted surveys and file court cases against those who wilfully evade taxes. CBDT Chairman Sushil Chandra has shot off a letter to all Princip...
Continue Reading... Category : CBDT | Comments : 0 | Hits : 199
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Posted Date : 05-Jan-2019 , 09:38:35 am | Posted By CASANSAAR
A preliminary report of the Institute of Chartered Accountants of India (ICAI) has said that the statutory auditors of IL&FS did not carry out their functions in a proper manner, highlighting a number of negligences on their part. Being a regulatory body of auditors, the ICAI’s prelimin...
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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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- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- 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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