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  • Govt moves to redraft direct tax laws to modernize income tax
    Posted Date : 27-Nov-2018 , 08:36:57 am | Posted By CASANSAAR

    The Narendra Modi government will take a fresh look at modernizing the Income Tax Act, 1961, after an earlier effort by a six-member task force got derailed. The union government on Monday appointed Akhilesh Ranjan, member (legislation), Central Board of Direct Taxes (CBDT), as the new convener to h...

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  • RBI eases hedging requirements for foreign loans
    Posted Date : 27-Nov-2018 , 08:34:27 am | Posted By CASANSAAR

    The Reserve Bank of India has decided to ease hedging requirements for medium-term foreign currency borrowings. The move will help bring down the final cost of overseas loans for Indian firms but could leave them more exposed to volatility in the foreign exchange markets. Medium-term external com...

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  • SEBI lays guidelines for alternative investment funds in IFSC
    Posted Date : 27-Nov-2018 , 08:31:43 am | Posted By CASANSAAR

    Markets regulator issued detailed guidelines for setting up of alternative investment funds in international financial services centres, pertaining to registration, compliance requirements and restrictions. For registration as Alternative Investment Funds (AIFs), SEBI said any fund established or...

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  • Sunil Arora to be next chief election commissioner
    Posted Date : 27-Nov-2018 , 08:29:31 am | Posted By CASANSAAR

    President RN Kovind is said to have cleared the appointment of election commissioner Sunil Arora as the next Chief Election Commissioner. He is slated to take over as CEC on December 2, a day after incumbent Om Prakash Rawat retires. The appointment of Arora, a former 1980 batch IAS officer of Ra...

    Continue Reading... Category : Income Tax | Comments : 0 | Hits : 408

  • Task Force for drafting a New Direct Tax Legislation
    Posted Date : 27-Nov-2018 , 08:27:52 am | Posted By CASANSAAR

    In order to review the Income-tax Act, 1961 and to draft a new direct tax law in consonance with the economic needs of the country, a Task Force was constituted by the Government of India in November, 2017. In partial modification of the earlier order, the Government has appointed Shri Akhilesh R...

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  • Allow Audit firms to offer legal services - MCA panel
    Posted Date : 26-Nov-2018 , 10:19:58 am | Posted By CASANSAAR

    An expert panel constituted by the ministry of corporate affairs (MCA) has recommended that Advocates Act be amended to allow audit firms to offer legal services, a proposal which is being opposed by law firms.  The MCA panel, which was set up to look into the regulation of audit firms and t...

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  • Bankrupt firms in India to get a new and quick rescue option
    Posted Date : 26-Nov-2018 , 10:06:25 am | Posted By CASANSAAR

    The Union government is set to introduce a quick corporate rescue option, which will be finalized mostly in boardrooms than in courts, as it seeks to avoid prolonged and costly legal battles over the resolution of bankrupt companies, said a top government official. Under the so-called “pre-pac...

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  • SEBI allows promoters to make counter offer
    Posted Date : 26-Nov-2018 , 10:00:13 am | Posted By CASANSAAR

    Markets regulator Sebi has allowed promoters to make counter offer to shareholders of companies that are planning to delist from stock exchanges, a move aimed at plugging loopholes in the current method. The Sebi has put in place a system for price discovery as per reverse book building (RRB) met...

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  • IBC cleared Rs 3 lakh Crore worth stressed assets
    Posted Date : 26-Nov-2018 , 04:18:57 am | Posted By CASANSAAR

    Ministry of Corporate Affairs (MCA) Secretary Injeti Srinivas said that the Insolvency and Bankruptcy Code (IBC) has an impact of around Rs 3 lakh crore on non-performing assets (NPAs). Speaking to press after an event organised by the Federation of Indian Chambers of Commerce and Industry (FICCI...

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  • New return forms and lower refund outgo to push up GST collections
    Posted Date : 23-Nov-2018 , 10:43:09 pm | Posted By CASANSAAR

    Revised and simpler tax return forms as well as lower refunds will likely boost revenue collection from Goods and Services Tax (GST), which the government expects to touch to Rs 1.5 lakh crore every month from the next financial year (2019-20). “GST collections should be around Rs 1.5 lakh ...

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  • Big Four accountancy giants face UK probe
    Posted Date : 23-Nov-2018 , 10:40:42 pm | Posted By CASANSAAR

    Almost two decades after the collapse of US giant Enron in a notorious accounting scandal, the accountancy sector is back in the spotlight, this time thanks to a string of scandals in Britain. The sector's so-called "Big Four" -- Deloitte, EY, KPMG and PwC -- have a long-established...

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  • Non-individuals conducting transaction over Rs 2.5 lakh must apply for PAN by May 31 of next FY
    Posted Date : 23-Nov-2018 , 04:43:23 am | Posted By CASANSAAR

    Non-individual entities who have do not have PAN but conduct a transaction of Rs 2.5 lakh or more in a single financial year will now mandatorily have to get a PAN before May 31 of the following financial year. This is as per a notification issued by the Income Tax Department dated November 19, 2018...

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  • Annual return Tab enabled on GST Portal
    Posted Date : 23-Nov-2018 , 09:34:52 am | Posted By CASANSAAR

    The Goods and Services Tax Network (GSTN) has enabled the option of ‘Annual Return Tab’ on GST portal for filing annual GST return. Yesterday, GSTN has enabled the option by creating a tab for filing GST Annual Return on GST Portal, there are high chances that GST Annual Return Utilit...

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  • Service charge not distributed to workers by restaurants liable to income tax - CBDT
    Posted Date : 23-Nov-2018 , 09:28:12 am | Posted By CASANSAAR

    Restaurants and hotels imposing service charge on customers in the name of tips but not passing them full to their employees could court trouble from taxmen. Central Board of Direct Taxes, the apex direct taxes body, has directed its field officials to examine balance sheet and expenditure statement...

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  • ICAI and CPA Canada sign MoU for greater mobility of Professionals
    Posted Date : 22-Nov-2018 , 08:05:59 am | Posted By CASANSAAR

    Chartered accountants body ICAI said Tuesday it has signed an agreement with the Chartered Professional Accountants (CPA), Canada. The pact would facilitate mutual recognition of each other's qualification and admit the members in good standing by prescribing a bridging mechanism between the ...

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  • SEBI forms panel to review rules for proxy advisory companies
    Posted Date : 22-Nov-2018 , 08:02:57 am | Posted By CASANSAAR

    The Securities and Exchange Board of India (Sebi) will carry out a comprehensive review of rules for proxy advisory firms — companies that provide recommendations to institutional investors on whether to vote for a corporate action or not, said two people familiar with the development.  ...

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  • Rs 29,088 cr indirect tax evasion detected during April-Oct
    Posted Date : 22-Nov-2018 , 07:56:45 am | Posted By CASANSAAR

    The investigation arm of the Finance Ministry has detected tax evasion worth Rs 29,088 crore in 1,835 cases during April-October period of the current financial year, a senior official said Wednesday.  Of this, the Directorate General of GST Intelligence (DGGI), which is enforcement agency f...

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  • MCA Invites public comments to amend Competition Act
    Posted Date : 20-Nov-2018 , 09:49:12 am | Posted By CASANSAAR

    Ministry of Corporate Affairs  (Competition & NFRA Section)  Invitation for public comments on the Competition Act, 2002.  The Ministry of Corporate Affairs (MCA) constituted a Competition Law Review Committee to review the competition Act/Rules/Regulations in view of cha...

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  • Companies to disclose reasons for delay in financial results within a day - SEBI
    Posted Date : 20-Nov-2018 , 09:15:11 am | Posted By CASANSAAR

    SEBI on Monday asked listed companies to disclose detailed reasons for delay in submission of financial results to the stock exchanges within one working day of the stipulated deadline. In case a company decides to delay announcement of results prior to the due date, reasons have to be disclosed ...

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  • Revenue Dept plans to link e-way bill with FAStag to prevent GST evasion
    Posted Date : 20-Nov-2018 , 08:35:34 am | Posted By CASANSAAR

    The revenue department is planning to integrate e-way bill with NHAI's FASTag mechanism and DMICDC's Logistics Data Bank (LDB) services, to facilitate faster movement of goods and check GST evasion. The proposal, according to officials, will improve operational efficiencies across the cou...

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  • SC dismisses Dalmia Bharat challenge to NCLAT UltraTech order
    Posted Date : 20-Nov-2018 , 08:21:25 am | Posted By CASANSAAR

    The Supreme Court dismissed the plea of a Dalmia Bharat Group firm challenging the National Company Law Appellate Tribunal (NCLAT) order allowing rival UltraTech Cement to acquire debt-ridden Binani Cement. A bench of justices R F Nariman and Navin Sinha upheld the NCLAT's last week order whi...

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  • Bitcoin price falls below $5,000 for first time in 13 months
    Posted Date : 20-Nov-2018 , 08:19:23 am | Posted By CASANSAAR

    The slide in cryptocurrencies accelerated, with Bitcoin prices piercing the $5,000 mark for the first time since October 2017, amid speculation that increased regulatory scrutiny will prompt issuers of initial coin offerings to liquidate holdings. Bitcoin declined as much as 9.1% to $4,958, falling ...

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  • Examination for confirmation of enrollment of GST Practitioners postponed to 17.12.2018
    Posted Date : 20-Nov-2018 , 08:15:26 am | Posted By CASANSAAR

    Reference is invited to Press Release dated 1.11.2018 regarding exam for GST Practitioners scheduled on 7.12.2018. On account of Assembly Elections in some of the states on 7.12.2018, the date of the examination stands revised to 17.12.2018 (17th December 2018). #casansaar (Source - PIB)...

    Continue Reading... Category : GST | Comments : 0 | Hits : 529

  • NFRA to replace ICAI as regulator over Auditors
    Posted Date : 19-Nov-2018 , 11:04:50 am | Posted By CASANSAAR

    The Centre has notified the National Financial Reporting Authority (NFRA) rules, depriving the CA Institute of its regulatory and disciplinary powers over auditors of listed entities and large unlisted companies besides banks and insurance companies. The Ministry of Corporate Affairs has made NFR...

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  • CIC asks RBI to divulge list of wilful defaulters in 45 days
    Posted Date : 19-Nov-2018 , 11:02:33 am | Posted By CASANSAAR

    The Central Information Commission has pulled up the Reserve Bank of India (RBI) for its “anti-RTI (Right to Information) policy” and asked the banking regulator to divulge the list of wilful defaulters of loans within 45 days as ordered by the Supreme Court in its 2015 judgement.  ...

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  • CAG GST audit report likely to be tabled in Winter Session
    Posted Date : 19-Nov-2018 , 09:13:14 am | Posted By CASANSAAR

    The Comptroller and Auditor General (CAG) of India is conducting performance audit of goods and services tax (GST) and is likely to finalise its report soon. The performance audit report on GST implementation could be tabled in Parliament as early as in the forthcoming Winter Session beginning 11 De...

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  • Finance Secretary Hasmukh Adhia to retire on november 30
    Posted Date : 17-Nov-2018 , 10:44:29 pm | Posted By CASANSAAR

    Finance Secretary Hasmukh Adhia will retire on November 30, Finance Minister Arun Jaitley said on Saturday. "Hasmukh Adhia, the Finance Secretary, retires at the end of this month. He has been in the Finance Ministry for four years and held the specific responsibility of the Revenue Secretary ...

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  • HC allows adjustment of wrong payment in GST
    Posted Date : 17-Nov-2018 , 08:51:59 am | Posted By CASANSAAR

    In what is seen as a major relief for GST assessees, especially dealers, the Kerala High Court has ruled that any GST mistakenly paid under one head can be adjusted under the correct head. While noting that it sees no difficulty for the tax authorities to allow the petitioner’s request and ...

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  • New RBI window may not increase credit to NBFCs
    Posted Date : 17-Nov-2018 , 08:41:32 am | Posted By CASANSAAR

    The partial credit enhancement (PCE)facility by the Reserve Bank of India's (RBI) for non-bank lenders is unlikely to have the desired impact of increasing credit flow to the troubled sector, a report said Friday. On November 2, RBI had allowed banks to provide PCE for debt raised by non-depo...

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  • Open House Discussion on Issues related to GST Audit & Annual Returns in Delhi
    Posted Date : 16-Nov-2018 , 02:09:08 am | Posted By CASANSAAR

    CASANSAAR Cordinally Invites you to Join us for    Open House Discussion on Issues related to GST Audit & Annual Returns.   Key Speakers :-   CA Nagesh Bajaj. CA Puneet Agrawal CA Gaurav Gupta CA Shaifaly Girdharwal CA Nitin Gupta Venue ...

    Continue Reading... Category : GST | Comments : 0 | Hits : 621

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