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Posted Date : 05-Nov-2018 , 09:01:26 am | Posted By CASANSAAR
About 75 lakh new tax filers have been added to the income tax payers list in the country this fiscal till now, a senior official said. The target for the taxman is to add 1.25 crore fresh tax filers by the end of the 2018-19 financial year that ends in March next year, as per a directive of the Cen...
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Posted Date : 05-Nov-2018 , 08:59:16 am | Posted By CASANSAAR
In a first for India, HSBC Holdings Plc has executed a trade finance transaction using blockchain for an export by Reliance Industries Ltd (RIL) to US-based Tricon Energy. The blockchain-enabled letter of credit (LC) transaction substantially reduced the time taken for such deals, RIL said in a pres...
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Posted Date : 04-Nov-2018 , 10:48:19 pm | Posted By CASANSAAR
As many as 1,198 corporates were admitted into the resolution process under the Insolvency and Bankruptcy Code (IBC) by September end, of which 52 yielded resolution while 212 resulted in liquidation, an official said here on Saturday. "As of September 30, 1,198 corporates were under i...
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Posted Date : 04-Nov-2018 , 10:43:03 pm | Posted By CASANSAAR
The Reserve Bank has initiated steps to set up a wide-based digital Public Credit Registry (PCR) to capture details of all borrowers, including wilful defaulters and also the pending legal suits in order to check financial delinquencies. The PCR will also include data from entities like mar...
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Posted Date : 01-Nov-2018 , 10:30:15 pm | Posted By CASANSAAR
Sebi Thursday said it will launch Unified Payments Interface as an alternative payment option for retail investors, buying shares in a public issue, in a phased manner from January 1 next year, which will cut listing time for an IPO to three days from six at present. The new mechanism will increa...
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Posted Date : 01-Nov-2018 , 10:28:29 pm | Posted By CASANSAAR
GST collections have crossed Rs 1 lakh crore mark in October this year. In September, the revenue from goods and services tax was 94,000 crore rupees. In a tweet, Finance Minister Arun Jaitley said, the success of GST is lower rates, lesser evasion, higher compliance, only one tax ...
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Posted Date : 01-Nov-2018 , 09:38:32 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) is a necessary institutional reform to align the Indian audit landscape with the global position and the authority should be strengthened to address challenges in relation to auditors, audit firms and networks operating in India, a government-appoint...
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Posted Date : 01-Nov-2018 , 09:35:20 am | Posted By CASANSAAR
The Supreme Court was on Wednesday told by forensic auditors that affairs of the real estate major Amrapali group of companies were being run by a "syndicate" and that group's former Chief Financial Officer and statutory auditor were part of it. "I don't have an iota of dou...
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Posted Date : 01-Nov-2018 , 09:32:39 am | Posted By CASANSAAR
The RBI’s Central Board, headed by Governor Urjit Patel, is scheduled to meet in Mumbai on 19 November , sources said amid reported rift between the government and the central bank over certain key issues. Sources said it is a pre-scheduled and routine meeting of the central board of the RB...
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Posted Date : 01-Nov-2018 , 09:28:26 am | Posted By CASANSAAR
Troubled infrastructure developer and lender Infrastructure Leasing & Financial Services Ltd has shortlisted Indian arms of Belgium-based BDO and Chicago-headquartered Grant Thornton to investigate alleged irregularities in its operations, three people with direct knowledge of the matter said.&n...
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Posted Date : 01-Nov-2018 , 09:20:59 am | Posted By CASANSAAR
The Committee of Experts has submitted its report on Regulating audit firms and the Networks to the Government of India through the Secretary, Ministry of Corporate Affairs. The Committee was constituted on April 20, 2018 pursuant to the directions of the Hon'ble Supreme Cour...
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Posted Date : 31-Oct-2018 , 09:05:18 am | Posted By CASANSAAR
Markets regulator SEBI warned investors against participating in unregulated web portals offering transactions in securities, including derivatives, which are executed on the terminal of overseas exchanges. SEBI has observed that investors in India are being offered services by various firms thro...
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Posted Date : 31-Oct-2018 , 08:58:01 am | Posted By CASANSAAR
Sebi has asked over a dozen suspected shell companies to extend cooperation to ensure completion of forensic audits in a time-bound manner, failing which they would face stringent trading curbs. The forensic audit is being conducted by independent auditors appointed by stock exchange on the direc...
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Posted Date : 31-Oct-2018 , 08:48:51 am | Posted By CASANSAAR
As much as Rs 32,000 crore lying in the integrated goods and services tax (IGST) pool has been apportioned between the centre and states in the month of October. The states' share would be over Rs 15,000 crore, the official said. The apportionment would add to the goods and services ...
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Posted Date : 30-Oct-2018 , 09:57:24 am | Posted By CASANSAAR
The Reserve Bank has relaxed norms for the fire audit of currency chests allowing banks to get it done from approved agencies in case of shortage of staff at district fire offices.Banks maintaining currency chests are required to get fire audit done once in a two years. In a recent notifica...
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Posted Date : 30-Oct-2018 , 09:46:32 am | Posted By CASANSAAR
The GST council, chaired by finance minister Arun Jaitley, has met 30 times and taken 918 decisions related to laws, rules and rates for the new tax regime in just over two years. The goods and services tax (GST) council, which comprises state finance ministers and Union minister of state in char...
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Posted Date : 30-Oct-2018 , 09:31:12 am | Posted By CASANSAAR
As many as 21,900 entities are under the scanner of Income Tax Department for allegedly evading taxes of approximately Rs 3,200 crore between 2014 and 2016 through non-genuine trades in the illiquid stock options contract segment of the Bombay Stock Exchange (BSE) Ltd. Of the total 21,900 entities t...
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Posted Date : 30-Oct-2018 , 09:15:47 am | Posted By CASANSAAR
Educational institutions, hospitals, charitable and religious trusts will soon have to file the online application for seeking income tax exemption, the I-T department said Monday. The department sought comments from stakeholders by November 12 on the amended rules and application forms see...
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Posted Date : 30-Oct-2018 , 09:10:55 am | Posted By CASANSAAR
All India Reserve Bank Employees Association (AIRBEA) Monday expressed concern over the recent statements made by deputy governor Viral Acharya and sought autonomy of the apex bank. The association said in a statement on Monday that "Undermining the country's central bank was a recipe fo...
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Posted Date : 29-Oct-2018 , 08:34:52 am | Posted By CASANSAAR
The Securities and Exchange Board of India has proposed to tweak listing norms for start-ups,in an attempt to make it more attractive for companies in sectors like e-commerce,data analytics and bio-technology. The regulator has renamed the Institutional Trading Platform(ITP) as 'Innovat...
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Posted Date : 26-Oct-2018 , 10:32:23 pm | Posted By CASANSAAR
ArcelorMittal on Friday announced that the Committee of Creditors (CoC) to Essar Steel India Limited (ESIL) has voted in favour of the company's acquisition. ESIL's resolution professional (RP), on behalf of the CoC, has issued the company with a Letter of Intent (LOI) stating that the co...
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Posted Date : 26-Oct-2018 , 09:48:36 am | Posted By CASANSAAR
The government is looking to step up its oversight over three professional institutes, including the Institute of Chartered Accountants of India (ICAI), for their failure to discipline errant auditors, despite being ticked off by Prime Minister Narendra Modi 15 months ago. The government has pull...
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Posted Date : 26-Oct-2018 , 09:43:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has pushed back suggestions by the government nominees at its board meeting on Wednesday to ease the so-called Prompt Corrective Action (PCA) norms for banks. The regulator argued that the move had already improved the financial health of some of the lenders under str...
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Posted Date : 26-Oct-2018 , 09:40:50 am | Posted By CASANSAAR
The government is likely to take action against the promoters of 73,000 companies in which it has detected fraudulent transactions after the demonetisation drive in 2016. “We have identified 73,000 companies in which Rs 24,000 crore was deposited after demonetisation. The investigatio...
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Posted Date : 26-Oct-2018 , 09:38:59 am | Posted By CASANSAAR
The Supreme Court on Wednesday asked the forensic auditors to submit by Thursday an interim report on the role of statutory auditors in the beleaguered real estate company Amrapali Group. The SC has asked forensic auditors to conduct an audit of 46 companies of the Amrapali Group, and also ...
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Posted Date : 26-Oct-2018 , 09:32:19 am | Posted By CASANSAAR
Promoters of Essar Steel Ltd., the Ruia family, have offered to repay creditors of the steel firm in an attempt to withdraw it from the insolvency resolution process. In a press statement on Thursday, the company’s shareholders said they are willing to pay Rs 54,389 crore to creditors. The ...
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Posted Date : 26-Oct-2018 , 09:28:54 am | Posted By CASANSAAR
Bank of Baroda (BoB), Dena Bank and Vijaya Bank will appoint valuers ahead of their merger. The three public sector banks have floated a request for proposal (RFP) to appoint valuers for an independent valuation of their respective banks for the proposed merger. "The boards of the three bank...
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Posted Date : 26-Oct-2018 , 08:58:05 am | Posted By CASANSAAR
As concerns of the assessees have been suitably redressed with extension of due date by one month (i.e. till 31.10.18), representation of the Tax Bar Association, Guwahati dated 20.09.18, requesting for further extension of due date for filing ITR/TAR beyond 31.10.18 is hereby rejected....
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Posted Date : 25-Oct-2018 , 08:41:45 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has notified the mechanism to be followed for issuing regulations under the insolvency law. A set of procedures would be followed for making or amending regulations under the Insolvency and Bankruptcy Code (IBC). An official release issued on...
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Posted Date : 25-Oct-2018 , 08:37:08 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Certified Professional Accountants Afghanistan (CPA Afghanistan). The MoU will establi...
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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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- 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
Professional News For CA,CS,CMA.Fresh Accounting News Articles On Income Tax,Service Tax,Sales Tax, Vat,Company Law,RBI,CAG,Custom,Excise On CASANSAAR
