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Posted Date : 25-Oct-2018 , 08:33:42 am | Posted By CASANSAAR
In a rare order, the Supreme Court on Wednesday directed the chief financial officer of Amrapali group, Chander Wadhwa, to appear before it for a “memory test”, after the court-appointed auditors said he was not cooperating with the ongoing probe. He was also not answering any question o...
Continue Reading... Category : Auditing | Comments : 0 | Hits : 534
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Posted Date : 24-Oct-2018 , 07:39:53 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of 31 non-banking financial companies (NBFCs). The move comes days after the central bank eased liquidity norms for banks in order to release additional funding for NBFCs. NBFCs have been under pressure...
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Posted Date : 24-Oct-2018 , 07:35:43 am | Posted By CASANSAAR
The government plans to review the auditing standards as it looks to tighten the norms governing auditors, a senior official has said amid rising instances of corporate misdoings. The Corporate Affairs Ministry, which is implementing the companies law, is working on ways to bolster the overall corpo...
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Posted Date : 24-Oct-2018 , 07:30:59 am | Posted By CASANSAAR
Vehicle owners will have to pay a GST of 18 per cent to get pollution certificate for their vehicles, the Authority for Advance Ruling (AAR) has said. The Goa bench of the AAR passed the ruling on an application filed by Venkatesh Automobiles on whether the service provided for issuing '...
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Posted Date : 24-Oct-2018 , 07:26:38 am | Posted By CASANSAAR
In the last four years, the government's efforts to widen the tax base resulted in an 80% jump in number of returns filed to 6.85 crore in 2017-18 from 3.31 crore in 2013-14. However, a large number of these individuals are paying no tax at all. As many as 2.02 crore individuals filed income-tax...
Continue Reading... Category : Income Tax | Comments : 0 | Hits : 989
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Posted Date : 24-Oct-2018 , 07:21:40 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: (a) carry out the provisions of the Code, (b) are consi...
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Posted Date : 23-Oct-2018 , 09:41:19 am | Posted By CASANSAAR
The income tax department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said on Monday. The department, in coordination with their fore...
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Posted Date : 22-Oct-2018 , 11:08:31 am | Posted By CASANSAAR
The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday. Releasing key statistics of income tax and direct taxes for a period of abou...
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Posted Date : 22-Oct-2018 , 09:04:53 am | Posted By CASANSAAR
From February next year, only entities registered as valuers with the IBBI can carry out valuation of assets under the insolvency law, according to a circular. The registration of valuers is done by the Insolvency and Bankruptcy Board of India (IBBI). Valuation of assets is a key factor for...
Continue Reading... Category : Corporate Law | Comments : 0 | Hits : 992
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Posted Date : 22-Oct-2018 , 08:52:56 am | Posted By CASANSAAR
It has been brought to notice that there have been apprehensions by trade and industry relating to the last date for availment of ITC for the period July, 2017 to March, 2018. In order to remove doubts, it was clarified that as per the law, the last date for availing ITC in relation to the...
Continue Reading... Category : GST | Comments : 0 | Hits : 630
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Posted Date : 20-Oct-2018 , 10:36:20 pm | Posted By CASANSAAR
In a ruling that will have a significant implication on local authorities set up under state legislations, the Supreme Court has held that they are not eligible for income tax exemption, overruling a Rajasthan High Court order. A top court bench gave its ruling on October 12, 2018 in respec...
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Posted Date : 18-Oct-2018 , 11:27:12 pm | Posted By CASANSAAR
There appears to be misgiving about the last date for taking Input Tax Credit (ITC) in relation to invoices or debit notes relating to such invoices pertaining to period from July, 2017 to March, 2018. Such uncertainty seems to stem from the Government’s decision to extend the l...
Continue Reading... Category : GST | Comments : 0 | Hits : 1010
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Posted Date : 18-Oct-2018 , 03:19:42 am | Posted By CASANSAAR
As per the Income Tax Act, income tax officials need to serve a valid notice of demand to the concerned taxpayer before doing any adjustment against the demand. A valid notice means a notice which is served within the time-frame specified under the respective sections of the Income Tax Act. Thus, if...
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Posted Date : 18-Oct-2018 , 08:35:34 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) and NCLT (Mumbai Bench), in recent judgments, have observed that financial service providers such as non-banking financial companies are outside the purview of the Insolvency & Bankruptcy (I&B) Code. In an order in the Randhiraj Thakur, ...
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Posted Date : 17-Oct-2018 , 12:38:53 pm | Posted By CASANSAAR
It has been brought to notice that doubts regarding the manner of filing the quarterly return by Composition Dealers in FORM GSTR-4 in the absence of auto-population of the details of inward supplies (other than supplies attracting reverse charge) received from registered suppliers exist a...
Continue Reading... Category : GST | Comments : 0 | Hits : 1040
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Posted Date : 17-Oct-2018 , 06:04:41 pm | Posted By CASANSAAR
In a move aimed at promoting digital transactions, the Reserve Bank of India (RBI) has released operational guidelines to facilitate payments among prepaid instruments (PPI) such as mobile wallets. The guidelines, released yesterday, elaborate on requirements for achieving inter-operability for m...
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Posted Date : 16-Oct-2018 , 10:14:39 pm | Posted By CASANSAAR
Private sector lender ICICI Bank Tuesday said the RBI has approved Sandeep Bakshi's appointment as Managing Director and CEO of the bank for three years. After the resignation of Chanda Kochhar, who was facing inquiry, earlier this month, the bank's board had elevated Chief Operating Officer...
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Posted Date : 16-Oct-2018 , 07:39:11 am | Posted By CASANSAAR
The corporate affairs ministry Monday said the focus of further reforms will be on designing of competition law to remove high entry barriers and provide easy access for those suffering from anti-competitive conduct. While addressing a 'roadshow on competition law', jointly organise...
Continue Reading... Category : MCA | Comments : 0 | Hits : 512
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Posted Date : 15-Oct-2018 , 04:01:40 am | Posted By CASANSAAR
Free or complementary tickets given by franchise owners for IPL matches will attract Goods and Services Tax (GST), the Authority for Advance Ruling (AAR) said. In response to an application filed by K P H Dream Cricket Pvt Ltd, which owns and operates IPL cricket team Kings XI Punjab, the Punjab ...
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Posted Date : 15-Oct-2018 , 09:13:14 am | Posted By CASANSAAR
Witnessing a large number of defaulters under the Goods and Services (GST) act, the Delhi Department of trade and taxes on Friday issued show cause notices to a total of 51,500 tax defaulters. Also, to keep an eye on the suspicious and un-lawful trading activities of the dealers such as bogus bil...
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Posted Date : 15-Oct-2018 , 09:09:32 am | Posted By CASANSAAR
Insolvency regulator IBBI has allowed a multilateral financial institution to acquire and hold up to 15 per cent equity stake in an Insolvency Professional Agency (IPA). A similar regulatory dispensation has also been allowed for other regulated entities, such as stock exchange, banking company, ...
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Posted Date : 15-Oct-2018 , 08:35:06 am | Posted By CASANSAAR
In a likely blow to the government and the newly constituted board of Infrastructure Leasing & Financial Services (IL&FS), the Mumbai NCLT Bench rejected the plea of a three-month moratorium against any legal proceedings by any party against the stressed infrastructure financier and its 348 ...
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Posted Date : 14-Oct-2018 , 03:04:51 am | Posted By CASANSAAR
The finance ministry on Friday dismissed as “exaggerated” and “inaccurate” exporters’ contention that about Rs 23,000 crore of goods and services tax-related refund claims are stuck with the government. “A large number of exporters have been granted refunds so ...
Continue Reading... Category : GST | Comments : 0 | Hits : 480
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Posted Date : 14-Oct-2018 , 08:34:05 am | Posted By CASANSAAR
The State Bank of India (SBI) has asked its users to register their mobile numbers, if not already done, with the lender if they want to continue internet banking services. The country's largest lender has, in a notification, said that if the registration of mobile numbers with the respective br...
Continue Reading... Category : Banking | Comments : 0 | Hits : 646
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Posted Date : 11-Oct-2018 , 07:47:02 am | Posted By CASANSAAR
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) is conducting an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) enrolled on the GST Network under sub-rule (2) of Rule 83 and covered by clause (b) of sub-rule (1) of...
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Posted Date : 10-Oct-2018 , 08:51:13 am | Posted By CASANSAAR
SEBI has decided to bring in the concept of appointing an administrator for sale of assets to recover investor money. According to the new norms, a registered insolvency professional will be appointed as administrator to undertake sale of assets, SEBI said in a notification. SEBI revised the proc...
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Posted Date : 10-Oct-2018 , 08:42:06 am | Posted By CASANSAAR
With an aim to deepen the commodity derivatives market, regulator Sebi Tuesday allowed trading in the segment by foreign entities with exposure to the Indian physical commodity market. Currently, foreign entities are not permitted to directly participate in the Indian commodity derivatives ...
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Posted Date : 10-Oct-2018 , 08:35:10 am | Posted By CASANSAAR
The amendments to the Insolvency and Bankruptcy Code that accords priority in payment to unsecured operational creditors above financial creditors, will help improve recovery rate of banks’ bad loans as banks will vie with suppliers and other operational creditors for recovery of dues. ...
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Posted Date : 09-Oct-2018 , 10:27:39 pm | Posted By CASANSAAR
The GST Council had in January 2017 decided that both the central and state tax administration would have the power to take intelligence-based enforcement action. The CBIC has asked tax officials of the Centre as well as state governments to initiate enforcement actions against GST evaders irrespec...
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Posted Date : 09-Oct-2018 , 10:23:00 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has requested the National Company Law Tribunal (NCLT) to relax rules for speedier resolution of the Infrastructure Leasing & Financial Services (IL&FS) debt crisis. However, the NCLT judge observed that the Companies Act does not permit an exemptio...
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- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
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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
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