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Bitcoin Exchanges seeking clarity over levy of GST
Posted Date : 05-Jan-2018 , 01:23:42 pm | Posted By CASANSAAR

Are Bitcoin exchanges required to pay goods and services tax? If they are, what would the rate be? And, will GST be levied on the revenues or operating margins of these exchanges?  India's top seven Bitcoin exchanges, which include Zebpay, Unocoin, CoinSecure and BtcxIndia, plan to appro...

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Category : GST | Comments : 0 | Hits : 374

ICAI told to give monthly reports on CAs
Posted Date : 04-Jan-2018 , 08:32:34 am | Posted By CASANSAAR

The central government has asked the Institute of Chartered Accountants of India (ICAI) to submit monthly reports on disciplinary action taken against chartered accountants (CAs) involved with shell companies, said sources. The task force of shell companies created in 2017 has directed the ICAI t...

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Category : ICAI | Comments : 0 | Hits : 2491

CBI arrests Income Tax officer for accepting bribe
Posted Date : 04-Jan-2018 , 08:26:39 am | Posted By CASANSAAR

The Central Bureau of Investigation (CBI) on Wednesday arrested a Mumbai-based Income Tax officer for demanding and accepting a bribe of Rs 1 lakh from a person.  A case was registered against the accused under Section 7 of PC Act 1988 after a complaint was filed against the officer for alle...

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Category : Income Tax | Comments : 0 | Hits : 1115

Banks gearing up to refer 24 of 28 large NPA accounts to NCLT
Posted Date : 03-Jan-2018 , 09:59:23 am | Posted By CASANSAAR

With the closure of RBI s deadline to resolve the 28 identified large stressed accounts in the second list, banks are gearing up to refer as many as 24 of them for insolvency proceedings.  In August, the Reserve Bank had asked banks to either resolve the 28 more large stressed accounts or re...

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Category : NPA | Comments : 0 | Hits : 453

E-way bill system under GST to be implemented from Feb 1
Posted Date : 03-Jan-2018 , 09:55:37 am | Posted By CASANSAAR

The Goods and Services Tax (GST) provision requiring transporters to carry an electronic waybill or e-way bill when moving goods between states will be implemented from February 1 to check rampant tax evasion and boost revenues by up to 20%. After implementation of the GST from July 1, the requir...

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Category : GST | Comments : 0 | Hits : 701

Govt allows action against 196 companies for CSR violations in FY 2014-15
Posted Date : 03-Jan-2018 , 09:32:05 am | Posted By CASANSAAR

The centre government has given a nod for a suitable action against 196 companies who failed to spend two per cent of their annual average net profit on corporate social responsibility in the 2014-15 fiscal. Total 5,870 companies had spent around Rs 9,553.7 crore during the 2014-15 fiscal, while the...

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Category : Companies Act | Comments : 0 | Hits : 730

Govt to introduce reverse charge mechanism to check GST evasion
Posted Date : 03-Jan-2018 , 09:27:44 am | Posted By CASANSAAR

In its bid to check evasion, especially by traders and small businesses under goods and services tax (GST), the government is likely to introduce the reverse charge mechanism, wherein, recipient of goods or services are required to pay GST instead of suppliers, said a report.  This will ensu...

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Category : GST | Comments : 0 | Hits : 1054

Trading in Bitcoin, Ethereum illegal - Finance Minister
Posted Date : 03-Jan-2018 , 08:54:39 am | Posted By CASANSAAR

Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk, Finance Minister Arun Jaitley said today as MPs expressed concern over trading on these platforms. During the Question Hour in Rajya Sabha, DMK member Kanimozhi sought ...

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Category : Bitcoins | Comments : 0 | Hits : 683

Govt relaxes norms for rectification of returns under GST
Posted Date : 02-Jan-2018 , 08:47:48 am | Posted By CASANSAAR

The Finance Ministry has permitted businesses to rectify mistakes in their monthly returns - GSTR-3B - and adjust tax liability, a move that will help them file correct returns without fear of penalty.  This relaxation will give an opportunity to businesses to claim tax credit correctly by r...

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Category : GST | Comments : 0 | Hits : 2860

Income Tax Dept launches new e-Filing helpline for taxpayers
Posted Date : 02-Jan-2018 , 08:45:06 am | Posted By CASANSAAR

The income tax department on Monday notified a new helpline number for taxpayers who e-file their returns and conduct other tax-related businesses online. The department issued an advisory and said: “Attention taxpayers: e-Filing help desk number has been changed. New Help desk number is: I...

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Category : Income Tax | Comments : 0 | Hits : 561

IBBI publishes syllabus and other details of educational courses and valuation examinations
Posted Date : 02-Jan-2018 , 08:34:02 am | Posted By CASANSAAR

The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th October, 2017. It also notified the Companies (Registered Valuers and Valuation) Rules, 2017 on 18th October, 2017. Vide a notification dated 23rd October, 2017, ...

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Category : Insolvent Professional | Comments : 0 | Hits : 482

Make PAN mandatory for overseas package tours: ICAI to Govt
Posted Date : 01-Jan-2018 , 11:05:56 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India has suggested the government to make PAN compulsory on air-ticket bookings for overseas package tours to bring high value transactions into the data system. In its pre-Budget memorandum with regards to direct taxes, the Chartered Accountants' apex ...

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Category : ICAI | Comments : 0 | Hits : 811

Government in favour of separate regulator for CAs
Posted Date : 29-Dec-2017 , 07:02:50 pm | Posted By CASANSAAR

The Government is in favour of an independent regulator to oversee compliance with accounting and auditing standards as well as for oversight of audit professionals, Parliament was informed today. However, the Institute of Chartered Accountants of India (ICAI) is of the view that existing framewo...

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Category : CA | Comments : 0 | Hits : 1713

CPE HOURS requirement date for 2017 extended to 28th Feb 2018 - ICAI
Posted Date : 29-Dec-2017 , 07:26:02 am | Posted By CASANSAAR

December 28, 2017 FOR INFORMATION OF THE MEMBERS Subject: Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2017” - from 31st December, 2017 to 28th February, 2018 This is for kind information of the members that the last date for compl...

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Category : CPE Hours | Comments : 0 | Hits : 661

GST Returns deadline extended till January 10
Posted Date : 29-Dec-2017 , 06:44:45 pm | Posted By CASANSAAR

The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said. Businesses with turnover of up to Rs. 1.5 crore will have to file GSTR-1 for July-September by January 10, 2018, as against December 31, 2017 e...

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Category : GST | Comments : 0 | Hits : 738

Lok Sabha passes Insolvency and Bankruptcy Code Amendment Bill
Posted Date : 29-Dec-2017 , 06:39:53 pm | Posted By CASANSAAR

The Lok Sabha today passed the Insolvency and Bankruptcy Code (Amendment) Bill -2017 with a voice vote.  The bill prohibits certain persons from submitting a resolution plan in case of defaults.  These include wilful defaulters, promoters or management of the company having an outsta...

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Category : Insolvent Professional | Comments : 0 | Hits : 532

Trade in bitcoins at your own risk, Finance Ministry warns users
Posted Date : 29-Dec-2017 , 11:21:21 am | Posted By CASANSAAR

The recent Bitcoin surge has triggered a ponzi scheme fear, forcing the finance ministry to flag it on Friday.  "VCs (virtual currencies) such as bitcoins don't have any intrinsic value and are not backed by any kind of assets. The price of bitcoin and other VCs therefore is entirel...

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Category : Bitcoins | Comments : 0 | Hits : 610

Bill replacing IBC ordinance to allow promoters of insolvent companies more time to repay dues
Posted Date : 29-Dec-2017 , 11:12:51 am | Posted By CASANSAAR

The government will give promoters of insolvent companies more time to repay their dues and participate in the resolution process of bankrupt companies in the Bill that will replace the ordinance that was promulgated last month to amend the Insolvency and Bankruptcy Code (IBC), ET has learnt. The ch...

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Category : NPA | Comments : 0 | Hits : 324

SEBI eases FPI norms; allows listing of security receipts by ARCs
Posted Date : 29-Dec-2017 , 09:32:25 am | Posted By CASANSAAR

Markets regulator Sebi decided to relax entry norms for foreign portfolio investors (FPIs) willing to invest in the Indian markets. Besides, Sebi would allow listing of security receipts issued by an asset reconstruction company (ARC) on stock exchange platform. This will enhance capital ...

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Category : SEBI | Comments : 0 | Hits : 257

SEBI may mandate for disclose of defaults within 24 hours
Posted Date : 28-Dec-2017 , 09:47:50 am | Posted By CASANSAAR

The market regulator Sebi may mandate all listed entities to start disclosing the first instance of a default to a bank or financial institution within one working day, ET Now learns from reliable sources.  This is one of the big items for discussion for the Sebi board meet scheduled for T...

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Category : SEBI | Comments : 0 | Hits : 433

Govt cuts small savings interest rate by 0.2 percentage points
Posted Date : 27-Dec-2017 , 09:49:04 pm | Posted By CASANSAAR

The government on Wednesday cut the interest rate on small savings schemes, including public provident fund (PPF), national savings certificate (NSC) and Kisan Vikas Patra, by 0.2 percentage points for the January-March quarter, a move that will prompt banks to lower deposit rates. Interest rates...

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Category : Banking | Comments : 0 | Hits : 407

Tax payers can see status of returns filed on GSTN portal
Posted Date : 27-Dec-2017 , 09:46:34 pm | Posted By CASANSAAR

Tax payers can now view the status of the returns filed by them on the GST Network portal, the company handling the technology backbone of the new indirect tax system said today. "All users logging on the GST portal can now see the status of their returns filed for all the returns like GSTR-...

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Category : GST | Comments : 0 | Hits : 658

Lok Sabha passes GST (Compensation to States) Amendment Bill- 2017
Posted Date : 27-Dec-2017 , 09:45:01 pm | Posted By CASANSAAR

The Lok Sabha on Wednesday passed the Goods and Services Tax (Compensation to States) Amendment Bill- 2017 amid uproar by the opposition Congress and TMC.  The Bill will replace Ordinance which was promulgated in September this year. It amends the Goods and Services Tax (Compensation to Stat...

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Category : GST | Comments : 0 | Hits : 163

GST revenue slips further; Rs 80,808 crore tax collected for Nov
Posted Date : 27-Dec-2017 , 09:14:15 am | Posted By CASANSAAR

Revenue collection from Goods and Services Tax (GST) for the month of November slipped further to Rs 80,808 crore, lowest since the implementation of the indirect tax system from July 1. The dip in revenue collection was mainly due to a decline in overall incidence of taxes on most commodities, e...

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Category : GST | Comments : 0 | Hits : 549

Govt directs NGOs to open account in any designated bank within month for transparency
Posted Date : 26-Dec-2017 , 01:13:03 pm | Posted By CASANSAAR

Union Home Ministry has directed all NGOs, business entities and individuals who receive funds from abroad to open accounts in any of the 32 designated banks, within a month for higher level of transparency. According to the ministry order, the directive to the NGOs, companies and individuals to ...

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Category : NGO | Comments : 0 | Hits : 611

Government spending, Deficit in focus ahead of budget
Posted Date : 26-Dec-2017 , 12:38:10 pm | Posted By CASANSAAR

As the government gets down to the business of drawing up the budget, there is a growing view among some influential sections that there should not be any spending cut on key programmes to meet the fiscal deficit target.  The reasoning is that fiscal slippage, if any, is likely to be from th...

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Category : Budget | Comments : 0 | Hits : 311

Rising NPAs in education loan add to banks stress - IBA
Posted Date : 25-Dec-2017 , 07:46:17 am | Posted By CASANSAAR

Education loans too have started bleeding the banking sector with the default in repayment rising to 7.67 per cent of the outstanding amount at March-end, 2017 from 5.7 per cent two years ago. As per the data compiled by the Indian Banks' Association (IBA), the total outstanding education loan a...

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Category : NPA | Comments : 0 | Hits : 109

Govt introduces bill on GST compensation cess in Lok Sabha
Posted Date : 23-Dec-2017 , 07:22:50 am | Posted By CASANSAAR

The government  introduced a bill in the Lok Sabha that would replace an ordinance wherein tax rates on various motor vehicles were hiked to a maximum of 25 per cent under the Goods and Services Tax (GST).  Finance Minister Arun Jaitley introduced the GST (Compensation to States) Amendm...

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Category : GST | Comments : 0 | Hits : 715

SEBI issues format for filing of application under SAST norms
Posted Date : 22-Dec-2017 , 07:42:18 pm | Posted By CASANSAAR

In order to ensure uniformity of disclosures in applications, Securities and Exchange Board of India (Sebi) on Friday issued a standard format for companies to file for such request under the ‘takeover’ norms with the markets regulator. Under the standard format of application under s...

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Category : SEBI | Comments : 0 | Hits : 356

Govt dismisses rumours about closing down of public sector banks
Posted Date : 23-Dec-2017 , 07:03:40 am | Posted By CASANSAAR

Dismissing rumours, the government today said there is no question of closure of any public sector bank.  In a tweet, Financial Services Secretary Rajeev Kumar said the government is strengthening these banks by re-capitalisation plan of 2.11 lakh crore rupees.  He appealed to the pe...

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Category : Banking | Comments : 0 | Hits : 586

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