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The Nirav Modi case is becoming a sticky wicket for many investigators. Now, top income tax officials including Sushil Chandra, Chairman of the Central Board of Direct Taxes (CBDT), have come under the CBI lens for the alleged misreporting and sharing of investigation details with extortionists. ...

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Category : Banking | Comments : 0 | Hits : 1469

As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 1st April, 2018. As on 23rd May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Gujara...

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Category : GST | Comments : 0 | Hits : 183

Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to Copper industry. It is the first case of arrest in Delhi, under the new tax regi...

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Category : GST | Comments : 0 | Hits : 572

Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to Copper industry. It is the first case of arrest in Delhi, under the new tax regi...

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Category : GST | Comments : 0 | Hits : 815

The finance ministry has joined hands with over two dozen e-commerce firms, including major players like Amazon, Flipkart, Ola and Uber, to provide easy finance to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY), a top government official said. The three way partnership between l...

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Category : Finance | Comments : 0 | Hits : 506

Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2018 Online Application Form    Hard Copy Application Form ...

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Category : ICAI | Comments : 0 | Hits : 671

Approving making amendments to the insolvency and bankruptcy act, the cabinet has approved making home-buyers creditors in the insolvency process. Also part of the ordinance the government has planned is special provisions for medium and small enterprises. These were, in fact, some of the recomme...

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Category : Insolvent Professional | Comments : 0 | Hits : 215

The Cabinet is likely to consider amendments to the Insolvency and Bankruptcy Code (IBC) on Wednesday. The government plans to promulgate an Ordinance to give effect to these changes since Parliament is not in session, sources said. A draft note circulated to various stakeholders says it is lo...

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Category : Insolvent Professional | Comments : 0 | Hits : 456

The fear of losing control over their companies has prompted promoters, who have defaulted on repayment of loans to banks, to settle their dues of around Rs 83,000 crore before action was initiated under the newly-enacted Insolvency and Bankruptcy Code (IBC). On last count, data compiled by the m...

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Category : Banking | Comments : 0 | Hits : 593

The Authority of Advanced Ruling (AAR) for the goods and services tax (GST) has ruled that firms supplying food and beverages to canteens of other organisations are ‘outdoor caterers’ and the service would attract an 18% GST. The ruling was delivered by Gujarat AAR on an application f...

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Category : GST | Comments : 0 | Hits : 529

Insolvency Professionals (IPs) working on resolution process under the Insolvency and Bankruptcy Code (IBC) can now buy insurance covers for themselves. “The first such policy was designed by JLT Independent about three months back,” said Sanjay Radhakrishnan, CEO, of the insurance broki...

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Category : Insolvent Professional | Comments : 0 | Hits : 714

The Authority for Advance Rulings (AAR) has ruled that payments in respect to nonperformance of a contract would be liable to goods and services tax (GST). This has made multinational companies, especially those executing infrastructure projects, and the mining sector jittery, and it could have impl...

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Category : GST | Comments : 0 | Hits : 478

The Income Tax (I-T) Department is an "aggrieved creditor" to many de-registered shell companies and will petition the National Company Law Tribunal (NCLT) to recover tax dues of crores of rupees.  The Central Board of Direct Taxes (CBDT) has directed the I-T Department to form a s...

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Category : Income Tax | Comments : 0 | Hits : 521

CBDT has finally released Java Utility for the Assessment Year 2018-19 of ITR-for 5 (For persons other than:- (i) Individual,(ii) HUF,(iii) Company and (iv) Person filing Form ITR-7) and Java Utility of  ITR-7 [For persons including companies required to furnish return under sections 139(4A) or...

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Category : ITR | Comments : 0 | Hits : 268

The Enforcement Directorate (ED) today said it has attached assets worth Rs 184.68 crore of Rajasthan-based Chartered Accountant (CA) and others in connection with its probe into an alleged bank fraud worth over Rs 1,000 crore. The case pertains to an alleged Rs 1,055 crore fraud in three branches o...

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Category : CA | Comments : 0 | Hits : 2086

The GST Council has asked the Centre and states to expedite setting up of appellate authorities for aggrieved entities to appeal against orders of the Authority for Advance Rulings (AAR). With AARs in different states started giving rulings since March, it has become imperative for the Centre as ...

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Category : GST | Comments : 0 | Hits : 253

State-run Punjab National Bank (PNB) has refused to disclose details of the audit or investigation that led to detection of over Rs 13,000 crore fraud at the company, citing a clause that bars any disclosure that can impede the process of investigating or apprehending the offenders. In reply to a...

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Category : Banking | Comments : 0 | Hits : 530

With the acquisition of Bhushan Steel Ltd (BSL) for Rs.35,200 crore, Tata Steel has emerged the first company to acquire a stressed asset under the new Insolvency and Bankruptcy Code. The company has received all the approvals and will own 73 per cent in the company. It will absorb all the employ...

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Category : Insolvent Professional | Comments : 0 | Hits : 273

The Income Tax Department (ITD) cautioned TDS deductors to adhere to the stipulated deadline of May 31 for filing their statements failing which they would invite a penalty of Rs 200 for each day of default.  The Central Board of Direct Taxes (CBDT), that frames policy for the department, is...

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Category : Income Tax | Comments : 0 | Hits : 1278

Market regulator Securities and Exchanges Board of India (SEBI) is not happy with the way secretarial audits are conducted in listed companies. It believes a lot of work needs to be done to improve the audits, which in turn, will improve corporate governance standards. At an Institute of Company ...

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Category : SEBI | Comments : 0 | Hits : 349

Coaching centres providing tuition to prepare students for entrance examination are liable to pay 18 percent GST, according to the Authority for Advance Rulings (AAR). An application was filed before the Maharashtra bench of the AAR to seek advance ruling on whether the services related to provid...

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Category : GST | Comments : 0 | Hits : 297

ITR-3 Java Utility has been released by Income Tax Department. With this, Taxpayers can now e-file their Tax Returns for AY 2018-2019 using the applicable ITR Forms 1, 2, 3 or/ 4. Remaining 3 ITR Forms Utilities are yet to be released. #casansaar  ...

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Category : ITR | Comments : 0 | Hits : 388

In the interest of taxpayers, it has been decided to extend the last date for filing of return in FORM GSTR-3B for the month of April, 2018 for two days, i.e., till 22nd May, 2018. The notification in this regard shall be published shortly. Earlier it was brought to the notice of the competent au...

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Category : GST | Comments : 0 | Hits : 440

Markets regulator Sebi today further extended the deadline till June 1 for putting in place a new system for depositories to monitor the foreign investment limits in listed Indian companies.  The Securities and Exchange Board of India (Sebi) has extended the last day for the second time afte...

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Category : SEBI | Comments : 0 | Hits : 300

IFC, a member of the World Bank Group, will support the Insolvency and Bankruptcy Board of India (IBBI) in strengthening the implementation of India's new insolvency and bankruptcy framework, the Insolvency and Bankruptcy Code (IBC), 2016. The funding focuses on four key areas including capac...

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Category : Insolvent Professional | Comments : 0 | Hits : 462

Two days after registering the first chargesheet in the Rs12,636 crore Punjab National Bank (PNB) fraud case, the Central Bureau of Investigation (CBI) on Wednesday filed another chargesheet in the matter in the Mumbai sessions court, on the basis of a case registered on 15 February. “The c...

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Category : Banking | Comments : 0 | Hits : 681

CBDT has directed the Income Tax department to hold a special 'grievance redressal fortnight' next month to address taxpayers' disputes regarding rectification and adjustments made in tax demands. The policy-making body for the tax department has asked the regional chiefs of the depar...

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Category : CBDT | Comments : 0 | Hits : 487

Free banking services like cheque book issuance and ATM withdrawals are likely to remain out of the ambit of the Goods and Services Tax, a senior finance ministry official said. The Department of Financial Services had approached its revenue counterpart to clear the confusion over the levy of GST...

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Category : GST | Comments : 0 | Hits : 646

The Board of state-owned Allahabad Bank today divested its MD and CEO Usha Ananthasubramanian of all powers with immediate effect, following a directive from the finance ministry after she was named in the CBI's chargesheet in PNB fraud case. Ananthasubramanian, was the CMD of Punjab National...

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Category : Banking | Comments : 0 | Hits : 509

The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel Ltd’s resolution plan for debt ridden Bhushan Steel Ltd under the Insolvency and Bankruptcy Code (IBC). Bhushan Steel’s admitted financial debt stood at Rs56,051.16 crore as on 1 February 2018, and it is one of th...

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Category : Insolvent Professional | Comments : 0 | Hits : 344