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The Council at its 374th meeting held from 21st to 24th March, 2018 while deliberating the item on introduction of E-voting in the elections to the Council and Regional Councils to be held in December, 2018 decided that E-voting should be introduced, in the first instance, for election to the Managi...

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Category : ICAI Election | Comments : 0 | Hits : 248

Total Revenue Collection under GST: The last date for filing of GSTR 3B return for the month of February 2018 was 20th March 2018. The total revenue received under GST for the month of February 2018(received in February/March upto 26th March) has been Rs. 85,174 crores. 1.05 crore taxpayers have ...

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Category : GST | Comments : 0 | Hits : 216

The last date for filing belated returns for Assessment Years 2016-17 and 2017-18 and revised returns for Assessment Year 2016-17 is 31st March, 2018. The Financial Year 2017-18 closes on 31st March, 2018 which is a Saturday. 29th & 30th March, 2018 are also closed holidays. Therefore, to fac...

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Category : Income Tax | Comments : 0 | Hits : 326

The revenue department’s intelligence unit has launched an investigation into alleged collusion between select banks and ATM service providers to avoid payment of value added tax (VAT) and wrongful claim of tax credit.  The Directorate General of Goods and Services Tax Intelligence (DG...

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Category : Banking | Comments : 0 | Hits : 373

Banks will not remain closed for five consecutive days starting from Thursday, a union leader said on Monday. "The banks will work on March 31 (Saturday) and there is no continuous holidays as per messages in the social media," D. Thomas Franco Rajendra Dev, General Secretary of the All...

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Category : Banking | Comments : 0 | Hits : 1418

A high-level panel set up to review the Insolvency and Bankruptcy Code (IBC) is likely to have recommended against extending a 270-day moratorium for restructuring a company after its case is admitted by the National Company Law Tribunal (NCLT). The committee submitted its report to the government o...

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Category : Bitcoins | Comments : 0 | Hits : 282

In keeping with India’s commitment to implement the Recommendations of the 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, Section 286 of the Income-...

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Category : Income Tax | Comments : 0 | Hits : 672

CA Megha Jain (2011 batch) created history to become the “First Indian civilian lady to record her name in LIMCA BOOKS OF RECORDS-2018 for flying fighter plane MIG29” on touching heights of around 18,400 m with a top speed of 1,850 km/hr over Sokol Airbase in Nizhny Novgorod, Russia.&nbs...

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Category : CA | Comments : 1 | Hits : 1967

The Ministry of Corporate Affairs is considering legal options to try to stall bankruptcy proceedings in the US against diamantaire Nirav Modi's group firm Firestar Diamond, amid stepped up action in the over Rs 130 billion scam at Punjab National Bank, according to officials. The move comes ...

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Category : Insolvent Professional | Comments : 0 | Hits : 346

Businesses having zero tax liability for six consecutive months under GST may soon get relief once the proposal to allow such entities to file returns only twice a year gets the GST Council’s nod. According to recent data, as much as 40 per cent of return filers under the Goods and Services...

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Category : GST | Comments : 0 | Hits : 543

More than 68,000 companies have been registered in eight months following the implementation of the Goods and Services Tax (GST) regime, Union Minister P P Chaudhary said.  GST --the biggest tax reform-- was rolled out from July 1, 2017.  "The total number of companies registere...

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Category : GST | Comments : 0 | Hits : 310

The Government has taken any steps against listed companies which are not functioning. Ministry of Corporate Affairs (MCA) has filed prosecution against 780 listed companies under various sections of Companies Act, 2013 due to non-filing of Financial Statements and Annual Returns. As on 31st Dece...

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Category : MCA | Comments : 0 | Hits : 236

The government is set to increase the number of bankruptcy courts to ease the load on existing benches overburdened by creditors suing defaulting businesses and expedite resolution of insolvency cases, corporate affairs secretary Injeti Srinivas said. The government will also hire more judicial a...

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Category : Insolvent Professional | Comments : 0 | Hits : 333

The Central Bureau of Investigation (CBI) registered a Rs1,394.43 crore bank fraud case against Hyderabad-based Totem Infrastructure Ltd on a complaint by state-run Union Bank of India. “The CBI registered a case today (Thursday) on a complaint by Union Bank of India against Totem Infrastru...

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Category : Banking | Comments : 0 | Hits : 1443

Yet another bank fraud has come to light, with the CBI filing a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore. A Central Bureau of Investigation (CBI) team also carried out ...

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Category : Banking | Comments : 0 | Hits : 679

  Department of Economic Affairs has apprised that in pursuance to the announcement made in the Budget Speech 2018-19 (para75), a Steering Committee on Fintech related issues was constituted to consider various issues relating to development of Fintech space in India with a view to make Fint...

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Category : Banking | Comments : 0 | Hits : 341

Government has received various representations from Association of Exporters as well as Corporate Bodies seeking clarity on e-way bill regarding movement of goods from dry-ports to sea ports and from SEZs within the zone. Some of the queries regarding applicability of e-way bill provisions are as b...

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Category : GST | Comments : 0 | Hits : 660

  The North Eastern and Hilly States have not been provided exemption from tax refund till March, 2027 under GST. The GST Council in the meeting held on 30.09.2016, had decided that all entities exempted from payment of indirect tax under the then existing tax incentive scheme shal...

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Category : GST | Comments : 0 | Hits : 278

  All kinds of representations received from the trade and industry (including start-ups) regarding GST rates on services have been deliberated in the Fitment Committee. Government has exempted various kinds of services in relation to skill development. Decision pertaining to rates of GST an...

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Category : GST | Comments : 0 | Hits : 244

Prevention of Money Laundering Act, 2002 (PMLA) and the Rules impose obligation on reporting entities (RE’s) including Non-Banking Financial Companies (NBFC’s) to verify identity of clients, maintain records and furnish information to FIU-IND. To facilitate the filing of prescribed repor...

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Category : Finance | Comments : 0 | Hits : 278

In reply to another question, Minister of State for Finance Shiv Pratap Shukla said that as per PNB, the total number of LoUs issued to the companies of Nirav Modi, his relatives and the Nirav Modi Group are 1,213, and to Mehul Choksi, his relatives and the Gitanjali Group are 377. He further sai...

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Category : Banking | Comments : 0 | Hits : 203

Parliament gave its seal of approval to the Payment of Gratuity (Amendment) Bill, 2018 with the Rajya Sabha adopting it today. The bill was passed by voice vote during Zero Hour without discussion. The Lok Sabha had already passed the bill last week. Moving the Bill, Labour Minister Santosh Kumar...

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Category : General | Comments : 0 | Hits : 416

Bank Branch Audit 2018 - Update on allotment of Branches   As per information received, Banks has send the final list for bank branch statutory audit to RBI & waiting for RBI Approval.  Plz check your email on regular basis.  If you have any update regard...

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Category : Bank Branch Audit | Comments : 2 | Hits : 13112

Battling with frauds and dodgy borrowers, the Reserve Bank of India (RBI) has asked auditors of state-owned banks to watch out for unrealistic cash-flow projections that corporates often make to obtain new loans or rejig old loans to buy time. The regulator, at a meeting last week, also told them to...

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Category : RBI | Comments : 1 | Hits : 652

Chief minister Amarinder Singh on Wednesday announced waiver of the state government’s 50% share in the Goods and Services Tax (GST) on community kitchen (langar) at Golden Temple, Durgiana Temple, Bhagwan Valmiki Tirath and key shrines of the other communities. The Punjab assembly also una...

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Category : GST | Comments : 1 | Hits : 199

Government has constituted a task force to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country.  Finance Ministry, in a release said, in this endeavour of drafting the new tax law, it is imperative to engage with stakeholders...

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Category : Income Tax | Comments : 0 | Hits : 370

The Insolvency and Bankruptcy Code, 2016 (Code) provides for a class of regulated professionals, namely, Insolvency Professionals (IP), who constitute one of the four key pillars of the insolvency regime, other three being the Adjudicating Authority, the Insolvency and Bankruptcy Board of ...

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Category : Insolvent Professional | Comments : 0 | Hits : 195

The Delhi High Court today issued a notice to former Telecom Minister A Raja, DMK MP Kanimozhi and others on the Enforcement Directorate, ED's plea challenging their acquittal in a money laundering case arising out of the 2G spectrum allocation scam. Justice SP Garg issued another notice to t...

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Category : General | Comments : 0 | Hits : 158

The law that regulates and supervises banking companies in India does not wholly apply to State Bank of India (SBI), other government-owned lenders and regional rural banks (RRBs), a senior Reserve Bank of India (RBI) official told ET.  This follows RBI governor Urjit Patel’s March 14 ...

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Category : RBI | Comments : 0 | Hits : 383

Demanding a joint parliamentary committee (JPC) probe into the recent banking fraud, the United Forum of Bank Unions (UFBU) -- a body of nine trade unions -- on Monday questioned the supervision mechanism of the Reserve Bank of India (RBI). "We are demanding a detailed JPC probe into the rec...

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Category : Income Tax | Comments : 0 | Hits : 208