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ICAI panel to look at rules for Multinational Audit Firms
Posted Date : 12-Apr-2018 , 08:29:07 am | Posted By CASANSAAR

A recent Supreme Court order has prompted the Institute of Chartered Accountants of India (ICAI) to set up a nine-member committee to examine the legal framework for the entry and exit of multinational audit firms in the country. ICAI vice-president Prafulla P Chhajed has been appointed as the co...

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Category : ICAI | Comments : 0 | Hits : 472

CBDT proposes changes in norms for advance ruling
Posted Date : 12-Apr-2018 , 08:24:08 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has proposed changes in the application process for obtaining advance ruling to bring it in line with Base Erosion and Profit Shifting (BEPS) Action 5 objectives, which mandate spontaneous exchange of information on ruling with countries of immediate as well ...

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Category : CBDT | Comments : 0 | Hits : 303

Banks to get Rs 27,000-cr breather on RBI provisioning move
Posted Date : 12-Apr-2018 , 08:20:46 am | Posted By CASANSAAR

The recent relaxation given to lenders by RBI in provisioning norms and permitting them to spread mark-to-market (MTM) losses over four quarter will provide a Rs 27,000-crore breather to banks in the fourth quarter of fiscal 2017-18, said a report. The Reserve Bank of India (RBI) recently gave an...

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Category : Banking | Comments : 0 | Hits : 273

Clarification regarding GST on supply of food and drinks in educational institutions
Posted Date : 12-Apr-2018 , 08:16:41 am | Posted By CASANSAAR

With a view to remove any doubt or uncertainty regarding rate of GST applicable on supply of food and drinks in educational institutions, it is clarified that: - i. GST rate on supply of food and drinks in a mess or canteen in an educational institution attracts GST at 5% without INPUT Tax Credit...

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Category : GST | Comments : 0 | Hits : 976

Postpon of CA Exams Scheduled to be held on 11th & 12th May, 2018 at Karnataka State
Posted Date : 12-Apr-2018 , 08:11:01 am | Posted By CASANSAAR

In partial modification of the Institute’s Notification No. 13-CA(Exam)/M/2018 dated 8 th February, 2018, it is notified for general information that in view of the General Election to the Legislative Assembly of Karnataka, the Chartered Accountants Examinations scheduled to be held on 11th &a...

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Category : CA Exams | Comments : 0 | Hits : 822

CBDT amends PAN application form to include third gender option
Posted Date : 11-Apr-2018 , 08:38:22 am | Posted By CASANSAAR

In a positive move, the government has amended its Income Tax rules to allow transgenders to be recognised as the third gender in the Permanent Account Number (PAN). Changing its application form by including a new tick box for transgenders, Central Board of Direct Taxes (CBDT) on Monday issued a no...

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Category : CBDT | Comments : 0 | Hits : 572

Roll-out of e-Way Bill system for Intra-State movement of goods in the 5 States from 15th April, 2018.
Posted Date : 10-Apr-2018 , 10:05:57 pm | Posted By CASANSAAR

As per the decision of GST Council, e-Way Bill system for all inter-State movement of goods has been rolled-out from 01stApril, 2018. E-way Bill system for Intra-State movement of goods in the State of Karnataka is also operational from the said date.  E-Way Bills are getting generated successf...

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Category : GST | Comments : 0 | Hits : 543

IBBI signs a Memorandum of Understanding with the Indian Institute of Corporate Affairs
Posted Date : 11-Apr-2018 , 08:29:03 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Indian Institute of Corporate Affairs (IICA). The MoU was signed by Ms. Geeta Singh Rathore, Chief Administrative Officer of the IICA and Mr. K.R.Saji Kumar, Executive Director of the IBBI i...

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Category : Insolvent Professional | Comments : 0 | Hits : 280

SC notice to Centre in challenge to Insolvency and Bankruptcy Code
Posted Date : 10-Apr-2018 , 08:07:56 am | Posted By CASANSAAR

In a significant development in relation to the Insolvency and Bankruptcy Code, 2016, the Supreme Court issued notice to the Central government in a petition challenging the vires of various provisions of the Insolvency and Bankruptcy Code, 2016 (Code). The matter was heard by a Bench of Chief Ju...

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Category : Insolvent Professional | Comments : 0 | Hits : 528

Post office account holders can avail digital banking service from May
Posted Date : 09-Apr-2018 , 08:58:57 am | Posted By CASANSAAR

Around 340 million post office savings account holders will be able to avail a full-fledged digital banking service from May as the government has approved linking such accounts with that of India Post Payments Bank (IPPB). "The finance ministry has approved linking of savings bank accounts ...

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Category : Banking | Comments : 0 | Hits : 483

35 to 40 CAs under RBI scanner in loan defaults by various companies
Posted Date : 09-Apr-2018 , 08:37:51 am | Posted By CASANSAAR

With the Reserve Bank of India (RBI) cracking the whip on bad loans menace, more than three dozen chartered accountants are under the scanner for allegedly conniving with promoters in defaulting as well as restructuring the stressed assets, officials said. At a time when more number of companies ...

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Category : CA | Comments : 1 | Hits : 3707

CAs, CS, CMAs may face disgorgement, penalties from SEBI
Posted Date : 08-Apr-2018 , 08:34:32 pm | Posted By CASANSAAR

Chartered accountants, company secretaries, cost accountants and valuers may have to forfeit their fees and face penalties if they are found lacking in their dealings with listed firms, according to a new set of norms being considered by Sebi. The role of auditors and valuers has come under the scan...

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Category : SEBI | Comments : 0 | Hits : 371

CVC calls PNB statutory auditors to furnish specific details about financial transactions
Posted Date : 08-Apr-2018 , 08:16:09 pm | Posted By CASANSAAR

Awaiting a detailed vigilance report on the over Rs 13,000- crore Punjab National Bank scam, the Central Vigilance Commission (CVC) today said it has asked statutory auditors of the bank to appear before it to furnish specific details about financial transactions. The watchdog asserted the need f...

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Category : Auditing | Comments : 1 | Hits : 2332

Director of a company arrested for not paying GST
Posted Date : 07-Apr-2018 , 09:21:24 am | Posted By CASANSAAR

Central Goods and Services Tax (CGST) officials have arrested the director of a company in Navi Mumbai for allegedly failing to pay the GST and Service Tax. An official release said that CGST, Navi Mumbai Commissionerate arrested the director of M/s OTS E Solution Private Limited, Rajpal Singh, y...

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Category : GST | Comments : 0 | Hits : 3853

IBBI warns of action against errant bankers, company directors in insolvency cases
Posted Date : 07-Apr-2018 , 09:18:44 am | Posted By CASANSAAR

Insolvency and Bankruptcy Board of India chairman MS Sahoo warned that directors of companies facing insolvency process and financial creditors cannot go unscathed while the companies are put under insolvency resolution process. The regulator has warned of action under the Insolvency and Bankrupt...

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Category : Insolvent Professional | Comments : 0 | Hits : 255

5% Uniform rate of GST to apply in all railway catering services in trains or on stations
Posted Date : 07-Apr-2018 , 08:53:10 am | Posted By CASANSAAR

With a view to remove any doubt or uncertainty in the matter and bring uniformity in the rate of GST applicable to supply of food and drinks made available in trains, platforms or stations, it has been clarified with the approval of the competent authority that the GST rate on supply of food and dri...

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Category : GST | Comments : 0 | Hits : 242

Procedure for registration as Registered Valuer with Insolvency and Bankruptcy Board
Posted Date : 06-Apr-2018 , 10:53:10 am | Posted By CASANSAAR

With an objective to familiarise the eligible and desirous individuals and entities with the process of registration as a valuer with the Insolvency and Bankruptcy Board (IBBI) , the IBBI released the process required.    The process of registration as registered value...

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Category : Insolvent Professional | Comments : 0 | Hits : 4285

RBI defers implementation of Ind AS by one year
Posted Date : 06-Apr-2018 , 10:50:38 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Thursday decided to defer implementation of Indian Accounting Standard (Ind AS) by one year for the banks.  Scheduled commercial banks (SCBs), excluding regional rural banks (RRBs), were required to implement Ind AS from April 1, 2018.  "Necess...

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Category : RBI | Comments : 0 | Hits : 437

MCA to monitor CSR compliance in a centralised manner
Posted Date : 06-Apr-2018 , 10:48:10 am | Posted By CASANSAAR

The Ministry of Corporate Affairs has decided to put in place a centralised system to keep a tab on entities' compliance with CSR obligations under the companies law, according to sources. The move comes against the backdrop of rising instances of non-compliance with Corporate Social Responsi...

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Category : MCA | Comments : 0 | Hits : 351

CBDT notifies Income Tax Return Forms for Assessment Year 2018-19
Posted Date : 06-Apr-2018 , 10:43:02 am | Posted By CASANSAAR

The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplif...

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Category : ITR | Comments : 0 | Hits : 811

RBI asks banks to stop services to those dealing in virtual currencies
Posted Date : 06-Apr-2018 , 09:56:31 am | Posted By CASANSAAR

The Reserve Bank today directed all regulated entities including banks not to provide services to businesses dealing in virtual currencies like bitcoins, so as to protect consumer interest and check money laundering. In the first bi-monthly monetary policy review of 2018-19, RBI said virtual curr...

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Category : RBI | Comments : 0 | Hits : 182

Banks are billing for your SMS alerts against RBI advisory
Posted Date : 05-Apr-2018 , 03:07:43 pm | Posted By CASANSAAR

Charges for SMS alerts on banking transactions may not squeeze account holders much but can be a reasonable earning for many banks, especially in accounts with meagre monthly transactions though income from SMS alert service goes against the advisory from the sector regulator.  While Reserve...

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Category : Banking | Comments : 0 | Hits : 184

Clarification regarding applicability of standard deduction to pension received from the former employer
Posted Date : 05-Apr-2018 , 02:55:50 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961(“the Act”) to provide that a taxpayer h...

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Category : CBDT | Comments : 0 | Hits : 199

Rs 4 lakh crore NPAs have returned due to IBC
Posted Date : 05-Apr-2018 , 08:49:35 am | Posted By CASANSAAR

Less than half of the staggering Rs 9 lakh crore worth of non-performing assets (NPAs), or bad loans, accumulated by banks had returned due to the system set in place by the Insolvency and Bankruptcy Code (IBC), 2016, the government said on Wednesday.  The figure was revealed by Corporate Af...

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Category : Insolvent Professional | Comments : 0 | Hits : 2751

RBI to announce its first bi-monthly monetary policy for the new fiscal 2018-19
Posted Date : 05-Apr-2018 , 08:41:37 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) will today announce its first bi-monthly monetary policy for the new fiscal 2018-19. The Monetary Policy Committee, headed by RBI Governor Urjit Patel, started its 2-day meeting in Mumbai yesterday, amid little hopes of a cut in the key policy rate due to hardening gl...

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Category : RBI | Comments : 0 | Hits : 231

Government sets up an IT Grievance Redressal Mechanism to address the grievances of taxpayers due to technical glitches on GST Portal
Posted Date : 04-Apr-2018 , 03:38:51 pm | Posted By CASANSAAR

It has been decided by the Government to put in place an IT-Grievance Redressal Mechanism to address the difficulties faced by a section of taxpayers owing to technical glitches on the GST portal. In this regard, GST Council has delegated powers to an IT Grievance Redressal Committee to approve and ...

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Category : GST | Comments : 0 | Hits : 200

IBC panel suggests treating home buyers as financial creditors
Posted Date : 03-Apr-2018 , 11:01:19 pm | Posted By CASANSAAR

Home buyers should be treated as financial creditors which will allow them to equitably participate in an insolvency resolution process, a high-level panel has recommended to the government.  The 14-member panel has also suggested relaxations for Micro, Small and Medium Enterprises (MSMEs) u...

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Category : Insolvent Professional | Comments : 0 | Hits : 197

CAs, CSs and CMAs will come under SEBI ambit
Posted Date : 04-Apr-2018 , 09:27:49 am | Posted By CASANSAAR

Chartered Accountants, Cost Accountants and Company Secretaries may soon come under the ambit of the capital markets regulator. The Securities and Exchange Board of India will issue rules that will put the onus on chartered accountants, company secretaries, cost accountants, valuers and monitoring a...

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Category : CA | Comments : 0 | Hits : 3223

IBC committee wants wider pool of bidders for insolvent companies
Posted Date : 04-Apr-2018 , 09:14:56 am | Posted By CASANSAAR

A high-level panel on reviewing the Insolvency and Bankruptcy Code (IBC) has suggested widening the pool of those who can bid for insolvent companies. Earlier, the government had inserted Section 29 (A) to the Code, debarring related parties and connected persons of defaulting entities from biddi...

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Category : Insolvent Professional | Comments : 0 | Hits : 141

RBI did not audit PNB branch that sanctioned loans - CVC
Posted Date : 04-Apr-2018 , 09:04:46 am | Posted By CASANSAAR

Central Vigilance Commissioner K V Chowdary on Tuesday said the Reserve Bank of India had apparently not conducted an audit during the period of time when a Rs 13,000-crore scam hit the Punjab National Bank. Chowdary stressed the need to put into place a more robust auditing system. "They di...

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Category : Auditing | Comments : 1 | Hits : 2159

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