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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 : 2752

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 : 2160

Indian Advance Pricing Agreement regime moves forward with the signing of 16 APAs by CBDT in March, 2018
Posted Date : 03-Apr-2018 , 04:06:06 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018. The 2 bilateral APAs have been entered into with the United States of America. With the signing of these Agreements...

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Category : CBDT | Comments : 0 | Hits : 198

ICAI Reconstitute Group for Review of Examination, Evaluation & Testing
Posted Date : 03-Apr-2018 , 02:17:11 pm | Posted By CASANSAAR

The President, in terms of the authority given to him by the Council at its 373rd meeting held on 12th February, 2018, has also nominated CA. Anil S. Bhandari, as member of the said Group. Accordingly, the revised composition of the said Group will be as under:- CA. Manu Agrawal, Convenor CA....

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Category : ICAI | Comments : 0 | Hits : 774

RBI allows banks to spread bond trading losses over four quarters
Posted Date : 03-Apr-2018 , 09:57:39 am | Posted By CASANSAAR

The Reserve Bank of India has allowed banks to spread their bond trading losses, a change that is likely to boost profitability of lenders as well as spur a rally in stock and bond markets. Under the change, lenders can spread bond-trading losses incurred in the December 2017 and March 2018 qua...

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Category : RBI | Comments : 0 | Hits : 236

More than 5 lakh GST e-way bills issued on Day 2 of rollout
Posted Date : 03-Apr-2018 , 09:55:09 am | Posted By CASANSAAR

GST e-way bill was off to a successful start with more than five lakh e-way bills generated till 7 pm on the first working day of its implementation. The roll-out of e-way bill without any glitches came as a relief to businesses who were fearing disruption to trade. With the successful rollout...

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Category : GST | Comments : 0 | Hits : 381

CoC can withdraw insolvency process if 90% votes for such a move - IBC panel
Posted Date : 03-Apr-2018 , 09:53:12 am | Posted By CASANSAAR

Ambiguity surrounding out-of-court settlements of insolvency cases, such as the one for Binani Cement, might soon be a thing of the past. A high-level panel reviewing the Insolvency and Bankruptcy Code (IBC) has recommended that the committee of creditors (CoC) concerned should be give the powers to...

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Category : Insolvent Professional | Comments : 0 | Hits : 348

Final Monthly collection figures of GST
Posted Date : 03-Apr-2018 , 09:48:01 am | Posted By CASANSAAR

  The revenue collection figures under GST including CGST, SGST, IGST and cess for the period July 2017 – February 2018 paid in the period July 2017 – March 2018 is as follows:   (Figures in Rs. Crores) Month GST Collection ...

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Category : GST | Comments : 0 | Hits : 515

Rendering of Valuation Services without a Certificate of Registration till 30th Sept 2018
Posted Date : 03-Apr-2018 , 09:45:45 am | Posted By CASANSAAR

In exercise of the powers conferred by section 247 read with sections 458, 459 and 469 of the Companies Act, 2013 (18 of 2013), the Central Government, vide Gazette Notification dated 18th October, 2017, published the Companies (Registered Valuers and Valuation) Rules, 2017 (hereafter ‘Rules&r...

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Category : Corporate Law | Comments : 0 | Hits : 451

Direct tax collections grow 17% to Rs 9.95 lakh crores in 2017-18
Posted Date : 03-Apr-2018 , 09:42:21 am | Posted By CASANSAAR

The Direct Tax collections for the fiscal year 2017-18 stood at 9(point)95 lakh crore rupees, which is 17(point)1 per cent higher than net collection of 2016-17.  The tax collections during the fiscal year 2017-18 has exceeded the budget estimates of 9.80 lakh crore rupees.  Briefing...

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Category : Income Tax | Comments : 1 | Hits : 1853

SIDBI Celebrates it's Foundation day with launch of ' Samridhi - the virtual assistant' & ' Bankability Kit'
Posted Date : 02-Apr-2018 , 04:25:34 pm | Posted By CASANSAAR

SIDBI celebrated its foundation day today as day of Sampark (connect), Sanwad (interaction), Suraksha (security) and Sampreshan (disseminate).Chairman Managing Director of SIDBI Shri Mohammad Mustafa launched a series of initiatives from its Lucknow bank headquarters. He mentioned that the occasion ...

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Category : Finance | Comments : 0 | Hits : 153

Insolvency and Bankruptcy Code set for major overhaul
Posted Date : 02-Apr-2018 , 09:35:11 am | Posted By CASANSAAR

India’s bankruptcy law, the Insolvency and Bankruptcy Code (IBC), is set for a major overhaul as policymakers seek to decisively deal with business failures that slow down expansion in Asia’s third-largest economy. The ministry of corporate affairs is finalizing a series of IBC amendm...

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Category : Insolvent Professional | Comments : 0 | Hits : 407

RBI examining enforcement action in PNB fraud case
Posted Date : 01-Apr-2018 , 11:03:03 pm | Posted By CASANSAAR

With multiple agencies probing the alleged Rs 13,000-crore fraud at state-run Punjab National Bank, the Reserve Bank of India (RBI) says it has conducted its scrutiny and the matter is currently under examination for “enforcement action”. Replying to an RTI query, the central bank als...

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Category : RBI | Comments : 0 | Hits : 234

Diesel price hits all-time high, petrol prices highest in 4 years
Posted Date : 02-Apr-2018 , 09:22:04 am | Posted By CASANSAAR

Petrol price today hit a four-year high of 73 rupees 73 paise a litre, while diesel rates touched an all-time high of 64 rupees 58 paise in the national capital.  State-owned oil firms, which have been since June last year revising auto fuel prices daily, today raised petrol and diesel rates...

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Category : General | Comments : 0 | Hits : 319

IBBI invites suggestions on regulation of fee payable to IPs and other process costs under CIRP
Posted Date : 02-Apr-2018 , 09:16:37 am | Posted By CASANSAAR

  Insolvency and Bankruptcy Board of India (IBBI) released a discussion paper today on regulation of fee payable to insolvency professionals (IPs) and other process costs under Corporate Insolvency Resolution Process (CIRP). The discussion paper is availabl...

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Category : Insolvent Professional | Comments : 0 | Hits : 326

Smooth Roll-out of E-way Bill System from today, 1st April, 2018
Posted Date : 02-Apr-2018 , 09:14:21 am | Posted By CASANSAAR

As per decision of the GST Council, e-Way Bill system became mandatory from today i.e. 01st April, 2018  for all inter-State movement of goods. The implementation of the nationwide e-Way Bill mechanism under GST regime is being done by GSTN in association with the National Informatics Centre (N...

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Category : GST | Comments : 0 | Hits : 299

CBEC sanctions Rs 12700 Cr GST refund claims
Posted Date : 01-Apr-2018 , 11:45:02 am | Posted By CASANSAAR

The government has sanctioned GST refunds worth about Rs 12,700 crore or 80 per cent of the eligible claims of exporters, an official said today. The Central Board of Excise and Customs (CBEC) had organised refund facilitation camps in field offices between March 15-31 to assist exporters in fill...

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Category : GST | Comments : 0 | Hits : 161

Clarification with respect to the E-way Bill System
Posted Date : 01-Apr-2018 , 11:39:15 am | Posted By CASANSAAR

The e-way Bill System for Inter-State movement of goods across the country is being introduced from 01st April 2018. Few clarifications regarding the new e-way bill system are as follows: Situation: -Consider a situation where a consignor is required to move goods from City X to City Z. He appoin...

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Category : GST | Comments : 0 | Hits : 373

Bank Branch Audit - Updates on allotment of Branches
Posted Date : 31-Mar-2018 , 06:52:10 am | Posted By CASANSAAR

Bank Branch Audit 2018 - Update on allotment of Branches   As per information received, RBI has approved the Bank Branch Audit Pannel. Banks start sending mails for allotment of Branches. Following Banks has start sending emails for allotment of branches as informed by Memb...

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Category : Bank Branch Audit | Comments : 10 | Hits : 18531

Banks to remain open till 8 PM on March 31 - RBI
Posted Date : 31-Mar-2018 , 09:34:33 am | Posted By CASANSAAR

Reserve Bank of India's offices and all designated branches of agency banks conducting government banking will keep their counters open up to 8.00 PM today for greater convenience to tax payers. Electronic transactions can also be done till midnight today. The RBI says, centralised payment sy...

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Category : RBI | Comments : 0 | Hits : 431

IBBI commences conduct of online valuation examinations for registration of Valuers
Posted Date : 30-Mar-2018 , 10:58:44 pm | Posted By CASANSAAR

Insolvency and Bankruptcy Board of India (IBBI) is commencing on  31st March, 2018, the conduct of online Valuation examination related to for registration of Valuers under the Companies ( Registered Valuers and Valuation) Rules, 2017. IBBI, being the Authority, in pursuance of the first pro...

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Category : Insolvent Professional | Comments : 0 | Hits : 778

SEBI tightens rules on corporate governance
Posted Date : 30-Mar-2018 , 10:07:50 am | Posted By CASANSAAR

The Securities and Exchange Board of India (SEBI) has tightened the corporate governance norms for listed companies by accepting most of the recommendations of the Kotak Committee while also strengthening the regulations for derivatives and algorithmic trading. At a board meeting held on Wednesda...

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Category : SEBI | Comments : 0 | Hits : 286

IBBI notifies amendments to insolvency code; applicable from April 1
Posted Date : 30-Mar-2018 , 10:02:52 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) on Wednesday notified the Insolvency and Bankruptcy Board of India (Insolvency Professionals) (Amendment) Regulations, 2018 (Amendment Regulations), effective April 1. According to the amendment regulations, subject to meeting other requirements...

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Category : Insolvent Professional | Comments : 0 | Hits : 515

Income Tax Dept names and shames 24 defaulters owing Rs 4.9 bn in taxes
Posted Date : 30-Mar-2018 , 09:57:59 am | Posted By CASANSAAR

The Income-Tax Department on Thursday released a pan-India list of 24 defaulting individuals and companies who owe about Rs 4.9 billion in taxes to the exchequer but have either gone untraceable or have reported inadequate assets for payment of dues. The department issued an advertisement as part...

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Category : Income Tax | Comments : 0 | Hits : 1392

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