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First under IBC - Bhushan Steel bought by Tata Steel
Posted Date : 19-May-2018 , 07:58:30 am | Posted By CASANSAAR

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 : 97

Income tax dept cautions TDS deductors against quarterly filing default
Posted Date : 19-May-2018 , 12:53:59 am | Posted By CASANSAAR

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 : 1005

SEBI votes for secretarial audits in listed companies
Posted Date : 19-May-2018 , 11:16:43 am | Posted By CASANSAAR

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 : 154

Coaching centres for entrance exams liable to 18% GST - AAR
Posted Date : 19-May-2018 , 11:12:18 am | Posted By CASANSAAR

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 : 127

ITR-3 Java Utility has been released
Posted Date : 19-May-2018 , 11:00:11 am | Posted By CASANSAAR

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 : 227

GSTR-3B due date extended till 22nd May 2018
Posted Date : 18-May-2018 , 11:24:09 am | Posted By CASANSAAR

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 : 343

Sebi extends FPI monitoring deadline again
Posted Date : 18-May-2018 , 11:56:11 am | Posted By CASANSAAR

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 : 213

IFC to fund IBBI for new insolvency reform implementation in India
Posted Date : 17-May-2018 , 08:14:26 am | Posted By CASANSAAR

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 : 378

CBI names top PNB officials in second chargesheet in fraud case
Posted Date : 17-May-2018 , 08:11:23 am | Posted By CASANSAAR

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 : 496

CBDT directs IT dept to hold grievance redressal fortnight in June
Posted Date : 16-May-2018 , 06:17:50 pm | Posted By CASANSAAR

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 : 439

Free banking services out of GST Net - FinMin
Posted Date : 16-May-2018 , 09:18:51 am | Posted By CASANSAAR

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 : 579

Allahabad Bank divests its CEO of all Powers
Posted Date : 15-May-2018 , 07:46:02 pm | Posted By CASANSAAR

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 : 327

NCLT approves Tata Steel's resolution plan for Bhushan Steel
Posted Date : 15-May-2018 , 02:54:23 pm | Posted By CASANSAAR

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 : 310

Two Independent Directors of IDBI Bank Quit
Posted Date : 15-May-2018 , 02:49:38 pm | Posted By CASANSAAR

Two independent directors Ninad Karpe and S Ravi have resigned from the board of state-owned IDBI Bank days after CBI filed FIR in connection with Rs 600 crore loan given by the bank to former Aircel promoter C Sivasankaran, his son and companies controlled by him. Karpe and Ravi cease to be inde...

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Category : Banking | Comments : 0 | Hits : 339

ICAI Invites Applications from Highly Competent Candidates for the Position of SECRETARY
Posted Date : 15-May-2018 , 10:38:54 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) is a statutory body established for regulation of the profession of Chartered Accountants in India. ICAI, the second largest accounting body in the world is looking for a high profile and multi-faceted personality with proven leadership qualitie...

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Category : ICAI | Comments : 0 | Hits : 1601

Banks can't exchange soiled or torn Rs 200 and Rs 2000 currency notes
Posted Date : 15-May-2018 , 10:32:17 am | Posted By CASANSAAR

There are many reasons why a currency note gets soiled or disfigured, ranging from excessive handling to getting torn/wet and nibbled on by white ants. But while the RBI has made provisions for the value of such notes to be refunded to the owner, either in full or as a matter of grace depending on t...

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Category : Banking | Comments : 0 | Hits : 675

RBI bars Allahabad Bank from taking deposits, giving loans
Posted Date : 15-May-2018 , 10:28:47 am | Posted By CASANSAAR

State-owned Allahabad Bank on Monday said the Reserve Bank of India (RBI) has asked it to freeze lending after its capital-to-risk weighted assets ratio (CRAR) fell below the mandatory 9% at the end of March. In a regulatory filing, the bank said the central bank had asked it “to restrict e...

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Category : RBI | Comments : 0 | Hits : 807

CA Piyush Goyal to take Additional Charge of Finance Ministry
Posted Date : 15-May-2018 , 10:21:30 am | Posted By CASANSAAR

Railway minister CA Piyush Goyal has been given additional charge of the finance ministry and Smriti Irani has been supplanted from the information and broadcasting ministry to make way for Rajyavardhan Rathore, who has been been given the reins with independant charge. Union minister of state S....

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Category : Finance | Comments : 0 | Hits : 338

Roll out of e-Way Bill system for intra-State movement of goods in the States of Assam & Rajasthan
Posted Date : 15-May-2018 , 10:13:48 am | Posted By CASANSAAR

As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 01st April, 2018. As on 13th May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States/ Union Territory of Andhra Pradesh, Arunachal Pradesh, Bi...

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Category : GST | Comments : 0 | Hits : 414

Petrol prices hiked by 17 paise a litre, Diesel by 21 paise per ltr
Posted Date : 15-May-2018 , 10:10:48 am | Posted By CASANSAAR

Petrol and diesel prices have been increased. Cost of petrol has been raised by 17 paise a litre and diesel by 21 paise per litre in Delhi . Fuel prices were last hiked 19 days ago.  With this, diesel prices touched an all-time high of 66 rupees 14 paise in the national capital. Petrol price...

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Category : General | Comments : 0 | Hits : 236

CBDT Releases Java Utility of ITR-2 for AY 2018-19
Posted Date : 15-May-2018 , 09:54:01 am | Posted By CASANSAAR

CBDT has finally released Java Utility of ITR-2 (For Individuals and HUFs not having income from profits and gains of business or profession) of Assessment Year 2018-19. Earlier CBDT has released Excel and  Java Utility of ITR 1 on 14th April 2018 and Excel and Java Utility of ITR-4 on 10th ...

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Category : ITR | Comments : 0 | Hits : 501

RBI declines to share copies of Inspection Reports of PNB Fraud
Posted Date : 14-May-2018 , 09:05:39 am | Posted By CASANSAAR

RBI has declined to share inspection reports for scam-hit Punjab National Bank or PNB, citing Right To Information clauses that bar disclosure of details which may impede the investigation process or prosecution of offenders among other reasons. Replying to an RTI query, the central bank also sai...

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Category : RBI | Comments : 0 | Hits : 454

28% GST to be levied on e-rickshaw tyres - AAR
Posted Date : 14-May-2018 , 08:51:43 am | Posted By CASANSAAR

E-rickshaw tyres will attract GST at the highest slab of 28 per cent as they are registered as 'motor vehicles' under the Motor Vehicle Act, according to the order of the Authority for Advance Rulings (AAR). The Maharastra-bench of the AAR passed the order on an application filed by tyre-...

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Category : GST | Comments : 0 | Hits : 512

PCA review of 11 state-run banks on May 17
Posted Date : 12-May-2018 , 09:27:23 pm | Posted By CASANSAAR

The government will hold a review meeting on May 17 of state-run banks that are under the Reserve Bank of India's prompt corrective action (PCA) framework. At present, there are 11 banks under PCA on account of poor performance.  "A review meeting has been called for some of the wea...

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Category : Banking | Comments : 0 | Hits : 209

RBI puts Dena Bank under prompt corrective action
Posted Date : 12-May-2018 , 05:26:15 pm | Posted By CASANSAAR

Reserve Bank has initiated prompt corrective action against public sector lender Dena Bank in view of high non-performing loans, restricting the bank from giving fresh credit and new hiring. The public sector lender yesterday reported widening of its net loss to Rs 1,225.42 crore in the March qua...

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Category : RBI | Comments : 0 | Hits : 198

ICAI sends notices to Big Four, other MNC auditors
Posted Date : 12-May-2018 , 09:33:11 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) has issued notices to Indian arms of multinational auditing firms including Deloitte, PricewaterhouseCoopers, EY, KPMG, Grant Thornton and BDO, seeking details of corporate structures, investments and revenue.  The body is investigating ...

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Category : ICAI | Comments : 0 | Hits : 2338

Bank unions announce 2 Days Strike from May 30
Posted Date : 12-May-2018 , 09:26:31 am | Posted By CASANSAAR

United Forum of Bank Unions (UFBU) has threatened to observe two-day bank strike on May 30 and 31 to protest against Indian Banks' Association's measly wage hike offer and delay in wage negotiation.  The bankers association has stirred up a hornets nest by offering an average pay inc...

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Category : Banking | Comments : 0 | Hits : 447

Adwords Advt paid by Google India to Google-Ireland taxable as royalty - ITAT
Posted Date : 12-May-2018 , 09:23:43 am | Posted By CASANSAAR

Google India will have to shell out a 10 per cent withholding tax for its payment to its Ireland unit for the AdWords advertising service for the assessment year 2013-14, the Income Tax Appellate Tribunal’s Bangalore bench has ruled. AdWords is an online advertising service developed by Goo...

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Category : International Taxation | Comments : 0 | Hits : 290

No consensus on GST concession for digital payments
Posted Date : 12-May-2018 , 09:10:30 am | Posted By CASANSAAR

The Group of State Finance Ministers, which met here on Friday to decide on providing a 2 percentage point concession in the GST rate for digital payments, could not reach a consensus. “We need some more data to arrive at a decision,” Sushil Kumar Modi, Deputy Chief Minister of Bihar ...

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Category : GST | Comments : 0 | Hits : 304

Subramanian Swamy pitches for abolition of income tax
Posted Date : 12-May-2018 , 08:58:14 am | Posted By CASANSAAR

Bharatiya Janata Party MP, Subramanian Swamy on Friday pitched for abolition of Income Tax to ease the burden on the middle class and promote higher economic growth in the country. He said it is essentially the middle class and young generation of startup entrepreneurs who suffer because of incom...

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Category : Income Tax | Comments : 1 | Hits : 598

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