Govt sets up committee to look into GST revenue shortfall
Posted Date : 11-Oct-2019 , 09:44:42 am | Posted By CASANSAAR
The government on Thursday set up a high-level committee of officers to look into revenue shortfall being faced by the states and suggest measures for augmenting collections, according to an official statement.
"The committee of officers from the centre and the states is required to suggest ...
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GST |
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RBI turns down Indiabulls Housing’s merger with Lakshmi Vilas Bank
Posted Date : 10-Oct-2019 , 09:45:09 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has rejected the planned merger between Indiabulls Housing Finance and Lakshmi Vilas Bank after examining the proposal for more than six months, during which multiple approaches were considered to ensure compliance with strict banking sector takeover rules.
“...
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RBI |
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GST authorities arrest 2 for fraudulently availing Rs.127 Cr refund
Posted Date : 10-Oct-2019 , 09:39:29 am | Posted By CASANSAAR
Haryana GST authorities have arrested two persons for generating fake invoices and fraudulently availing input tax credit totalling Rs.127 crore.
The arrests were made by the Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), Haryana.
Gulshan Dhingra and Sanjay Dhingra,...
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GST |
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0 | Hits : 427
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Govts may get more power to tax MNCs like Google, Apple, Facebook
Posted Date : 10-Oct-2019 , 09:33:47 am | Posted By CASANSAAR
Countries around the world, including India, will get more power to tax big multinationals such as Google, Apple and Facebook doing business within their borders under a proposed overhaul of decades-old rules.
The Organisation for Economic Co-operation and Development (OECD) has proposed to...
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Income Tax |
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0 | Hits : 260
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GST and BlockChain
Posted Date : 10-Oct-2019 , 09:28:50 am | Posted By CASANSAAR
GST and BlockChain.
Whether GST is Fit case for BlockChain as explained by CA Shailesh Churiwala.
click on the link.
https://youtu.be/UYwXAEnIIzs
...
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Category :
GST |
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0 | Hits : 347
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Income Tax dept identifies over 58,000 cases under e-assessment plan
Posted Date : 08-Oct-2019 , 12:37:08 pm | Posted By CASANSAAR
The income tax (I-T) department has identified 58,322 cases for scrutiny under the newly launched e-assessment scheme, which seeks to end the physical interface between the assessee and tax officials. This is part of the Narendra Modi administration’s efforts to make tax compliance easier for ...
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Income Tax |
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Key Audit Matters - KAM under Auditor's Report
Posted Date : 07-Oct-2019 , 08:41:10 am | Posted By CASANSAAR
Key Audit Matters - KAM as explained by CA.Amarjit Chopra Ji
https://youtu.be/4A33HkVS-Yw
Don't Forget to *SUBSCRIBE*
CA Sansaar YouTube Chanel.
Click on the link and Subscribe.
htt...
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Category :
Auditing |
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MCA plans to amend CA Act to remove conflict of interest in Audits
Posted Date : 07-Oct-2019 , 08:08:56 am | Posted By CASANSAAR
The Ministry of Corporate Affairs is planning to amend the Chartered Accountants Act to build disciplinary mechanisms for removing possible conflicts of interest between audit firms and companies they audit.
The government is also looking at ways to address the gaps in the law with respect ...
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MCA |
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FM to inaugurate national tax e-assessment Centre on Monday
Posted Date : 07-Oct-2019 , 08:01:30 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will on Monday inaugurate the income tax department's national e-assessment centre (NeAC), which will avoid face-to-face interaction between taxpayers and tax officials.
The setting up of NeAC is a step for better taxpayer service, reduction of taxpayer gri...
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Income Tax |
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0 | Hits : 640
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Pvt Companies with debts may soon have to undergo mandatory Secretarial Audit
Posted Date : 07-Oct-2019 , 07:57:34 am | Posted By CASANSAAR
The government may soon mandate private companies with outstanding debts above a certain threshold undergo a mandatory secretarial audit, a senior government official said Saturday.
“Mandatory secretarial audit is right now restricted to listed companies, but I think it may have to get exte...
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Category :
Companies Act |
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Finance Ministry to kick-start budgetary exercise from Oct 14
Posted Date : 07-Oct-2019 , 07:52:40 am | Posted By CASANSAAR
The finance ministry will kick-start the exercise to prepare annual Budget for 2020-21 from October 14.
According to a Budget Circular of the Budget Division of the Finance Ministry's Department of Economic Affairs, the pre-Budget or Revised Estimate meetings will begin on 14th of this ...
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Budget |
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Online funds transfer through NEFT to be now available 24x7 - RBI
Posted Date : 05-Oct-2019 , 10:36:01 am | Posted By CASANSAAR
The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) Friday said that the online money transfer through National Electronic Funds Transfer (NEFT) will be available 24x7 from now onwards.
Presently, the facility is available till 7:45 pm on all working days except 2nd ...
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RBI |
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0 | Hits : 834
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Two partners at NSEL Audit firm arrested by EoW
Posted Date : 05-Oct-2019 , 10:30:11 am | Posted By CASANSAAR
The Economic Offences Wing (EOW) of Mumbai Police on Friday arrested Shrawan Jalan and Amit Kabra, audit partners of SV Ghatalia & Co, the statutory auditors of National Spot Exchange Ltd (NSEL), for allegedly failing to flag lack of internal control mechanism in the exchange and “conspiri...
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Category :
Auditing |
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0 | Hits : 1310
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RBI cuts repo rate by 25 bps to 5.15%
Posted Date : 04-Oct-2019 , 12:13:02 pm | Posted By CASANSAAR
The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India on Friday slashed the short-term lending rate, repo rate, by 25 basis points in its fourth bimonthly policy review.
The MPC decided to continue with an accommodative stance as long as "it is necessary to revive growt...
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RBI |
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0 | Hits : 294
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PMC Bank Board Members, HDIL Promoters charged with Money-Laundering
Posted Date : 04-Oct-2019 , 11:22:00 am | Posted By CASANSAAR
The former board members of Punjab Maharashtra Co-operative (PMC) Bank and the promoters of crisis-hit real estate firm HDIL have been charged with money-laundering by the Enforcement Directorate in the Rs. 6,500 crore loan default case.
The agency is conducting searches at six places in Mumbai a...
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Money laundering |
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ICAI and ICAEW Renew Qualification Reciprocity Agreement
Posted Date : 04-Oct-2019 , 08:48:10 am | Posted By CASANSAAR
ICAI Press Release
The Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW) renew qualification reciprocity agreement to increase mobility of professionals
CA. Prafulla P. Chhajed, President, ICAI and Ms. Fiona Wilkinson...
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ICAI |
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0 | Hits : 618
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RBI enhances withdrawal limit for PMC Bank depositors to Rs 25,000
Posted Date : 04-Oct-2019 , 08:44:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has once again enhanced the withdrawal limit for depositors of Punjab and Maharashtra Co-operative Bank to Rs 25,000 from Rs 10,000. The central bank promised to keep an eye on the position of the co-operative bank and take necessary steps in the interest of PMC Bank ...
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RBI |
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0 | Hits : 274
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MAT credit not available to companies opting for lower corporate tax rate
Posted Date : 03-Oct-2019 , 10:16:53 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Wednesday said the benefit of minimum alternative tax (MAT) credit cannot be availed of by companies that opt to pay the tax rate recently lowered by the government to 22%.
MAT is the minimum tax to be paid by companies that keep their taxable profit lo...
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Income Tax |
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0 | Hits : 501
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ICAI to check role of Auditors in PMC bank financial irregularities
Posted Date : 03-Oct-2019 , 10:01:34 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI has sought information from the RBI and other authorities on the PMC Bank crisis to check whether any auditor was involved in the alleged financial irregularities at the lender.
Taking note of the "enormity of the matter", the ICAI on Wednesday ...
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ICAI |
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No Postponement of CA November 2019 Exams - ICAI
Posted Date : 03-Oct-2019 , 09:40:07 am | Posted By CASANSAAR
It has been brought to our notice that certain announcement is being circulated on social media that the CA Exams will be held in December instead of November 2019.
In this connection, it is hereby clarified that the above announcement has not been issued by the Institute and the exams slated for...
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Category :
Students Zone |
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SEBI allows Mutual Funds to invest in unlisted NCDs
Posted Date : 02-Oct-2019 , 09:32:05 am | Posted By CASANSAAR
Markets regulator Sebi on Tuesday allowed mutual funds to invest in unlisted non-convertible debentures (NCDs) up to a maximum of 10 per cent of the debt portfolio of a scheme in a phased manner.
This would be subject to such investments in unlisted NCDs having simple structures (with fixed and u...
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SEBI |
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Thomas Cook's Auditors investigated by Accounting Watchdog
Posted Date : 02-Oct-2019 , 09:29:03 am | Posted By CASANSAAR
Britain’s accounting watchdog has begun an investigation into EY’s audit of Thomas Cook’s accounts, just over a week after the world’s oldest travel firm collapsed.
The Financial Reporting Council said its enforcement division was investigating EY’s audit of the fina...
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Category :
Auditing |
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0 | Hits : 793
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PMC Bank created more than 21,000 fake accounts to hide loans
Posted Date : 02-Oct-2019 , 09:25:09 am | Posted By CASANSAAR
Punjab and Maharashtra Co-operative Bank (PMC) used more than 21,000 fictitious accounts to hide loans it made, according to a police complaint lodged by officials, in the latest banking fraud case to spook the country's depositors and investors.
The complaint, filed with the Economic Offence...
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Banking |
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0 | Hits : 1423
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Personal income tax slabs could be revised
Posted Date : 02-Oct-2019 , 09:19:54 am | Posted By CASANSAAR
Days after finance minister Nirmala Sitharaman slashed corporate tax rates to boost a slowing economy, the government is now planning to rationalise personal income tax rates too, according to a report. "...the idea is to give at least a 5 percentage point benefit to every taxpayer," Hindu...
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Income Tax |
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0 | Hits : 1807
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CBDT launched Documentation Identification Number (DIN) system
Posted Date : 02-Oct-2019 , 08:33:17 am | Posted By CASANSAAR
The Documentation Identification Number (DIN) system of Central Board of Direct Taxes (CBDT) has come into existence from todaywiththe generation of about 17,500 communications with DIN on the very first day. This path breaking DIN system has been created as per the direction of Finance Minister Ms....
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CBDT |
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0 | Hits : 1329
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GST collection stands at Rs.91,916 Cr in September
Posted Date : 01-Oct-2019 , 06:06:33 pm | Posted By CASANSAAR
Goods and Services Tax (GST) collection in the month of September has stood at 91,916 crore rupees as against 98,202 crore rupees in the preceding month.
Out of which, CGST is 16,630 crore rupees, SGST is 22,598 crore and IGST is 45,069 crore rupees.
The total number of GSTR 3B Ret...
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GST |
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0 | Hits : 786
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SBI becomes first Indian bank to have office in Australia’s Victoria
Posted Date : 01-Oct-2019 , 09:33:44 am | Posted By CASANSAAR
State Bank of India opened its Melbourne office on Monday, becoming the first Indian bank to have a branch in the Australian state of Victoria.
The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year In...
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Banking |
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0 | Hits : 332
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PMC Bank case raises question on role of RBI, Auditors
Posted Date : 01-Oct-2019 , 09:17:09 am | Posted By CASANSAAR
The loan irregularities at the Punjab and Maharashtra Co-operative (PMC) Bank raises questions on the roles of regulator (RBI), auditor, independent directors and bank directors, Minister of State for Finance Anurag Thakur said on Monday and added that the government will look into all the areas bec...
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Category :
Auditing |
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0 | Hits : 945
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Income Tax Deptt uncovers Rs 4,000-crore tax evasion through LTCG route
Posted Date : 01-Oct-2019 , 09:07:29 am | Posted By CASANSAAR
The investigation wing of the Income Tax Department has unearthed tax evasion to the tune of Rs 4000 crore carried out through the long term capital gain route.
“We have found beneficiaries of 12 companies listed on NSE and BSE which evaded tax through the LTCG route,” a source close ...
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Category :
Income Tax |
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0 | Hits : 2929
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Last date for filing DIR-3 KYC extended till 14th Oct 2019
Posted Date : 01-Oct-2019 , 08:52:11 am | Posted By CASANSAAR
Please note that the last date for filing DIR-3 KYC for Financial year 2018-19 has been extended till 14th October 2019. Stakeholders may kindly note and plan accordingly. - MCA
...
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Category :
Corporate Law |
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