No GST on tax collected at source levied on goods - FinMin
Posted Date : 09-Mar-2019 , 10:08:04 am | Posted By CASANSAAR
The finance ministry on Friday provided relief to traders by withdrawing a rule that required them to charge goods and services tax (GST) on the compulsory income tax to be collected at source (TCS) from consumers who make high value purchases such as premium cars. A circular issued in December had ...
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GST |
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Govt approves renewl of the MoU between ICAI and ICAEW
Posted Date : 08-Mar-2019 , 08:21:03 am | Posted By CASANSAAR
The government Thursday gave approval to the pact between the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW).
The Union Cabinet, chaired by Prime Minister Narendra Modi, gave ex-post facto approval of the memorandum of ...
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ICAI |
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RBI notifies 2% interest subsidy scheme for short-term crop loans
Posted Date : 08-Mar-2019 , 08:14:11 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Thursday notified the norms for banks with regards to two per cent interest subvention or subsidy for short-term crop loans during 2018-19 and 2019-20.
The Centre has already approved the scheme.
To provide short-term crop loans up to Rs 3 lakh to fa...
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RBI |
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51% vote enough for forensic audit of corporate debtor - NCLT
Posted Date : 08-Mar-2019 , 08:09:36 am | Posted By CASANSAAR
The Hyderabad bench of the National Company Law Tribunal (NCLT) on Thursday clarified that a 51 per cent vote of the Committee of Creditors (CoC) was enough to initiate a forensic audit of an insolvent company.
Citing Section 21(8) of the Insolvency and Bankruptcy Code (IBC), the NCLT bench said ...
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Insolvent Professional |
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FinMin asks to be cautious while filing annual GST returns form
Posted Date : 08-Mar-2019 , 08:01:05 am | Posted By CASANSAAR
The Finance Ministry on Thursday asked trade and industry to exercise caution while filing the annual GST returns form as the facility to revise it is not available.
In a statement, the ministry said the annual returns form is now available on the common portal for filing and asked Goods and Serv...
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GST |
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Businesses need to pay up to Rs.20 for using Aadhaar services
Posted Date : 08-Mar-2019 , 02:25:50 am | Posted By CASANSAAR
Business organisations using Aadhaar services will now have to pay Rs.20 for each customer verification and 50 paise for authentication of each transaction carried out by the entities, the Unique Identification Authority of India (UIDAI) said on Thursday.
“Aadhaar authentication services sh...
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General |
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FinMin notifies April 1 as date for availing increased GST exemption limit, composition scheme
Posted Date : 08-Mar-2019 , 07:51:12 am | Posted By CASANSAAR
The government Thursday notified April 1 as the date for the implementation of doubling of GST exemption limit to Rs 40 lakh, which will benefit small and medium enterprises.
Besides, the effective date for availing higher turnover cap of Rs 1.5 crore for availing composition scheme by traders ha...
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GST |
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CBDT notifies relaxed norms for startups
Posted Date : 07-Mar-2019 , 10:24:56 am | Posted By CASANSAAR
The income tax (I-T) department has notified the modified norms for startups to enable them to seek 'angel tax' exemption for investments of up to Rs 25 crore.
The modified norms, which are aimed at encouraging budding entrepreneurs, will be effective retrospectively from February 19, whe...
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CBDT |
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Income Tax Deptt to assess 80k big cash depositors during demonetisation
Posted Date : 07-Mar-2019 , 10:21:42 am | Posted By CASANSAAR
Over 80,000 taxpayers who had deposited significant amounts of cash during the demonetisation period but failed to respond to initial notices sent by the income tax (I-T) department and furnish their tax returns for the financial year 2016-17 will now be subject to a ‘best judgement’ ass...
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Income Tax |
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IBBI signs a Cooperation Agreement with the International Finance Corporation
Posted Date : 07-Mar-2019 , 10:13:44 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) signed a Cooperation Agreement today with the International Finance Corporation (IFC), a member of the World Bank Group (WBG). The agreement was signed by Mr. K. R. Saji Kumar, Executive Director, IBBI and Mr. Jun Zhang, Country Manager, IFC India,...
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International Business |
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Supreme Court to start hearing plea against RBI Feb 12 circular
Posted Date : 06-Mar-2019 , 07:33:24 am | Posted By CASANSAAR
The Supreme Court will start hearing on the power, sugar, and shipping companies’ challenge to the Reserve Bank of India’s (RBI) February 12 circular from Wednesday.
With a total exposure of nearly Rs 2 trillion in the power sector alone, companies, hoping for a verdict in their favou...
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RBI |
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RBI fines SBI, ICICI Bank and 17 others for non-compliance on SWIFT use
Posted Date : 06-Mar-2019 , 07:28:09 am | Posted By CASANSAAR
India's central bank has fined at least 19 lenders, including top banks such as ICICI Bank and State Bank of India, for failing to comply with its guidelines on the use of global payments network SWIFT.
The Reserve Bank of India (RBI) imposed the fines over the past four days, according to st...
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RBI |
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IBBI suggests ground rules for Insolvency Professionals, Committee of Creditors
Posted Date : 05-Mar-2019 , 09:39:09 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has come up with a charter of responsibilities for Insolvency Resolution Professionals (IRPs) and Committee of Creditors (CoC) so that stakeholders have a complete and clear understanding of their roles and responsibilities in a Corporate Insolvenc...
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Insolvent Professional |
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Audit of IL&FS reveals financial irregularities in deals worth Rs 13,000 crore
Posted Date : 05-Mar-2019 , 09:35:41 am | Posted By CASANSAAR
Grant Thornton in its report on debt ridden IL&FS Group has identified various financial irregularities in deals with financial implications of over Rs 13,000 crore during special audit conducted by the firm.
IL&FS Group, which operates at least 24 direct subsidiaries, 135 indirect subsid...
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Auditing |
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IDBI Bank invites application for two deputy MDs
Posted Date : 05-Mar-2019 , 09:32:26 am | Posted By CASANSAAR
Life Insurance Corporation (LIC)- owned IDBI Bank has invited application for two deputy managing directors. LIC had completed acquisition of 51 percent stake in IDBI Bank in January.
Currently, there are two DMDs at the bank - KP Nair and GM Yadwadkar who are due for retirement soon. The n...
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Banking |
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ED to review loans sanctioned during Chanda Kochhar’s tenure
Posted Date : 05-Mar-2019 , 09:27:48 am | Posted By CASANSAAR
In light of similarities observed in suspect credit transactions into the account of Nupower Renewables Private Limited, owned by Deepak Kochhar, the Enforcement Directorate has decided to expand the scope of its investigation and examine other large loans sanctioned by the ICICI bank during the tim...
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Banking |
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RBI imposes Rs 8 crore fine on 3 banks for non-compliance in Swift operations
Posted Date : 04-Mar-2019 , 10:28:11 pm | Posted By CASANSAAR
The Reserve Bank of India has imposed a total monetary fine of Rs 8 crore on three banks - Karnataka Bank, United Bank of India and Karur Vysya Bank - for non-compliance of directions on Swift messaging software.
While the RBI imposed a Rs 4 crore fine on Karnataka Bank, United Bank is facing a p...
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RBI |
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CBDT task force gets 3-month extension till May to draft new direct tax law
Posted Date : 02-Mar-2019 , 07:56:12 am | Posted By CASANSAAR
A task force set up under the CBDT to draft a new direct tax law and replace the existing Income Tax Act has been given a three-month extension till May, an official order said.
The current term of the task force expired on February 28 and the panel under Central Board of Direct Taxes (CBDT) memb...
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CBDT |
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Govt appoints Hasmukh Adhia as Chairman of Bank of Baroda
Posted Date : 01-Mar-2019 , 09:17:09 pm | Posted By CASANSAAR
The government Friday appointed former Finance Secretary Hasmukh Adhia as chairman of state-owned Bank of Baroda (BoB).
Bank of Baroda is set to become the third largest lender of the country after amalgamation with Vijaya Bank and Dena Bank effective 1 April.
"Shri #Hasmukh Adhia, former...
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Banking |
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PF deductions to include special allowances along with basic salary - SC
Posted Date : 01-Mar-2019 , 09:05:50 pm | Posted By CASANSAAR
The apex court has ruled that employers cannot segregate 'special allowance' from basic wages for purpose of PF deductions. The Supreme Court has passed an order on Provident Fund (PF) calculation that will have far-reaching impact on companies and the salaried class.
A bench of Justices ...
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General |
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FM releases a Compendium of Instructions on GST Refunds and a Copy of the Operational Manual on Internal Audit
Posted Date : 01-Mar-2019 , 08:57:47 pm | Posted By CASANSAAR
Finance Minister, Shri Arun Jaitley released a Compendium of Instructions on GST Refunds and a Copy of the Operational Manual on Internal Audit. The Finance Minister congratulated CGA and his team on the occasion of Civil Accounts Day and appreciated the good work being done by ICAS. #casansaa...
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GST |
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GST collection drops to Rs 97,247 crore in February
Posted Date : 01-Mar-2019 , 05:21:36 pm | Posted By CASANSAAR
GST collections in February dropped to Rs 97,247 crore in February from Rs 1.02 lakh crore in the previous month, the Finance Ministry said Friday.
The number of sales return or GSTR-3B filed for the month of January up to February 28, 2019 is 73.48 lakh.
"The total gross GST ...
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GST |
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RBI approves amalgamation of DBS Bank
Posted Date : 01-Mar-2019 , 08:17:26 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday said it has approved the amalgamation of 'DBS Bank, India' with 'DBS Bank India', the entity which has been granted permission to operate as a wholly owned subsidiary (WOS) of the Singaporean lender.
It can be noted that DBS used to operate in...
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RBI |
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IBC brought back Rs 3 lakh crore into banking system - FM
Posted Date : 01-Mar-2019 , 08:13:46 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code (IBC) has brought back close to Rs 3 lakh crore back into the banking system, Finance Minister Arun Jaitley said on Thursday.
He attributed the IBC's success to the government keeping an arm's length distance from the processes which various institutions...
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Insolvent Professional |
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Public Sector Banks are lifeline of Indian economy - Finance Minister
Posted Date : 28-Feb-2019 , 08:25:16 pm | Posted By CASANSAAR
The Union Minister of Finance & Corporate Affairs, Arun Jaitley said the Public Sector Banks (PSBs) are the lifeline of Indian economy. He said that if their health is not good, then economy at large will also suffer. The Finance Minister, Arun Jaitley was speaking at the Conference on 'Refo...
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Banking |
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Link your PAN with bank for refunds - Income Tax Dept
Posted Date : 28-Feb-2019 , 04:57:29 pm | Posted By CASANSAAR
The Income Tax Department will "only" issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication.
The department said refunds will be sent to bank accounts as it...
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Income Tax |
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SEBI to tighten takeover regulations for Companies under IBC process
Posted Date : 28-Feb-2019 , 10:31:51 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) plans to tighten takeover norms applicable to companies undergoing proceedings under the Insolvency and Bankruptcy Code (IBC).
Sources said the capital markets regulator would do away with the provision that allowed a ‘competent authority&rs...
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SEBI |
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Govt detects Rs 20,000 Cr GST evasion in April-Feb FY19
Posted Date : 27-Feb-2019 , 07:10:17 pm | Posted By CASANSAAR
The government has detected Rs 20,000 crore worth GST evasion so far this fiscal and will take more steps to check frauds and increase compliance, a senior tax officer said on Wednesday.
Central Board of Indirect Taxes and Customs Member (Investigation) John Joseph further said the department wou...
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GST |
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RBI proposes tightening compensation norms for private, foreign banks
Posted Date : 27-Feb-2019 , 08:24:01 am | Posted By CASANSAAR
Seeking to curb excessive salary payout practices, the Reserve Bank has proposed strict compensation norms for senior officials of private as well as foreign banks, including minimum 50 per cent variable component and money clawback provisions.
Floating a discussion paper, the central bank has al...
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RBI |
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Income tax dept to issue only e-refunds from Mar 1, 2019
Posted Date : 27-Feb-2019 , 08:15:22 am | Posted By CASANSAAR
Come March 1, 2019 Income tax department will issue only e-refunds and that too these will be credited only to bank accounts linked with PAN.
In addition to that, you are also required to prae-validate your bank account with the income tax department e-filing portal to receive tax refund.&n...
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Income Tax |
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