RBI slaps fine of Rs 1 Cr on State Bank of India
Posted Date : 08-Feb-2019 , 09:02:41 am | Posted By CASANSAAR
State Bank of India Thursday said the Reserve Bank of India has slapped Rs 1 crore penalty on the country's largest lender for violating norms.
RBI "in exercise of powers conferred under Section 47 A of the Banking Regulation Act, 1949 has levied a penalty of Rupees one crore on th...
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RBI |
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RBI raises collateral-free farm loan limit to Rs 1.6 lakh
Posted Date : 07-Feb-2019 , 05:42:49 pm | Posted By CASANSAAR
RBI Governor Shaktikanta Das today announced that the limit of collateral free agricultural loans has been increased from one lakh to 1.6 lakh. Addressing the post monetary policy announcement in Mumbai today, Mr. Das said the decision has been taken in view of the overall inflation and rise in the ...
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Income Tax |
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Banks liable for unauthorised withdrawals from customer accounts - Kerala HC
Posted Date : 07-Feb-2019 , 10:08:03 am | Posted By CASANSAAR
The Kerala High Court has held that banks cannot be exonerated from liability for loss caused to a customer on account of unauthorised withdrawals made from his/her account, merely on the ground that the customer did not respond promptly to the SMS alert given by the bank.
The court observed that...
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Income Tax |
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Cabinet approves abolition of Ombudsman for Direct, Indirect taxes
Posted Date : 07-Feb-2019 , 10:02:19 am | Posted By CASANSAAR
The Union Cabinet on Wednesday decided to abolish institutions of Ombudsman for income tax and indirect tax.
The approval comes against the backdrop of people preferring online grievance redressal mechanism.
The institution of Income-Tax Ombudsman was set up in 2003 to deal with gr...
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Finance |
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Cabinet approves amendments to Banning of Unregulated Deposit Schemes Bill
Posted Date : 07-Feb-2019 , 09:57:51 am | Posted By CASANSAAR
The Cabinet has approved a proposal for Official Amendments to Banning of Unregulated Deposit Schemes Bill, 2018.
Briefing media after the Cabinet meeting in New Delhi last night, Union Minister Ravi Shankar Prasad said, the amendments will further strengthen the bill to effectively tackle ...
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General |
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RBI slaps penalties on Axis Bank, UCO Bank and Syndicate Bank
Posted Date : 06-Feb-2019 , 09:25:21 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) Tuesday said it has imposed a total penalty of Rs 2.2 crore on private sector lender Axis Bank in two separate cases. A penalty of Rs 2 crore has also been imposed on UCO Bank and Rs 1 crore on Syndicate Bank for violation of norms.
The RBI said penalty of Rs...
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RBI |
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SEBI comes out with rules to review performance of public interest directors
Posted Date : 06-Feb-2019 , 09:23:28 am | Posted By CASANSAAR
Markets regulator Sebi Tuesday came out with a strict framework for public interest directors serving at stock exchanges, clearing corporations and depositories.
Under the framework, public interest directors (PIDs) will be nominated for three years, extendable by another term of three year...
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SEBI |
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Linking Aadhaar with PAN card compulsory to file income tax returns - SC
Posted Date : 06-Feb-2019 , 09:17:44 am | Posted By CASANSAAR
The Supreme Court on Monday said that it was essential to link Aadhaar with the PAN card to file income tax returns. The court was hearing the government’s plea against a Delhi High Court order allowing the respondent, Shreya Sen, to file income tax returns for 2018-’19 without linking h...
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Income Tax |
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Income taxpayers to start getting refunds within 24 hours in next 2 years
Posted Date : 06-Feb-2019 , 09:15:23 am | Posted By CASANSAAR
The revenue department will put in place within two years a mechanism to ensure that all returns are processed within 24 hours and refunds issued simultaneously, an official said.
The government has already sanctioned Rs 4,200 crore last month for upgradation of information technology infra...
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Income Tax |
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RBI to punish Auditors for lapses in Bank Audit
Posted Date : 05-Feb-2019 , 07:34:59 am | Posted By CASANSAAR
Reserve Bank of India said it would punish statutory auditors for lapses in conducting banks’ statutory audit and may even bar them from taking fresh audit assignment depending on the magnitude of it.
The regulator said the quantum of punishment will depend on the magnitude of divergence fr...
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RBI |
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GST throws a challenge to CAG - Rajiv Mehrishi
Posted Date : 05-Feb-2019 , 07:08:49 am | Posted By CASANSAAR
GST has come as a challenge for government auditor CAG as huge numbers are to be worked, Comptroller & Auditor General of India (CAG) Rajiv Mehrishi said Monday.
The new indirect tax regime, however, also offers an opportunity as the data is available on a single platform making it poss...
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GST |
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IDBI Bank may now become LIC IDBI Bank or LIC Bank
Posted Date : 05-Feb-2019 , 07:01:20 am | Posted By CASANSAAR
The board of IDBI Bank Monday proposed change in the name of the lender to either LIC IDBI Bank or LIC Bank following its takeover by Life Insurance Corporation.
Last month, the insurance behemoth completed the acquisition of 51 per cent controlling stake in IDBI Bank, marking the entry of more t...
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Banking |
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Board of bankrupt companies can access documents - SC
Posted Date : 04-Feb-2019 , 11:51:08 am | Posted By CASANSAAR
The erstwhile boards of bankrupt companies will now have access to vital documents, including proposed resolution plans of the companies they ran, while participating in the meetings of the lenders, the Supreme Court has ruled.
The apex court in its order dated January 31 also ruled, howeve...
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Insolvent Professional |
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Income tax rebate of Rs 12500 to those who earn up to Rs 5 lakh from April 1 - CBDT
Posted Date : 02-Feb-2019 , 04:45:51 pm | Posted By CASANSAAR
The income tax department will give a "straight rebate" of Rs 12,500 to people having an annual income of Rs 5 lakh from the beginning of next fiscal, thus making their tax liability zero, CBDT Chairman Sushil Chandra said Friday, explaining the proposal made in the Union Budget for 2019-2...
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CBDT |
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Income upto Rs 5 Lakh to get full tax rebate; higher standard deduction proposed
Posted Date : 01-Feb-2019 , 01:54:48 pm | Posted By CASANSAAR
Individual taxpayers having taxable annual income up to Rs.5 lakhs will get full tax rebate and therefore will not be required to pay any income tax. While presenting the Interim Budget 2019-20 in Parliament today the Union Minister for Finance, Corporate Affairs, Railways &...
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Budget |
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Highlights Of Interim Budget 2019-20
Posted Date : 01-Feb-2019 , 01:53:22 pm | Posted By CASANSAAR
The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows:
New Announcements
Farmers
12 crore small and marginal farmers to be provided wit...
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Income Tax |
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Tax collections increased from Rs 6.38 Lakh Cr in year 2013-14 to almost Rs 12 Lakh Cr
Posted Date : 01-Feb-2019 , 01:39:27 pm | Posted By CASANSAAR
The Government has reduced tax rates, more for the common man and middle class, and made the interface with the tax department much simpler and largely faceless. Due to this, the tax collections increased significantly from Rs 6.38 lakh crore in 2013-14 to almost Rs 12 lakh crore this year...
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Budget |
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Budget 2019 - Defence budget hiked to Rs. 3,05,296 crore
Posted Date : 01-Feb-2019 , 01:30:12 pm | Posted By CASANSAAR
Rs. 3,05,296 crore have been provided in the Budget Estimates for 2019-20, compared to Rs. 2,82,733 crore provided in 2018-19 Budget Estimates. The figures were revised to Rs. 2,85,423 crore in the Revised Estimates of 2018-19. While presenting the Interim Budget 2019-20 in Parliament toda...
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Budget |
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One Lakh villages to go digital over next five years
Posted Date : 01-Feb-2019 , 01:28:27 pm | Posted By CASANSAAR
India having emerged as the world leader in the consumption of mobile data, the Government now aims to widen its impact by reaching out to the interior and rural areas. While presenting the Interim Budget 2019-20 in Parliament today, the Union Minister for Finance, Corporate Affairs, Railways & ...
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Budget |
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Govt allocates Rs.64,587 Crore for Railways in 2019-20
Posted Date : 01-Feb-2019 , 01:26:55 pm | Posted By CASANSAAR
In the Interim Budget 2019-20, the Railways has been allocated Rs.64,587 crore. The Railways’ overall capital expenditure programme is of Rs.1,58,658 crore. This was stated by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal, while...
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Budget |
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Anti-black money measures brought undisclosed income of about Rs 1.3 Lakh Crore to tax
Posted Date : 01-Feb-2019 , 01:25:45 pm | Posted By CASANSAAR
The anti-black money measures taken by the Government during the last four and half years in the form of Black Money Law, the Fugitive Criminal Offenders Act, and Demonetisation, have brought undisclosed income of about Rs 1,30,000 crore to tax. These measures have also led to seizure and attachment...
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Budget |
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Union Budget 2019 - Live Updates
Posted Date : 01-Feb-2019 , 07:12:38 am | Posted By CASANSAAR
FM Piyus Goyal to present Interim Budget 2019 today. CASANSAAR are providing you live updates of Interim Budget 2019. JUST REFRESH THE PAGE (CLICK F5) FOR ALL LIVE UPDATES.
Individual taxpayers having annual income upto 5 lakhs will get full tax rebate
Capital gains exempti...
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Budget |
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CBDT notifies verification scheme for issuance of e-notices to taxpayers
Posted Date : 01-Feb-2019 , 09:20:42 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has come up with a new verification scheme for issuance of e-notices to taxpayers. It will also process the taxpayers’ information, related documents and make the data available to the assessing officer, it said in a notification on Thursday.
“...
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CBDT |
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GSTN develops system to fetch e-way bill data to curb evasion
Posted Date : 01-Feb-2019 , 09:18:40 am | Posted By CASANSAAR
Now, businesses supplying goods worth more than Rs 50,000 will have option to include details of e-way bills generated while filing the final monthly sales return under GSTR-1, a move aimed at curbing tax evasion by reporting different sets of supplies data.
Matching of invoices of e-way bills wi...
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GST |
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GST collections in January cross Rs 1 lakh crore mark
Posted Date : 01-Feb-2019 , 09:05:29 am | Posted By CASANSAAR
The GST collections in January this year has crossed one lakh crore rupees mark.
In a tweet, Finance Ministry said, this has been a significant improvement in comparison to GST collection over 94 thousand crore rupees during last month.
It said, in January last year the GST collection wa...
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GST |
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RBI lifts lending restrictions of BoI, BoM and OBC
Posted Date : 31-Jan-2019 , 10:24:50 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday removed three state-owned banks from its weak-bank watch list, a move that will lift lending restrictions on them.
"It has been decided that Bank of India (BoI) and Bank of Maharashtra (BoM) which meet the regulatory norms including Capital Conserv...
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Banking |
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FM Piyush Goyal to present Union Budget in Parliament
Posted Date : 31-Jan-2019 , 10:05:26 pm | Posted By CASANSAAR
Finance Minister Piyush Goyal will present the Budget in Parliament tomorrow. AIR correspondent reports that the government is likely to announce several welfare measures for various sections of society.
Industries bodies expect that the credit flow to industries will increase and corporate...
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Budget |
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SEBI proposes relaxed norms for REITs, InvITs to increase access to investors
Posted Date : 31-Jan-2019 , 09:01:28 am | Posted By CASANSAAR
Sebi has proposed a new set of framework for REITs and InvITs in order to provide flexibility to the issuers in terms of fund raising and increasing the access of these investment vehicles to investors.
Under the proposal, minimum allotment and trading lot for publicly issued REITs (Real Estate I...
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SEBI |
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Budget session of Parliament begins today
Posted Date : 31-Jan-2019 , 08:48:43 am | Posted By CASANSAAR
The budget session of Parliament begins today. The session will commence with President Ram Nath Kovind's address to the joint sitting of both the Houses in Central Hall at 11 AM. The Budget will be presented tomorrow. The session will conclude on the 13th of next month.
The government has co...
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Budget |
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Adjudicating Authority revokes benami attachment order against SRK
Posted Date : 30-Jan-2019 , 08:53:25 am | Posted By CASANSAAR
Actor Shah Rukh Khan has been absolved of the charge of being a beneficiary of a benami property in the scenic beach town of Alibaug in Maharashtra as an appellate Authority under the law has "revoked" the attachment order of the I-T Department, calling it baseless and coloured.
The Adj...
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Income Tax |
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