SEBI comes up with revised guidelines for System Audit for Asset Managers, Mutual Funds
Posted Date : 13-Apr-2019 , 09:15:21 am | Posted By CASANSAAR
SEBI came out with revised guidelines for system audit to be conducted by mutual funds and asset management companies.
The guidelines come after "considering the importance of system audit in technology driven asset management activity and to enhance and standardise the system aud...
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SEBI |
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SC directs parties to give details of donations received via electoral bond
Posted Date : 12-Apr-2019 , 01:17:43 pm | Posted By CASANSAAR
Hearing a petition challenging the validity of the electoral bond scheme, the Supreme Court on Friday directed all political parties to furnish details of donations received via these bonds and said that the issue raised in the petition is "vital to fairness” of electoral process.
The ...
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Income Tax |
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CEC appeals voters to come out in large numbers to exercise their franchise
Posted Date : 11-Apr-2019 , 10:54:34 am | Posted By CASANSAAR
Chief Election Commissioner Sunil Arora has appealed to voters to come out in large numbers to cast their votes in today's polling so that the bedrock of democracy becomes even more strengthened and robust.
Talking to AIR News, Mr Arora said, the Commission's vision will take ...
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General |
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SEBI revises charges related to basic services demat account
Posted Date : 11-Apr-2019 , 10:48:02 am | Posted By CASANSAAR
nnual maintenance charges levied on debt securities held through basic services demat accounts will be revised from June 1, according to Sebi. The move is expected to further boost participation of retail investors in the debt market.
Basic Services Demat Account (BSDA) offers limited services at...
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SEBI |
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Govt retains interest rate for General Provident Fund at 8%
Posted Date : 10-Apr-2019 , 04:35:54 pm | Posted By CASANSAAR
The government has retained the interest rate for General Provident Fund, GPF, Contributory Provident Fund and other related schemes at 8 per cent for the first quarter of current financial year.
The interest rate on these funds was at 8 per cent in January-March quarter of 2018-19 and gove...
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Income Tax |
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ITR 1 & ITR 4 is available for e-Filing for AY 2019-20
Posted Date : 10-Apr-2019 , 10:09:09 am | Posted By CASANSAAR
ITR 1 is For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest etc.), and Agricultural Income upto Rs. 5 thousand (Not for an Individual who is either Director in a company ...
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ITR |
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Taxmen to scrutinise mismatch between ITR and service tax returns
Posted Date : 10-Apr-2019 , 09:57:24 am | Posted By CASANSAAR
The revenue department has asked tax officials to scrutinise the mismatch in turnover towards services between income tax returns and service tax returns by businesses during 2015-16 and 2016-17.
Central Board of Indirect Taxes and Customs (CBIC) Chairman P K Das in a letter to field format...
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Income Tax |
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RBI issues norms for banks to set up currency chests
Posted Date : 09-Apr-2019 , 09:14:07 am | Posted By CASANSAAR
Reserve Bank of India(RBI) has come out with guidelines for banks to set up new currency chests, which include minimum area of 1,500 square feet for strong room.
The RBI said that the new chests should have a processing capacity of 6.6 lakh pieces of banknotes per day. It added that for tho...
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RBI |
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Holding period of house starts from date of allotment, not registration - ITAT
Posted Date : 08-Apr-2019 , 09:07:31 am | Posted By CASANSAAR
In a decision that will benefit many taxpayers, the Mumbai bench of Income Tax Appellate Tribunal (ITAT) recently held that the date of allotment of a house shall be treated as the date of acquisition. The holding period will be counted from this date and not from the date of registration.
Gains ...
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Income Tax |
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Service providers can opt for GST composition scheme by April 30 - CBIC
Posted Date : 08-Apr-2019 , 08:46:27 am | Posted By CASANSAAR
The tax department has given service providers with turnover of up to Rs 50 lakh time till April 30 to opt for the composition scheme and pay 6 per cent GST.
The option to pay Goods and Services Tax (GST) at reduced rate of 6 per cent would be effective from the beginning of the financial y...
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GST |
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GST officers seek clarification from companies for mismatch in sales returns, e-way bill data
Posted Date : 08-Apr-2019 , 08:44:01 am | Posted By CASANSAAR
GST officers have started seeking clarification from companies whose tax payments did not match with the e-way bills generated, as revenue authorities start matching supplies data to check tax evasion, sources said.
Touted as an anti-evasion measure, e-way bill system was rolled out on April 1, 2...
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GST |
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Govt wants taxpayers to disclose more info in new ITR forms
Posted Date : 07-Apr-2019 , 10:21:31 am | Posted By CASANSAAR
Individuals and businesses have to disclose more details of professional and residential status, as well as their income, while filing income tax returns (ITRs) for 2018-19, according to the new forms notified on Thursday night by the income tax department. The aim is to increase transparency and na...
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ITR |
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Lakshmi Vilas Bank to merge with Indiabulls Housing Finance
Posted Date : 06-Apr-2019 , 08:24:48 am | Posted By CASANSAAR
The board of Lakshmi Vilas Bank on Friday approved the merger of the private sector lender with Indiabulls Housing Finance (IBH) through a share swap deal. The merger will help Indiabulls get access to low-cost stable funds and an entry into banking. The company, the nation’s second largest ho...
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Merger & Acquisitions |
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RBI to frame new rules on recasting bad loans after SC scraps circular
Posted Date : 05-Apr-2019 , 08:04:52 am | Posted By CASANSAAR
With the Supreme Court striking down the Reserve Bank of India's (RBI’s) February 12, 2018, circular, Governor Shaktikanta Das said on Thursday that the central bank would shortly come up with a revised circular for restructuring stressed assets.
Das said the apex court's order had ...
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RBI |
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CBI Arrests Income Tax Officer in Bribery Case
Posted Date : 04-Apr-2019 , 07:53:39 pm | Posted By CASANSAAR
The CBI has arrested an income tax officer from Bengaluru allegedly for accepting a bribe of Rs 14 lakh from a complainant and was later produced before the court, an official said on Thursday.
According to sources, the officer has been identified as HR Nagesh. Besides Nagesh, the agency ha...
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Income Tax |
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Reserve Bank of India cuts repo rate by 25 bps to 6%
Posted Date : 04-Apr-2019 , 02:46:41 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday cut the repo rate by 25 basis points to 6 percent in the first bi-monthly monetary policy meet of the financial year (FY) 2019-20. It was the first back-to-back rate cut by the central bank since the Monetary Policy Committee (MPC) was formed in late 2016....
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RBI |
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RBI to contest RTI queries on Bank Audits
Posted Date : 04-Apr-2019 , 08:20:33 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has taken a position that it will contest applications under right to information (RTI) seeking audit and inspection reports of banks despite a Supreme Court ruling in favour of disclosing the information. In a change of tack, the RBI has also decided to share informa...
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Bank Branch Audit |
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Govt retains power to direct RBI for referring defaulters to NCLT
Posted Date : 04-Apr-2019 , 08:14:47 am | Posted By CASANSAAR
The Supreme Court's order quashing the RBI's February 12 circular will give the government discretionary power to issue a direction to the apex bank for referring a defaulting company to the NCLT on a case by case basis in public interest, official sources said.
The Supreme Court on Tuesd...
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Insolvent Professional |
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CBIC asks tax officers to be cautious while processing fresh GST registration
Posted Date : 04-Apr-2019 , 08:10:08 am | Posted By CASANSAAR
Cracking down on tax evaders, the CBIC has asked tax officers to be cautious while processing application for fresh GST registration by those businesses whose earlier registration has been cancelled due to non-compliance.
The Central Board of Indirect Taxes and Customs (CBIC) also directed tax of...
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GST |
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IBC, SARFAESI, RDBA do not prevail over PMLA, to be enforced in harmony - Delhi HC
Posted Date : 03-Apr-2019 , 04:23:47 pm | Posted By CASANSAAR
The Delhi High Court has held that banking legislation and the Insolvency and Bankruptcy Code, 2016 (IBC) do not prevail over the Prevention of Money Laundering Act, 2002 (PMLA) when it comes to attachment of properties obtained as “proceeds of crime”.
The Recovery of Debts Due to Ban...
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Insolvent Professional |
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NCLT cases likely to be relooked after SC order
Posted Date : 03-Apr-2019 , 09:28:24 am | Posted By CASANSAAR
The Supreme Court decision declaring RBI's February 12 circular ultra vires may push for a relook to some of the cases referred to the National Company Law Tribunal (NCLT), said a report on Tuesday.
The circular mandates lenders to initiate resolution or restructuring of loans of Rs 2,000 cro...
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Insolvent Professional |
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SC holds ultra vires RBI’s February 12 circular mandating insolvency proceedings
Posted Date : 02-Apr-2019 , 01:34:03 pm | Posted By CASANSAAR
The Supreme Court on Tuesday declared the Reserve Bank of India circular of February 12, which mandates insolvency proceedings for a debt servicing default beyond 180 days, to be ultra vires.
A Bench of Justices Rohinton F. Nariman and Indu Malhotra pronounced the judgment meant to be a relief fo...
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Insolvent Professional |
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RBI makes NPA divergence rule easier for banks
Posted Date : 02-Apr-2019 , 09:33:45 am | Posted By CASANSAAR
Reserve Bank of India has made life a little bit easier for banks by tweaking the bad loan divergence rule. Banks’ disclosure of divergence practice mandated by RBI aims at improving transparency in asset classification and preventing under-reporting of bad loans. The central bank has on Monda...
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RBI |
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New accounting standard for leases to improve quality of financial info - ICAI
Posted Date : 02-Apr-2019 , 09:33:29 am | Posted By CASANSAAR
The new accounting standard for leases will bring substantial visibility of companies’ lease commitments and improve the quality of financial information about companies, chartered accountants’ body Institute of Chartered Accountants of India (ICAI) said on Monday.
Ind AS 116, which s...
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ICAI |
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Former Vice-Chairman and MD of IL&FS held for fraud
Posted Date : 02-Apr-2019 , 09:33:04 am | Posted By CASANSAAR
In the first major action by the Serious Fraud Investigation Office (SFIO) in the IL&FS case in Mumbai, Hari Sankaran, former vice-chairman and MD of the scandal-hit company was arrested on Monday for allegedly conspiring to commit fraud by funding defaulting borrowers, and indiscriminate lendin...
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General |
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Bank of Baroda becomes second largest PSU bank after SBI
Posted Date : 01-Apr-2019 , 06:19:46 pm | Posted By CASANSAAR
Bank of Baroda (BoB) on Monday became the second largest state-owned lender after merging Dena Bank and Vijaya Bank into itself as part of the first three-way amalgamation.
The consolidated entity started its operation with a business mix of over Rs 15 lakh crore of balance sheet, with deposits a...
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Banking |
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GST Revenue collection for March 19 crossed Rs One Lakh Cr and recorded Highest Collections in the FY 18-19
Posted Date : 01-Apr-2019 , 06:14:41 pm | Posted By CASANSAAR
Total Gross GST revenue collected in the month of March, 2019 is Rs. 1,06,577 crore of which CGST is Rs. 20,353 crore, SGST is Rs.27,520 crore, IGST is Rs.50,418 crore (including Rs. 23,521crore collected on imports) and Cess is Rs. 8,286 crore (including Rs. 891crore collected on imports). The tota...
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GST |
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RBI norms on bank exposure come into effect from 1st April
Posted Date : 01-Apr-2019 , 08:12:16 am | Posted By CASANSAAR
New guidelines on bank exposure to large borrowers take effect on 1 April, even as the Indian Banks’ Association (IBA) has made a last-ditch attempt to defer the deadline.
The new guidelines cap a bank’s exposure to a group of connected companies at 25% of its core capital, and to an ...
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RBI |
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All commercial and co-operative banks will remain closed on April 1st
Posted Date : 31-Mar-2019 , 09:25:04 pm | Posted By CASANSAAR
All commercial and co-operative banking institutions will remain closed on Monday i.e. April 1 on account of annual closing of accounts, the Reserve Bank of India said. Bank branches, however, will be open on Sunday to facilitate government receipt and payment transactions.
The central bank, in a...
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RBI |
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PAN-Aadhaar linkage deadline extended to Sept 30
Posted Date : 31-Mar-2019 , 09:04:59 pm | Posted By CASANSAAR
The government has extended the cut-off date for linking Aadhaar with Permanent Account Number (PAN) to September 30, 2019.
However, it would be mandatory to quote and link Aadhaar number while filing the return of income from April 1, 2019 unless specifically exempted.
“The ...
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PAN |
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