New single GST Returns form to be rolled out in July
Posted Date : 17-May-2019 , 09:47:12 am | Posted By CASANSAAR
The new simplified returns filing format, approved by the GST Council last July, is finally ready to be rolled-out after being deferred twice. Under the new format, taxpayers will be required to file one monthly return, except small taxpayers and a few exceptions. Those with no purchases, no output ...
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GST |
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NCLT directs de-attachment of properties attached by SEBI
Posted Date : 17-May-2019 , 09:34:56 am | Posted By CASANSAAR
The Principal Bench of National Company Law Tribunal (NCLT) recently ordered de-attachment of properties belonging to a corporate debtor, which were attached as part of execution proceedings by the Securities and Exchange Board of India (SEBI). The attachment order was also upheld by the Securities ...
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SEBI |
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Income Tax Dept probing gains made in agriculture income during demonetisation
Posted Date : 16-May-2019 , 08:57:59 am | Posted By CASANSAAR
The Income Tax Department, investigating cases of tax evasion during demonetisation, is stepping up probe into gains made in agriculture income by farmers and other assessees.
Under the Income Tax (IT) Act of 1961, agriculture income is exempt from taxes. But during the demonetisation period, Inc...
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Income Tax |
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NSE slaps fines on over 250 companies for non-compliance with listing regulations
Posted Date : 16-May-2019 , 08:52:17 am | Posted By CASANSAAR
The National Stock Exchange (NSE), after monitoring compliance of listing regulations of all its listed entities, imposed fines and issued notices to more than 250 non-compliant companies for March quarter, the exchange said on Wednesday.
Big names on the list included Adani Ports...
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Shares & Stock |
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Audit report finds 107 cases of shady lending at IL&FS
Posted Date : 16-May-2019 , 08:49:20 am | Posted By CASANSAAR
In a latest twist to the financial frauds at IL&FS, an audit report has found about 107 instances of loan evergreening, loans given without adequate collateral and management links with borrower companies.
The report submitted by Grant Thornton last week to the new IL&FS board headed by U...
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Auditing |
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Home buyers to pay 12% GST on dues if completion certificate issued by March 31
Posted Date : 16-May-2019 , 08:44:35 am | Posted By CASANSAAR
Home buyers will have to pay 12 per cent GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the CBIC has said.
Builders who have received completion certificate for an ongoing project before April 1, 2019, will have to charge...
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GST |
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Exam for confirmation of enrollment of GST Practitioners to be conducted by NACIN
Posted Date : 15-May-2019 , 10:49:28 am | Posted By CASANSAAR
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized vide Notification No. 24/2018-Central Tax dated 28.5.2018, to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of Rule 83 of the...
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GST |
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Exporters are likely to get GST refunds automatically by next month
Posted Date : 15-May-2019 , 10:33:40 am | Posted By CASANSAAR
Exporters of goods and services as well as suppliers to SEZ units are likely to get GST refunds automatically from June as the revenue department plans to introduce faceless scrutiny of refunds and faster claim settlement, an official said.
Under GST, every person making a claim of refund o...
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GST |
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Income Tax officers to fast track disposal of appeal cases
Posted Date : 15-May-2019 , 10:29:00 am | Posted By CASANSAAR
The income-tax department has said it will undertake expeditious disposal of appeal cases, and look into taxpayer concerns of adjustment of past tax demands with due refunds during the fortnight beginning May 16.
In a letter to field formations, the Central Board of Direct Taxes (CBDT) said that ...
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Income Tax |
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Admit Cards for appearing in May 2019 CA Final / Intermediate/ Intermediate(IPC) exams
Posted Date : 15-May-2019 , 10:15:26 am | Posted By CASANSAAR
14th May 2019
Admit Cards for appearing in May 2019 CA Final / Intermediate/ Intermediate(IPC) exams
Admit cards in respect of May 2019 CA exams have been hosted on https://icaiexam.icai.org.
Candidates may download the same and print them at their convenience.
It may be no...
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CA Exams |
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ICAI releases E Version of Compendium of Ind AS effective 1.4.2019
Posted Date : 15-May-2019 , 10:11:23 am | Posted By CASANSAAR
ICAI releases E Version of Compendium of Ind AS effective 1.4.2019
We are pleased to share that the Accounting Standards Board (the Board/ ASB) of Institute of Chartered Accountants of Indian (ICAI) has released e-version of Compendium of Indian Accounting Standards (Ind AS). As you are a...
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ICAI |
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IPs to act as IRPs and Liquidators (Recommendation) Guidelines, 2019
Posted Date : 15-May-2019 , 10:03:01 am | Posted By CASANSAAR
Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an insolvency professional (IP) who may act as an interim resolution professional (IRP) in ca...
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Insolvent Professional |
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MCA-21 version 3 to offer ease of doing biz, online compliance monitoring
Posted Date : 13-May-2019 , 08:33:07 am | Posted By CASANSAAR
Amid the row over functionality of its database, the Ministry of Corporate Affairs is working on the Version 3 of MCA-21 database, which will address many current flaws in this online registry.
The new MCA-21 V 3.0 will have features like single source of truth, ease of doing business, e-ad...
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MCA |
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Government plans further curbs on Audit Firms
Posted Date : 13-May-2019 , 08:20:22 am | Posted By CASANSAAR
Audit firms may face more restrictions on the juicy non-audit assignments they could accept from statutory audit clients. This is part of a government initiative to tighten the rules to improve the quality of statutory audit.
The ministry of corporate affairs and the National Financial Reporting ...
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Auditing |
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NCLAT dismisses insolvency plea against SpiceJet
Posted Date : 12-May-2019 , 10:06:07 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea for initiation of insolvency proceedings against Spicejet by Ramco Systems Ltd, an operational creditor of the low-cost carrier.
A two-member bench headed by Chairman Justice S J Mokhopadhaya upheld the orders passed by the ...
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Insolvent Professional |
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Banks must turn towards global trade-finance instruments - RBI
Posted Date : 11-May-2019 , 09:09:54 am | Posted By CASANSAAR
Banks need to expand their global banking relationship and shift towards globally accepted trade finance instruments instead of indigenous instruments (such as letter of undertaking/ letter of credit), according to a Reserve Bank of India paper.
This, however, may push up costs, the paper added. ...
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RBI |
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Govt inspected Jet Airways' Books after allegations of fraud
Posted Date : 11-May-2019 , 09:03:33 am | Posted By CASANSAAR
Jet Airways (India) Ltd. on Friday said that the Ministry of Corporate Affairs (MCA) had during September last year conducted an inspection and sought documents from the airline’s management before approaching the company again last month for seeking further documents and details.
This happ...
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Corporate Law |
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ITR 1, ITR 2, ITR 3 & ITR 4 for AY 2019-20 is available for e-Filing
Posted Date : 11-May-2019 , 08:39:49 am | Posted By CASANSAAR
Excel / Jav Utility for ITR 1, ITR 2, ITR 3& ITR 4 for AY 2019-20 is available for e-Filing. Other ITRs will be available shortly.
ITR 1 For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House P...
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ITR |
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GST Council extends deadline for realty firms to opt for old GST rate till May 20
Posted Date : 10-May-2019 , 09:26:14 am | Posted By CASANSAAR
The GST Council extended by 10 days till May 20 the deadline for realtors to opt for old GST rates with input tax credit for ongoing projects or shift to new lower tax rates.
The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had in March allowed real esta...
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GST |
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Owners may have to pay different GST for identical flats
Posted Date : 09-May-2019 , 10:59:58 am | Posted By CASANSAAR
The taxman has asked builders to choose before May 10 the new goods & services tax (GST) rate for ongoing realty projects.
The concessional rate, which came into effect April 1, was set at 1% for affordable houses and 5% for others, from the earlier 8% and 12%, respectively. Developers ...
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GST |
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CoCs must share all info on NPA accounts with bidders - IBBI
Posted Date : 08-May-2019 , 07:17:47 am | Posted By CASANSAAR
The Committee of Creditors (CoC) of a non-performing asset (NPA or bad loan) account must provide all relevant information and share its vision for the company under resolution with the prospective resolution applicants in order to come up with a rescue plan, the insolvency regualtor has said. ...
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Insolvent Professional |
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NCLT begins bankruptcy process for Reliance Communications
Posted Date : 08-May-2019 , 07:13:17 am | Posted By CASANSAAR
The lenders to the crippled Reliance Communications (RCom) May 7 moved NCLT to appoint a new resolution professional and form a committee of creditors, the first step to begin the bankruptcy process of the Anil Ambani group company that owes close to Rs 50,000 to 31 lenders led by State Bank of Indi...
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Insolvent Professional |
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CA Sansaar created history by conducted seminar at Attari Border
Posted Date : 06-May-2019 , 05:33:08 pm | Posted By CASANSAAR
CA Sansaar had created the history by organising Seminar at Attari Border. CA Sansaar had organised the study tour for members to Amritsar on 04-05 May 2019. Members from Delhi, Gaziabad, Mumbai, Rohtak, Kaithal, Patiala, Jaipur, Ludhiana, Narnaul, Chandigarh, Batala and Amritsar had joined the St...
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International Business |
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GST B2B invoices will have to be generated on Govt portal by Sept
Posted Date : 06-May-2019 , 10:16:00 am | Posted By CASANSAAR
All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said. The revenue secretary is monitoring the progress of...
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GST |
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RBI weighs incentives for banks to move IBC
Posted Date : 06-May-2019 , 10:10:52 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) is understood to be weighing a plan to ‘incentivise’ lenders to take errant borrowers to bankruptcy court.
It’s part of the regulatory countermove that RBI is working on to overcome hurdles in the wake of a recent Supreme Court ruling. A mon...
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RBI |
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ITR e-filers by over 6.6 lakh in FY19:
Posted Date : 06-May-2019 , 10:08:09 am | Posted By CASANSAAR
In a first in recent history of tax filings, income tax e-filings in FY2019 have dropped by more than 6.6 lakh, a trend that analysts said was surprising as tax base was expected to increase post demonetisation.
According to statistics put out on Income Tax Department's e-filing website, inco...
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Income Tax |
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ICAI changes dates of 2 Exams of CA Final and Foundation for May 19
Posted Date : 03-May-2019 , 05:51:24 pm | Posted By CASANSAAR
In partial modification of the Institute’s Notification No. 13-CA(Exam)/M/2019 dated 11th March, 2019, it is notified for general information that due to certain unavoidable circumstances, Paper – 3 of Foundation Examination and Paper 4 & 5 of Final Examination {Old as well as New Sc...
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CA Exams |
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Bar Council of Delhi bars the Big Four- KPMG, PwC, EY and Deloitte from practicing law
Posted Date : 03-May-2019 , 10:17:30 am | Posted By CASANSAAR
The Bar Council of Delhi has directed the Big Four Accounting Firms – KPMG, Price Water House Coopers, Ernst & Young and Deloitte India to refrain from indulging in any practice which would amount to practising law until further orders.
The Bar Council has also directed them to give a l...
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ICAI |
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ICAI releases e-version of compendium of revised Indian Accounting Standards
Posted Date : 03-May-2019 , 09:55:07 am | Posted By CASANSAAR
Chartered accountants' body ICAI on May 2 said it has released the e-version of compendium of revised Indian Accounting Standards that incorporates new standard on leases among other amendments.
As part of annual improvements, the Ind AS (Indian Accounting Standards), which is based on Intern...
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ICAI |
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NCLAT allows banks to declare defaulting ILFS accounts as NPAs
Posted Date : 03-May-2019 , 09:44:48 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) on May 2 allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments.
A bench headed by Chairman Justice S J Mukhopadhaya lifted the embargo on the banks to declare the ...
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NPA |
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