Roll-out of new, simplified GST return forms deferred
Posted Date : 31-Mar-2019 , 02:34:39 pm | Posted By CASANSAAR
The pilot project envisaged for rolling out simplified monthly GST return forms from April 1 has been deferred and the new forms would be made available once they the notified and the software is ready.
The GST Council had in July last year decided that the simplified GST return forms -- Sahaj an...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 2080
|
 |
Branches of Vijaya, Dena Bank to function as BoB outlets from Monday - RBI
Posted Date : 31-Mar-2019 , 12:42:52 pm | Posted By CASANSAAR
Branches of Vijaya Bank and Dena Bank will function as Bank of Baroda outlets from April 1, following amalgamation of the two lenders with the latter, the RBI said on Saturday. The merger of Vijaya Bank and Dena Bank with Bank of Baroda, will be effective from April 1, 2019.
“Consequently, ...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 1106
|
|
Bank Branch Audit 2019 - Update on allotment of Branches
Posted Date : 31-Mar-2019 , 12:31:58 pm | Posted By CASANSAAR
Bank Branch Audit 2019 - Update on allotment of Branches
As per information received, RBI has approved the Bank Branch Audit Panel. Banks start sending mails for allotment of Branches.
Following Banks has started sending emails for allotment of branches as informed by Mem...
Continue Reading...
Category :
Bank Branch Audit |
Comments :
2 | Hits : 22418
|
|
CAs across India request Modi govt to rein in tax officials
Posted Date : 30-Mar-2019 , 07:59:20 am | Posted By CASANSAAR
Chartered accountants across the country have requested the Prime Minister’s office and the Finance Ministry to rein in tax officials who have been directed to take “all possible actions” to recover tax amid a shortfall in revenue collection.
On March 26, the Central...
Continue Reading...
Category :
CA |
Comments :
0 | Hits : 2069
|
|
Tax evasion may get more difficult as Income Tax Dept to use Big Data Analytics from April
Posted Date : 30-Mar-2019 , 07:58:06 am | Posted By CASANSAAR
Tax evasion is likely to get more difficult if not impossible with the entry of Big Data Analytics into the Income Tax (I-T) Department's realm of tools to check tax evasion starting April 1.
The Rs 1,000 crore programme named "Project Insight" would track social networking profiles...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1882
|
|
AO can suo moto extend time period for special audit retrospectively - SC
Posted Date : 30-Mar-2019 , 07:47:06 am | Posted By CASANSAAR
The Supreme Court has held that the Assessing Officer can suo moto extend the time period for a special audit retrospectively, even before the amendment in the Finance Act of 2008.
The judgment, which lays to rest a long controversy, relates to Section 142 (2C) of the Income Tax Act, which deals ...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 747
|
|
300,000 companies under the tax scanner for money laundering
Posted Date : 29-Mar-2019 , 07:13:52 am | Posted By CASANSAAR
The CBDT has issued directions to Income Tax offices across the country to probe financial transactions of about three lakh firms, de-registered by the government for their dubious financial credentials, for tax evasion and money laundering, especially during demonetisation.
The board has a...
Continue Reading...
Category :
Money laundering |
Comments :
0 | Hits : 1191
|
|
SC refuses to stay merger of Vijaya, Dena banks with Bank of Baroda
Posted Date : 29-Mar-2019 , 12:34:07 pm | Posted By CASANSAAR
Clearing decks for the scheduled merger of three public sector lenders -- Vijaya Bank, Dena Bank and Bank of Baroda -- the Supreme Court on Thursday refused to stay the amalgamation.
The top court dismissed the applications filed by several bank officers' associations for staying the merger, ...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 734
|
|
GST Authority clarifies on change/transfer in ownership of sole proprietorship
Posted Date : 29-Mar-2019 , 12:28:40 pm | Posted By CASANSAAR
The Goods and Services Tax, GST Authority has clarified that transfer or change in the ownership of business will include transfer or change in the ownership of business due to death of the sole proprietor. In a circular, Central Board of Indirect Taxes and Customs, CBIC said, that the transferee or...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1264
|
|
Fill up vacancies in important tribunals in 14 days - SC
Posted Date : 28-Mar-2019 , 04:04:17 pm | Posted By CASANSAAR
Taking note of tribunals being starved of manpower and infrastructure for years, the Supreme Court on Wednesday expressed concern over the large number of vacancies in important tribunals and asked the Centre to fill them up in two weeks.
A constitution bench of Chief Justice Ranjan Gogoi and Jus...
Continue Reading...
Category :
General |
Comments :
0 | Hits : 626
|
|
SC Bench examines validity of NCLT & NCLAT
Posted Date : 28-Mar-2019 , 09:07:40 am | Posted By CASANSAAR
The Supreme Court Constitution Bench is examining a petition filed by the Madras Bar Association challenging the creation of National Company Law Tribunal and National Company Law Appellate Tribunal under the Companies Act 2013.
The constitutional validity of Chapter XXVII comprising Sections 407...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 795
|
|
Shares can be transferred in demat form only from 1st April - SEBI
Posted Date : 28-Mar-2019 , 08:59:24 am | Posted By CASANSAAR
SEBI said transfer of shares of listed companies can be done only in the dematerialised form from April 1 but investors are not barred from holding shares in the physical form.
In December 2018, the watchdog extended the deadline for transfer of shares of listed companies only in dematerialised (...
Continue Reading...
Category :
SEBI |
Comments :
0 | Hits : 948
|
|
Income Tax Dept will compile profiles on taxpayers from 1st April
Posted Date : 26-Mar-2019 , 10:32:21 pm | Posted By CASANSAAR
The Income-Tax (I-T) Department will begin compiling comprehensive profiles on taxpayers from April 1, according to a Business Standard report. The move, which is a part of Project Insight, aims to track compliance of tax paying individuals and bring more people under the tax net, the paper said.
...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1522
|
|
SC takes strong note of non-disclosure of banks' inspection reports by RBI
Posted Date : 27-Mar-2019 , 08:53:38 am | Posted By CASANSAAR
The Supreme Court Tuesday took strong note of non-disclosure of the annual inspection report of banks by the RBI under the Right to Information Act.
A bench comprising justices L N Rao and M R Shah said it may initiate contempt proceedings against the Reserve Bank Of India (RBI) for not disclosin...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 855
|
|
IDBI Bank Officers’ Association to go on hunger strike on March 30
Posted Date : 26-Mar-2019 , 07:46:49 pm | Posted By CASANSAAR
IDBI Bank on Tuesday said its all-India Officers’ Association will observe a one-day nationwide hunger strike on March 30, over various demands.
“The Bank is in receipt of notice of one-day nationwide hunger strike on March 30, 2019 from All India IDBI Officers’ Association (AII...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 800
|
|
RBI slaps Rs 2 crore penalty on PNB
Posted Date : 26-Mar-2019 , 07:07:09 pm | Posted By CASANSAAR
The Reserve Bank of India has slapped a penalty of Rs 2 crore on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations.
SWIFT is a global messaging software used for sharing information on inter-bank transactions by financial entities.
In ...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 808
|
|
Over 12,000 cases filed after implementation of IBC
Posted Date : 26-Mar-2019 , 10:26:18 am | Posted By CASANSAAR
As many as 12,000 cases have been filed since the implementation of the Insolvency and Bankruptcy Code (IBC) and setting up of the National Company Law Tribunal (NCLT), a senior government official said on Monday.
Asserting that the code should be the last resort, Corporate Affairs Secretary Inje...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 749
|
|
Karnataka Bank reports Rs 13 Cr fraud to RBI
Posted Date : 25-Mar-2019 , 08:52:33 am | Posted By CASANSAAR
Karnataka Bank on Saturday said it has reported to regulator RBI about a fraud amounting to Rs 13.26 crore in the fund-based working capital facility extended to SRS Finance Ltd.
The fraud was on account of "diversion of funds", the lender said in a BSE filing.
The bank e...
Continue Reading...
Category :
Banking |
Comments :
0 | Hits : 2134
|
|
Foreign investors to pay higher taxes starting from April 1
Posted Date : 25-Mar-2019 , 08:38:56 am | Posted By CASANSAAR
Changes in the Sebi listing and prevention of insider-trading regulations, revisions in the double-taxation avoidance agreements (DTAAs) with Mauritius and Singapore are set to come into effect from April 1.
The changes in DTAAs give India the right to tax capital gains arising on Indian equity s...
Continue Reading...
Category :
Income Tax |
Comments :
0 | Hits : 1039
|
|
RBI again defers Indian Accounting Standards implementation by banks
Posted Date : 23-Mar-2019 , 10:22:46 am | Posted By CASANSAAR
The Reserve Bank on Friday again deferred the implementation of the Indian Accounting Standards (Ind AS) by banks as the requisite legislative amendments are still under consideration.
Earlier in April 2018, the central bank had postponed the implementation of the Indian Accounting Standards (Ind...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1623
|
|
I-T department, other tax agencies can initiate insolvency resolution process - NCLAT
Posted Date : 22-Mar-2019 , 05:48:14 pm | Posted By CASANSAAR
The Income Tax department of the central government, the sales tax department of the state government and other local authorities “who are entitled for dues arising out of the existing law” can now initiate corporate insolvency resolution process against such companies who owe them the d...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 1024
|
|
Govt extends IGST, compensation cess exemption under various export promotion plans
Posted Date : 22-Mar-2019 , 05:41:26 pm | Posted By CASANSAAR
Giving relief to exporters, the government has extended IGST (Integrated Goods and Service Tax) and compensation cess exemptions for goods procurement under certain export promotion schemes till March 2020.
These exemptions have been extended for exporters buying inputs domestically or impo...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1403
|
|
Decisions taken by the GST Council in the 34thmeeting held on 19th March, 2019
Posted Date : 20-Mar-2019 , 07:25:45 am | Posted By CASANSAAR
GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than afford...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1369
|
|
IBBI signs Memorandum of Understanding with SEBI
Posted Date : 19-Mar-2019 , 12:04:10 pm | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Securities and Exchange Board of India (SEBI). The MoU was signed by Mr. Anand Baiwar, Executive Director of the SEBI and Mr. Ritesh Kavdia, Executive Director of the IBBI at Mumbai.
2. T...
Continue Reading...
Category :
Insolvent Professional |
Comments :
0 | Hits : 774
|
|
GST council approves transition plan for new GST rates on residential properties
Posted Date : 19-Mar-2019 , 05:29:28 pm | Posted By CASANSAAR
GST council today approved a transition plan for new goods and services tax rates on residential properties under which developers of under-construction buildings may either opt to shift to the revised lower rates without input tax credit or stick to the previous rates.
Revenue Secretary Ajay Bhu...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1132
|
|
GST rates for new projects to be mandatory from April 1 - Revenue Secretary
Posted Date : 19-Mar-2019 , 03:41:34 pm | Posted By CASANSAAR
The GST Council on March 19 approved the transition plan for new GST tax structure for residential plots.
"The new rate is 5% without tax credit or 1% without input tax credit. All buildings that begin work from April 1 will have to adhere to these new rates," said Revenue Secretary Aja...
Continue Reading...
Category :
GST |
Comments :
0 | Hits : 1160
|
|
Nine members appointed in Appellate Authority to handle cases against CA, CS
Posted Date : 19-Mar-2019 , 04:05:13 am | Posted By CASANSAAR
Even as an increasing number of complaints flood in concerning professional misconduct by chartered accountants (CA), company secretaries (CS) and cost accountants, the government has appointed a nine-member Appellate Authority to hear such cases. The new members include Anand Mohan Bajaj, Joint Sec...
Continue Reading...
Category :
NFRA |
Comments :
0 | Hits : 1995
|
|
RBI urges banks to closely watch end use of funds via surveillance
Posted Date : 19-Mar-2019 , 09:15:46 am | Posted By CASANSAAR
The RBI is pushing banks to tighten the process of monitoring the end use of funds through enhanced surveillance as it seeks to arrest evergreening and prevent divergence of funds by corporate borrowers.
Senior bank executives said the urgency from the RBI has been heightened after the annu...
Continue Reading...
Category :
RBI |
Comments :
0 | Hits : 1119
|
|
Justice PC Ghose set to be named India's 1st Lokpal
Posted Date : 18-Mar-2019 , 08:14:58 am | Posted By CASANSAAR
Almost 50 years after the Lok Sabha first passed a Lokpal bill and more than five years after a popular anti-corruption movement led to the passage of the legislation in its latest form, retired Supreme Court judge Justice Pinaki Chandra Ghose is set to be India's first anti-corruption ombudsman...
Continue Reading...
Category :
Finance |
Comments :
0 | Hits : 1048
|
|
Govt to soon start selection process for new PFRDA Chairman
Posted Date : 18-Mar-2019 , 08:11:20 am | Posted By CASANSAAR
The government will soon start selection process for a new chairman of pension fund regulator PFRDA to succeed the present chief, Hemant G Contractor, whose term is slated to end in April. "The Finance Ministry will soon come out with an advertisement to find a successor to head the Pension Fun...
Continue Reading...
Category :
Finance |
Comments :
0 | Hits : 1002
|
|
|
