Banks Board Bureau identifies 75 senior officers for leadership roles in PSBs
Posted Date : 19-Apr-2019 , 10:18:17 pm | Posted By CASANSAAR
The Banks Board Bureau (BBB), the apex body for selection of whole-time directors of state-owned lenders, has identified 75 senior management personnel of public sector lenders to take over leadership role in the future.
From a pool of 450 senior management personnel across nationalised banks, an...
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Banking |
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MCA withdraws memorandum that barred LLPs from manufacturing activities
Posted Date : 18-Apr-2019 , 11:33:03 am | Posted By CASANSAAR
The corporate affairs ministry has withdrawn its directions restricting Limited Liability Partnerships (LLPs) from engaging in manufacturing activities. Concerns were raised in various quarters about an office memorandum issued by the ministry earlier this month, wherein LLPs were restricted from ma...
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MCA |
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NFRA probing role of EY, KPMG and Deloitte in IL&FS case
Posted Date : 17-Apr-2019 , 12:18:17 pm | Posted By CASANSAAR
The newly formed regulator for auditors is probing the role of three of the big four auditors in the alleged financial irregularity in Infrastructure Leasing & Financial Services and two of its group companies.
National Financial Reporting Authority (NFRA) has asked Indian arms of EY, K...
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NFRA |
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NCLAT allows promoters under liquidation settle with creditors
Posted Date : 17-Apr-2019 , 10:09:49 am | Posted By CASANSAAR
Opening up a new window for promoters looking to retain control of their companies facing bankruptcy proceedings, the National Company Law Appellate Tribunal (NCLAT) has held that shareholders and owners can reach a settlement with creditors when their entity is under liquidation and an official liq...
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Insolvent Professional |
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MCA bars LLPs from manufacturing & allied services
Posted Date : 17-Apr-2019 , 10:03:55 am | Posted By CASANSAAR
Manufacturing & allied activities were restricted in LLPs vide OM No. CRC/LLP/e-Forms dated 06.03.2019. This OM invoking the restriction regarding manufacturing & allied activities has been withdrawn with immediate effect - MCA
...
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MCA |
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Income Tax dept revises format of TDS certificate issued by employers
Posted Date : 16-Apr-2019 , 10:02:42 pm | Posted By CASANSAAR
The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding deductions under vario...
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Income Tax |
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Examination for Confirmation of Enrollment of GST Practitioners
Posted Date : 16-Apr-2019 , 09:55:17 pm | Posted By CASANSAAR
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized 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 Central Goods and Services Tax Rules, 2017, vide Notificat...
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GST |
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DIN holders are required to file DIR-3 KYC form every year - MCA
Posted Date : 16-Apr-2019 , 11:12:35 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has issued some clarification with regards to filling of e-form DIR-3 KYC.
In a notification, MCA said “DIN holders are required to file the DIR-3 KYC form every year, so that they are aware of and confirm the data & information as available in th...
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Corporate Law |
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BoB expects to complete integration of Dena Bank, Vijaya Bank in two years
Posted Date : 16-Apr-2019 , 11:06:39 am | Posted By CASANSAAR
State-owned Bank of Baroda (BoB) is likely to complete the process of merger of Dena Bank and Vijaya Bank with it in two years, said a senior official of BoB. The merger of Dena Bank and Vijaya Bank with BoB became effective from April 1.
Information technology platform integration alone will tak...
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Merger & Acquisitions |
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IBC cases admitted over RBI circular to continue - IBBI
Posted Date : 15-Apr-2019 , 09:29:25 pm | Posted By CASANSAAR
Although the Supreme Court has quashed the RBI's February 12, 2018 order on non-performing assets (NPA), the cases admitted for resolution process based on the order would continue, as the NCLT admits cases only if it is sure of the default irrespective of any circular, said the Insolvency and B...
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Insolvent Professional |
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CBDT sets 30 June deadline to dispose of demonetisation cases
Posted Date : 15-Apr-2019 , 09:23:35 pm | Posted By CASANSAAR
Tax authorities have set a deadline of June 30 to clear up all demonetisation-related cases.
In its interim action plan for the first quarter of 2019-20, the Central Board of Direct Tax (CBDT) has instructed its officials to “dispose of all cases related to demonetisation where assessment i...
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CBDT |
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Businesses with turnover over Rs 2 Cr can now start filing GST Audit Reports
Posted Date : 15-Apr-2019 , 09:18:59 pm | Posted By CASANSAAR
Businesses with an annual turnover of over Rs 2 crore can now start filing GST audit reports for fiscal 2017-18 as GST Network (GSTN) has made its format available on its portal.
The audit report for 2017-18, the first year of the goods and services tax (GST) implementation, is to be filed by Jun...
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GST |
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0 | Hits : 1097
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Cabinet clears additional post of Deputy CAG
Posted Date : 15-Apr-2019 , 09:11:55 pm | Posted By CASANSAAR
The government has decided to create an additional post of Deputy Comptroller and Auditor General, which will oversee coordination of audits of states as well as telecommunication.
The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi Monday.
"The Union Cabin...
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Auditing |
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Reinsurance brokers permitted to open foreign currency accounts - RBI
Posted Date : 13-Apr-2019 , 09:44:52 am | Posted By CASANSAAR
The Reserve Bank of India said reinsurance brokers have been permitted to open non-interest bearing foreign currency accounts with banks for undertaking transactions.
Earlier, the Insurance Regulatory and Development Authority of India (Irdai) had issued notification in this regard.
Follo...
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RBI |
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0 | Hits : 917
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Income Tax Appellate Tribunal gets third bench in Pune
Posted Date : 13-Apr-2019 , 09:32:29 am | Posted By CASANSAAR
The Income tax Appellate Tribunal (ITAT) established its first bench in Pune on August 9, 1971, while the second Bench was added in 2004. Pune is the fourth largest city as far as the number of pending appeals is concerned.
The Income tax Appellate Tribunal, Pune zone, got its third bench for Pun...
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Income Tax |
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GST Network has 1.2 crore tax payers registered - CEO
Posted Date : 13-Apr-2019 , 09:26:54 am | Posted By CASANSAAR
A total of 1.21 crore taxpayers have been registered by the Goods and Services Tax Network (GSTN), its CEO Prakash Kumar said on Friday.
"We started with 60 lakh taxpayers. Today, we have 1.21 tax-payers registered and 57.12 crore e-way bills generated so far," he said.
An e-way bi...
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GST |
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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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0 | Hits : 894
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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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