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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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...
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GST |
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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, ...
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Banking |
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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...
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Bank Branch Audit |
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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...
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CA |
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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...
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Income Tax |
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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 ...
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Income Tax |
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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...
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Money laundering |
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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, ...
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Banking |
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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...
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GST |
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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...
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General |
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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...
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Insolvent Professional |
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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 (...
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SEBI |
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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.
...
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Income Tax |
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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...
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RBI |
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