ICAI withdraws announcement on Auditor rotation after govt directive
Posted Date : 16-Feb-2019 , 08:36:36 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI on Friday withdrew an announcement regarding applicability of rotation of auditors at companies, following a directive from the corporate affairs ministry.
In a rare instance, the ministry told the Institute of Chartered Accountants of India (ICAI) ...
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ICAI |
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PAN Aadhaar Linking is mandatory for tax filers and to be completed by March 31 - CBDT
Posted Date : 16-Feb-2019 , 08:34:14 am | Posted By CASANSAAR
The CBDT has stressed that Aadhaar-PAN linking is 'mandatory' for those filing an Income Tax Return (ITR) and this procedure has to be 'completed' by March 31 this year. "Constitutional validity of Aadhaar has been upheld by the Supreme Court of India in September, 2018. Consequ...
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CBDT |
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PC Mody takes charge as new CBDT Chairman
Posted Date : 16-Feb-2019 , 08:20:03 am | Posted By CASANSAAR
IRS officer Pramod Chandra Mody on Friday took over as the new chairman of the Central Board of Direct Taxes (CBDT), the policy making body of the Income Tax Department.
Mody, a 1982-batch Indian Revenue Service (Income Tax cadre) officer, has been appointed in place of Sushil Chandra, who was on...
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CBDT |
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Arun Jaitley resumes charge of Finance Ministry
Posted Date : 15-Feb-2019 , 02:54:51 pm | Posted By CASANSAAR
Union Minister Arun Jaitley on Friday resumed charge as finance minister after his return from the US last Saturday.
“The President of India, as advised by the Prime Minister, has directed to assign the portfolios of the Minister of Finance and Minister of Corporate Affairs to Shri Arun Jai...
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Finance |
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CBDT chairman Sushil Chandra appointed as new Election Commissioner
Posted Date : 15-Feb-2019 , 10:06:16 am | Posted By CASANSAAR
Sushil Chandra, the chairman of the Central Board of Direct Taxes (CBDT), has been appointed as the new Election Commissioner on Thursday.
A 1980-batch Indian Revenue Service (IRS) official and an IIT alumnus, Chandra has recently retired from the CBDT, who was given a one-year extension till May...
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CBDT |
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ICAI to train 1 lakh students on GST accounting
Posted Date : 15-Feb-2019 , 10:02:22 am | Posted By CASANSAAR
The Institute of Cost Accountants of India (ICAI) will be launching a course in Goods and Services Tax (GST) accounting in a about a month from now.
“We are in discussions with Government and modalities are being worked out,” Amit Anand Apte, President, ICAI told newspersons here on T...
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ICAI |
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Date Sheet for CA Foundation, IPC and Final Exam May 2019
Posted Date : 15-Feb-2019 , 09:59:01 am | Posted By CASANSAAR
No. 13-CA (EXAM)/M/2019: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Chartered Accountants Foundation Course {Under New Scheme}, Intermediate (IPC) {Under Old Scheme}...
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CA Exams |
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Parliament passes Interim Budget 2019-20
Posted Date : 13-Feb-2019 , 11:16:10 am | Posted By CASANSAAR
Parliament approved Modi Government's sixth and final Budget that gave Income Tax rebate to those earning up to Rs 5 lakh, an annual cash dole of Rs 6,000 to small farmers and pension for unorganised sector workers.
While the Lok Sabha has passed the Appropriation Bills that gave Govern...
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Budget |
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CAG says RoC had no info about PAN of 95% real estate Cos
Posted Date : 13-Feb-2019 , 04:35:41 pm | Posted By CASANSAAR
A CAG report tabled in Parliament Tuesday said the Registrar of Companies did not have information about PAN of 95 per cent of the real estate companies. Registrar of Companies (RoC) maintains database of all companies that register at the time of incorporation. Companies are required to file annual...
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PAN |
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HC dismisses advance bail pleas on GST Act violation
Posted Date : 13-Feb-2019 , 04:33:07 pm | Posted By CASANSAAR
Observing that the Central Goods and Services Act was enacted with the laudable object of "one country one tax", the Madras High Court on Tuesday dismissed the anticipatory bail applications filed by nine persons apprehending arrest under the provisions of the Act.
Justice Anand Venkate...
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GST |
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RBI penalises banks for violating various norms
Posted Date : 13-Feb-2019 , 09:52:00 am | Posted By CASANSAAR
Reserve Bank has imposed monetary penalty of two million rupees each on HDFC Bank, IDBI Bank and Kotak Mahindra Bank for non-compliance of various Know Your Customer/ Anti-Money Laundering norms.
In a statement issued from Mumbai yesterday, RBI informed that it has imposed monetary penalty ...
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RBI |
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New President & Vice-President of ICAI for the year 2019-20
Posted Date : 12-Feb-2019 , 08:21:43 pm | Posted By CASANSAAR
CA. Prafulla P. Chhajed
President, ICAI
CA. Atul Kumar Gupta
Vice-President, ICAI
Many Many Congratulations to the Elected President & Vice President of ICAI for the year 2019-20....
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ICAI |
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FinMin spent Rs 1,157 cr extra in 2017-18 without obtaining prior approval - CAG
Posted Date : 12-Feb-2019 , 08:15:05 pm | Posted By CASANSAAR
The Ministry of Finance spent Rs 1,157 crore on various heads during 2017-18 without obtaining prior approval of Parliament, the Comptroller and Auditor General (CAG) report tabled in Parliament on Tuesday said.
Excess expenditure aggregating Rs 1,156.80 crore was incurred during 2017-18 without ...
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CAG |
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Suspicious income tax refund claims under Income Tax Dept scanner
Posted Date : 12-Feb-2019 , 08:05:57 pm | Posted By CASANSAAR
Suspicious income tax refund claims have gone up in last three years and scrutiny assessments have been initiated against taxpayers claiming high refunds inconsistent with the pattern of income and investments, Parliament was informed Tuesday.
Minister of State for Finance Shiv Pratap Shukla in a...
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Income Tax |
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Income Tax Dept plans e-allocation, verification and hearing in scrutiny of returns
Posted Date : 12-Feb-2019 , 09:24:04 am | Posted By CASANSAAR
Hoping to cut down harassment of taxpayers during verification and scrutiny of income-tax returns, the Tax Department hopes to introduce features, including team-based assessment, video-conferencing and electronic review of orders, to ensure quality assessments and avoid high pitched tax demands.
...
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Income Tax |
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ICAI Accounting Research Foundation to oversee reopening of IL&FS books
Posted Date : 12-Feb-2019 , 09:17:51 am | Posted By CASANSAAR
The ICAI Accounting Research Foundation (ICAI ARF) will oversee the process of reopening the books of crisis-hit IL&FS.
The board of debt-laden Infrastructure Leasing and Financial Services (IL&FS) was taken over by the corporate affairs ministry last year after many group entities ...
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ICAI |
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SEBI relaxes norms for non-residents to transfer shares to relatives
Posted Date : 12-Feb-2019 , 09:09:59 am | Posted By CASANSAAR
Markets regulator Sebi Monday granted relaxation to non-residents such as NRI, PIOs, and foreign nationals from furnishing a copy of PAN card and allowed them to transfer equity shares held by them to their immediate relatives.
However, the relaxations are subject to certain conditions, Sebi said...
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SEBI |
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Rs 4,172 crore late fee for delayed filing of returns collected since GST launch
Posted Date : 12-Feb-2019 , 08:54:05 am | Posted By CASANSAAR
A total of Rs 4,172.44 crore was collected by the government as late fee for delayed filing of various goods and services tax (GST) returns since the implementation of the indirect tax regime on July 1, 2017, till February 4, 2019, Finance Minstry data showed.
GST-related laws provide for levy of...
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GST |
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Income Tax Dept unearths Rs 20,000 cr Hawala racket in Delhi
Posted Date : 12-Feb-2019 , 08:44:10 am | Posted By CASANSAAR
The Income Tax Department has busted a nexus of hawala operators who were running a money laundering racket in Delhi estimated to be worth over 20 thousand crore rupees. Official sources said, a series of raids and surveys were conducted by sleuths of the Delhi investigation unit of the I-T Departme...
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Income Tax |
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IDFC posts 11-fold rise in Q3 net profit at Rs 26 cr due to tax adjustment
Posted Date : 09-Feb-2019 , 06:22:23 pm | Posted By CASANSAAR
IDFC on Saturday reported an 11-fold jump in net profit for the December quarter at Rs 26.28 crore, mainly due to a tax adjustment.
The company's standalone net profit stood at Rs 2.40 crore in the quarter ended December 31, 2017, it said in a statement.
The company's total income was ...
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General |
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RBI slaps Rs 3.5-cr fine on Corp Bank, Allahabad Bank for flouting norms
Posted Date : 09-Feb-2019 , 10:35:29 am | Posted By CASANSAAR
The Reserve Bank has imposed a cumulative penalty of Rs 3.5 crore on state-owned lenders Corporation Bank and Allahabad Bank for violation of various norms.
"This is to inform that Reserve Bank of India...has imposed an aggregate penalty of Rs 20 million on our bank due to some lapses in mon...
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RBI |
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SEBI comes out with format for annual secretarial audit of listed entities
Posted Date : 09-Feb-2019 , 10:30:28 am | Posted By CASANSAAR
Markets regulator Sebi Friday came out with the format for listed entities for preparing their annual secretarial audit and compliance reports.
This would also be applicable for the "material unlisted subsidiaries" of the listed entities, the regulator said in a circular.
...
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SEBI |
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Govt panel favours lowering GST on under-construction flats to 5%
Posted Date : 09-Feb-2019 , 10:21:20 am | Posted By CASANSAAR
A ministerial panel led by Gujarat deputy chief minister Nitin Patel has come out in favour of lowering the goods and services tax (GST) on under-construction properties to 5% without credit for taxes paid on raw materials. The seven-member panel, which met in the national capital on Friday, also fa...
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GST |
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NCLT banned Auditor for 5 years who knew nothing
Posted Date : 08-Feb-2019 , 03:08:47 pm | Posted By CASANSAAR
The Mumbai bench of the National Company Law Tribunal (NCLT) on February 6 barred Mukesh Choksi from being appointed as an auditor of any company for a period of five years, holding him guilty of signing off on a company’s books without inspection and colluding with its promoters in a fraudule...
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Auditing |
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Domain + Website + Hosting + 2 email ids @ Just Rs.3100/- with 30 days Money Back Guarantee
Posted Date : 08-Feb-2019 , 04:21:23 am | Posted By CASANSAAR
CASANSAAR offers a Golden opportunity for Professionals, where they could create their own stunning website with multiple designs and templates to choose. It will be completely your own space, which is going to be a Dynamic Website and could be edited as per your wish.
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General |
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Good Luck - CA IPCC Nov 18 Exam Results Likely to be announced today
Posted Date : 08-Feb-2019 , 09:31:07 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) will release the CA Intermediate Results for November 2018 examination today (February 8, 2019) on its official results website.
The results for the CA IPCC examination that was conducted in the month of November 2018 will be made available a...
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CA Results |
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BSE to suspend 7 suspected shell firms for failing to cooperate with forensic auditors
Posted Date : 08-Feb-2019 , 09:26:06 am | Posted By CASANSAAR
The BSE has decided to suspend as many as seven suspected shell companies from Friday after they failed to provide the information sought by forensic auditors in a time-bound manner.
The firms facing suspension are Aadhaar Ventures India, Blue Circle Services, IKF Technologies, Prabhav Indu...
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Auditing |
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RBI slaps fine of Rs 1 Cr on State Bank of India
Posted Date : 08-Feb-2019 , 09:02:41 am | Posted By CASANSAAR
State Bank of India Thursday said the Reserve Bank of India has slapped Rs 1 crore penalty on the country's largest lender for violating norms.
RBI "in exercise of powers conferred under Section 47 A of the Banking Regulation Act, 1949 has levied a penalty of Rupees one crore on th...
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RBI |
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RBI raises collateral-free farm loan limit to Rs 1.6 lakh
Posted Date : 07-Feb-2019 , 05:42:49 pm | Posted By CASANSAAR
RBI Governor Shaktikanta Das today announced that the limit of collateral free agricultural loans has been increased from one lakh to 1.6 lakh. Addressing the post monetary policy announcement in Mumbai today, Mr. Das said the decision has been taken in view of the overall inflation and rise in the ...
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Income Tax |
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Banks liable for unauthorised withdrawals from customer accounts - Kerala HC
Posted Date : 07-Feb-2019 , 10:08:03 am | Posted By CASANSAAR
The Kerala High Court has held that banks cannot be exonerated from liability for loss caused to a customer on account of unauthorised withdrawals made from his/her account, merely on the ground that the customer did not respond promptly to the SMS alert given by the bank.
The court observed that...
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Income Tax |
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