RBI slaps Rs 1 crore Penalty on Bank of Maharashtra
Posted Date : 17-Jan-2019 , 09:32:53 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on Bank of Maharashtra for deficiencies in regulatory compliance.
According to the RBI, the fine was imposed by an order dated January 4, 2019 "for non-compliance with `Master Directions on Frauds-Classification and...
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RBI |
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Govt forms GST Panel to study uniform tax rate on lottery
Posted Date : 17-Jan-2019 , 09:26:22 am | Posted By CASANSAAR
A GST ministerial panel will suggest whether a uniform tax rate should be imposed on lotteries or the current differential tax rate system be continued, the Finance Ministry said Wednesday.
Currently, a state-organised lottery attracts 12 per cent GST while a state-authorised lottery attrac...
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GST |
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ICAI clarifies rumours on postponement of May 2019 CA Examinations
Posted Date : 17-Jan-2019 , 09:07:01 am | Posted By CASANSAAR
16th January, 2019
IMPORTANT ANNOUNCEMENT
REG: May 2019 CA Examinations
It has been brought to our notice that the probable date of commencement of May 2019 CA examinations and the time table there on are doing the rounds in the social media.
It is hereby clarified that the timetable i...
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ICAI |
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Cabinet gives nod to integrated e-filing project for faster ITR processing
Posted Date : 16-Jan-2019 , 09:56:48 pm | Posted By CASANSAAR
The Union Cabinet today approved expenditure sanction of over 4200 crore rupees for Integrated E-filing and Centralized Processing Centre 2.0 Project.
Union Minister Piyush Goyal said, it will help in improving tax payers' awareness and education through continuous engagement.&nbs...
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Income Tax |
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SC reserves judgment on plea challenging validity of IBC
Posted Date : 16-Jan-2019 , 09:15:48 am | Posted By CASANSAAR
The Supreme Court on Tuesday reserved its judgment in petitions moved by operational creditors challenging the validity of Insolvency and Bankruptcy Code (IBC).
A two-judge Bench of Justice Rohinton Fali Nariman and Justice Navin Sinha was hearing the petitions moved by several operati...
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Insolvent Professional |
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Income Tax exemption limit may go up in interim Budget
Posted Date : 16-Jan-2019 , 09:12:34 am | Posted By CASANSAAR
With middle-class apathy on the rise, Finance Minister Arun Jaitley may double the income tax exemption threshold for the salaried from the present Rs 2.5 lakhs to Rs 5 lakhs while also reinstating tax-free status for medical expenses and transport allowance, providing some relief to the section alr...
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Income Tax |
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Govt forms GoM for GST issues in Real estate
Posted Date : 16-Jan-2019 , 09:05:42 am | Posted By CASANSAAR
Government has constituted a seven-member Group of Ministers (GoM) to boost the real estate sector under the GST regime. Deputy Chief Minister of Gujarat Nitin Patel will be the convener of the GoM.
Finance Ministers of Maharashtra, Karnataka, Kerala, Punjab and Uttar Pradesh and the Panchayat Mi...
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GST |
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RBI slaps Rs 1 Crore Penalty on Bajaj Finance
Posted Date : 15-Jan-2019 , 10:51:30 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a penalty of Rs 1 crore on Bajaj Finance for deficiencies in regulatory compliance.
According to RBI, the penalty has been imposed, by an order on January 3, for violation of 'fair Practices Code of Master Direction DNBR'.
"This ac...
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RBI |
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Metropolitan Stock Exchange invites application for MD, CEO post
Posted Date : 15-Jan-2019 , 10:37:51 am | Posted By CASANSAAR
The Metropolitan Stock Exchange (MSE) has invited applications for the post of managing director and chief executive officer for a maximum term of five years, according to a public notice issued Monday.
The candidate must be a qualified CA/MBA or equivalent with at least 15 years of relevant expe...
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General |
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Companies may soon be able to rectify GST returns for Non-IT errors
Posted Date : 14-Jan-2019 , 07:33:23 am | Posted By CASANSAAR
Indian businesses may soon be able to amend goods and services tax (GST) return mandated for carrying forward tax credit from the previous regime for non-IT related errors as well. The GST Council has directed a committee for IT grievance redressal to quickly draw up a solution that will give relief...
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GST |
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Govt re-promulgates ordinance to amend Companies Law
Posted Date : 14-Jan-2019 , 07:23:33 am | Posted By CASANSAAR
The government has re-promulgated an ordinance to amend the companies law to further improve the ease of doing business as well as ensure better compliance levels. Since the Bill to make amendments to the Companies Act, 2013, is pending in the Rajya Sabha, the ordinance has been re-promulgated.
T...
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Companies Act |
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Creditor Can Proceed Against Guarantor Even Without Proceeding Against Borrower - NCLAT
Posted Date : 14-Jan-2019 , 07:13:41 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal has held that financial creditor can proceed against corporate guarantor even before proceeding against corporate debtor.
It was held :
We hold that it is not necessary to initiate 'Corporate Insolvency Resolution Process' against the 'Pr...
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Insolvent Professional |
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IDFC Bank re-named IDFC First Bank
Posted Date : 13-Jan-2019 , 03:18:45 pm | Posted By CASANSAAR
Private sector lender IDFC Bank said its name has been changed to IDFC First Bank Ltd with effect from Saturday. “...the name of the Bank has been changed from IDFC Bank Ltd to ‘IDFC First Bank Limited’ with effect from January 12, 2019 by virtue of ‘Certificate of Incorporat...
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Banking |
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FinMin considers steps to prevent composition dealers from charging GST from buyers
Posted Date : 13-Jan-2019 , 03:12:59 pm | Posted By CASANSAAR
In a consumer-friendly measure, the revenue department is planning to make it mandatory for composition dealers and service providers to declare their GST registration status in invoices to ensure that they do not charge any tax from buyers.
The measure, once implemented, would check the widespre...
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GST |
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0 | Hits : 997
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Sebi fines 2 entities for fraudulent trade in stock options
Posted Date : 12-Jan-2019 , 07:17:40 am | Posted By CASANSAAR
Markets regulator Sebi Friday slapped a fine totalling Rs 20 lakh on two entities for executing fraudulent trades, which created artificial volume in the illiquid stock option segment on the BSE.
The regulator conducted a probe between April 2014 and September 2015 into the trading activities of ...
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SEBI |
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Ashok Chawla resigns as chairman of NSE
Posted Date : 12-Jan-2019 , 09:18:11 am | Posted By CASANSAAR
Ashok Chawla resigned as the chairman of the National Stock Exchange(NSE) in light of the recent legal developments, the bourse said in a release on Friday evening.
The Central Bureau of Investigation(CBI) on Friday informed a special CBI court that it has got sanction from the government t...
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Shares & Stock |
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CA Final & CPT Exams Nov/Dec 2018 Result to be Declared on 23rd Jan 2019
Posted Date : 12-Jan-2019 , 09:10:01 am | Posted By CASANSAAR
Results of the Chartered Accountants Final Examination (Old course & New Course), Foundation Examination and Common Proficiency Test (CPT) held in November/December, 2018 are likely to be declared on Wednesday, the 23rd January 2019 around 6.00 P.M - ICAI
...
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CA Exams |
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RBI slaps Rs 3 crore penalty on Citibank India
Posted Date : 12-Jan-2019 , 08:59:47 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed a penalty of Rs 3 crore on Citibank India for not complying with directions regarding the 'fit-and-proper criteria' for directors of the bank.
The RBI in a statement, however, added that the action is based on deficiencies in regulatory co...
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RBI |
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CPE hours requirements date for the Year 2018 extended to 31st Jan 2019
Posted Date : 12-Jan-2019 , 08:49:36 am | Posted By CASANSAAR
FOR INFORMATION OF THE MEMBERS
Subject: Extension of last date “for complying with the CPE hours requirements for the Calendar Year 2018” - till 31st January, 2019
This is for kind information of the members that the last date for complying with the CPE Hours requirement for the ...
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CPE Hours |
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Govt plans insurance scheme for GST-registered small traders
Posted Date : 12-Jan-2019 , 08:47:10 am | Posted By CASANSAAR
Ahead of the general elections, the government is considering an insurance scheme for lakhs of GST-registered small and medium scale traders with a view to address certain concerns of this segment.
According to sources, the scheme may provide accidental insurance cover on the lines of Pradhan Man...
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GST |
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0 | Hits : 828
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SEBI brings cybersecurity framework for mutual funds and AMCs
Posted Date : 11-Jan-2019 , 09:53:25 am | Posted By CASANSAAR
Markets regulator SEBI on Thursday put in place a robust and strict cybersecurity framework for mutual funds and asset management companies (AMCs) to guard against breaches of data leak.
The new norms would be effective from April 1, 2019, Securities and Exchange Board of India (SEBI) said in a c...
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SEBI |
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Recommendations made by the GST Council in its 32nd Meeting
Posted Date : 10-Jan-2019 , 08:37:34 pm | Posted By CASANSAAR
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi gave approval for the following:
i. Changes made by CGST (Amendment) Act,2018, IGST (Amendme...
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GST |
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Major Decisions taken by the GST Council in its 32nd Meeting
Posted Date : 10-Jan-2019 , 08:35:43 pm | Posted By CASANSAAR
The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others -
1. Increase in Turnover Lim...
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GST |
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GST exemption limit for SMEs Doubled
Posted Date : 10-Jan-2019 , 03:45:52 pm | Posted By CASANSAAR
The GST Council on Thursday doubled the Goods and Services Tax (GST) exemption limit for small and medium enterprises (SMEs) from April 2019, according to sources. Besides, companies with up to Rs 4 million turnover in a year will be exempted from GST payment. Relief for the real estate sector is al...
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GST |
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GST composition scheme limit hiked to Rs 1.5 crore from April 1
Posted Date : 10-Jan-2019 , 03:27:41 pm | Posted By CASANSAAR
The 32nd Goods and Services Tax (GST) Council meeting concluded today with a list of decisions made that would impact medium and small-scale industries. Here's what was decided:
1) From April 1, composition scheme limit will be increased from Rs 1 crore to Rs 1.5 crore. Those who come u...
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GST |
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0 | Hits : 1119
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Budget Session from Jan 31 To Feb 13 - Interim Budget on February 1
Posted Date : 09-Jan-2019 , 06:14:59 pm | Posted By CASANSAAR
The budget session of Parliament is likely to be held from January 31 to February 13, 2019 and an interim budget is expected to be presented by finance minister Arun Jaitley on February 1, news agency PTI reported quoting government sources.
The Cabinet Committee on Political Affairs (CCPA) delib...
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Budget |
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Auditors barred from putting a value on companies they are Auditing
Posted Date : 09-Jan-2019 , 02:31:54 pm | Posted By CASANSAAR
An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.
The Bangalore Income Tax Appellate Tribunal (ITAT) s...
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Auditing |
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0 | Hits : 1890
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RBI issues guidelines on use of Tokenisation to make contactless card payments safer
Posted Date : 09-Jan-2019 , 08:21:56 am | Posted By CASANSAAR
In a move aimed at enhancing the safety and security of the payment systems in the country, the Reserve Bank of India (RBI) on Tuesday issued guidelines on the use of tokenisation - a way to mask sensitive card data with unique symbols or elements.
The tokenisation for debit/credit/prepaid card t...
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RBI |
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GST Council to partner with NHAI to curb e-way bill fraud
Posted Date : 09-Jan-2019 , 08:12:09 am | Posted By CASANSAAR
The Goods and Services Tax (GST) Council will join hands with the National Highways Authority of India (NHAI) to curb e-way bill fraud, sources said on Tuesday.
As per the source, the GST Council, in its 32nd meeting that is scheduled to be held on January 10, will discuss the use of vehicle's ...
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GST |
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0 | Hits : 997
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GST, excise, service tax evasion of Rs 48,555 Cr detected during Apr-Dec
Posted Date : 09-Jan-2019 , 08:09:51 am | Posted By CASANSAAR
GST, central excise and service tax evasion detected during the April-December period of the current financial year stood at Rs 48,555 crore, the highest in two years.
During the period, 8,917 cases of evasion of central excise, service tax and GST were detected involving an amount of Rs 48,555.0...
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GST |
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