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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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 : 857
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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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0 | Hits : 888
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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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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 : 1919
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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 : 1067
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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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0 | Hits : 732
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Nandan Nilekani to head RBI committee on digital payments
Posted Date : 08-Jan-2019 , 05:28:18 pm | Posted By CASANSAAR
The Reserve Bank of India on Tuesday appointed Infosys co-founder Nandan Nilekani as chairman of a committee to look into the digitisation of payments in India. Nilekani, who is known as the architect of the Aadhaar, and the former Unique Identification Authority of India (UIDAI) chairman, will be a...
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RBI |
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Cabinet approves 10% reservation for economically backward upper castes in Govt Jobs
Posted Date : 07-Jan-2019 , 03:17:37 pm | Posted By CASANSAAR
The Union Cabinet on January 7 approved a 10 percent reservation for economically backward upper castes in government jobs.
A constitutional amendment bill would be moved in Parliament to this effect on January 8.
The benefit would be extended to those whose family income is under Rs 8 lakh pe...
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General |
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Will take steps if there is liquidity shortage: RBI Governor
Posted Date : 07-Jan-2019 , 02:49:51 pm | Posted By CASANSAAR
Reserve Bank Governor Shaktikanta Das Monday said the central bank will take steps if there is a liquidity shortage in the economy, though currently liquidity needs are largely met.
Das, who met associations of small and medium enterprises in the national capital, will meet non-banking financial ...
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RBI |
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NCLT removes Auditor for the first time under new Companies Act
Posted Date : 07-Jan-2019 , 09:32:58 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) has removed the statutory auditor of Zen Shaving and allowed the Ministry of Corporate Affairs (MCA) to appoint an independent director in his place. This is the first time the NCLT has passed such an order against an auditor under the Companies Act, 2013.
...
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Auditing |
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MCA to collect KYC details of Companies, CA, CS & CMAs
Posted Date : 07-Jan-2019 , 04:02:13 am | Posted By CASANSAAR
In efforts to weed out unscrupulous elements, the Corporate Affairs Ministry plans to collect KYC details of companies, chartered accountants, cost accountants and company secretaries.
A senior ministry official said the exercise would help in having a "sanitised list" of companie...
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Income Tax |
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Banking services may be hit as bank unions call for strike on January 8-9
Posted Date : 07-Jan-2019 , 09:27:33 am | Posted By CASANSAAR
Banking services are likely to be affected on January 8-9 as a section of PSU bank employees would go on a two-day strike in support of the nation-wide strike call given by 10 central trade unions against the government's alleged anti-worker policy.
The All India Bank Employees Associat...
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Banking |
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Loans to wife written off by Jackie Shroff be treated as business loss - ITAT
Posted Date : 07-Jan-2019 , 09:23:50 am | Posted By CASANSAAR
The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has allowed a sum of Rs 11.35 crore advanced by actor Jackie Shroff to his wife Ayesha and her production house to be treated as a business loss. As there was no hope of recovery of these advances, during the financial year 2008-09, the ac...
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Income Tax |
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0 | Hits : 1012
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Income Tax Deptt withdraws circular on transfer of shares for No or Inadequate Consideration
Posted Date : 07-Jan-2019 , 09:18:33 am | Posted By CASANSAAR
The Income Tax Department has withdrawn a four-day old circular relating to transfer of shares for “no or inadequate consideration”, saying the matter is sub-judice.
The Central Board of Direct Taxes (CBDT) had on December 31, 2018, issued a circular clarifying applicability of sectio...
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Income Tax |
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CBDT directs taxman to maximise collection efforts as growth rate not satisfactory
Posted Date : 07-Jan-2019 , 09:13:48 am | Posted By CASANSAAR
With growth in direct tax collections sluggish, the CBDT has directed income tax department officials to “maximise” their efforts and conduct targeted surveys and file court cases against those who wilfully evade taxes.
CBDT Chairman Sushil Chandra has shot off a letter to all Princip...
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CBDT |
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ICAI reports slams statutory auditors of IL&FS
Posted Date : 05-Jan-2019 , 09:38:35 am | Posted By CASANSAAR
A preliminary report of the Institute of Chartered Accountants of India (ICAI) has said that the statutory auditors of IL&FS did not carry out their functions in a proper manner, highlighting a number of negligences on their part.
Being a regulatory body of auditors, the ICAI’s prelimin...
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ICAI |
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Lok Sabha passes Companies (Amendment) Bill
Posted Date : 05-Jan-2019 , 09:31:43 am | Posted By CASANSAAR
Lok Sabha on Friday passed the Companies( Amendment) Bill, 2018 that seeks to improve ease of doing business, declog the NCLT and prescribe strong action against non-compliant companies.
The bill was passed with a voice vote with amendments moved by the Minister of State for Corporate Affai...
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Companies Act |
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Bank of Baroda to become larger than ICICI Bank from 1 April
Posted Date : 03-Jan-2019 , 10:34:55 pm | Posted By CASANSAAR
Powered by the business of Dena Bank and Vijaya Bank, Bank of Baroda will become larger than ICICI Bank from 1 April following completion of the amalgamation process of three state-run banks. After State Bank of India (SBI) and HDFC Bank, with businesses of Rs 45.85 trillion and Rs 15.8 trillion res...
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Banking |
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