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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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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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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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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0 | Hits : 732
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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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0 | Hits : 2258
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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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Category :
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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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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0 | Hits : 936
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SEBI allows custodial services in commodity market
Posted Date : 03-Jan-2019 , 10:26:20 pm | Posted By CASANSAAR
Markets regulator Securities and Exchange Board of India (SEBI) has allowed custodial services in the commodity derivatives market.
The move is aimed at enabling the participation of institutional investors such as mutual funds and portfolio managers in the commodity derivatives market.&nbs...
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SEBI |
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RBI enforces Rs 14-crore penalty on 7 banks for flouting norms
Posted Date : 02-Jan-2019 , 06:46:19 pm | Posted By CASANSAAR
The Reserve Bank of India has undertaken enforcement action against seven banks (including a payments bank and a cooperative bank) and has imposed an aggregate penalty of Rs 14.20 crore for a wide range of contraventions in the period between July 1, 2018 and October 31, 2018, according to the lates...
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RBI |
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Swap ratio fixed for Vijaya Bank, BoB, Dena Bank merger
Posted Date : 02-Jan-2019 , 06:32:49 pm | Posted By CASANSAAR
Bank of Baroda announced on January 2 the fair equity share exchange ratio for shareholders of Vijaya Bank and Dena Bank.
According to a release filed with the exchanges, Bank of Baroda said Vijaya Bank shareholders will receive 402 shares of BoB for 1,000 shares held of Vijaya Bank. Dena Bank&rs...
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Category :
Merger & Acquisitions |
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Cabinet approves merger of Dena, Vijaya Bank with Bank of Baroda
Posted Date : 02-Jan-2019 , 06:21:13 pm | Posted By CASANSAAR
The Union Cabinet approved the first-ever three-way merger in the history of Indian banking with the amalgamation of state-owned Vijaya Bank, Dena Bank and Bank of Baroda (BoB).
"There will be no impact on the service conditions of the employees and there will be no retrenchment followi...
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Banking |
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Branch Managing Committees Election Dates announced by ICAI
Posted Date : 02-Jan-2019 , 06:24:44 am | Posted By CASANSAAR
ICAI have announced the Election Dates for Managing Committees Member of Branches.
Each Branch having upto 500 Members shall be governed by a Managing Committee composed of 5 Members instead of 6 Members, as at present.
Each Branch having more than 500 Members shall be go...
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ICAI Election |
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NCLT allows reopening of IL&FS’s Past accounts
Posted Date : 02-Jan-2019 , 10:30:05 am | Posted By CASANSAAR
The Mumbai bench of the National Company Law Tribunal (NCLT) on allowed the Govt to reopen and recast the accounts of Infrastructure Leasing and Financial Services Ltd (IL&FS) and its subsidiaries, IL&FS Transportation Network Ltd and IL&FS Financial Services, for the past five years.
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Category :
Insolvent Professional |
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Govt waives late fee for non-filers of GST returns between July 17-Sept 18
Posted Date : 02-Jan-2019 , 10:20:56 am | Posted By CASANSAAR
The government has waived late fees for non-filers of summary and final sales returns for the July 2017-September 2018 period by businesses registered under the goods and services tax (GST).
However, these businesses would have to file their returns for the 15-month period by March 31, 2019, the ...
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GST |
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0 | Hits : 1218
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SEBI notifies physical delivery of derivatives in phased manner
Posted Date : 02-Jan-2019 , 10:18:43 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Monday said that all derivatives will be settled physically to curb volatility and promote borrowing and lending.
In a physical settlement, traders have to take delivery of shares on the settlement day against the derivatives positions. All the...
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SEBI |
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0 | Hits : 713
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RBI offers relief to MSMEs; allows restructuring of debt up to Rs 25 crore
Posted Date : 02-Jan-2019 , 09:46:00 am | Posted By CASANSAAR
Reserve Bank has allowed a one-time restructuring of existing debt of up to 25 crore rupees for the companies which have defaulted on payment but the loans given to them have continued to be classified as standard assets. The decision will help the micro, small and medium enterprises (MSMEs) which a...
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RBI |
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0 | Hits : 810
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IBBI publishes revised syllabus and other details of valuation examinations
Posted Date : 01-Jan-2019 , 07:38:42 pm | Posted By CASANSAAR
The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th October, 2017. It also notified the Companies (Registered Valuers and Valuation) Rules, 2017 on 18th October, 2017.
2. The Central Government, vide a notification...
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Category :
Insolvent Professional |
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0 | Hits : 952
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GST Revenue collection for December 2018
Posted Date : 01-Jan-2019 , 05:13:28 pm | Posted By CASANSAAR
The total gross GST revenue collected in the month of December, 2018 is Rs. 94,726 crore of which CGST is Rs. 16,442 crore, SGST is Rs. 22,459 crore, IGST is Rs. 47,936 crore (including Rs. 23,635 crore collected on imports) and Cess is Rs. 7,888 crore (including Rs. 838 crore collected on imports)....
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GST |
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0 | Hits : 634
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Wishing You & Your Family a Very Happy New Year.
Posted Date : 01-Jan-2019 , 07:01:40 am | Posted By CASANSAAR
New Year is not about changing the Dates but Direction;
It's not about changing the Calendar but Commitment;
It's not about changing the Actions but Attitude;
It's not about changing the Fruit but Faith, Force and Focus!!
May you Commit and Create the best New Year Ever!!!
Happy N...
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General |
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0 | Hits : 648
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23 goods and services become cheaper from today
Posted Date : 01-Jan-2019 , 12:25:52 pm | Posted By CASANSAAR
23 goods and services, including movie tickets, TV and monitor screens and power banks become cheaper from today as the reduced Goods and Services Tax (GST) on them came in to effect from today.
The GST Council on December 22 had decided to cut tax rates on 23 goods and services and exempte...
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GST |
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0 | Hits : 795
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Banks lost Rs 41,167 crore to fraud in 2017-18 - RBI
Posted Date : 31-Dec-2018 , 01:16:50 pm | Posted By CASANSAAR
Fraudsters have looted Rs 41,167.7 crore from the banking system in 2017-18, a sharp jump of 72 per cent from Rs 23,933 crore the previous year, despite “stringent monitoring and vigilance”, according to data released by the Reserve Bank of India (RBI).
There were 5,917 instances of b...
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RBI |
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0 | Hits : 943
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