SC seeks report on role of Amrapali Group's statutory auditors
Posted Date : 26-Oct-2018 , 09:38:59 am | Posted By CASANSAAR
The Supreme Court on Wednesday asked the forensic auditors to submit by Thursday an interim report on the role of statutory auditors in the beleaguered real estate company Amrapali Group.
The SC has asked forensic auditors to conduct an audit of 46 companies of the Amrapali Group, and also ...
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Auditing |
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Promoters offer to repay over Rs 54,000 Cr to withdraw Essar Steel from Insolvency
Posted Date : 26-Oct-2018 , 09:32:19 am | Posted By CASANSAAR
Promoters of Essar Steel Ltd., the Ruia family, have offered to repay creditors of the steel firm in an attempt to withdraw it from the insolvency resolution process.
In a press statement on Thursday, the company’s shareholders said they are willing to pay Rs 54,389 crore to creditors. The ...
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Insolvent Professional |
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Bank of Baroda, Dena Bank and Vijaya Bank to appoint valuers for merger
Posted Date : 26-Oct-2018 , 09:28:54 am | Posted By CASANSAAR
Bank of Baroda (BoB), Dena Bank and Vijaya Bank will appoint valuers ahead of their merger. The three public sector banks have floated a request for proposal (RFP) to appoint valuers for an independent valuation of their respective banks for the proposed merger.
"The boards of the three bank...
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Banking |
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CBDT rejects request for further Tax Audit due date extension
Posted Date : 26-Oct-2018 , 08:58:05 am | Posted By CASANSAAR
As concerns of the assessees have been suitably redressed with extension of due date by one month (i.e. till 31.10.18), representation of the Tax Bar Association, Guwahati dated 20.09.18, requesting for further extension of due date for filing ITR/TAR beyond 31.10.18 is hereby rejected.
...
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Tax Audit |
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IBBI notifies mechanism for issuing regulations under insolvency law
Posted Date : 25-Oct-2018 , 08:41:45 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has notified the mechanism to be followed for issuing regulations under the insolvency law.
A set of procedures would be followed for making or amending regulations under the Insolvency and Bankruptcy Code (IBC).
An official release issued on...
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Insolvent Professional |
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0 | Hits : 934
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Cabinet approves MoU between the ICAI and CPA Afghanistan
Posted Date : 25-Oct-2018 , 08:37:08 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Certified Professional Accountants Afghanistan (CPA Afghanistan). The MoU will establi...
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ICAI |
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SC asks Amrapali CFO to appear before it for Memory Test
Posted Date : 25-Oct-2018 , 08:33:42 am | Posted By CASANSAAR
In a rare order, the Supreme Court on Wednesday directed the chief financial officer of Amrapali group, Chander Wadhwa, to appear before it for a “memory test”, after the court-appointed auditors said he was not cooperating with the ongoing probe. He was also not answering any question o...
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Category :
Auditing |
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0 | Hits : 1000
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RBI cancels licences of 31 NBFCs
Posted Date : 24-Oct-2018 , 07:39:53 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of 31 non-banking financial companies (NBFCs).
The move comes days after the central bank eased liquidity norms for banks in order to release additional funding for NBFCs.
NBFCs have been under pressure...
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RBI |
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Government plans to tighten rules for Auditors
Posted Date : 24-Oct-2018 , 07:35:43 am | Posted By CASANSAAR
The government plans to review the auditing standards as it looks to tighten the norms governing auditors, a senior official has said amid rising instances of corporate misdoings. The Corporate Affairs Ministry, which is implementing the companies law, is working on ways to bolster the overall corpo...
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Auditing |
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Vehicle owners to pay 18% under GST on pollution check
Posted Date : 24-Oct-2018 , 07:30:59 am | Posted By CASANSAAR
Vehicle owners will have to pay a GST of 18 per cent to get pollution certificate for their vehicles, the Authority for Advance Ruling (AAR) has said.
The Goa bench of the AAR passed the ruling on an application filed by Venkatesh Automobiles on whether the service provided for issuing '...
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GST |
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Two crore Indians file returns but pay zero income tax
Posted Date : 24-Oct-2018 , 07:26:38 am | Posted By CASANSAAR
In the last four years, the government's efforts to widen the tax base resulted in an 80% jump in number of returns filed to 6.85 crore in 2017-18 from 3.31 crore in 2013-14. However, a large number of these individuals are paying no tax at all. As many as 2.02 crore individuals filed income-tax...
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Income Tax |
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0 | Hits : 1527
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IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018
Posted Date : 24-Oct-2018 , 07:21:40 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: (a) carry out the provisions of the Code, (b) are consi...
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Insolvent Professional |
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0 | Hits : 941
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Income tax dept targets foreign assets in new anti-black money drive
Posted Date : 23-Oct-2018 , 09:41:19 am | Posted By CASANSAAR
The income tax department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said on Monday. The department, in coordination with their fore...
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Income Tax |
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0 | Hits : 1003
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Number of crorepatis has risen by 60 pc in India: CBDT
Posted Date : 22-Oct-2018 , 11:08:31 am | Posted By CASANSAAR
The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday.
Releasing key statistics of income tax and direct taxes for a period of abou...
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CBDT |
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Only registered valuers can do valuation under IBC from Feb 2019
Posted Date : 22-Oct-2018 , 09:04:53 am | Posted By CASANSAAR
From February next year, only entities registered as valuers with the IBBI can carry out valuation of assets under the insolvency law, according to a circular.
The registration of valuers is done by the Insolvency and Bankruptcy Board of India (IBBI). Valuation of assets is a key factor for...
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Corporate Law |
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Due date of GSTR-3B for Sept 2018 extended to 25th Oct 2018
Posted Date : 22-Oct-2018 , 08:52:56 am | Posted By CASANSAAR
It has been brought to notice that there have been apprehensions by trade and industry relating to the last date for availment of ITC for the period July, 2017 to March, 2018. In order to remove doubts, it was clarified that as per the law, the last date for availing ITC in relation to the...
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GST |
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0 | Hits : 1079
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SC denies income tax exemption to local authority
Posted Date : 20-Oct-2018 , 10:36:20 pm | Posted By CASANSAAR
In a ruling that will have a significant implication on local authorities set up under state legislations, the Supreme Court has held that they are not eligible for income tax exemption, overruling a Rajasthan High Court order.
A top court bench gave its ruling on October 12, 2018 in respec...
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Income Tax |
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0 | Hits : 1109
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Last date to avail Input Tax Credit in respect of invoices pertaining to period from July, 2017 to March, 2018
Posted Date : 18-Oct-2018 , 11:27:12 pm | Posted By CASANSAAR
There appears to be misgiving about the last date for taking Input Tax Credit (ITC) in relation to invoices or debit notes relating to such invoices pertaining to period from July, 2017 to March, 2018. Such uncertainty seems to stem from the Government’s decision to extend the l...
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Category :
GST |
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0 | Hits : 1483
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IT officer can’t adjust tax refund against outstanding demand without notice
Posted Date : 18-Oct-2018 , 03:19:42 am | Posted By CASANSAAR
As per the Income Tax Act, income tax officials need to serve a valid notice of demand to the concerned taxpayer before doing any adjustment against the demand. A valid notice means a notice which is served within the time-frame specified under the respective sections of the Income Tax Act. Thus, if...
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Income Tax |
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0 | Hits : 1265
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Financial service providers outside the purview of IBC - NCLAT
Posted Date : 18-Oct-2018 , 08:35:34 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) and NCLT (Mumbai Bench), in recent judgments, have observed that financial service providers such as non-banking financial companies are outside the purview of the Insolvency & Bankruptcy (I&B) Code.
In an order in the Randhiraj Thakur, ...
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Insolvent Professional |
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Clarification on the manner of filing the Quarterly Return by Composition Dealers in FORM GSTR-4
Posted Date : 17-Oct-2018 , 12:38:53 pm | Posted By CASANSAAR
It has been brought to notice that doubts regarding the manner of filing the quarterly return by Composition Dealers in FORM GSTR-4 in the absence of auto-population of the details of inward supplies (other than supplies attracting reverse charge) received from registered suppliers exist a...
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GST |
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RBI issues guidelines to facilitate payments among PPI
Posted Date : 17-Oct-2018 , 06:04:41 pm | Posted By CASANSAAR
In a move aimed at promoting digital transactions, the Reserve Bank of India (RBI) has released operational guidelines to facilitate payments among prepaid instruments (PPI) such as mobile wallets.
The guidelines, released yesterday, elaborate on requirements for achieving inter-operability for m...
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RBI |
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RBI approves appointment of Sandeep Bakhshi as MD & CEO of ICICI Bank
Posted Date : 16-Oct-2018 , 10:14:39 pm | Posted By CASANSAAR
Private sector lender ICICI Bank Tuesday said the RBI has approved Sandeep Bakshi's appointment as Managing Director and CEO of the bank for three years. After the resignation of Chanda Kochhar, who was facing inquiry, earlier this month, the bank's board had elevated Chief Operating Officer...
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Banking |
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0 | Hits : 1080
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Competition law reforms to remove high entry barriers - MCA
Posted Date : 16-Oct-2018 , 07:39:11 am | Posted By CASANSAAR
The corporate affairs ministry Monday said the focus of further reforms will be on designing of competition law to remove high entry barriers and provide easy access for those suffering from anti-competitive conduct.
While addressing a 'roadshow on competition law', jointly organise...
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MCA |
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0 | Hits : 1028
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Free/Complementary IPL tickets to attract GST - AAR
Posted Date : 15-Oct-2018 , 04:01:40 am | Posted By CASANSAAR
Free or complementary tickets given by franchise owners for IPL matches will attract Goods and Services Tax (GST), the Authority for Advance Ruling (AAR) said.
In response to an application filed by K P H Dream Cricket Pvt Ltd, which owns and operates IPL cricket team Kings XI Punjab, the Punjab ...
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Category :
GST |
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0 | Hits : 1155
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Delhi Govt launches drive against GST defaulters
Posted Date : 15-Oct-2018 , 09:13:14 am | Posted By CASANSAAR
Witnessing a large number of defaulters under the Goods and Services (GST) act, the Delhi Department of trade and taxes on Friday issued show cause notices to a total of 51,500 tax defaulters.
Also, to keep an eye on the suspicious and un-lawful trading activities of the dealers such as bogus bil...
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GST |
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IBBI allows multilateral financial entities to take up to 15% stake in IPA
Posted Date : 15-Oct-2018 , 09:09:32 am | Posted By CASANSAAR
Insolvency regulator IBBI has allowed a multilateral financial institution to acquire and hold up to 15 per cent equity stake in an Insolvency Professional Agency (IPA).
A similar regulatory dispensation has also been allowed for other regulated entities, such as stock exchange, banking company, ...
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Insolvent Professional |
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0 | Hits : 1071
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NCLT rejects Govt’s plea of 3-month moratorium for IL&FS
Posted Date : 15-Oct-2018 , 08:35:06 am | Posted By CASANSAAR
In a likely blow to the government and the newly constituted board of Infrastructure Leasing & Financial Services (IL&FS), the Mumbai NCLT Bench rejected the plea of a three-month moratorium against any legal proceedings by any party against the stressed infrastructure financier and its 348 ...
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Bitcoins |
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Finance ministry rubbishes charge of stuck GST claims worth Rs 23,000 crore
Posted Date : 14-Oct-2018 , 03:04:51 am | Posted By CASANSAAR
The finance ministry on Friday dismissed as “exaggerated” and “inaccurate” exporters’ contention that about Rs 23,000 crore of goods and services tax-related refund claims are stuck with the government.
“A large number of exporters have been granted refunds so ...
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GST |
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0 | Hits : 961
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Internet banking may not work for some SBI users from Dec 1
Posted Date : 14-Oct-2018 , 08:34:05 am | Posted By CASANSAAR
The State Bank of India (SBI) has asked its users to register their mobile numbers, if not already done, with the lender if they want to continue internet banking services. The country's largest lender has, in a notification, said that if the registration of mobile numbers with the respective br...
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Banking |
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