RBI slaps Rs 1 Cr fine each on UBI, BoI, BoM for delay in fraud detection
Posted Date : 08-Sep-2018 , 09:45:02 am | Posted By CASANSAAR
The Reserve Bank has imposed a total penalty of Rs 3 crore on three state-run banks of Union Bank of India, Bank of India and Bank of Maharashtra for delay in detection and reporting of fraud in some accounts.
The central bank in three separate releases Friday said it has imposed a penalty ...
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RBI |
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FinMin simplifies GST refund claim process for businesses to ease compliance burden
Posted Date : 06-Sep-2018 , 08:07:41 am | Posted By CASANSAAR
Easing compliance burden for businesses, the Finance Ministry has said GST refunds can be claimed by simply submitting a printout of 'GSTR-2A' form to tax authorities instead of giving all purchase invoices of a month.
GSTR-2A is a purchase return auto-generated by the system based on the...
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GST |
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SC for forensic audit of all Amrapali group companies
Posted Date : 05-Sep-2018 , 09:43:26 am | Posted By CASANSAAR
The Supreme Court on September 4 ordered an examination of financial records of all the 40-odd companies of the embattled Amprapali group to track the amount of homebuyers’ money that had been diverted, lawyers present at the hearing said.
Meanwhile, the government's construction arm, N...
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Auditing |
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Government notifies new annual return form for GST
Posted Date : 05-Sep-2018 , 09:40:59 am | Posted By CASANSAAR
The government has notified a new return form for goods and services tax (GST) that will have to filed for the full year.
The normal taxpayers will need to file GSTR-9 return form while composition taxpayers will have GSTR-9A. The last date for filing the annual return form for 2017-18 is D...
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GST |
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Govt plans exam for individuals looking to become independent directors
Posted Date : 03-Sep-2018 , 12:34:30 pm | Posted By CASANSAAR
The government plans to have examinations for individuals who want to become independent directors as part of bolstering the corporate governance framework, according to Union Minister P P Chaudhary. While there are stringent provisions under the Companies Act, 2013 to ensure good governance standar...
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Corporate Law |
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Govt spent Rs 132.38 crore on GST advertisements
Posted Date : 03-Sep-2018 , 12:29:34 pm | Posted By CASANSAAR
The government spent Rs 132.38 crore on advertisements for GST, an agency under the Ministry of Information and Broadcasting has said in reply to an RTI query.
As per the Bureau of Outreach and Communication under the ministry, the "expenditure on GST advertisements through this bureau...
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GST |
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Father’s name not mandatory for PAN
Posted Date : 03-Sep-2018 , 12:26:05 pm | Posted By CASANSAAR
Mentioning father’s name may not be compulsory in future for obtaining Permanent Account Number (PAN), a key identification number needed for filing taxes and certain financial transactions, if the applicant’s mother is a single parent.
The government has proposed to amend rules and f...
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PAN |
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Filing of Income Tax Returns registers an upsurge of 71% upto 31st August,2018
Posted Date : 01-Sep-2018 , 11:08:15 am | Posted By CASANSAAR
There has been a marked improvement in the number of Income Tax Returns(ITRs) filed during FY 2018 (upto 31/08/2018, the extended due date of filing) compared to the corresponding period in the preceding year.
The total number of ITRs e-filed upto 31/08/2018 was 5.42 crore as again...
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ITR |
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GST Revenue collection for Aug 2018 close to Ninety Four Thousand Cr rupees
Posted Date : 01-Sep-2018 , 11:05:30 am | Posted By CASANSAAR
The total gross GST revenue collected in the month of August, 2018 is Rs. 93,960crore of which CGST is Rs. 15,303 crore, SGST is Rs. 21,154 crore, IGST is Rs. 49,876 crore (including Rs. 26,512 crorecollected on imports) and Cess is Rs. 7,6...
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GST |
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ICAI may review rules to stop Auditor exits
Posted Date : 01-Sep-2018 , 08:20:32 am | Posted By CASANSAAR
The central government is considering a review of auditing standards to plug loopholes in the wake of the recent spate of resignation by auditors, many of them exiting listed firms abruptly or ahead of quarterly results.
Auditors in as many as 204 listed companies have resigned between January 1 ...
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ICAI |
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Draft notification proposing amendments in PAN application Forms
Posted Date : 31-Aug-2018 , 12:28:51 pm | Posted By CASANSAAR
Rule 114 of the Income-tax Rules, 1962 (I.T.Rules) inter alia provides for the manner in which an application for allotment of a permanent account number (PAN) shall be made in Form No.49A and Form No.49AA (PAN application Forms).
At present, furnishing of father’s name is manda...
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PAN |
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IBA elects PNB's Sunil Mehta as Chairman
Posted Date : 31-Aug-2018 , 10:36:11 pm | Posted By CASANSAAR
The Indian Banks Association (IBA) has elected Punjab National Bank's managing director and chief executive, Sunil Mehta, as the new chairman for 2018-19.
The managing committee of the banking lobby has also elected Bank of India's managing director and chief executive, Dina Bandhu Mohapa...
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Banking |
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Banks will remain open and banking activity will continue unimpeded in the first week of Sept.
Posted Date : 31-Aug-2018 , 10:13:58 pm | Posted By CASANSAAR
It has come to notice that a rumour is circulating in several sections of the social media that banks will be closed for 6 days in the first week of September 2018, causing undue panic among the general public.
It is hereby clarified that banks will remain open and banking activity will...
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Banking |
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Company director sent to 6 months jail for TDS default
Posted Date : 30-Aug-2018 , 12:35:14 pm | Posted By CASANSAAR
A court here has sentenced the director of a real estate firm to six months of rigorous imprisonment (RI) for allegedly failing to deposit over Rs 50 lakh TDS in time to the Income Tax Department.
A senior official of the department said the director of the firm, engaged in building construction ...
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TDS |
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RBI deadline over, 20 new NPA accounts to go to NCLT
Posted Date : 29-Aug-2018 , 08:58:01 am | Posted By CASANSAAR
As the deadline set by the Reserve Bank of India (RBI) for resolution of stressed assets ended Monday, lenders have decided to refer 20 of at least 32 NPA accounts to bankruptcy courts, according to two bankers aware of the matter. For the remaining 12 NPA accounts, lenders will either restructure t...
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RBI |
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Physical settlement in F&O to attract 0.10% STT - CBDT
Posted Date : 28-Aug-2018 , 10:16:10 pm | Posted By CASANSAAR
Delivery-based or physical settlement in the equity derivatives segment will attract securities transaction tax (STT) of 0.1 per cent, the Central Board of Direct Taxes (CBDT) told the Bombay High Court on Tuesday.
The clarification comes after Mumbai-based stock brokers association ANMI dragged ...
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CBDT |
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GST Council to consider ways to raise funds to aid Kerala
Posted Date : 29-Aug-2018 , 08:41:34 am | Posted By CASANSAAR
The GST Council, in its next meeting, will take a call on a special tax rate or cess for Kerala to raise additional resources.
For the first time after GST was introduced in July 2017, a State will seek additional resources through increased tax rates.
“The issue is what can be considere...
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GST |
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Govt to vet GST, income tax and transfer pricing filings to find leakage
Posted Date : 29-Aug-2018 , 08:33:54 am | Posted By CASANSAAR
The government is planning to compare data filed by companies with different departments to detect discrepancies and check whether there’s been any leakage in tax collected, raising the prospect of even greater scrutiny, said people with knowledge of the matter. Goods and services tax (GST) re...
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Income Tax |
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Extension of date for filing of Income Tax Returns for taxpayers in Kerala
Posted Date : 29-Aug-2018 , 08:23:40 am | Posted By CASANSAAR
In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the “Due Date” for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all Income Tax assessees in the State of Kerala, who were l...
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ITR |
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Rs 3 lakh crore loans to come under IBC for resolution
Posted Date : 28-Aug-2018 , 08:32:24 am | Posted By CASANSAAR
As much as Rs 3 lakh crore worth of loans of 70-80 companies is likely to come in for resolution under the Insolvency and Bankruptcy Code (IBC) starting early next week.
The Reserve Bank of India’s February 12 circular on restructuring bad loans had mandated banks to take loan accounts whic...
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Insolvent Professional |
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Govt panel suggests ways to curb shell companies, de-clog NCLT
Posted Date : 28-Aug-2018 , 08:29:32 am | Posted By CASANSAAR
A Government committee has recommended companies to declare commencement of business in order to curb shell companies. It has also suggested capping independent directors’ remuneration.
The report also touches upon certain essential elements related to corporate governance such as declarati...
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Corporate Law |
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Govt seeks applications to fill judicial, technical member posts at NCLT
Posted Date : 28-Aug-2018 , 08:27:27 am | Posted By CASANSAAR
The government has sought applications for filling up as many as 36 posts of judicial and technical members at the National Company Law Tribunal (NCLT). In two separate circulars dated August 23, the Ministry of Corporate Affairs said it has been decided to fill up 14 and 22 vacancies of judicial an...
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Insolvent Professional |
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New RBI unit to track blockchain and Artificial Intelligence
Posted Date : 28-Aug-2018 , 08:25:41 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has formed a new unit within the central bank to beef up its own intellectual capital in the face of emerging technologies like cryptocurrency, blockchain and artificial intelligence.
This new unit will research and possibly draft rules and supervise new emer...
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RBI |
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NCLT orders liquidation of Lanco Infratech
Posted Date : 28-Aug-2018 , 08:16:27 am | Posted By CASANSAAR
The Hyderabad bench of National Company Law Tribunal today ordered the liquidation of Lanco Infratech after the committee of creditors rejected the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm.
The bench headed by judicial member Ratakonda Mu...
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Insolvent Professional |
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60 stressed loan accounts worth Rs3 lakh crore under RBI scanner
Posted Date : 27-Aug-2018 , 07:55:13 am | Posted By CASANSAAR
As RBI’s August 27 deadline to resolve large stressed assets looms large, the Indian banking system is all set to face another round of insolvency proceedings.
As per a circular issued on February 12, the RBI asked banks to begin the resolution of stressed loans at the earliest when there i...
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RBI |
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CBDT asked to clear ambiguity over STT on physical settlement in F&O
Posted Date : 24-Aug-2018 , 04:26:02 pm | Posted By CASANSAAR
The Bombay High Court today asked the Central Board of Direct Taxes (CBDT) to clear the ambiguity over the securities transactions tax (STT) rate on physical delivery of shares in the equity derivatives segment. A division bench of Justices B R Gavai and M S Karnik was hearing a petition filed by th...
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CBDT |
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Tata Sons cannot force Cyrus Mistry to sell his shares - NCLAT
Posted Date : 24-Aug-2018 , 04:21:58 pm | Posted By CASANSAAR
In a partial relief to Cyrus Mistry, the National Company Law Appellate Tribunal (NCLAT) on Friday stated that Tata Sons cannot force him to sell his shares. However, the two-judge bench headed by Justice S.J. Mukhopadhyaya, declined Mistry's appeal to stay the conversion of Tata Sons into a pri...
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Corporate Law |
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Arun Jaitley resumes charge of finance and corporate affairs ministries
Posted Date : 24-Aug-2018 , 04:19:55 pm | Posted By CASANSAAR
President Ram Nath Kovind reassigned the portfolios of Finance and Corporate Affairs to Union minister Arun Jaitley on Thursday. A press statement released from the Rashtrapati Bhavan said that the President, "advised by the Prime Minister" and has directed that the portfolios be assigned ...
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MCA |
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MCA seeks clarifications from Jet Airways Auditors on results announcement
Posted Date : 23-Aug-2018 , 08:22:57 am | Posted By CASANSAAR
The Ministry of Corporate Affairs is seeking clarifications from the auditors of Jet Airways on the airline deferring announcement of its June quarter results, sources said.
The board of crisis-hit Jet Airways -- which is working on ways to reduce costs amid financial woes -- on August 9 de...
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MCA |
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Creditors have recovered over Rs. 50,000 cr. under IBC’
Posted Date : 22-Aug-2018 , 10:51:40 am | Posted By CASANSAAR
M.S. Sahoo, chairperson of Insolvency and Bankruptcy Board of India (IBBI) talks about the success of the IBC process, challenges and the way forward. Edited excerpts:
What’s the status of resolution of cases under the IBC in terms of resolution?
I don’t have the exact figures. I think...
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Insolvent Professional |
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