Suggestions/feedback on evaluation of examination answer books system - ICAI
Posted Date : 16-Sep-2018 , 09:49:31 am | Posted By CASANSAAR
Announcement
15th September, 2018
Sub: Suggestions/feedback on evaluation of examination answer books system.
The Group formed to review the evaluation of examination answer book system invites Suggestion/ Feedback of the CA students on the evaluation of examination answer books system th...
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ICAI |
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TDS/TCS provisions under GST to come into effect from Oct 1
Posted Date : 13-Sep-2018 , 11:10:58 pm | Posted By CASANSAAR
The government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source provisions under GST law. As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 per cent on payments to goods or services suppliers...
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TDS |
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Consultation process on for finalising NFRA technical rules
Posted Date : 14-Sep-2018 , 09:27:06 am | Posted By CASANSAAR
The government is consulting stakeholders to finalise technical rules for the National Financial Reporting Authority (NFRA), Union minister P P Chaudhary has said. Besides, the Corporate Affairs Ministry is processing applications received for the posts of chairperson and full-time members at the re...
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NFRA |
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NCLT/NCLAT shouldn't interfere in insolvency resolution proceedings - SC
Posted Date : 14-Sep-2018 , 09:00:27 am | Posted By CASANSAAR
The Supreme Court on Thursday said the National Company Law Tribunal (NCLT) and the Appellate Authority (NCLAT) should refrain from interfering in insolvency resolution proceedings by the Interim Resolution Professional and the Committee of Creditors of the lender banks of a sick enterprise under th...
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Insolvent Professional |
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United Bank of India increases MCLR by 5 basis points
Posted Date : 14-Sep-2018 , 08:52:04 am | Posted By CASANSAAR
Public lender United Bank of India has increased the marginal cost of funds based lending rate (MCLR) by 5 basis point or 0.05 per cent across tenors.
"The Asset Liability Management Committee of the Bank..has revised the tenor based MCLR of the bank with effect from September 14, 2018,"...
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Banking |
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SEBI may allow foreign entities in commodity markets
Posted Date : 14-Sep-2018 , 08:48:53 am | Posted By CASANSAAR
With an aim to deepen the commodity derivatives market, regulator Sebi is likely to consider a proposal to allow trading in this segment by foreign entities with exposure to the Indian physical commodity market.
Besides, the regulator may deliberate on the issue of introducing a common applicatio...
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SEBI |
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Auditor who exposed Harshad Mehta scam to do forensic audit of Amrapali
Posted Date : 13-Sep-2018 , 08:44:19 am | Posted By CASANSAAR
The Supreme Court said Wednesday that the two auditors it has appointed for forensic audits of Amrapali Group companies as also the assets of its directors since 2008 are "experienced and reputed" and one of them had even exposed the infamous Harshad Mehta scam.
Mehta, a stockbroker, wa...
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Auditing |
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Govt plans special courts under NCLT by Nov to deal with insolvency cases
Posted Date : 12-Sep-2018 , 10:08:59 pm | Posted By CASANSAAR
Special courts under the National Company Law Tribunal (NCLT) are likely to be set up by November to deal with an increasing number insolvency cases. The Ministry of Corporate Affairs is working on this proposal.
Officials in the ministry said 30 judges might be recruited.
“Our focus i...
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Insolvent Professional |
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Govt sets up office of GST Commissioner (Investigation) to deal with tax evasion
Posted Date : 12-Sep-2018 , 10:04:15 pm | Posted By CASANSAAR
The revenue department has created the office of Commissioner GST (Investigation) to deal exclusively with enforcement issues like search, seizure and arrest, as it looks to crackdown on tax evaders.
Initially, the government was going slow on enforcement action to give time to the industry...
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GST |
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Foreign income of visiting NRI is not taxable - ITAT
Posted Date : 12-Sep-2018 , 10:08:26 am | Posted By CASANSAAR
In a recent decision, Income-Tax Appellate Tribunal (ITAT) has upheld that the benefit of “extended stay” for determining the tax residential status is available to a citizen of India or a Person of Indian Origin (PIO) who visits the country during a particular year.
The number of day...
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Income Tax |
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IBBI working on group insolvency norms - IBBI Chairman
Posted Date : 12-Sep-2018 , 10:04:51 am | Posted By CASANSAAR
Insolvency and Bankruptcy Board of India (IBBI) chairman M.S. Sahoo Tuesday said the process of putting in place the norms on group insolvency is underway.
“The work has started on group insolvency norms, but I will not be able to give a timeline as to when it will be finalised,” Saho...
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Insolvent Professional |
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Insolvency & Bankruptcy Code to be main tool for bank debt resolution
Posted Date : 12-Sep-2018 , 09:54:06 am | Posted By CASANSAAR
The government wants to deploy Insolvency & Bankruptcy Code (IBC) as the main tool for bank debt resolution and is not keen on the use of asset reconstruction companies (ARCs) and proposed asset management companies (AMCs).
While some of the banks have shown their keenness in pursing the plan...
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Insolvent Professional |
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SC asks banks to maintain status quo in insolvency proceedings against power firms
Posted Date : 12-Sep-2018 , 09:46:15 am | Posted By CASANSAAR
The Supreme Court on Tuesday asked banks to maintain status quo and not to initiate insolvency proceedings against loan defaulting power companies in the country. A bench headed by Justice R F Nariman also asked the banks not to file any insolvency cases till November when the apex court would hear ...
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Insolvent Professional |
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MCA notifies issue & transfer of all shares in dematerialised form only by all unlisted Public companies
Posted Date : 11-Sep-2018 , 10:06:41 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has notified that with effect from 2nd October, 2018, issue of further shares and transfer of all shares by unlisted public companies shall be in dematerialised form only. The MCA has taken this step as a measure for further enhancing transparency, investor pr...
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MCA |
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Govt waives off late fee on GST returns
Posted Date : 11-Sep-2018 , 08:01:07 am | Posted By CASANSAAR
The government has launched a one-time scheme to waive late fee for delayed furnishing of filing the goods and services tax (GST) return-1 form for the period July 2017 to September 2018, to encourage taxpayers to furnish the returns.
The waiver, which will be effective till 31 ...
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GST |
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Extension of Due Dates for filing of FORM GSTR-1 and FORM GSTR-3B in certain cases
Posted Date : 10-Sep-2018 , 10:37:15 pm | Posted By CASANSAAR
It has been observed that the number of taxpayers who have filed FORM GSTR-3B is substantially higher than the number of taxpayers who have furnished FORM GSTR-1. Non-furnishing of FORM GSTR-1 is liable to late fee and penalty as per the provisions of the GST law. In order to encourage taxpayers to ...
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GST |
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SBI withdraws plan to sell Essar Steel loans post NCLAT order
Posted Date : 08-Sep-2018 , 11:19:12 am | Posted By CASANSAAR
Country's largest lender State Bank of India Friday said it has withdrawn the process of sale of debt of Essar Steel to asset reconstruction companies (ARCs) after the NCLAT asked lenders of the debt-ridden firm to consider the second round bid of Numetal and mining baron Anil Agarwal-led Vedant...
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Banking |
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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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