SEBI approves new KYC norms for FPIs
Posted Date : 18-Sep-2018 , 10:33:53 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) has approved new KYC norms for foreign portfolio investors.
Stating this the SEBI Chairman Ajay Tyagi said that new guidelines will be issued soon.
He said, SEBI to allow foreign portfolio investors to trade in commodity derivatives...
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SEBI |
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21 Lakh directors may get another chance to adhere to KYC rules
Posted Date : 17-Sep-2018 , 11:32:25 pm | Posted By CASANSAAR
The government is considering giving another opportunity to 2.1 million company directors who have failed to comply with the ‘know your customer’ (KYC) norms, according to a senior official.
The government could give another 15 days for meeting the compliance norms or ...
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Companies Act |
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Exam, Pattern & Syllabus for GST Practitioners
Posted Date : 17-Sep-2018 , 11:10:53 pm | Posted By CASANSAAR
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of rule 83 of the Central Goods and Services Tax Rules, 2017, vide Notificat...
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GST |
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Government notifies withholding tax waiver for masala bonds
Posted Date : 18-Sep-2018 , 09:25:15 am | Posted By CASANSAAR
Investors will not have to pay withholding tax, a key levy on the rupee-denominated masala bonds this financial year, the government said in a notification Monday.
The move is aimed at obtaining dollar inflows into the country at a time when a drastic rupee route against the dollar threaten...
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Income Tax |
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Dena Banl, Vijaya Bank, BoB to merge to form India's 3rd largest Bank
Posted Date : 17-Sep-2018 , 10:53:34 pm | Posted By CASANSAAR
Three state-run banks - Dena Bank, Vijaya Bank and Bank of Baroda - will be merged to create the third-largest bank in the country, the government said on Monday, as part of efforts to clean up the country's banking system.
The government will continue to provide capital support to the merged e...
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Banking |
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21 lakh company directors fail to register for eligibility
Posted Date : 16-Sep-2018 , 10:04:53 am | Posted By CASANSAAR
Less than 12 lakh individuals, or just over 35% of the 33 lakh “active directors” have complied with the newly-mandated know-your customer or KYC requirement to be eligible for board positions in companies.
The deadline ended on Saturday midnight and the ministry of corporate affairs ...
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Companies Act |
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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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