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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0 | Hits : 1163
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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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0 | Hits : 1104
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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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0 | Hits : 1408
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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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0 | Hits : 1212
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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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0 | Hits : 1286
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SEBI extends deadline for FPIs to provide list of beneficial owners
Posted Date : 22-Aug-2018 , 09:47:14 am | Posted By CASANSAAR
In a relief to FPIs, markets regulator Sebi today extended the deadline by two months till December for providing a list of beneficial owners, and assured them that issues raised will be looked into by an expert panel.
The regulator, in April, had asked Category II and III foreign portfolio inves...
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SEBI |
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0 | Hits : 1416
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Last date for filing GST returns in Kerala, Mahe and Kodagu extended
Posted Date : 22-Aug-2018 , 04:08:01 am | Posted By CASANSAAR
In view of the disruption caused due to severe floods in Kerala, Mahe (Puducherry) and Kodagu (Karnataka), the Competent Authority has extended the due dates for filing of the following GST returns by taxpayers registered in these areas:
Sl. No.
Return
Class of taxpayers...
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GST |
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0 | Hits : 2171
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Due Date for filing GSTR 3B of July 2018 extended to 24th Aug, 2018
Posted Date : 21-Aug-2018 , 06:08:40 pm | Posted By CASANSAAR
Last date of filing GSTR-3B for the month of July, 2018 has been extended to 24th Aug, 2018. Official Order is expected in sometime. Official Order is expected in sometime
Source - GST Portal
https://www.gst.gov.in
...
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GST |
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CBDT extends income tax return filing deadline to August 31
Posted Date : 21-Aug-2018 , 02:40:00 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has extended the deadline of filing income tax returns from July 31 to August 31. The decision comes days before the deadline and provides relief to individuals who were required to file returns by the month end. In a couple of tweets, The finance ministry sa...
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Income Tax |
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SC ruled that IBC will override Income-Tax rules on claims
Posted Date : 21-Aug-2018 , 01:13:48 pm | Posted By CASANSAAR
The Supreme Court has ruled that the Insolvency and Bankruptcy Code (IBC) will override Income-Tax rules on claims.
“Given Section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the...
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Insolvent Professional |
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Govt invites comments on Proposed Amendments to Income-tax Rules,1962
Posted Date : 21-Aug-2018 , 12:17:26 pm | Posted By CASANSAAR
Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.13 for filing an application for seeking a certificate under Section 197 and/or under Section 206C (9) of the Income-tax Act, 1961 (the Act), for no deduction of tax or deduction/collection of tax at lower rate.
In order to rationalise ...
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Income Tax |
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0 | Hits : 1122
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No ATM to be replenished with cash after 9 pm from next year
Posted Date : 21-Aug-2018 , 12:04:57 pm | Posted By CASANSAAR
No ATM will be replenished with cash after 9 PM in cities and 6 PM in rural areas from next year.
In a notification, Home Ministry said the deadline for putting money in the ATMs located in Naxal-hit areas is 4 PM. It said private cash handling agencies must collect money from the banks in ...
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Banking |
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0 | Hits : 1194
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GST Council may propose inclusion of ATF under GST
Posted Date : 20-Aug-2018 , 09:32:13 pm | Posted By CASANSAAR
Giving in to demand from the airlines, the GST Council may propose to bring Aviation Turbine Fuel (ATF) under the indirect tax regime in its next meeting.
The aviation ministry has been pitching for inclusion of ATF in the goods and services tax regime, stating that the move will help cut the cos...
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GST |
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0 | Hits : 1063
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RBI staff to go on mass leave on Sept 4, 5 over pension issues
Posted Date : 20-Aug-2018 , 09:06:38 pm | Posted By CASANSAAR
The United Forum of Reserve Bank Officers and Employees today said its members will go on mass casual leave on September 4 and 5, pressing their long-pending demands over pension related issues.
According to a press release, United Forum today held a silent demonstration near the RBI office here ...
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RBI |
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Income tax deptt eyes over Rs 100 Bn from Struck off Companies
Posted Date : 18-Aug-2018 , 08:33:28 am | Posted By CASANSAAR
The income-tax (I-T) department is estimating tax recovery of over Rs 100 billion from companies that have been struck off from records of the Registrar of Companies (RoC) last year.
The tax department is in the process of filing a petition before the National Company Law Tribunal (NCLT) for rest...
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Income Tax |
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0 | Hits : 2184
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Reporting of GST, GAAR details in tax audit report deferred till Mar 2019
Posted Date : 18-Aug-2018 , 08:21:42 am | Posted By CASANSAAR
India’s direct taxes body has deferred till March 31, 2019, the proposed Goods and Services Tax (GST)and General Anti Avoidance Reporting under the amended tax audit form. The Central Board of Direct Taxes has issued a circular to this effect following representations from the industry.
...
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Tax Audit |
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Income Tax collection at record Rs 10.03 lakh Cr in 2017-18 - CBDT
Posted Date : 18-Aug-2018 , 08:18:03 am | Posted By CASANSAAR
Income Tax collection in the country stood at a record Rs 10.03 lakh crore during 2017-18, the Central Board of Direct Taxes (CBDT) on Friday said.
Addressing a two-day conference of Income Tax administrators of Eastern Zone here, Shabri Bhattasali, member of CBDT said that during 2017-18, a reco...
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Income Tax |
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0 | Hits : 1412
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SEBI cuts listing time for public issue of debt securities
Posted Date : 17-Aug-2018 , 09:16:14 am | Posted By CASANSAAR
Markets regulator Sebi today drastically cut the timeline for listing of debt securities to six days from 12 days at present, in order to make the existing process of issuance of such securities simpler and cost effective.
Besides, the Securities and Exchange Board of India (Sebi) has made ASBA (...
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SEBI |
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