RBI could take punitive action against erring auditors
Posted Date : 29-Jun-2018 , 10:23:12 pm | Posted By CASANSAAR
As more and more loan-related scams come to light in many public and private sector banks leading to a massive pile-up of bad loans, the Reserve Bank of India (RBI) on Friday decided to take auditors to task by warning them of stern punitive actions against them.
In a new circular titled 'Enf...
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RBI |
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ICICI Bank board appoints Girish Chandra as non-executive Chairman
Posted Date : 29-Jun-2018 , 09:54:55 pm | Posted By CASANSAAR
The ICICI Bank board on Friday approved the appointment of Girish Chandra Chaturvedi as its non-executive, part-time chairman, effective from July 1, 2018.
"This is to inform you that the Board of Directors of ICICI Bank at its Meeting held today appointed Mr. Girish Chandra Chaturvedi as an...
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Banking |
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0 | Hits : 943
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Declaration of Candidature by CA Vivek Khurana for Central Council Elections
Posted Date : 29-Jun-2018 , 10:32:02 am | Posted By CASANSAAR
CA Vivek Khurana has declared his candidature for the Central Council Elections (Northern Region) of ICAI 2018.
CA Vivek Khurana, Founder of casansaar.com, a renowned website is a practicing Chartered Accountant and fellow member of ICAI and Partner of Khurana Vivek & Co., a leading Char...
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ICAI Election |
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0 | Hits : 1080
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Mandatory Annual KYC of all Directors of all companies by 31.08.2018
Posted Date : 29-Jun-2018 , 09:07:44 am | Posted By CASANSAAR
As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly.
Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved&...
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Companies Act |
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0 | Hits : 1767
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SEBI, MCA may be on collision course over issue of regulating Auditors
Posted Date : 28-Jun-2018 , 08:23:39 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is not convinced with the idea of chartered accountants and auditors being regulated by the Securities and Exchange Board of India (SEBI). The Union Cabinet had given the nod to establish the National Financial Regulatory Authority (NFRA) to regulate auditors ...
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SEBI |
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GSTN to go in for third-party audit of its software - CEO
Posted Date : 28-Jun-2018 , 08:11:36 am | Posted By CASANSAAR
GST Network has decided to go in for third-party audit of its software developed by Infosys to ensure that all changes in law are adequately captured and its performance is not lagging on any count, a senior official said.
GSTN operates the IT backbone for collection of Goods and Services Tax (GS...
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GST |
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0 | Hits : 1072
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Foreign Cos with POEM in India to be taxed at 40%
Posted Date : 28-Jun-2018 , 08:05:54 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on Wednesday clarified that foreign companies that have their place of effective management (POEM) in India will be taxed at 40%, plus applicable surcharge and cess.
Provisions relating to POEM were applicable from the financial year 2016-17. Prior to this...
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Income Tax |
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0 | Hits : 1095
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SEBI decides to amend norms governing initial public offers
Posted Date : 27-Jun-2018 , 08:16:08 pm | Posted By CASANSAAR
Regulator Sebi today decided to amend the norms governing initial public offers, takeovers and buybacks as well as harmonise shareholding patterns in market infrastructure institutions and cap the tenure of managing directors at stock exchanges.
The board of Sebi, at its meeting in Mumbai, also c...
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SEBI |
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0 | Hits : 882
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Rs 2,000 crore GST evasion unearthed in 2 months
Posted Date : 27-Jun-2018 , 08:12:38 pm | Posted By CASANSAAR
The GST investigation wing has detected tax evasion of over Rs 2,000 crore in two months, and data analysis reveals that only 1 per cent of over 1.11 crore registered businesses pay 80 per cent of the taxes, a senior official said today.
CBIC member John Joseph said alike small businesses w...
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GST |
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0 | Hits : 1012
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MCA probing 22 listed companies for misusing funds raised via IPOs
Posted Date : 27-Jun-2018 , 09:51:07 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is probing 22 listed companies for suspected misuse of funds raised through initial public offerings. In addition, the MCA is also reviewing its mechanism for monitoring initial public offerings. The firms under the MCA scanner are mainly those which have defa...
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MCA |
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0 | Hits : 1066
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GST provisions on TDS/TCS, reverse charge mechanism deferred by 3 months
Posted Date : 26-Jun-2018 , 09:24:27 pm | Posted By CASANSAAR
The revenue department has decided to keep in abeyance GST provisions relating to reverse charge mechanism, tax deducted at source (TDS) and tax collected at source (TCS) for another three months till September-end.
The GST Council in its meeting on March 10 had suspended the provision for ...
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GST |
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0 | Hits : 1233
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NCLT directs Alok Industries’ RP to submit approval for RIL-JM Fin plan
Posted Date : 26-Jun-2018 , 06:17:36 pm | Posted By CASANSAAR
The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Monday directed the resolution professional (RP) of Alok Industries to submit an application for the approval of the resolution plan submitted by Reliance Industries (RIL) and JM Financial ARC. Alok Industries’ committee of cre...
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Category :
Insolvent Professional |
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0 | Hits : 945
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NCLAT refuses to defer order on Uttam Galva units’ insolvency case
Posted Date : 26-Jun-2018 , 06:14:34 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) on Monday refused to direct the Mumbai bench of the National Company Law Tribunal (NCLT) to defer its pronouncement on State Bank of India’s (SBI’s) appeal seeking initiation of insolvency plea against Uttam Value Steel and Uttam Galva ...
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Insolvent Professional |
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0 | Hits : 1001
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Pattern of Assessment from May 2019 Examination - ICAI
Posted Date : 25-Jun-2018 , 10:36:05 pm | Posted By CASANSAAR
Students appearing in the Intermediate and Final Examinations may please note that beginning from May, 2019 attempt, assessment in the following subjects would be partially based on objective type questions:
Intermediate Level
Final Level
Paper
Subject
Paper
...
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ICAI |
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0 | Hits : 2157
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GST notices to Cos for passing off cash balance as transition credit
Posted Date : 26-Jun-2018 , 08:58:26 am | Posted By CASANSAAR
The indirect tax department has issued notices to companies that added cash balance lying in their personal ledger account (PLA) to the transitional credit when the tax system moved to Goods and Services Tax (GST), triggering panic among such companies.
PLA is a cash ledger account with the...
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GST |
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0 | Hits : 1325
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RBI widens ICICI Bank probe after whistleblower complaints
Posted Date : 26-Jun-2018 , 08:50:02 am | Posted By CASANSAAR
India’s banking regulator initiated a second probe into the affairs of ICICI Bank Ltd for allegedly delaying provisioning for stressed loans and so-called loan evergreening, among other wrongdoings, within days of receiving a whistleblower’s complaints on 20 March and 22 March, a fact th...
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RBI |
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0 | Hits : 1061
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Heads of 11 PSBs to appear before Parliamentary Panel
Posted Date : 26-Jun-2018 , 08:39:19 am | Posted By CASANSAAR
Heads of 11 state-run banks will apprise a parliamentary committee about the problems of mounting bad loans and increasing fraud cases on Tuesday, sources said.
They will be appearing before the Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, which is looking in...
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Banking |
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0 | Hits : 1230
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RBI proposes Board of Management in Urban Co-operative banks
Posted Date : 26-Jun-2018 , 08:25:02 am | Posted By CASANSAAR
The RBI proposed that all Urban Co-operative Banks (UCBs) having deposits of over Rs 100 crore will have to set up a Board of Management within one year to promote professional management in the banks.
BoM will be in addition to the Board of Directors (BoD), said the RBI's draft guidelin...
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RBI |
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0 | Hits : 1126
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Clarification Regarding Date of Declaration of Results of CA Exams - ICAI
Posted Date : 25-Jun-2018 , 08:04:12 am | Posted By CASANSAAR
24th June 2018
Clarification regarding date of declaration of results of CA exams.
It has been brought to our notice that a fake announcement regarding the date of declaration of the Common Proficiency Test (CPT) held in June 2018 and CA Final Examination held in May 2018, is doing the round...
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CA Exams |
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0 | Hits : 1511
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GST example of cooperative federalism - PM Modi
Posted Date : 24-Jun-2018 , 10:59:56 pm | Posted By CASANSAAR
Prime Minister Narendra Modi today said, Goods and Services Tax, GST is a great example of cooperative federalism, where all the States decided to take a unanimous decision in the interest of the nation.
He informed that it is a matter of pride that all the decisions taken in the 27 meeting...
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GST |
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0 | Hits : 859
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GSTN designing tools for taxmen to analyse data to check evasion
Posted Date : 24-Jun-2018 , 10:57:35 pm | Posted By CASANSAAR
Almost a year into providing platform for tax collection, GST Network is now developing applications and tools for tax officers to help analyse data of their assessees and check possible evasion, a senior official said.
GST Network (GSTN), the company handling the technology backbone for Go...
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GST |
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0 | Hits : 983
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Govt to improve norms for Auditors, Corp Professionals
Posted Date : 24-Jun-2018 , 10:54:32 pm | Posted By CASANSAAR
The Government is working to improve the regulations for auditors and corporate professionals as it looks to strengthen the "fabric of corporate governance" in the country, according to Union Minister P P Chaudhary.
His comments come against the backdrop of some auditing entities coming...
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Category :
Auditing |
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0 | Hits : 1318
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CBDT proposes clear-cut timelines under transfer pricing
Posted Date : 22-Jun-2018 , 08:39:43 am | Posted By CASANSAAR
The income-tax (I-T) department has proposed clear-cut timelines by which excess amount assessed by transfer pricing officials (TPOs) over what was declared by associated enterprises of multinational corporations (MNCs) has to be brought in India. These timelines relate to advance pricing agreements...
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Income Tax |
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0 | Hits : 1080
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Discharge from Responsibility as IRP, RP or Liquidator of the Corporate Processes under IBC
Posted Date : 22-Jun-2018 , 08:35:15 am | Posted By CASANSAAR
Keeping in view the time bound nature of the processes and the role of IP in these processes, it is proposed to allow an IP to seek discharge from a process only on one ground, that is, he is incapacitated to continue as IRP, RP or Liquidator.
He can be incapacitated only in two ways:
(a) phy...
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Category :
Insolvent Professional |
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0 | Hits : 1203
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Taxpayer can file revised return after notice issued by I-T Dept - ITAT
Posted Date : 22-Jun-2018 , 08:20:08 am | Posted By CASANSAAR
A tax benefit claimed by a taxpayer in his revised income-tax return cannot be denied outright by an income-tax (I-T) officer merely because the revised return has been filed after issue of notice, income-tax appellate tribunal (ITAT) has said.
However, the revised return needs to be filed within...
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ITR |
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0 | Hits : 2001
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Prompt investigation taking place in fresh series of cases pertaining to Panama Papers
Posted Date : 22-Jun-2018 , 07:56:17 am | Posted By CASANSAAR
Central Board of Direct Taxes(CBDT) today said, prompt investigation is being taken in fresh series of cases pertaining to Panama Papers.
In a release, the Board said, the fresh Panama Papers reveal made in the media is being promptly looked into by the law enforcement agencies under the ae...
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CBDT |
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0 | Hits : 1143
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IBC resolution to moderate NPAs; rising referrals slowing process
Posted Date : 21-Jun-2018 , 12:13:21 am | Posted By CASANSAAR
Stressed assets’ resolution under the Insolvency and Bankruptcy Code (IBC) is expected to result in moderation of non-performing assets of banks as they can recover more than 50 per cent of their dues from the first 12 large cases, Credit Suisse said in a report on Wednesday. With a total of 7...
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Category :
Insolvent Professional |
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0 | Hits : 1103
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CBDT issues draft notification for amending computation of interest income
Posted Date : 21-Jun-2018 , 10:34:19 am | Posted By CASANSAAR
The Department of Income Tax (IT) through the Central Board of Direct Taxes (CBDT) has prposed to amend Rule 10CB of IT Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment u/s 92CE of IT Act, 1961.
In this regard, a CBDT spokesperson said that a draft notific...
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CBDT |
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0 | Hits : 1516
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GST increased illegal activities 4-5 times in terms of Billing
Posted Date : 21-Jun-2018 , 10:31:59 am | Posted By CASANSAAR
The goods and services tax (GST) introduced to track the trail of transaction has in fact increased illegal activities in terms of billing by multiple times. ‘Bill selling’, a practice common in the construction sector among those who inflate cost of projects, has gone up four-five times...
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GST |
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0 | Hits : 2965
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Govt clears Rs. 38,062 Cr in GST refunds
Posted Date : 21-Jun-2018 , 10:29:33 am | Posted By CASANSAAR
The government has cleared pending GST refunds to the tune of Rs.38,062 crore to exporters so far, the Central Board of Indirect Taxes and Customs said on Wednesday.
“In all, Rs.21,142 crore (IGST refunds), Rs.9,923 crore (RFD-01A refund by CBIC) and Rs.6,997 crore (RFD-01A refund by states...
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Category :
GST |
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0 | Hits : 977
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