NCLT allows merger of LLP, Private Companies
Posted Date : 31-Jul-2018 , 09:35:14 am | Posted By CASANSAAR
In what could kick off a new wave of mergers and acquisitions and open a new frontier in the resolution space, Chennai National Company Law Tribunal has given the green signal to merger of a Limited Liability Partnership with a private company.
The move, experts say, sets a distinct precede...
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Corporate Law |
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Assessee has to prove tax exemption - Supreme Court
Posted Date : 31-Jul-2018 , 09:27:40 am | Posted By CASANSAAR
The onus of proving a tax exemption where the guidelines aren’t clear would be on the assessee, and he cannot claim the benefit of any such ambiguity in provisions, a constitution bench of the Supreme Court said.
Experts said the ruling would completely alter precedents as also the pr...
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Income Tax |
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Draft format of the New GST Return
Posted Date : 30-Jul-2018 , 08:44:55 pm | Posted By CASANSAAR
GST Council in its 27th meeting held on 4thMay, 2018 had approved the basic principles of GST return design. Now in its 28th meeting held on 21st July, 2018, GST Council approved the key features and new format of the GST returns. This brief note lists the salient features of the new return format a...
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GST |
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Only 66 per cent of registered companies are active - MCA
Posted Date : 30-Jul-2018 , 08:51:02 am | Posted By CASANSAAR
Nearly 66 per cent of 17.79 lakh companies registered in the country were active at the end of June, official data showed amid the government continuing its clampdown on shell entities. Latest data from the corporate affairs ministry showed that there were more than 11.89 lakh active companies as on...
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MCA |
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CAG reports 65 of 74 Bihar state PSUs have arrears in accounts from 1977-78 onwards
Posted Date : 30-Jul-2018 , 08:47:18 am | Posted By CASANSAAR
Only 18 of 74 state PSUs in Bihar have finalised their accounts in the last three years and 65 of them have arrears in accounts from 1977-78 onwards, according to the CAG report of the year ended on March 31, 2017. The CAG report tabled in the state legislature has cautioned that delay in finalisati...
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CAG |
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India Post Payments Bank to start operations soon with 650 branch
Posted Date : 30-Jul-2018 , 08:40:43 am | Posted By CASANSAAR
India Post Payments Bank is expected to go live with 650 branches and around 17 crore accounts in August, following clearance from Reserve Bank of India to start operations.
"We are looking at launch date. From an operational, technology and market perspective, we are ready to go live,...
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Banking |
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Auditors should not quit audit work of firms halfway - T V Mohandas Pai
Posted Date : 30-Jul-2018 , 08:28:20 am | Posted By CASANSAAR
An auditor should give a disclaimer saying that it cannot express an opinion if accounts of the company are incorrect, instead of leaving the audit work halfway, IT veteran T V Mohandas Pai said.
In recent times, scores of auditors have left audit work of companies, mostly listed ones, citing var...
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Category :
Auditing |
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Pass Percentage of CA IPC, Intermediate May 2018 Exam
Posted Date : 29-Jul-2018 , 06:37:42 pm | Posted By CASANSAAR
The Result of the Chartered Accountants IPC, Intermediate (New) declared recently. The details of the percentage of candidates passed in the abose said examination.
www.casansaar.com
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Category :
CA Results |
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IBC is a deep reform, much more than GST and note ban - K M Birla
Posted Date : 28-Jul-2018 , 09:40:42 am | Posted By CASANSAAR
Kumar Mangalam Birla, the 51-year-old chairman of Aditya Birla Group, expects the Indian economy to grow between 7% and 8% over the next few years, because of a slew of reforms such as implementation of goods and services tax, demonetization and the Insolvency and Bankruptcy Code.
“I think ...
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Category :
Insolvent Professional |
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0 | Hits : 1254
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Parliament passes bill for quick prosecution in cheque bounce
Posted Date : 27-Jul-2018 , 09:32:10 pm | Posted By CASANSAAR
Parliament today passed a bill aiming at allowing a court to try offences related to cheque bounce expeditiously and direct the drawee to pay a minimum of 20 per cent of the cheque amount as interim compensation.
The Negotiable Instruments (Amendment) Bill, 2018, which was passed in the Lok Sabha...
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General |
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Result of CA Intermediate Examinations held in May, 2018 are likely to be declared on 29th July 2018
Posted Date : 27-Jul-2018 , 09:25:31 pm | Posted By CASANSAAR
The result of the Chartered Accountants Intermediate Examination (Old Course & New Course) held in May 2018 are likely to be declared on Sunday, the 29th July 2018 around 6.00 P.M. and the same as well as the All India merit list (upto the 50th Rank) will be available on the following websites:
...
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CA Results |
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Draft GST return forms to be released for public comments by Monday
Posted Date : 27-Jul-2018 , 09:06:37 am | Posted By CASANSAAR
The drafts of new forms for filing GST return will be put in public domain by early next week for stakeholder consultation, a revenue official said today.
GST Commissioner Upender Gupta said in the new return filing system 'nil' filers, who don't have purchase or supplies in a q...
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GST |
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Income tax return filing deadline extended to August 31
Posted Date : 26-Jul-2018 , 01:52:08 pm | Posted By CASANSAAR
The finance ministry in a tweet has announced the extension of income tax return (ITR) filing deadline by a month to August 31. The tweet says "Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Return...
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Category :
Income Tax |
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Income Tax Return date can be extended for two more weeks
Posted Date : 26-Jul-2018 , 11:19:29 am | Posted By CASANSAAR
AS per news of Zeebiz, Last date for filing Income Tax Return date can be extended for two more weeks. Annoucement will come in 1-2 days and it can be extended to 10-15 days as per CBDT Sources.
This is only information from ZeeBiz and wait for official announcement / notification of CBDT.
Bel...
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Category :
ITR |
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NCLAT Upholds Rs 6,300-Crore CCI Fine On Cement Companies
Posted Date : 26-Jul-2018 , 09:43:32 am | Posted By CASANSAAR
In a major setback for cement manufacturers, the National Company Law Appellate Tribunal (NCLAT) on Wednesday upheld the hefty penalty of about Rs 6,300 crore imposed on 11 leading cement companies by the Competition Commission of India (CCI) through its order in 2012 and 2016 for price cartelisatio...
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General |
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ICAI announced date of Common Proficiency Test (CPT) Exams
Posted Date : 26-Jul-2018 , 09:13:27 am | Posted By CASANSAAR
No.13-CA (EXAM)/CPT/December/2018: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the Common Proficiency Test will be held on Sunday, 16th December, 2018 in two sessions as below...
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CA Exams |
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ICAI announces Time Table of CA Final / IPC / Foundation / Intermediate Exams
Posted Date : 26-Jul-2018 , 03:39:21 am | Posted By CASANSAAR
No. 13-CA (EXAM)/N/2018: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Chartered Accountants Foundation, Intermediate (IPC), Intermediate, Final (Existing & Revised...
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Category :
CA Exams |
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ICAI Clarify regarding date of declaration of results of CA Intermediate exam
Posted Date : 26-Jul-2018 , 09:04:16 am | Posted By CASANSAAR
Clarification regarding date of declaration of results of CA Intermediate exam.
It has been brought to our notice that a fake announcement regarding the date of declaration of result of the Intermediate examination held in May 2018 is doing the rounds in the social media.
It is hereby clarifie...
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ICAI |
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Delhi HC directed CBDT to Allow people to opt out of Aadhaar-PAN linkage for ITR filing
Posted Date : 26-Jul-2018 , 08:55:19 am | Posted By CASANSAAR
The Delhi High Court has allowed two individuals to file their income tax returns without having to furnish an Aadhaar number or link their Aadhaar with PAN; and has directed the Central Board of Direct Taxation (CBDT) to amend the income tax return form to enable an “opt out” button fro...
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Category :
ITR |
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24 lenders sign an inter-creditor agreement for faster NPA resolutions
Posted Date : 25-Jul-2018 , 08:50:16 am | Posted By CASANSAAR
Two dozen lenders including State Bank of India and Punjab National Bank on Monday signed an inter-creditor agreement (ICA) to speed up the resolution process of stressed assets in the range of Rs 500 million to Rs 5 billion under consortium lending.
The ICA is to be signed by 22 public sector ba...
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NPA |
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Auditors of 204 listed companies resign this year
Posted Date : 25-Jul-2018 , 08:39:03 am | Posted By CASANSAAR
Auditors of 204 listed companies resigned in the period between January 1 and July 17 this year, according to an Indian Express report. This translates to one resignation per day.
The Ministry of Corporate Affairs has sent queries regarding this after complaints by investors and stakeholders.
...
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Category :
Auditing |
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Income Tax Deptt to crack down on TDS defaults
Posted Date : 25-Jul-2018 , 08:33:52 am | Posted By CASANSAAR
The Income Tax Department is set to crack down on TDS defaults by government and private sector entities, especially e-retail portals, local bodies like panchayats, as the CBDT has directed its assessing officers (AOs) across the country to undertake at least 30 surveys or on-spot checks.
The dir...
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Category :
Income Tax |
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Cash-on-delivery deals by e-commerce firms not authorised - RBI
Posted Date : 25-Jul-2018 , 08:27:41 am | Posted By CASANSAAR
Cash-on-delivery (CoD) method of payment option provided by online retailers such as Flipkart and Amazon may be a regulatory grey area as per the Reserve Bank of India's (RBI's) response to a Right to Information (RTI) query, according to a report in The Economic Times.
The RBI, in a resp...
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RBI |
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Govt asks RBI to suggest on PSU Bank merger
Posted Date : 25-Jul-2018 , 08:24:16 am | Posted By CASANSAAR
The government has asked the RBI to examine the possibility of merger among public sector banks to achieve synergy and scale operation, Minister of State for Finance Shiv Pratap Shukla said today.
The minister in a written reply to the Rajya Sabha said that there is no timeline has been fix...
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Banking |
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Fin Creditors have realized claims of app Rs. 47,426.75 Cr in 26 cases under IBC
Posted Date : 25-Jul-2018 , 02:49:47 am | Posted By CASANSAAR
The Financial Creditors have realized claims of approximately Rs. 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment.
The Union Minister of State further stated that the Insolvency & Bankruptcy Code lays down a time bound and transpa...
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Category :
Income Tax |
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New business valuation rules soon - IBBI
Posted Date : 24-Jul-2018 , 08:23:42 am | Posted By CASANSAAR
India will soon lay down the ground rules for professionals to assess the value of businesses, including those slipping into bankruptcy, according to Insolvency and Bankruptcy Board of India (IBBI) chairperson M.S. Sahoo.
The new valuation rules will apply to corporate transactions like mergers a...
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Insolvent Professional |
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National Anti-Profiteering Authority to Audit e-commerce companies
Posted Date : 24-Jul-2018 , 08:14:10 am | Posted By CASANSAAR
Even before the GST came into effect on July 1, one of the stated objectives of the Central government was to eliminate multiple taxes and passes down the benefit to end consumers with a reduction in the prices of goods and services.
In an attempt to further reduce the burden of tax on end consum...
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Category :
GST |
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Fin Min refuses to share black money reports
Posted Date : 24-Jul-2018 , 08:00:59 am | Posted By CASANSAAR
The Finance Ministry has refused to share copy of three reports on the quantum of black money held by Indians inside the country and abroad, saying its disclosure would cause a breach of privilege of Parliament.
The then UPA government had in 2011 commissioned these studies by Delhi-based Nationa...
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Category :
Black Money |
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IBC eyes UN model for cross-border norms
Posted Date : 23-Jul-2018 , 10:11:20 am | Posted By CASANSAAR
The Government is looking at the possibility of adopting a United Nations legal model for cross-border insolvency cases as it works on strengthening the insolvency resolution framework, according to a senior official.
The Insolvency and Bankruptcy Code (IBC) has sections pertaining to cross-borde...
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Insolvent Professional |
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CBDT instructs Income Tax Dept to add 1.25-cr fresh tax filers this year
Posted Date : 23-Jul-2018 , 10:03:38 am | Posted By CASANSAAR
The Central Board of Direct Taxation (CBDT) has directed the Income Tax Department to add at least 1.25 crore fresh tax filers from across the country - the highest being from Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir - in view of increased economic activities.
The directions have b...
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CBDT |
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