IBBI amends the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 05-Jul-2018 , 09:14:30 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 today.
2. The following are salient amendments to the regulations:
a. The ...
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Insolvent Professional |
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Cabinet approves extension of Scheme of Recapitalization of Regional Rural Banks upto 2019-20
Posted Date : 05-Jul-2018 , 09:11:59 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the extension of the scheme of recapitalization of Regional Rural Banks (RRBs) for the next three years i.e. upto 2019-20. This will enable the RRBs to maintain the minimum prescribed Capital to Ris...
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Income Tax |
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Cabinet approves renewal of MoU between ICAI & Saudi Organisation for CPAS
Posted Date : 05-Jul-2018 , 09:08:03 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed in 2014 and approval for renewal of MoU between the Institute of Chartered Accountants of India (ICAI) & Saudi Organisation for Certi...
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ICAI |
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FM to meet heads of banks to discuss NPA resolution structure
Posted Date : 05-Jul-2018 , 08:56:12 am | Posted By CASANSAAR
Finance Minister Piyush Goyal will meet heads of banks in New Delhi today to discuss an inter-lender structure suggested under the 'Project Sashakta' that intends to fastrack resolution of stressed assets in the banking system. Sources said the meeting has been organised by Indian Banks Asso...
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NPA |
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Auditors may have to compulsorily get registered with NFRA
Posted Date : 04-Jul-2018 , 09:40:30 am | Posted By CASANSAAR
Mandatory registration of auditors, powers to probe irregularities as well as recommend accounting and auditing standards are among the functions likely to be vested with the National Financial Reporting Authority (NFRA), according to sources.
The Corporate Affairs Ministry has floated an initial...
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NFRA |
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MCA plans to frame tougher regulations for independent directors
Posted Date : 04-Jul-2018 , 09:37:35 am | Posted By CASANSAAR
The corporate affairs ministry is planning to frame rules to make independent directors more accountable for malpractice. Besides, it is also mulling action against 42 auditors that have resigned from companies.
According to a ministry official, an independent director cannot say he does not appr...
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MCA |
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ICAI may lose powers if draft rules to set up NFRA are approved
Posted Date : 03-Jul-2018 , 08:51:15 am | Posted By CASANSAAR
The draft rules for establishing a new body to oversee auditing and accounting standards under the National Financial Regulatory Authority (NFRA) will render the Institute of Chartered Accountants of India (ICAI) ineffective as the new watchdog will require auditors to register with it before taking...
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NFRA |
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PwC Ordered to Pay $625 Million in Damages Over Bank's Audit
Posted Date : 03-Jul-2018 , 08:45:13 am | Posted By CASANSAAR
PricewaterhouseCoopers LLP was ordered to pay the Federal Deposit Insurance Corp. more than $625 million for negligence in the audit of Colonial BancGroup Inc., an Alabama bank holding company that failed during the financial crisis.
U.S. District Judge Barbara Jacobs Rothstein issued the ruling ...
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Auditing |
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Govt likely to go slow on key anti-evasion measure under GST
Posted Date : 03-Jul-2018 , 08:35:33 am | Posted By CASANSAAR
The government is unlikely to insist on implementing the reverse charge mechanism, a key anti-evasion measure proposed under the goods and services tax (GST), on concerns that the rule will adversely impact small businesses while not yielding revenue gains.
The implementation of the reverse charg...
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GST |
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CAs Watchdogs of Public Trust, Should be answerable during White Collar Crimes - President Kovind
Posted Date : 02-Jul-2018 , 08:17:45 am | Posted By CASANSAAR
Emphasising that chartered accountants are watchdogs of public trust, President Ram Nath Kovind on Sunday said when white-collar crimes happen, it would be relevant to ask if those responsible for auditing balance sheets have truly done their duty.
Amid rising instances of white-collar crimes and...
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CA |
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Government celebrates First GST Day
Posted Date : 01-Jul-2018 , 09:28:17 pm | Posted By CASANSAAR
Government of India celebrated the 1st GST Day here today. The event saw an address on the eventful 1styear journey of GST over a live video link by Union Minister, Shri Arun Jaitley. Union Minister for Railways, Coal, Finance & Corporate Affairs, Shri Piyush Goyal presided over as the Chie...
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GST |
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President of India Inaugurates the Platinum Jubilee Celebrations of ICAI
Posted Date : 02-Jul-2018 , 07:54:20 am | Posted By CASANSAAR
The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the Institute of Chartered Accountants of India (ICAI) in New Delhi today (July 1, 2018).
Speaking on the occasion, the President said that adherence to a fair taxation system is much ...
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ICAI |
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HAPPY CHARTERED ACCOUNTANTS DAY (History of Chartered Accountants)
Posted Date : 01-Jul-2018 , 12:37:05 am | Posted By CASANSAAR
The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to...
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Chartered Accountant |
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Free of cost instant e-PAN allotment on near to real time basic
Posted Date : 29-Jun-2018 , 09:39:22 pm | Posted By CASANSAAR
Instant e-PAN facility is Free of cost and instant allotment of e-Pan and is available only for a limited period on first come first serve basic for valid Aadhaar holders.
Prerequisites:
Applicant already having PAN should not apply for e-PAN
The e-PAN facility is ONLY for reside...
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PAN |
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FAQ for Limited Insolvency Examination wef 01st July 2018 - IBBI
Posted Date : 30-Jun-2018 , 07:47:17 am | Posted By CASANSAAR
1. Is the Examination pattern changed from 1st July, 2018?
The test administrator for the Limited Insolvency Examination has changed from NISM to NSEIT. The syllabus and pattern of the examination remains the same. The candidates who have already enrolled for examination will be refunded their ex...
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Insolvent Professional |
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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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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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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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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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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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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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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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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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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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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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Insolvent Professional |
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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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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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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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