ICAI issues valuation standards for members
Posted Date : 26-May-2018 , 10:15:08 am | Posted By CASANSAAR
Chartered accountants' apex body ICAI has issued a framework for consistent, uniform and transparent valuation practices for its members. The Institute of Chartered Accountants of India (ICAI), in a release, said that it has issued valuation standards as a benchmark for valuation practices appli...
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ICAI |
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CBDT Chairman Sushil Chandra gets another one-year extension
Posted Date : 25-May-2018 , 09:14:09 pm | Posted By CASANSAAR
Senior bureaucrat Sushil Chandra was given one-year extension as the chairman of the Central Board of Direct Taxes (CBDT) till May next year.
This is his second extension after taking over as the chief of the CBDT, the apex policy making body of the Income Tax department, on November 1, 201...
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Income Tax |
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Govt readies IBC 2.0 to cope with increasing challenges
Posted Date : 25-May-2018 , 11:21:17 am | Posted By CASANSAAR
Last June, when the RBI ordered banks to initiate insolvency action against a dozen companies, resolution was expected by the end of the last financial year. But a series of legal cases by powerful promoters who are set to lose control over their companies, and a battle among rivals to acquire contr...
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Insolvent Professional |
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CBDT chairman among top I-T officials under CBI lens in Nirav Modi case
Posted Date : 25-May-2018 , 12:28:00 am | Posted By CASANSAAR
The Nirav Modi case is becoming a sticky wicket for many investigators. Now, top income tax officials including Sushil Chandra, Chairman of the Central Board of Direct Taxes (CBDT), have come under the CBI lens for the alleged misreporting and sharing of investigation details with extortionists.
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Banking |
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Roll out of e-Way Bill system for intra-State movement of goods in the Maharashtra, Manipur and Union Territories
Posted Date : 24-May-2018 , 07:56:53 pm | Posted By CASANSAAR
As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 1st April, 2018. As on 23rd May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Gujara...
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GST |
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Arrest made by Central Tax, Delhi East Commissionerate involving GST evasion of Rs. 28 Crore
Posted Date : 24-May-2018 , 03:30:03 am | Posted By CASANSAAR
Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to Copper industry. It is the first case of arrest in Delhi, under the new tax regi...
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GST |
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Two Held for Fraud Under GST Act in Delhi
Posted Date : 24-May-2018 , 11:08:53 am | Posted By CASANSAAR
Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to Copper industry. It is the first case of arrest in Delhi, under the new tax regi...
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GST |
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FinMin ties up with e-commerce firms to give loans under PMMY
Posted Date : 24-May-2018 , 08:54:46 am | Posted By CASANSAAR
The finance ministry has joined hands with over two dozen e-commerce firms, including major players like Amazon, Flipkart, Ola and Uber, to provide easy finance to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY), a top government official said.
The three way partnership between l...
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Finance |
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Application Form for the ISA Assessment Test June, 2018 - ICAI
Posted Date : 24-May-2018 , 08:52:26 am | Posted By CASANSAAR
Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2018
Online Application Form
Hard Copy Application Form
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ICAI |
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Cabinet approves ordinance to give home buyers creditor status under IBC
Posted Date : 23-May-2018 , 07:15:30 pm | Posted By CASANSAAR
Approving making amendments to the insolvency and bankruptcy act, the cabinet has approved making home-buyers creditors in the insolvency process. Also part of the ordinance the government has planned is special provisions for medium and small enterprises.
These were, in fact, some of the recomme...
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Insolvent Professional |
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Cabinet may consider amendments to Insolvency & Bankruptcy Code
Posted Date : 23-May-2018 , 09:12:19 am | Posted By CASANSAAR
The Cabinet is likely to consider amendments to the Insolvency and Bankruptcy Code (IBC) on Wednesday.
The government plans to promulgate an Ordinance to give effect to these changes since Parliament is not in session, sources said.
A draft note circulated to various stakeholders says it is lo...
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Insolvent Professional |
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Over 2,100 companies settle Rs 83,000 Crore Bank dues
Posted Date : 23-May-2018 , 09:07:12 am | Posted By CASANSAAR
The fear of losing control over their companies has prompted promoters, who have defaulted on repayment of loans to banks, to settle their dues of around Rs 83,000 crore before action was initiated under the newly-enacted Insolvency and Bankruptcy Code (IBC).
On last count, data compiled by the m...
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Banking |
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Canteen supplies provided by outside vendors to attract 18% GST - AAR
Posted Date : 22-May-2018 , 08:40:34 am | Posted By CASANSAAR
The Authority of Advanced Ruling (AAR) for the goods and services tax (GST) has ruled that firms supplying food and beverages to canteens of other organisations are ‘outdoor caterers’ and the service would attract an 18% GST.
The ruling was delivered by Gujarat AAR on an application f...
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GST |
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Insurance now available for Insolvency Professionals
Posted Date : 22-May-2018 , 08:38:32 am | Posted By CASANSAAR
Insolvency Professionals (IPs) working on resolution process under the Insolvency and Bankruptcy Code (IBC) can now buy insurance covers for themselves. “The first such policy was designed by JLT Independent about three months back,” said Sanjay Radhakrishnan, CEO, of the insurance broki...
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Insolvent Professional |
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Damages paid for cancellation contract to attract 18% GST - AAR
Posted Date : 22-May-2018 , 07:42:32 am | Posted By CASANSAAR
The Authority for Advance Rulings (AAR) has ruled that payments in respect to nonperformance of a contract would be liable to goods and services tax (GST). This has made multinational companies, especially those executing infrastructure projects, and the mining sector jittery, and it could have impl...
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GST |
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I-T Dept to file pleas in NCLT to extract tax dues of Shell Companies
Posted Date : 22-May-2018 , 07:36:36 am | Posted By CASANSAAR
The Income Tax (I-T) Department is an "aggrieved creditor" to many de-registered shell companies and will petition the National Company Law Tribunal (NCLT) to recover tax dues of crores of rupees.
The Central Board of Direct Taxes (CBDT) has directed the I-T Department to form a s...
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Income Tax |
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CBDT Releases Java Utility of ITR-5 & ITR-7
Posted Date : 22-May-2018 , 07:27:43 am | Posted By CASANSAAR
CBDT has finally released Java Utility for the Assessment Year 2018-19 of ITR-for 5 (For persons other than:- (i) Individual,(ii) HUF,(iii) Company and (iv) Person filing Form ITR-7) and Java Utility of ITR-7 [For persons including companies required to furnish return under sections 139(4A) or...
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ITR |
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GST Council asks Centre, states to quickly set up appellate authorities
Posted Date : 21-May-2018 , 09:10:45 am | Posted By CASANSAAR
The GST Council has asked the Centre and states to expedite setting up of appellate authorities for aggrieved entities to appeal against orders of the Authority for Advance Rulings (AAR).
With AARs in different states started giving rulings since March, it has become imperative for the Centre as ...
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GST |
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PNB refuses to disclose details on over Rs 13,000 cr scam
Posted Date : 21-May-2018 , 09:08:02 am | Posted By CASANSAAR
State-run Punjab National Bank (PNB) has refused to disclose details of the audit or investigation that led to detection of over Rs 13,000 crore fraud at the company, citing a clause that bars any disclosure that can impede the process of investigating or apprehending the offenders.
In reply to a...
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Banking |
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First under IBC - Bhushan Steel bought by Tata Steel
Posted Date : 19-May-2018 , 07:58:30 am | Posted By CASANSAAR
With the acquisition of Bhushan Steel Ltd (BSL) for Rs.35,200 crore, Tata Steel has emerged the first company to acquire a stressed asset under the new Insolvency and Bankruptcy Code.
The company has received all the approvals and will own 73 per cent in the company. It will absorb all the employ...
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Insolvent Professional |
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Income tax dept cautions TDS deductors against quarterly filing default
Posted Date : 19-May-2018 , 12:53:59 am | Posted By CASANSAAR
The Income Tax Department (ITD) cautioned TDS deductors to adhere to the stipulated deadline of May 31 for filing their statements failing which they would invite a penalty of Rs 200 for each day of default.
The Central Board of Direct Taxes (CBDT), that frames policy for the department, is...
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Income Tax |
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SEBI votes for secretarial audits in listed companies
Posted Date : 19-May-2018 , 11:16:43 am | Posted By CASANSAAR
Market regulator Securities and Exchanges Board of India (SEBI) is not happy with the way secretarial audits are conducted in listed companies. It believes a lot of work needs to be done to improve the audits, which in turn, will improve corporate governance standards.
At an Institute of Company ...
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SEBI |
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Coaching centres for entrance exams liable to 18% GST - AAR
Posted Date : 19-May-2018 , 11:12:18 am | Posted By CASANSAAR
Coaching centres providing tuition to prepare students for entrance examination are liable to pay 18 percent GST, according to the Authority for Advance Rulings (AAR).
An application was filed before the Maharashtra bench of the AAR to seek advance ruling on whether the services related to provid...
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GST |
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ITR-3 Java Utility has been released
Posted Date : 19-May-2018 , 11:00:11 am | Posted By CASANSAAR
ITR-3 Java Utility has been released by Income Tax Department.
With this, Taxpayers can now e-file their Tax Returns for AY 2018-2019 using the applicable ITR Forms 1, 2, 3 or/ 4. Remaining 3 ITR Forms Utilities are yet to be released. #casansaar
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ITR |
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GSTR-3B due date extended till 22nd May 2018
Posted Date : 18-May-2018 , 11:24:09 am | Posted By CASANSAAR
In the interest of taxpayers, it has been decided to extend the last date for filing of return in FORM GSTR-3B for the month of April, 2018 for two days, i.e., till 22nd May, 2018. The notification in this regard shall be published shortly.
Earlier it was brought to the notice of the competent au...
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GST |
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Sebi extends FPI monitoring deadline again
Posted Date : 18-May-2018 , 11:56:11 am | Posted By CASANSAAR
Markets regulator Sebi today further extended the deadline till June 1 for putting in place a new system for depositories to monitor the foreign investment limits in listed Indian companies.
The Securities and Exchange Board of India (Sebi) has extended the last day for the second time afte...
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SEBI |
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IFC to fund IBBI for new insolvency reform implementation in India
Posted Date : 17-May-2018 , 08:14:26 am | Posted By CASANSAAR
IFC, a member of the World Bank Group, will support the Insolvency and Bankruptcy Board of India (IBBI) in strengthening the implementation of India's new insolvency and bankruptcy framework, the Insolvency and Bankruptcy Code (IBC), 2016.
The funding focuses on four key areas including capac...
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Insolvent Professional |
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CBI names top PNB officials in second chargesheet in fraud case
Posted Date : 17-May-2018 , 08:11:23 am | Posted By CASANSAAR
Two days after registering the first chargesheet in the Rs12,636 crore Punjab National Bank (PNB) fraud case, the Central Bureau of Investigation (CBI) on Wednesday filed another chargesheet in the matter in the Mumbai sessions court, on the basis of a case registered on 15 February.
“The c...
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Banking |
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CBDT directs IT dept to hold grievance redressal fortnight in June
Posted Date : 16-May-2018 , 06:17:50 pm | Posted By CASANSAAR
CBDT has directed the Income Tax department to hold a special 'grievance redressal fortnight' next month to address taxpayers' disputes regarding rectification and adjustments made in tax demands.
The policy-making body for the tax department has asked the regional chiefs of the depar...
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CBDT |
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Free banking services out of GST Net - FinMin
Posted Date : 16-May-2018 , 09:18:51 am | Posted By CASANSAAR
Free banking services like cheque book issuance and ATM withdrawals are likely to remain out of the ambit of the Goods and Services Tax, a senior finance ministry official said.
The Department of Financial Services had approached its revenue counterpart to clear the confusion over the levy of GST...
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GST |
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