Cabinet approves Mutual Recognition Agreement between ICAI and SAICA
Posted Date : 03-May-2018 , 09:32:56 am | Posted By CASANSAAR
The Union Cabinet chaired by Prime Minister Shri Narendra Modi has has approved the Mutual Recognition Agreement between the Institute of Chartered Accountants of India (ICAI) and The South African Institute of Chartered Accountants (SAICA).
Details:
Approval...
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ICAI |
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RBI allows FPIs to invest in treasury bills
Posted Date : 01-May-2018 , 09:51:42 pm | Posted By CASANSAAR
Easing foreign investment rules, the Reserve Bank today permitted FPIs to invest in treasury bills issued by the central government.
However, the foreign portfolio investors (FPIs) will have to ensure that their exposure in government securities as well as corporate bonds of less than one year ma...
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RBI |
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GST Revenue collection for April 2018 exceeds Rs 1 lakh crore
Posted Date : 01-May-2018 , 12:12:23 pm | Posted By CASANSAAR
The revenue collection from Goods and Services Tax (GST) exceeded Rs 1 lakh crore in April 2018, the Ministry of Finance said on Tuesday. This is the first occasion that the monthly revenue has breached the Rs 1 trillion milestone.
GST Revenue collection for April 2018 exceeds Rs.1 lakh crore.
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GST |
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Banks start forensic audit of Potential NPA Accounts
Posted Date : 30-Apr-2018 , 10:19:00 am | Posted By CASANSAAR
With an aim to identify possible non performing assets (NPAs), public sector banks have started carrying out audits on accounts which have loans of above Rs 50 crore registered against them. This comes after a directive issued from the Finance Ministry. Once the audit is completed, the banks will de...
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Auditing |
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Govt to target 65 lakh people for not filing income tax returns
Posted Date : 30-Apr-2018 , 10:08:18 am | Posted By CASANSAAR
The Union government's drive towards higher compliance has already helped it garner additional Rs 1.5 lakh crore in direct taxes during 2017-18 and get a record number of new filers. But it is not done yet with the tax department chasing 65 lakh people who it suspects did not file returns last y...
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ITR |
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RBI liberalises ECB norms; more access to cheaper funds
Posted Date : 28-Apr-2018 , 07:48:52 am | Posted By CASANSAAR
In a bid to facilitate cheaper access of overseas funds Reserve Bank of India (RBI) further liberalised External Commercial Borrowings (ECB) Policy by including more sectors in the window.
"It has been decided to increase the ECB Liability to Equity Ratio for ECB raised from direct foreign e...
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RBI |
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SEBI extends deadline for new FPI limits monitoring system
Posted Date : 28-Apr-2018 , 07:19:40 am | Posted By CASANSAAR
Markets regulator Sebi today extended deadline till May 18 for putting in place a new system for depositories to monitor the foreign investment limits in listed Indian companies.
The earlier deadline was May 1.
In a circular issued today, Securities and Exchange Board of India (Seb...
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SEBI |
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0 | Hits : 2664
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Unique Identity Number (UIN) on GST invoice is mandatory
Posted Date : 28-Apr-2018 , 07:14:30 am | Posted By CASANSAAR
Quoting of the Unique Identity Number (UIN) allotted to diplomats and multilateral agency officials serving in India is necessary on the sale invoice, the government said on Friday.
A Finance Ministry release here said that complaints had come in from foreign diplomatic missions and UN bodi...
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GST |
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0 | Hits : 3575
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Employers can validate e-challan offline with new tool - EPFO
Posted Date : 28-Apr-2018 , 07:08:13 am | Posted By CASANSAAR
Retirement fund body EPFO today said it has provided an offline tool for employers for validating the ECR or EPF return (electronic challan cum return) before uploading it at the unified portal.
"In order to assist the employer to create the correct ECR file every month, EPFO has provided an...
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Corporate Law |
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NCLAT stays CCI penalty of Rs 136 Cr on Google in search bias case
Posted Date : 28-Apr-2018 , 07:03:17 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) today stayed an order of the Competition Commission that imposed a penalty of Rs 136 crore on Google for unfair business practices in online search market.
While admitting the plea of Google against the order, the NCLAT bench headed by Chairman ...
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Corporate Law |
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Govt collects Rs 7.41 lakh Cr from GST in FY 17-18
Posted Date : 28-Apr-2018 , 07:01:42 am | Posted By CASANSAAR
The government mobilised Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18, according to the finance ministry.
The government rolled out the GST regime from July 1 last year.
"During the year 2017-18, total revenue collections under GST in the period between August 2...
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GST |
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Monthly payroll reporting for formal sector introduced for regular assessment of employment in sector
Posted Date : 27-Apr-2018 , 12:28:55 pm | Posted By CASANSAAR
India has introduced monthly payroll reporting for the formal sector to facilitate analysis of new and continuing employment. It will put an end to all speculations and conjectures regarding job creation in the economy.
The payroll data from Employees’ Provident Fund Organisation (EPF...
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General |
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IPs facing disciplinary proceedings cannot take up assignments - IBBI
Posted Date : 26-Apr-2018 , 10:11:54 am | Posted By CASANSAAR
Insolvency regulator IBBI has barred insolvency professionals from accepting fresh assignments if a show-cause notice is issued to them under a disciplinary proceeding.
An insolvency professional (IP) who has been issued a show-cause notice should not accept any fresh assignment as interim resolu...
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Insolvent Professional |
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0 | Hits : 2580
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Discounts by Flipkart are not taxable - ITAT
Posted Date : 26-Apr-2018 , 10:07:11 am | Posted By CASANSAAR
Flipkart won respite from the Income-Tax Appellate Tribunal in Bengaluru, which rejected the revenue department’s contention that discounts doled out on India’s largest online retailing platform two years ago should be reclassified as capital expenditure and are not eligible for de...
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Income Tax |
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0 | Hits : 2847
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20 million e-way bills generated in 24 days - GSTN
Posted Date : 25-Apr-2018 , 09:29:13 pm | Posted By CASANSAAR
More than 20 million (two crore) e-way bills have been generated since the beginning of this month, according to GSTN.
The 'GST Systems' in a tweet said, "In a span of 24 days, over 2 crore E-Way Bills were generated for the movement of goods".
The twitter handle of GST Syste...
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GST |
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0 | Hits : 2658
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PNB to hire detective agencies to locate untraceable borrowers
Posted Date : 25-Apr-2018 , 09:25:18 pm | Posted By CASANSAAR
Fraud-hit Punjab National Bank (PNB) has invited applications for empanelment of detective agencies to locate its untraceable borrowers as it looks to "significantly" supplement efforts to recover bad loans which surged to Rs 57,519 crore at December end.
In its efforts to recover...
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Banking |
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0 | Hits : 926
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Levy on free services - Banks to ask government to recall tax demand
Posted Date : 25-Apr-2018 , 01:37:09 pm | Posted By CASANSAAR
The Indian Banks’ Association is planning to lobby the government against an arbitrary tax notice which seeks to extract as much as Rs 40,000 crore from the country’s banks.
In a notice served earlier this month, all banks were asked to pay service tax, penalties and interest on...
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Bank |
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0 | Hits : 1065
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Cabinet may clear Ordinance to amend IBC
Posted Date : 25-Apr-2018 , 10:15:15 am | Posted By CASANSAAR
The PMO and the law ministry have accepted all the key proposals of insolvency law panel and the cabinet is likely to take up those on Wednesday. The recommendations, if approved by the cabinet, will pave the way for out-of-court settlement of bad loans if 90 per cent of lenders support such a move....
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Insolvent Professional |
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0 | Hits : 1126
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Govt invites comments on long-term capital gains clause
Posted Date : 24-Apr-2018 , 11:20:06 am | Posted By CASANSAAR
The Finance Act, 2018 has withdrawn the exemption under clause (38) of Section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term capital gains arising from transfer of a long-term capital asset being an equity share in a company or a...
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Finance Bill |
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0 | Hits : 1250
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FinMin to move to cash basis accounting for GST collection
Posted Date : 24-Apr-2018 , 09:43:33 pm | Posted By CASANSAAR
In a bid to bridge the lag in actual revenue accrual, the Finance Ministry will from this fiscal shift to cash basis accounting for the Goods and Services Tax (GST) where monthly collections will be reported on the first working day of the following month.
Till now, monthly tax returns under GST,...
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GST |
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0 | Hits : 1102
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Issues regarding Bill To Ship To for e-Way Bill under CGST Rules, 2017
Posted Date : 23-Apr-2018 , 10:37:12 pm | Posted By CASANSAAR
A number of representations have been received seeking clarifications in relation to requirement of e-Way Bill for “Bill To Ship To” model of supplies. In a typical “Bill To Ship To” model of supply, there are three persons involved in a transaction, namely:
‘A&...
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GST |
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0 | Hits : 1776
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E-way bill rollout on 25th April in four states and one union territory
Posted Date : 24-Apr-2018 , 08:30:35 am | Posted By CASANSAAR
The Centre on Monday stated that the e-way bill system for intra-state movement of goods will be rolled out in four more states and one union territory on Wednesday.
As per the Ministry of Finance, the e-way bill system is being introduced to four states starting April 25, namely Arunachal Prades...
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GST |
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0 | Hits : 1321
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RBI circular barring banking service for crypto-currencies challenged in HC
Posted Date : 23-Apr-2018 , 08:31:31 am | Posted By CASANSAAR
The Delhi High Court has sought the response of the Centre, the RBI and the GST Council on a plea challenging a circular which prohibits banks and financial institutions from providing any service in relation to virtual currencies such as 'crypto-currencies'.
A bench of justices S Ravindr...
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RBI |
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0 | Hits : 1185
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Aadhaar, PAN cards mandatory for opening bank accounts - RBI
Posted Date : 22-Apr-2018 , 04:12:23 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has made Aadhaar and PAN cards mandatory for opening bank accounts.
The RBI said the updated know-your-customer (KYC) requirement was subject to the Supreme Court’s final judgment on Aadhaar, for which the hearing is under way.
The central bank updated its...
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RBI |
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0 | Hits : 1042
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PNB impounds passports of 150 wilful defaulters
Posted Date : 21-Apr-2018 , 08:58:19 am | Posted By CASANSAAR
PNB, the country’s second-largest public sector lender, has impounded passports of 150 wilful loan defaulters apart from lodging 37 FIRs against those who are not repaying loans as part of its recovery drive.
“The bank has already declared 1,084 wilful defaulters and published photos ...
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Banking |
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0 | Hits : 1602
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MCA zeroes in on 225,000 more suspected shell companies
Posted Date : 21-Apr-2018 , 08:53:17 am | Posted By CASANSAAR
The government is intensifying its drive against shell companies. After taking action against 226,000 shell companies last year, the Ministry of Corporate Affairs has now zeroed in on another 225,000 suspected shell companies. The ministry has sent notices to these companies, asking whether they had...
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MCA |
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0 | Hits : 3669
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RBI makes Aadhaar key to KYC compliance
Posted Date : 21-Apr-2018 , 08:50:32 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Friday amended its ‘know your customer’ (KYC) guidelines, making Aadhaar key to conducting customer due diligence by banks and finance companies. The RBI has also done away with sections relating to the use of other “officially valid documents&rdq...
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RBI |
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0 | Hits : 1068
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Bankers seek resignation of RBI governor
Posted Date : 20-Apr-2018 , 10:30:35 am | Posted By CASANSAAR
In the wake of the currency shortage that has hit multiple states across the country and continued for more than two weeks, representatives of All India Bank Employees Association (AIBEA) have alleged negligence by the Reserve Bank of India (RBI) and have sought resignation of the RBI governor.
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RBI |
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0 | Hits : 1741
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Government approaches RBI to relax NPA norms for MSMEs
Posted Date : 20-Apr-2018 , 10:25:06 am | Posted By CASANSAAR
The government has approached the Reserve Bank to relax norms for non-performing assets (NPAs) or bad loans in case of small and mid-sized businesses to help them tide over the cash crunch problem.
The MSME ministry has sought an extension of the NPA classification period from the current 9...
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NPA |
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0 | Hits : 1150
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Income Tax department warns salaried class again filing wrong ITRs
Posted Date : 19-Apr-2018 , 01:34:30 pm | Posted By CASANSAAR
The Income Tax Department on Wednesday cautioned salaried class taxpayers against using illegal means like under-reporting of income or "inflating" deductions while filing their returns, stating violators will be prosecuted and their employers will be intimated to take action against them....
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Income Tax |
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