Govt seeks applications for NFRA Chairperson, Members posts
Posted Date : 31-May-2018 , 07:38:32 am | Posted By CASANSAAR
The government sought applications for the posts of chairperson and three full-time members of the National Financial Reporting Authority (NFRA).
In March, the Cabinet approved setting up of the NFRA, which would be an independent regulator for the auditing profession. The same month, the C...
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Corporate Law |
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SEBI allows debt issuers to review credit rating by agencies
Posted Date : 31-May-2018 , 07:32:56 am | Posted By CASANSAAR
Markets regulator Sebi allowed debt issuers to review ratings given by agencies, a move that will check the menace of 'rating shopping' and 'pick-and-choose' approach in their actions.
In the past, several firms have expressed dissatisfaction against credit rating agenc...
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SEBI |
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NCLAT stays insolvency proceedings against RCom
Posted Date : 31-May-2018 , 07:26:24 am | Posted By CASANSAAR
In a major relief to Reliance Communications, the National Company Law Appellate Tribunal (NCLAT) on Wednesday stayed insolvency proceedings against the debt-laden company, paving the way for sale of RCom’s assets worth ₹25,000 crore to Reliance Jio.
This was after the Swedish telecom equ...
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Insolvent Professional |
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ICICI Bank to probe charges against CEO Chanda Kochhar
Posted Date : 30-May-2018 , 10:40:08 pm | Posted By CASANSAAR
Private sector lender ICICI Bank on Wednesday said it has decided to institute an independent enquiry into the allegations levelled by anonymous whistleblower against managing director and chief executive Chanda Kochhar.
ICICI Bank in a regulatory filing said the enquiry will be headed by an inde...
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Income Tax |
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NCLAT asks Tata Steel if it will pay dues of Bhushan Steel
Posted Date : 30-May-2018 , 08:25:10 pm | Posted By CASANSAAR
The company law appellate tribunal today asked Tata Steel if it will clear the statutory dues like income tax and GST of Bhushan Steel, a company it had acquired in the insolvency proceedings earlier this month.
The National Company Law Appellate Tribunal (NCLAT), hearing appeals against the acqu...
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Insolvent Professional |
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Special GST Refund Fortnight from 31.05.2018 to 14.06.2018
Posted Date : 30-May-2018 , 09:50:35 am | Posted By CASANSAAR
Refunds of GST have been a concern for both the Government and Trade for the past several months. Till now, the Government has sanctioned more than Rs 30,000 crore as GST Refund. This includes an amount of Rs 16,000 crore of IGST and Rs 14,000 crore of ITC. The figures of ITC include sanction by bot...
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GST |
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Govt notifies 8.55% interest on PF for 2017-18
Posted Date : 30-May-2018 , 03:02:07 pm | Posted By CASANSAAR
Employees’ Provident Fund Organisation (EPFO) has asked its field offices to credit 8(point)55 per cent rate of interest for 2017-18 into the Provident Fund accounts of around 5 crore subscribers.
According to an order issued by the EPFO, the Labour Ministry has conveyed approval to c...
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General |
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Income-tax appeal limits may be raised to cut litigation
Posted Date : 30-May-2018 , 01:08:24 pm | Posted By CASANSAAR
In a move that will lead to more concentrated efforts in resolving tax litigation involving around Rs 5 trillion, the Central Board of Direct Taxes (CBDT) is planning to increase the threshold for filing appeals by income-tax (IT) authorities. The CBDT is planning to increase the limit for appeals t...
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Income Tax |
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Exporters GST refund: Second phase of fast track clearance drive from Thursday
Posted Date : 30-May-2018 , 10:37:59 am | Posted By CASANSAAR
With an estimated Rs 20,000 crore exporters' refund still stuck, the government will launch the second phase of refund fortnight beginning May 31 to fast-track clearances.
"Special Refund Fortnight" to be organised from May 31 to June 14 in which Center and state GST officers ...
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GST |
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Nationwide bank strike on May 30 and 31
Posted Date : 29-May-2018 , 07:05:38 am | Posted By CASANSAAR
The proposed nationwide bank strike on May 30 and May 31 stands as the conciliatory talks convened by the Chief Labour Commissioner here on Monday failed, the UFBU has said.
“Although the Chief Labour Commissioner tried his best to sort out the strike issue, there is no positive development...
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Banking |
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2.25 lakh shell companies under scrutiny of corporate affairs ministry
Posted Date : 29-May-2018 , 06:58:01 am | Posted By CASANSAAR
A total of 2.25 lakh companies are under the scanner of the Ministry of Corporate Affairs for not making requisite filings for 2015-16 and 2016-17, and the ministry may crack down upon them to identify “shell companies”, The Times of India reported.
Sources told TOI that the registrar...
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Category :
Companies Act |
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CA Sudha Balakrishnan appointed as first CFO of RBI
Posted Date : 28-May-2018 , 09:24:11 pm | Posted By CASANSAAR
NSDL executive CA Sudha Balakrishnan has been appointed the first ever chief financial officer (CFO) of the Reserve Bank of India (RBI) effective May 15, in what is the biggest organisational change since Urjit Patel took over as RBI governor in September 2016, three people familiar with the informa...
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CA |
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Sale of GOING CONCERN exempt from GST- AAR
Posted Date : 28-May-2018 , 09:17:11 pm | Posted By CASANSAAR
Sale of a going concern by a business house will not attract Goods and Services Tax (GST), as per an order by the Authority for Advance Ruling (AAR). The Karnataka bench of the AAR gave its ruling based on an application filed by Rajashri Foods Pvt Ltd which wanted to sell one of its units along wit...
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Category :
GST |
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RCom plea against insolvency to be heard by NCLAT
Posted Date : 28-May-2018 , 08:44:19 pm | Posted By CASANSAAR
The NCLAT will hear tomorrow the plea of Reliance Communications which has challenged NCLT's decision to start insolvency proceedings against it on a petition by Swedish telecom equipment major Ericsson.
The plea of Anil Ambani-run RCom was mentioned today before the bench of the Nation...
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Category :
Insolvent Professional |
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21 Nationalised Banks Lost Rs 25,775 Crore in Bank Frauds in 2017-18
Posted Date : 28-May-2018 , 08:37:18 pm | Posted By CASANSAAR
Twenty-one public sector banks (PSBs) have incurred losses totalling Rs 25,775 crore due to banking frauds in the financial year 2017-18, a Right to Information reply has stated.
The Punjab National Bank (PNB) had incurred the highest loss of Rs 6461.13 crore due to different cases of fraud durin...
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Banking |
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No change in the GST law and taxation relating to farmers since July, 2017
Posted Date : 28-May-2018 , 08:33:46 pm | Posted By CASANSAAR
No change in the GST law and taxation relating to farmers since July, 2017; Support Services to agriculture, forestry, fishing or animal husbandry are exempt from GST; Agriculturists are also exempted from taking GST Registration.
It has been reported in certain section of the Press that certain ...
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Category :
GST |
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GST levied only on final clearance of goods from warehouse - CBIC
Posted Date : 27-May-2018 , 01:01:11 pm | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has asked its field offices to levy GST on goods in customs warehouse only at the time of final clearance.
The move is aimed at ensuring ease of doing business for importers, experts said.
In a circular to principal chief commissioners and...
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Category :
GST |
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Income Tax dept releases all e-filing forms for AY 2018-19
Posted Date : 27-May-2018 , 12:51:18 pm | Posted By CASANSAAR
The Income Tax department has released all the e-filing forms for the assessment year 2018-19, and has set the last date for filing income tax returns at July 31.
All the forms are available for download on the income tax department's official website.
The Central Board of Direct Tax...
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Category :
Income Tax |
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RBI penalised 12 banks for various violations in last 6 years
Posted Date : 26-May-2018 , 10:33:03 am | Posted By CASANSAAR
In response to an RTI query, the RBI has informed that in the past 6 years, it has penalised only 12 banks for various violations. Without giving information on how many banks are yet to pay the penalty, the RBI list gives names of ICICI (Rs 589 million), Yes Bank (Rs 70 million), Airtel Payments Ba...
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RBI |
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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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Category :
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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0 | Hits : 2214
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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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Category :
GST |
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0 | Hits : 841
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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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Category :
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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