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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0 | Hits : 1079
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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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Allahabad Bank divests its CEO of all Powers
Posted Date : 15-May-2018 , 07:46:02 pm | Posted By CASANSAAR
The Board of state-owned Allahabad Bank today divested its MD and CEO Usha Ananthasubramanian of all powers with immediate effect, following a directive from the finance ministry after she was named in the CBI's chargesheet in PNB fraud case.
Ananthasubramanian, was the CMD of Punjab National...
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Banking |
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NCLT approves Tata Steel's resolution plan for Bhushan Steel
Posted Date : 15-May-2018 , 02:54:23 pm | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) on Tuesday approved Tata Steel Ltd’s resolution plan for debt ridden Bhushan Steel Ltd under the Insolvency and Bankruptcy Code (IBC).
Bhushan Steel’s admitted financial debt stood at Rs56,051.16 crore as on 1 February 2018, and it is one of th...
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Insolvent Professional |
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Two Independent Directors of IDBI Bank Quit
Posted Date : 15-May-2018 , 02:49:38 pm | Posted By CASANSAAR
Two independent directors Ninad Karpe and S Ravi have resigned from the board of state-owned IDBI Bank days after CBI filed FIR in connection with Rs 600 crore loan given by the bank to former Aircel promoter C Sivasankaran, his son and companies controlled by him.
Karpe and Ravi cease to be inde...
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Banking |
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ICAI Invites Applications from Highly Competent Candidates for the Position of SECRETARY
Posted Date : 15-May-2018 , 10:38:54 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India (ICAI) is a statutory body established for regulation of the profession of Chartered Accountants in India. ICAI, the second largest accounting body in the world is looking for a high profile and multi-faceted personality with proven leadership qualitie...
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ICAI |
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Banks can't exchange soiled or torn Rs 200 and Rs 2000 currency notes
Posted Date : 15-May-2018 , 10:32:17 am | Posted By CASANSAAR
There are many reasons why a currency note gets soiled or disfigured, ranging from excessive handling to getting torn/wet and nibbled on by white ants. But while the RBI has made provisions for the value of such notes to be refunded to the owner, either in full or as a matter of grace depending on t...
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Banking |
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0 | Hits : 1537
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RBI bars Allahabad Bank from taking deposits, giving loans
Posted Date : 15-May-2018 , 10:28:47 am | Posted By CASANSAAR
State-owned Allahabad Bank on Monday said the Reserve Bank of India (RBI) has asked it to freeze lending after its capital-to-risk weighted assets ratio (CRAR) fell below the mandatory 9% at the end of March.
In a regulatory filing, the bank said the central bank had asked it “to restrict e...
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RBI |
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CA Piyush Goyal to take Additional Charge of Finance Ministry
Posted Date : 15-May-2018 , 10:21:30 am | Posted By CASANSAAR
Railway minister CA Piyush Goyal has been given additional charge of the finance ministry and Smriti Irani has been supplanted from the information and broadcasting ministry to make way for Rajyavardhan Rathore, who has been been given the reins with independant charge.
Union minister of state S....
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Finance |
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Roll out of e-Way Bill system for intra-State movement of goods in the States of Assam & Rajasthan
Posted Date : 15-May-2018 , 10:13:48 am | 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 01st April, 2018. As on 13th May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States/ Union Territory of Andhra Pradesh, Arunachal Pradesh, Bi...
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GST |
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Petrol prices hiked by 17 paise a litre, Diesel by 21 paise per ltr
Posted Date : 15-May-2018 , 10:10:48 am | Posted By CASANSAAR
Petrol and diesel prices have been increased. Cost of petrol has been raised by 17 paise a litre and diesel by 21 paise per litre in Delhi . Fuel prices were last hiked 19 days ago.
With this, diesel prices touched an all-time high of 66 rupees 14 paise in the national capital. Petrol price...
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General |
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CBDT Releases Java Utility of ITR-2 for AY 2018-19
Posted Date : 15-May-2018 , 09:54:01 am | Posted By CASANSAAR
CBDT has finally released Java Utility of ITR-2 (For Individuals and HUFs not having income from profits and gains of business or profession) of Assessment Year 2018-19.
Earlier CBDT has released Excel and Java Utility of ITR 1 on 14th April 2018 and Excel and Java Utility of ITR-4 on 10th ...
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ITR |
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RBI declines to share copies of Inspection Reports of PNB Fraud
Posted Date : 14-May-2018 , 09:05:39 am | Posted By CASANSAAR
RBI has declined to share inspection reports for scam-hit Punjab National Bank or PNB, citing Right To Information clauses that bar disclosure of details which may impede the investigation process or prosecution of offenders among other reasons.
Replying to an RTI query, the central bank also sai...
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RBI |
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