Govt advances deadline for GST seller returns for April, May, June
Posted Date : 19-Apr-2018 , 12:00:37 pm | Posted By CASANSAAR
The government has advanced the deadlines for filing of seller forms under the goods and services tax, GSTR-1, for April, May and June, in comparison to those given for previous months.
GSTR-1 for the month of April will have to be filed by May 31. Earlier, 40 days were given for filing these, wh...
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GST |
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Six more states to roll out intra-State e-way bills from April 20
Posted Date : 18-Apr-2018 , 08:34:55 pm | Posted By CASANSAAR
As per the decision of the GST Council, e-Way Bill system for all inter-State movement of goods has been rolled out from 01st April, 2018. As on 15th April, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Gujarat, Karnataka, Kerala, Tela...
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GST |
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CBI case against 3 companies officials, others in Rs 621-cr fraud
Posted Date : 18-Apr-2018 , 02:17:04 pm | Posted By CASANSAAR
The Central Bureau of Investigation has registered a case against the promoters and directors of three private companies including a Delhi based pharmaceutical company for defrauding Punjab and Sindh Bank and the consortium of four other banks to the tune of 621 crore rupees.
The case has b...
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Banking |
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GoM approves FUSION model for GST filing
Posted Date : 17-Apr-2018 , 10:45:41 pm | Posted By CASANSAAR
The Group of Ministers (GoM) headed by Bihar Deputy Chief Minister Sushil Modi on Tuesday worked out a new 'fusion' model for the tax filing by the companies, as it looks to simplify the return filing process under the Goods and Services Tax (GST). The ministerial panel was also unanimous th...
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GST |
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ITR-1 form for AY 18-19 now available for e-filing
Posted Date : 18-Apr-2018 , 08:44:09 am | Posted By CASANSAAR
The latest ITR-1 form, largely used by the salaried class of taxpayers, has been activated on the official e-filing portal of the Income Tax Department, a senior official said.
The single Income Tax Return (ITR) form, notified by the CBDT on April 5, has been put on its website, https://www...
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ITR |
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Clarification on the manner of filing the Quarterly Return by Composition Dealers in FORM GSTR-4
Posted Date : 17-Apr-2018 , 03:29:07 pm | Posted By CASANSAAR
Doubts are being raised about the manner of filing the quarterly return by composition dealers in FORM GSTR-4. In particular, there is a doubt with respect to the instruction at Sl. No. 10 appended to the said FORM which reads as below:
For the tax periods July, 2017 to September, 2017 and Octobe...
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GST |
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Par panel calls RBI Governor to answer queries on bank scams
Posted Date : 17-Apr-2018 , 03:26:49 pm | Posted By CASANSAAR
A parliamentary panel has called Reserve Bank Governor Urjit Patel on May 17 to answer queries on a spate of banking scams unearthed in the last few months, sources said.
The Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, today raised several queries related to...
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RBI |
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GoM to meet businesses, experts on GST return simplification
Posted Date : 17-Apr-2018 , 03:25:27 pm | Posted By CASANSAAR
The Group of Ministers (GoM) under Bihar Deputy Chief Minister Sushil Modi will meet tax experts and representatives from industry on the Goods Services Tax return simplification in New Delhi today.
The GoM was constituted under Mr Modi last month to iron out issues being faced by businesse...
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GST |
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Certificate of incorporation is sufficient proof of PAN/TAN
Posted Date : 16-Apr-2018 , 08:26:47 am | Posted By CASANSAAR
The government on Saturday said the Certificate of Incorporation (COI) issued by the Ministry of Corporate Affairs (MCA) is adequate proof of Permanent Account Number (PAN) or Tax Deduction and Collection Account Number (TAN) for a company.
"Finance Act, 2018, amended section 139A of t...
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PAN |
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CBIC lays out procedure for inspection of goods under E-way bill
Posted Date : 15-Apr-2018 , 08:41:13 pm | Posted By CASANSAAR
Detailing the uniform procedure for interception and inspection of goods under the e-way bill system of the goods and services tax (GST), the Central Board of Indirect Taxes and Customs (CBIC) has instructed field officials to submit inspection reports within three days of intercepting conveyances.
...
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GST |
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GST to enter Class X ICSE syllabus from 2020
Posted Date : 15-Apr-2018 , 08:31:36 pm | Posted By CASANSAAR
The goods and services tax (GST) is set to make its way into textbooks. The ICSE board has decided to do away with the component on value added tax and replace it with GST in the Class X mathematics syllabus.
The Council For Indian School Certificate Examinations (CISCE) said the segment on VAT c...
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GST |
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IBBI slaps penalty on Electrosteel Steels Resolution Professional
Posted Date : 15-Apr-2018 , 08:27:46 pm | Posted By CASANSAAR
The bankruptcy regulator has slapped a penalty and issued a show cause notice to the resolution professional of Electrosteel Steels, Dhaivat Anjaria, who is backed by consulting PWC for neglecting the claims made by operational creditors.
The Insolvency and Bankruptcy Board of India has ord...
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Insolvent Professional |
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CBI arrests ex-UCO Bank Chairman in scam worth Rs 621 crore
Posted Date : 15-Apr-2018 , 08:21:58 pm | Posted By CASANSAAR
In a spree of arrests taking place for the frauds happening in various banks, another fraudulent case has come to light recently. This time, the former UCO bank CMD Arun Kaul has been arrested along with others by the CBI for allegedly being involved in a scam worth Rupees 621 Crore with the bank. R...
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Banking |
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Requirement for obtaining PAN eased for Corporate Assessees
Posted Date : 14-Apr-2018 , 08:13:10 am | Posted By CASANSAAR
In case of a company, an application for incorporation, allotment of Permanent Account Number (PAN) and allotment of Tax Deduction and Collection Account Number (TAN) may be made through a Common Application Form submitted to the Ministry of Corporate Affairs (MCA). In these cases, the Certificate o...
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PAN |
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CBI arrests income tax commissioner for accepting bribe of Rs 40 lakh
Posted Date : 14-Apr-2018 , 12:05:18 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI), on Friday, arrested an income tax commissioner while taking a bribe of Rs 40 lakh. CBI said that a 1988 batch India Revenue Services (IRS) officer Swetabh Suman was caught red-handed while accepting a bribe of Rs 40 lakh.
Along with Suman, his junior Pra...
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Income Tax |
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Mutual fund nominees, wives of HNIs, NRIs on Black Money Watch list
Posted Date : 13-Apr-2018 , 11:50:25 pm | Posted By CASANSAAR
In a bid to nab holders of benami property, the Income Tax Department has issued notices to nominees in mutual funds, wives of HNIs who don’t file income tax returns, NRIs who may have sold real estate in last few years and even those who had deposited more than Rs 1 lakh during demonetisation...
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Income Tax |
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Bitcoins worth Rs 20 crore stolen from exchange in India's biggest crypto theft
Posted Date : 13-Apr-2018 , 01:39:58 pm | Posted By CASANSAAR
Nearly 438 bitcoins worth over Rs 20 crore were stolen from a top exchange firm in India in what is being billed as the biggest cryptocurrency theft in the country so far.
Coinsecure, the Delhi-based cryptocurrency exchange, has filed an FIR with the cyber cell accusing its CSO, Amitabh Sax...
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Bitcoins |
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RBI tightens monitoring of Liberalised Remittance Scheme for overseas money transferring
Posted Date : 13-Apr-2018 , 08:47:09 am | Posted By CASANSAAR
The Reserve Bank today tightened reporting norms for the Liberalised Remittance Scheme (LRS) under which an individual can transfer up to USD 2,50,000 abroad in a year.
The LRS transactions are currently permitted by banks based on the declaration made by the remitter.
The monitoring of adhere...
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RBI |
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Startups with up to Rs 10-cr investment to get tax concession
Posted Date : 13-Apr-2018 , 08:42:11 am | Posted By CASANSAAR
In an attempt to make it easier for start-ups to attract investments, the Centre has introduced some amendments in rules including a clarification on angel investors funding and allowing online applications for start-up certification.
The government on Thursday allowed start-ups to avail tax conc...
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Income Tax |
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Tax dept begins verifying pre-GST records, Notices sent
Posted Date : 13-Apr-2018 , 08:33:53 am | Posted By CASANSAAR
Taxpayers registered for goods and services tax (GST) have begun receiving notices from the tax department, asking them to produce documents for detailed verification of transitional credits claimed. The government had earlier identified top 50,000 assessees in terms of the claims for further analys...
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GST |
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BP Sharma to replace Vinod Rai as chairman of Bank Board Bureau
Posted Date : 13-Apr-2018 , 08:19:44 am | Posted By CASANSAAR
The government on Thursday appointed former department of personnel and training secretary Bhanu Pratap Sharma chairman of the Banks Board Bureau (BBB). Sharma replaces former comptroller and auditor general (CAG) Vinod Rai, whose two-year term as the first head of the BBB got over on March 31. The ...
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Banking |
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RBI fines IDBI Bank Rs 3 crore for failing to report NPAs
Posted Date : 12-Apr-2018 , 08:32:05 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed a Rs 3-crore penalty on IDBI Bank for failing to report bad loans in line with the central bank’s guidelines. In a statement issued here, the central bank said that the fine was for “for non-compliance with the directions issued by RBI on Incom...
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RBI |
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ICAI panel to look at rules for Multinational Audit Firms
Posted Date : 12-Apr-2018 , 08:29:07 am | Posted By CASANSAAR
A recent Supreme Court order has prompted the Institute of Chartered Accountants of India (ICAI) to set up a nine-member committee to examine the legal framework for the entry and exit of multinational audit firms in the country.
ICAI vice-president Prafulla P Chhajed has been appointed as the co...
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ICAI |
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CBDT proposes changes in norms for advance ruling
Posted Date : 12-Apr-2018 , 08:24:08 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has proposed changes in the application process for obtaining advance ruling to bring it in line with Base Erosion and Profit Shifting (BEPS) Action 5 objectives, which mandate spontaneous exchange of information on ruling with countries of immediate as well ...
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CBDT |
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Banks to get Rs 27,000-cr breather on RBI provisioning move
Posted Date : 12-Apr-2018 , 08:20:46 am | Posted By CASANSAAR
The recent relaxation given to lenders by RBI in provisioning norms and permitting them to spread mark-to-market (MTM) losses over four quarter will provide a Rs 27,000-crore breather to banks in the fourth quarter of fiscal 2017-18, said a report.
The Reserve Bank of India (RBI) recently gave an...
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Banking |
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Clarification regarding GST on supply of food and drinks in educational institutions
Posted Date : 12-Apr-2018 , 08:16:41 am | Posted By CASANSAAR
With a view to remove any doubt or uncertainty regarding rate of GST applicable on supply of food and drinks in educational institutions, it is clarified that: -
i. GST rate on supply of food and drinks in a mess or canteen in an educational institution attracts GST at 5% without INPUT Tax Credit...
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GST |
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Postpon of CA Exams Scheduled to be held on 11th & 12th May, 2018 at Karnataka State
Posted Date : 12-Apr-2018 , 08:11:01 am | Posted By CASANSAAR
In partial modification of the Institute’s Notification No. 13-CA(Exam)/M/2018 dated 8 th February, 2018, it is notified for general information that in view of the General Election to the Legislative Assembly of Karnataka, the Chartered Accountants Examinations scheduled to be held on 11th &a...
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CA Exams |
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CBDT amends PAN application form to include third gender option
Posted Date : 11-Apr-2018 , 08:38:22 am | Posted By CASANSAAR
In a positive move, the government has amended its Income Tax rules to allow transgenders to be recognised as the third gender in the Permanent Account Number (PAN). Changing its application form by including a new tick box for transgenders, Central Board of Direct Taxes (CBDT) on Monday issued a no...
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CBDT |
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Roll-out of e-Way Bill system for Intra-State movement of goods in the 5 States from 15th April, 2018.
Posted Date : 10-Apr-2018 , 10:05:57 pm | Posted By CASANSAAR
As per the decision of GST Council, e-Way Bill system for all inter-State movement of goods has been rolled-out from 01stApril, 2018. E-way Bill system for Intra-State movement of goods in the State of Karnataka is also operational from the said date. E-Way Bills are getting generated successf...
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GST |
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IBBI signs a Memorandum of Understanding with the Indian Institute of Corporate Affairs
Posted Date : 11-Apr-2018 , 08:29:03 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Indian Institute of Corporate Affairs (IICA). The MoU was signed by Ms. Geeta Singh Rathore, Chief Administrative Officer of the IICA and Mr. K.R.Saji Kumar, Executive Director of the IBBI i...
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Insolvent Professional |
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