SC notice to Centre in challenge to Insolvency and Bankruptcy Code
Posted Date : 10-Apr-2018 , 08:07:56 am | Posted By CASANSAAR
In a significant development in relation to the Insolvency and Bankruptcy Code, 2016, the Supreme Court issued notice to the Central government in a petition challenging the vires of various provisions of the Insolvency and Bankruptcy Code, 2016 (Code).
The matter was heard by a Bench of Chief Ju...
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Insolvent Professional |
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Post office account holders can avail digital banking service from May
Posted Date : 09-Apr-2018 , 08:58:57 am | Posted By CASANSAAR
Around 340 million post office savings account holders will be able to avail a full-fledged digital banking service from May as the government has approved linking such accounts with that of India Post Payments Bank (IPPB).
"The finance ministry has approved linking of savings bank accounts ...
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Banking |
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0 | Hits : 1112
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35 to 40 CAs under RBI scanner in loan defaults by various companies
Posted Date : 09-Apr-2018 , 08:37:51 am | Posted By CASANSAAR
With the Reserve Bank of India (RBI) cracking the whip on bad loans menace, more than three dozen chartered accountants are under the scanner for allegedly conniving with promoters in defaulting as well as restructuring the stressed assets, officials said.
At a time when more number of companies ...
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CA |
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1 | Hits : 4999
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CAs, CS, CMAs may face disgorgement, penalties from SEBI
Posted Date : 08-Apr-2018 , 08:34:32 pm | Posted By CASANSAAR
Chartered accountants, company secretaries, cost accountants and valuers may have to forfeit their fees and face penalties if they are found lacking in their dealings with listed firms, according to a new set of norms being considered by Sebi. The role of auditors and valuers has come under the scan...
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SEBI |
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0 | Hits : 1089
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CVC calls PNB statutory auditors to furnish specific details about financial transactions
Posted Date : 08-Apr-2018 , 08:16:09 pm | Posted By CASANSAAR
Awaiting a detailed vigilance report on the over Rs 13,000- crore Punjab National Bank scam, the Central Vigilance Commission (CVC) today said it has asked statutory auditors of the bank to appear before it to furnish specific details about financial transactions.
The watchdog asserted the need f...
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Category :
Auditing |
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Director of a company arrested for not paying GST
Posted Date : 07-Apr-2018 , 09:21:24 am | Posted By CASANSAAR
Central Goods and Services Tax (CGST) officials have arrested the director of a company in Navi Mumbai for allegedly failing to pay the GST and Service Tax.
An official release said that CGST, Navi Mumbai Commissionerate arrested the director of M/s OTS E Solution Private Limited, Rajpal Singh, y...
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GST |
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0 | Hits : 4709
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IBBI warns of action against errant bankers, company directors in insolvency cases
Posted Date : 07-Apr-2018 , 09:18:44 am | Posted By CASANSAAR
Insolvency and Bankruptcy Board of India chairman MS Sahoo warned that directors of companies facing insolvency process and financial creditors cannot go unscathed while the companies are put under insolvency resolution process.
The regulator has warned of action under the Insolvency and Bankrupt...
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Insolvent Professional |
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0 | Hits : 952
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5% Uniform rate of GST to apply in all railway catering services in trains or on stations
Posted Date : 07-Apr-2018 , 08:53:10 am | Posted By CASANSAAR
With a view to remove any doubt or uncertainty in the matter and bring uniformity in the rate of GST applicable to supply of food and drinks made available in trains, platforms or stations, it has been clarified with the approval of the competent authority that the GST rate on supply of food and dri...
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GST |
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0 | Hits : 839
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Procedure for registration as Registered Valuer with Insolvency and Bankruptcy Board
Posted Date : 06-Apr-2018 , 10:53:10 am | Posted By CASANSAAR
With an objective to familiarise the eligible and desirous individuals and entities with the process of registration as a valuer with the Insolvency and Bankruptcy Board (IBBI) , the IBBI released the process required.
The process of registration as registered value...
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Insolvent Professional |
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0 | Hits : 5097
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RBI defers implementation of Ind AS by one year
Posted Date : 06-Apr-2018 , 10:50:38 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Thursday decided to defer implementation of Indian Accounting Standard (Ind AS) by one year for the banks.
Scheduled commercial banks (SCBs), excluding regional rural banks (RRBs), were required to implement Ind AS from April 1, 2018.
"Necess...
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RBI |
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MCA to monitor CSR compliance in a centralised manner
Posted Date : 06-Apr-2018 , 10:48:10 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has decided to put in place a centralised system to keep a tab on entities' compliance with CSR obligations under the companies law, according to sources.
The move comes against the backdrop of rising instances of non-compliance with Corporate Social Responsi...
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MCA |
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CBDT notifies Income Tax Return Forms for Assessment Year 2018-19
Posted Date : 06-Apr-2018 , 10:43:02 am | Posted By CASANSAAR
The Central Board of Direct Taxes(CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2018-19. For Assessment Year 2017-18, a one page simplified ITR Form-1(Sahaj) was notified. This initiative benefited around 3 crore taxpayers, who have filed their return in this simplif...
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ITR |
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RBI asks banks to stop services to those dealing in virtual currencies
Posted Date : 06-Apr-2018 , 09:56:31 am | Posted By CASANSAAR
The Reserve Bank today directed all regulated entities including banks not to provide services to businesses dealing in virtual currencies like bitcoins, so as to protect consumer interest and check money laundering.
In the first bi-monthly monetary policy review of 2018-19, RBI said virtual curr...
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RBI |
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0 | Hits : 852
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Banks are billing for your SMS alerts against RBI advisory
Posted Date : 05-Apr-2018 , 03:07:43 pm | Posted By CASANSAAR
Charges for SMS alerts on banking transactions may not squeeze account holders much but can be a reasonable earning for many banks, especially in accounts with meagre monthly transactions though income from SMS alert service goes against the advisory from the sector regulator.
While Reserve...
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Banking |
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0 | Hits : 928
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Clarification regarding applicability of standard deduction to pension received from the former employer
Posted Date : 05-Apr-2018 , 02:55:50 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has clarified that the pension received by a taxpayer from his former employer is taxable under the head “Salaries”. The Finance Act, 2018 has amended Section 16 of the Income–tax Act, 1961(“the Act”) to provide that a taxpayer h...
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CBDT |
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Rs 4 lakh crore NPAs have returned due to IBC
Posted Date : 05-Apr-2018 , 08:49:35 am | Posted By CASANSAAR
Less than half of the staggering Rs 9 lakh crore worth of non-performing assets (NPAs), or bad loans, accumulated by banks had returned due to the system set in place by the Insolvency and Bankruptcy Code (IBC), 2016, the government said on Wednesday.
The figure was revealed by Corporate Af...
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Insolvent Professional |
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0 | Hits : 3398
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RBI to announce its first bi-monthly monetary policy for the new fiscal 2018-19
Posted Date : 05-Apr-2018 , 08:41:37 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) will today announce its first bi-monthly monetary policy for the new fiscal 2018-19. The Monetary Policy Committee, headed by RBI Governor Urjit Patel, started its 2-day meeting in Mumbai yesterday, amid little hopes of a cut in the key policy rate due to hardening gl...
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RBI |
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Government sets up an IT Grievance Redressal Mechanism to address the grievances of taxpayers due to technical glitches on GST Portal
Posted Date : 04-Apr-2018 , 03:38:51 pm | Posted By CASANSAAR
It has been decided by the Government to put in place an IT-Grievance Redressal Mechanism to address the difficulties faced by a section of taxpayers owing to technical glitches on the GST portal. In this regard, GST Council has delegated powers to an IT Grievance Redressal Committee to approve and ...
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GST |
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0 | Hits : 785
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IBC panel suggests treating home buyers as financial creditors
Posted Date : 03-Apr-2018 , 11:01:19 pm | Posted By CASANSAAR
Home buyers should be treated as financial creditors which will allow them to equitably participate in an insolvency resolution process, a high-level panel has recommended to the government.
The 14-member panel has also suggested relaxations for Micro, Small and Medium Enterprises (MSMEs) u...
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Insolvent Professional |
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0 | Hits : 759
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CAs, CSs and CMAs will come under SEBI ambit
Posted Date : 04-Apr-2018 , 09:27:49 am | Posted By CASANSAAR
Chartered Accountants, Cost Accountants and Company Secretaries may soon come under the ambit of the capital markets regulator. The Securities and Exchange Board of India will issue rules that will put the onus on chartered accountants, company secretaries, cost accountants, valuers and monitoring a...
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CA |
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0 | Hits : 4130
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IBC committee wants wider pool of bidders for insolvent companies
Posted Date : 04-Apr-2018 , 09:14:56 am | Posted By CASANSAAR
A high-level panel on reviewing the Insolvency and Bankruptcy Code (IBC) has suggested widening the pool of those who can bid for insolvent companies.
Earlier, the government had inserted Section 29 (A) to the Code, debarring related parties and connected persons of defaulting entities from biddi...
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Insolvent Professional |
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RBI did not audit PNB branch that sanctioned loans - CVC
Posted Date : 04-Apr-2018 , 09:04:46 am | Posted By CASANSAAR
Central Vigilance Commissioner K V Chowdary on Tuesday said the Reserve Bank of India had apparently not conducted an audit during the period of time when a Rs 13,000-crore scam hit the Punjab National Bank.
Chowdary stressed the need to put into place a more robust auditing system. "They di...
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Category :
Auditing |
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1 | Hits : 3044
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Indian Advance Pricing Agreement regime moves forward with the signing of 16 APAs by CBDT in March, 2018
Posted Date : 03-Apr-2018 , 04:06:06 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018. The 2 bilateral APAs have been entered into with the United States of America. With the signing of these Agreements...
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CBDT |
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ICAI Reconstitute Group for Review of Examination, Evaluation & Testing
Posted Date : 03-Apr-2018 , 02:17:11 pm | Posted By CASANSAAR
The President, in terms of the authority given to him by the Council at its 373rd meeting held on 12th February, 2018, has also nominated CA. Anil S. Bhandari, as member of the said Group.
Accordingly, the revised composition of the said Group will be as under:-
CA. Manu Agrawal, Convenor
CA....
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ICAI |
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0 | Hits : 1635
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RBI allows banks to spread bond trading losses over four quarters
Posted Date : 03-Apr-2018 , 09:57:39 am | Posted By CASANSAAR
The Reserve Bank of India has allowed banks to spread their bond trading losses, a change that is likely to boost profitability of lenders as well as spur a rally in stock and bond markets.
Under the change, lenders can spread bond-trading losses incurred in the December 2017 and March 2018 qua...
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RBI |
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0 | Hits : 853
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More than 5 lakh GST e-way bills issued on Day 2 of rollout
Posted Date : 03-Apr-2018 , 09:55:09 am | Posted By CASANSAAR
GST e-way bill was off to a successful start with more than five lakh e-way bills generated till 7 pm on the first working day of its implementation.
The roll-out of e-way bill without any glitches came as a relief to businesses who were fearing disruption to trade.
With the successful rollout...
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Category :
GST |
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0 | Hits : 957
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CoC can withdraw insolvency process if 90% votes for such a move - IBC panel
Posted Date : 03-Apr-2018 , 09:53:12 am | Posted By CASANSAAR
Ambiguity surrounding out-of-court settlements of insolvency cases, such as the one for Binani Cement, might soon be a thing of the past. A high-level panel reviewing the Insolvency and Bankruptcy Code (IBC) has recommended that the committee of creditors (CoC) concerned should be give the powers to...
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Insolvent Professional |
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0 | Hits : 1031
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Final Monthly collection figures of GST
Posted Date : 03-Apr-2018 , 09:48:01 am | Posted By CASANSAAR
The revenue collection figures under GST including CGST, SGST, IGST and cess for the period July 2017 – February 2018 paid in the period July 2017 – March 2018 is as follows:
(Figures in Rs. Crores)
Month
GST Collection
...
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GST |
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Rendering of Valuation Services without a Certificate of Registration till 30th Sept 2018
Posted Date : 03-Apr-2018 , 09:45:45 am | Posted By CASANSAAR
In exercise of the powers conferred by section 247 read with sections 458, 459 and 469 of the Companies Act, 2013 (18 of 2013), the Central Government, vide Gazette Notification dated 18th October, 2017, published the Companies (Registered Valuers and Valuation) Rules, 2017 (hereafter ‘Rules&r...
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Category :
Corporate Law |
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0 | Hits : 1050
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Direct tax collections grow 17% to Rs 9.95 lakh crores in 2017-18
Posted Date : 03-Apr-2018 , 09:42:21 am | Posted By CASANSAAR
The Direct Tax collections for the fiscal year 2017-18 stood at 9(point)95 lakh crore rupees, which is 17(point)1 per cent higher than net collection of 2016-17.
The tax collections during the fiscal year 2017-18 has exceeded the budget estimates of 9.80 lakh crore rupees.
Briefing...
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Category :
Income Tax |
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1 | Hits : 2490
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