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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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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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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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The Finance Act, 2018 has withdrawn the exemption under clause (38) of Section 10 of the Income-tax Act, 1961 (the Act) and has introduced a new section 112A in the Act, to provide that long term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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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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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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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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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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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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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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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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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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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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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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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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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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Category :
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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Category :
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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Category :
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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Category :
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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Category :
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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Category :
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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