CA Megha Jain created history by flying from 18,400 Mtrs
Posted Date : 26-Mar-2018 , 04:15:21 pm | Posted By CASANSAAR
CA Megha Jain (2011 batch) created history to become the “First Indian civilian lady to record her name in LIMCA BOOKS OF RECORDS-2018 for flying fighter plane MIG29” on touching heights of around 18,400 m with a top speed of 1,850 km/hr over Sokol Airbase in Nizhny Novgorod, Russia.&nbs...
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CA |
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MCA mulls legal ways to stall bankruptcy proceedings in US in PNB Scam
Posted Date : 26-Mar-2018 , 08:40:10 am | Posted By CASANSAAR
The Ministry of Corporate Affairs is considering legal options to try to stall bankruptcy proceedings in the US against diamantaire Nirav Modi's group firm Firestar Diamond, amid stepped up action in the over Rs 130 billion scam at Punjab National Bank, according to officials.
The move comes ...
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Insolvent Professional |
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0 | Hits : 973
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Business with nil tax liability may get to file GST returns bi-annually
Posted Date : 26-Mar-2018 , 08:34:24 am | Posted By CASANSAAR
Businesses having zero tax liability for six consecutive months under GST may soon get relief once the proposal to allow such entities to file returns only twice a year gets the GST Council’s nod.
According to recent data, as much as 40 per cent of return filers under the Goods and Services...
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GST |
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0 | Hits : 1154
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Over 68000 companies registered in 8 months post GST - MCA
Posted Date : 25-Mar-2018 , 10:12:10 am | Posted By CASANSAAR
More than 68,000 companies have been registered in eight months following the implementation of the Goods and Services Tax (GST) regime, Union Minister P P Chaudhary said.
GST --the biggest tax reform-- was rolled out from July 1, 2017.
"The total number of companies registere...
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GST |
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0 | Hits : 933
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MCA has filed prosecution against 780 listed companies under various sections of Companies Act, 2013
Posted Date : 25-Mar-2018 , 10:00:28 am | Posted By CASANSAAR
The Government has taken any steps against listed companies which are not functioning. Ministry of Corporate Affairs (MCA) has filed prosecution against 780 listed companies under various sections of Companies Act, 2013 due to non-filing of Financial Statements and Annual Returns.
As on 31st Dece...
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MCA |
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Govt to set up more NCLT benches to handle wave of bankruptcy cases
Posted Date : 22-Mar-2018 , 11:13:06 pm | Posted By CASANSAAR
The government is set to increase the number of bankruptcy courts to ease the load on existing benches overburdened by creditors suing defaulting businesses and expedite resolution of insolvency cases, corporate affairs secretary Injeti Srinivas said.
The government will also hire more judicial a...
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Insolvent Professional |
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0 | Hits : 972
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After PNB, SBI, now Union Bank of India hit by bank fraud
Posted Date : 22-Mar-2018 , 11:07:53 pm | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) registered a Rs1,394.43 crore bank fraud case against Hyderabad-based Totem Infrastructure Ltd on a complaint by state-run Union Bank of India.
“The CBI registered a case today (Thursday) on a complaint by Union Bank of India against Totem Infrastru...
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Banking |
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CBI files another bank fraud case of Rs.1394 Cr
Posted Date : 22-Mar-2018 , 11:04:25 am | Posted By CASANSAAR
Yet another bank fraud has come to light, with the CBI filing a case against Hyderabad-based Totem Infrastructure Ltd for allegedly defrauding a consortium of eight banks led by Union Bank of India (UBI) to the tune of Rs 1,394 crore.
A Central Bureau of Investigation (CBI) team also carried out ...
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Banking |
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0 | Hits : 1334
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Linking of SWIFT to the Core Banking System
Posted Date : 22-Mar-2018 , 11:01:05 am | Posted By CASANSAAR
Department of Economic Affairs has apprised that in pursuance to the announcement made in the Budget Speech 2018-19 (para75), a Steering Committee on Fintech related issues was constituted to consider various issues relating to development of Fintech space in India with a view to make Fint...
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Banking |
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0 | Hits : 995
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GST - Clarity on E-Way Bill
Posted Date : 22-Mar-2018 , 10:59:29 am | Posted By CASANSAAR
Government has received various representations from Association of Exporters as well as Corporate Bodies seeking clarity on e-way bill regarding movement of goods from dry-ports to sea ports and from SEZs within the zone. Some of the queries regarding applicability of e-way bill provisions are as b...
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GST |
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0 | Hits : 1301
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States Exempted from Tax Refund after GST
Posted Date : 22-Mar-2018 , 10:57:31 am | Posted By CASANSAAR
The North Eastern and Hilly States have not been provided exemption from tax refund till March, 2027 under GST. The GST Council in the meeting held on 30.09.2016, had decided that all entities exempted from payment of indirect tax under the then existing tax incentive scheme shal...
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GST |
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0 | Hits : 858
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GST on Skill Development, Start-Ups and Tourism
Posted Date : 22-Mar-2018 , 10:56:10 am | Posted By CASANSAAR
All kinds of representations received from the trade and industry (including start-ups) regarding GST rates on services have been deliberated in the Fitment Committee. Government has exempted various kinds of services in relation to skill development. Decision pertaining to rates of GST an...
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GST |
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0 | Hits : 841
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Non-Compliant NBFCs which have not fulfilled their obligations under PML Rules asked to do so
Posted Date : 22-Mar-2018 , 10:54:29 am | Posted By CASANSAAR
Prevention of Money Laundering Act, 2002 (PMLA) and the Rules impose obligation on reporting entities (RE’s) including Non-Banking Financial Companies (NBFC’s) to verify identity of clients, maintain records and furnish information to FIU-IND. To facilitate the filing of prescribed repor...
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Finance |
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PNB issued over 41k LoUs since 2011- FinMin
Posted Date : 22-Mar-2018 , 10:52:26 am | Posted By CASANSAAR
In reply to another question, Minister of State for Finance Shiv Pratap Shukla said that as per PNB, the total number of LoUs issued to the companies of Nirav Modi, his relatives and the Nirav Modi Group are 1,213, and to Mehul Choksi, his relatives and the Gitanjali Group are 377.
He further sai...
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Banking |
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0 | Hits : 859
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Parliament passes Payment of Gratuity Bill
Posted Date : 22-Mar-2018 , 07:30:33 am | Posted By CASANSAAR
Parliament gave its seal of approval to the Payment of Gratuity (Amendment) Bill, 2018 with the Rajya Sabha adopting it today. The bill was passed by voice vote during Zero Hour without discussion. The Lok Sabha had already passed the bill last week.
Moving the Bill, Labour Minister Santosh Kumar...
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General |
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0 | Hits : 1119
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Bank Branch Audit 2018 - Update on allotment of Branches
Posted Date : 22-Mar-2018 , 12:10:10 am | Posted By CASANSAAR
Bank Branch Audit 2018 - Update on allotment of Branches
As per information received, Banks has send the final list for bank branch statutory audit to RBI & waiting for RBI Approval.
Plz check your email on regular basis.
If you have any update regard...
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Bank Branch Audit |
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2 | Hits : 14518
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RBI asks PSB auditors to step up vigil, spot SCAMS
Posted Date : 21-Mar-2018 , 09:22:58 pm | Posted By CASANSAAR
Battling with frauds and dodgy borrowers, the Reserve Bank of India (RBI) has asked auditors of state-owned banks to watch out for unrealistic cash-flow projections that corporates often make to obtain new loans or rejig old loans to buy time. The regulator, at a meeting last week, also told them to...
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RBI |
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1 | Hits : 1392
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Punjab waives its share of GST on langar at key shrines
Posted Date : 21-Mar-2018 , 09:16:33 pm | Posted By CASANSAAR
Chief minister Amarinder Singh on Wednesday announced waiver of the state government’s 50% share in the Goods and Services Tax (GST) on community kitchen (langar) at Golden Temple, Durgiana Temple, Bhagwan Valmiki Tirath and key shrines of the other communities.
The Punjab assembly also una...
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GST |
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1 | Hits : 826
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Government sets up task force to draft new Direct Tax Law
Posted Date : 21-Mar-2018 , 09:02:57 pm | Posted By CASANSAAR
Government has constituted a task force to review the Income-tax Act, 1961 and to draft a new Direct Tax Law in consonance with the economic needs of the country.
Finance Ministry, in a release said, in this endeavour of drafting the new tax law, it is imperative to engage with stakeholders...
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Income Tax |
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0 | Hits : 974
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IBBI nvites comments on the Draft Syllabus of Limited Insolvency Examination.
Posted Date : 21-Mar-2018 , 07:51:57 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Code, 2016 (Code) provides for a class of regulated professionals, namely, Insolvency Professionals (IP), who constitute one of the four key pillars of the insolvency regime, other three being the Adjudicating Authority, the Insolvency and Bankruptcy Board of ...
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Insolvent Professional |
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0 | Hits : 1116
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Delhi HC issues notice to Raja, Kanimozhi on ED, CBI appeal in 2G scam case
Posted Date : 21-Mar-2018 , 02:06:59 am | Posted By CASANSAAR
The Delhi High Court today issued a notice to former Telecom Minister A Raja, DMK MP Kanimozhi and others on the Enforcement Directorate, ED's plea challenging their acquittal in a money laundering case arising out of the 2G spectrum allocation scam.
Justice SP Garg issued another notice to t...
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General |
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Banking Regulation Act doesn’t wholly apply to SBI, other PSBs & Regional rural banks: RBI official
Posted Date : 19-Mar-2018 , 10:55:13 pm | Posted By CASANSAAR
The law that regulates and supervises banking companies in India does not wholly apply to State Bank of India (SBI), other government-owned lenders and regional rural banks (RRBs), a senior Reserve Bank of India (RBI) official told ET.
This follows RBI governor Urjit Patel’s March 14 ...
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RBI |
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Bank unions demand JPC probe into PNB fraud case
Posted Date : 19-Mar-2018 , 09:25:05 pm | Posted By CASANSAAR
Demanding a joint parliamentary committee (JPC) probe into the recent banking fraud, the United Forum of Bank Unions (UFBU) -- a body of nine trade unions -- on Monday questioned the supervision mechanism of the Reserve Bank of India (RBI).
"We are demanding a detailed JPC probe into the rec...
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Income Tax |
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0 | Hits : 952
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CBEC to verify GST transitional credit claims of 50000 taxpayers
Posted Date : 19-Mar-2018 , 08:42:33 pm | Posted By CASANSAAR
In order to check "frivolous and fraudulent" tax credit claims by businesses, the CBEC has decided to verify demands of top 50,000 tax payers claiming maximum GST transitional credit, starting with those where the quantum exceeds Rs 25 lakh.
The verification of "unreasonable&...
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GST |
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0 | Hits : 796
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Bank Branch Statutory Audit Updates
Posted Date : 19-Mar-2018 , 10:02:58 am | Posted By CASANSAAR
Bank Branch Statutory Audit Updates
Panel of Statutory Bank auditors received by various banks. As Per reliable sources, Some Banks are using Software for allotment proess.
Following Banks has start sending mails for Bank Branch Audit:-
Corporation Bank
Canara Bank
Syndicate Bank
Indian ...
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Bank Branch Audit |
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30 | Hits : 57635
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HC seeks govt response on plea challenging a GST rule
Posted Date : 18-Mar-2018 , 09:13:01 pm | Posted By CASANSAAR
The Delhi High Court has sought response of the Centre and the Goods and Services Tax (GST) Council on a Bajaj Auto dealer's plea challenging constitutionality of a GST rule which provides a time line for filing the form to claim input tax credit.
A bench of justices S Ravindra Bhat and...
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GST |
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0 | Hits : 1126
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Only 16% of initial GST returns filed for July-Dec matched with final returns
Posted Date : 18-Mar-2018 , 10:53:53 am | Posted By CASANSAAR
With only 16 per cent of the summary sales returns under GST matching with the final returns, the revenue department has started to analyse major gaps with a view to check any possible tax evasion.
According to the GST returns data, 34 per cent of businesses paid Rs 34,400 crore less tax between ...
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GST |
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0 | Hits : 1415
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Rs 11,300 crore lying unclaimed with 64 banks - RBI
Posted Date : 18-Mar-2018 , 10:50:34 am | Posted By CASANSAAR
As much as Rs 11,302 crore belonging to over three crore account holders is lying unclaimed with 64 banks, data from the Reserve Bank of India has revealed.
The largest amount — Rs 1,262 crore — is lying with the State Bank of India, Rs 1,250 crore with PNB, while all other nationalis...
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RBI |
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0 | Hits : 1123
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Prosecutions filed against auditor after inspecting DDCA books - Govt
Posted Date : 16-Mar-2018 , 08:47:10 pm | Posted By CASANSAAR
The corporate affairs ministry said an inspection was conducted on functioning of Delhi and District Cricket Association (DDCA) and prosecutions were filed against the auditor.
In written reply to the Lok Sabha, Minister of State for Corporate Affairs P P Chaudhary said the government had receive...
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Auditing |
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2 | Hits : 2380
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Indian GST is one of the most complex tax systems in the World - World Bank
Posted Date : 16-Mar-2018 , 08:38:43 pm | Posted By CASANSAAR
The Indian Goods and Services Tax (GST) system is among the most complex in the world with not only one of the highest tax rates but also one of the largest number of tax slabs, the World Bank has said.
It added that India has the highest standard GST rate in Asia, and second highest in the world...
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GST |
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