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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0 | Hits : 1170
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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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Category :
Income Tax |
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0 | Hits : 1748
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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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0 | Hits : 1271
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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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Category :
Banking |
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0 | Hits : 943
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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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Category :
GST |
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0 | Hits : 1650
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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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0 | Hits : 1670
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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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Category :
GST |
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0 | Hits : 1147
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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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Category :
Insolvent Professional |
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0 | Hits : 917
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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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0 | Hits : 1415
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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 : 1277
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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 : 5041
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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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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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1 | Hits : 4772
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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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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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Category :
Insolvent Professional |
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0 | Hits : 975
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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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Category :
GST |
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0 | Hits : 854
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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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Category :
Insolvent Professional |
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0 | Hits : 5214
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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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0 | Hits : 1209
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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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0 | Hits : 999
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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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0 | Hits : 1573
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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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Category :
RBI |
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0 | Hits : 888
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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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Category :
Banking |
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0 | Hits : 1094
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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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Category :
CBDT |
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0 | Hits : 883
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