ICAI seeks one more disciplinary committee Bench
Posted Date : 14-Feb-2018 , 09:29:11 am | Posted By CASANSAAR
ICAI has requested the government to give its nod for one more Bench of disciplinary committee to strengthen the disciplinary mechanism around the CA profession, said its newly elected President Naveen N.D. Gupta.
This proposed new Bench of disciplinary committee will be dedicated for “publ...
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ICAI |
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IT raid cases will not be processed under e-assessment - CBDT
Posted Date : 14-Feb-2018 , 09:19:04 am | Posted By CASANSAAR
The soon-to-be rolled out pan India e-assessment system for scrutiny cases of taxpayers will not be applicable to instances where a raid has been conducted against an assessee by the Income Tax (IT) department, the Central Board of Direct Taxes has said.
The CBDT added that the current system of ...
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Income Tax |
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Government of India makes Amendments in Small Savings Act
Posted Date : 14-Feb-2018 , 09:13:35 am | Posted By CASANSAAR
The Government gives highest priority to the interest of small savers, especially savings for the benefit of girl child, the senior citizens and the regular savers who form the backbone of our country’s savings architecture. In order to remove existing ambiguities due to multiple Acts and rule...
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General |
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Big relief for individuals! I-T scrutiny turns faceless with e-proceeding facility
Posted Date : 13-Feb-2018 , 04:22:20 pm | Posted By CASANSAAR
In a big relief for individuals facing income-tax (IT) scrutiny, the I-T department has said all further interaction would happen only through 'Eproceeding' facility, making the entire process faceless.
In a direction issued to the field officers Monday, the Central Board of Direct ...
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Income Tax |
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RBI issues revised guidelines for expeditious resolution of bad loans
Posted Date : 13-Feb-2018 , 09:40:43 am | Posted By CASANSAAR
Reserve Bank of India has issued a revised framework for expeditious resolution of bad loans, harmonising the existing guidelines with the norms specified in the Insolvency and Bankruptcy Code (IBC).
The new guidelines have specified framework for early identification and reporting of stres...
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RBI |
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Newly Elected President & Vice-President of ICAI for the year 2018-19
Posted Date : 13-Feb-2018 , 09:32:52 am | Posted By CASANSAAR
CA. Naveen N. D. Gupta elected as President, ICAI & CA. Prafulla Chhajed as Vice-President, ICAI for the year 2018-19.
Many Congrats from CASANSAAR
CA.Vivek Khurana (Founder - CASANSAAR) with newly elected President, ICAI & Vice President, ICAI....
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ICAI |
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Govt mulls making PAN an Aadhaar-like unique ID for businesses
Posted Date : 12-Feb-2018 , 08:42:34 am | Posted By CASANSAAR
The Centre is in talks to make the Permanent Account Number (PAN) an Aadhaar-like unique ID for businesses. The plan to introduce a unique identity for businesses was earlier announced by Finance Minister Arun Jaitley in his budget speech.
An official told the Economic Times, this would help redu...
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Income Tax |
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15 months after note ban, RBI still processing returned notes
Posted Date : 11-Feb-2018 , 08:18:26 pm | Posted By CASANSAAR
The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high value currency 15 months ago, are still being "processed for their arithmetical accuracy and genuineness".
This is being done in an "expedited manner", the central bank said...
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RBI |
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GST regime not user-friendly - Bombay High Court
Posted Date : 11-Feb-2018 , 08:12:39 am | Posted By CASANSAAR
The Bombay High Court said the goods and services tax (GST) regime wasn't easy to use, questioning the celebratory midnight session of Parliament that was held to mark its launch. It called on those responsible for GST implementation to resolve glitches in the system that have led to frustration...
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GST |
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Government mops up Rs 26,500 crore from those who didn't file tax returns
Posted Date : 10-Feb-2018 , 10:36:42 am | Posted By CASANSAAR
The government's drive, through a non-filer monitoring system, to target those who indulge in high value transactions but don't pay enough taxes has forced the filing of at least Rs 1.7 crore extra returns and helped the Centre mop up close to Rs 26,500 crore till December.
In a written r...
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Income Tax |
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Direct tax collection grows Rs 6.95 lakh crore during April-January period
Posted Date : 09-Feb-2018 , 09:15:45 pm | Posted By CASANSAAR
The government's direct tax collection has grown 6(point)95 lakh crore rupees during the April-January period of the current fiscal, a growth of 19.3 per cent over the year-ago period.
The net collections for Corporate Income Tax, CIT, showed a growth of 19.2 per cent and for Personal Income ...
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Income Tax |
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Delhi HC seeks response from RBI on protection of online transactions
Posted Date : 09-Feb-2018 , 09:28:45 am | Posted By CASANSAAR
At a time when the Centre is encouraging people to adopt digital transactions, some banks are allegedly not enforcing RBI directions to provide an additional authentication system for online transactions. The Delhi High Court has decided to examine the issue to protect consumers from rising incident...
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RBI |
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RBI warns for fake website of RBI
Posted Date : 09-Feb-2018 , 09:26:37 am | Posted By CASANSAAR
The Reserve Bank of India on Thursday cautioned members of the public that it has come across a fake website www.indiareserveban.org created by some unknown person(s) with a layout similar to the original RBI website and containing a provision for ‘Bank verification with online account-holders...
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RBI |
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Competition Commission slaps Rs 136 crore penalty on Google
Posted Date : 09-Feb-2018 , 09:22:24 am | Posted By CASANSAAR
The Competition Commission on Wednesday imposed a fine of Rs 136 crore on internet giant Google for unfair business practices in the Indian market for online search.
After a detailed probe on the complaints filed in 2012, the regulator through a majority order said the penalty is being imposed on...
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General |
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884 companies under scanner in money laundering cases - Govt
Posted Date : 08-Feb-2018 , 09:18:31 am | Posted By CASANSAAR
As many as 884 companies are under the scanner in various money laundering cases and assets worth Rs 5,000 crore have been attached following probes initiated as per the PMLA, Union Minister P P Chaudhary said.
However, he said that not a single company has been deregistered on the charges of mon...
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Money laundering |
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RBI announces relief measures for GST-affected MSME sector
Posted Date : 08-Feb-2018 , 09:13:39 am | Posted By CASANSAAR
In a measure to provide relief to the micro, small and medium enterprises (MSME) sector which was "badly hit" by the implementation of the Goods and Services Tax (GST), the Reserve Bank of India (RBI) on Wednesday gave them an extension of up to 180 days to clear their loans to banks. ...
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GST |
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Cabinet approves Insolvency and Bankruptcy Code (Amendment) Bill, 2017
Posted Date : 08-Feb-2018 , 08:34:42 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given Ex-post facto approval to the modifications carried out in the replacement Bill, which replaced the Insolvency and Bankruptcy Code (Amendment) Bill 2017, and which has been passed by the Parliament as the Insolvency and Ban...
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Insolvent Professional |
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RBI to link base rate with MCLR
Posted Date : 08-Feb-2018 , 08:31:29 am | Posted By CASANSAAR
The Reserve Bank of India has said that it will link the base rate with the MCLR from 1st of April this year to ensure expeditious transmission of its policy rate to borrowers. In a statement, RBI said, though it had introduced the Marginal Cost of Funds based Lending Rates (MCLR) system with effect...
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RBI |
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Amendments to the IBBI (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017
Posted Date : 08-Feb-2018 , 08:27:31 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017.
2. According to the amendments,
a. The resolution professional shall appoint registered valuers to determ...
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Insolvent Professional |
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Amendments to the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 08-Feb-2018 , 08:23:32 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) amended the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016.
2. According to the amendments,
a. The resolution professional shall appoint two registered valuers to determine th...
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Insolvent Professional |
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Don't worry about NAFRA - Corporate Affairs Minister
Posted Date : 07-Feb-2018 , 08:45:54 am | Posted By CASANSAAR
Union minister P P Chaudhary assured ICAI that they need not worry about the proposed National Financial Reporting Authority (NAFRA) but emphasised that there is a need to strengthen the existing system.
The Companies Act, 2013 provides for setting up of the NAFRA, which would look into accountin...
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ICAI |
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40 corporate insolvency resolutions completed - Govt
Posted Date : 07-Feb-2018 , 08:41:52 am | Posted By CASANSAAR
As many as 40 corporate insolvency resolutions, under the Insolvency and Bankruptcy Code, have been completed, Union Minister P P Chaudhary said today.
The Code, which provides for market--determined and time-- bound resolution process, is being implemented by the Insolvency and Bankruptcy ...
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Insolvent Professional |
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Income Tax dept issues notices to crypto currency investors - CBDT
Posted Date : 06-Feb-2018 , 08:59:39 pm | Posted By CASANSAAR
The income tax department is issuing notices to people who invested in crypto currencies like bitcoin but did not declare income or ‘profits earned’ from them, Central Board of Direct Taxes (CBDT) chairman Sushil Chandra said on Tuesday.
The department has found that there is no clari...
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Income Tax |
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5,572 investors’ awareness programmes conducted in 2017-18 till Dec 2017
Posted Date : 07-Feb-2018 , 08:21:32 am | Posted By CASANSAAR
Investors Awareness Programmes (IAPs) have been organised by Investor Education and Protection Fund (IEPF) in association with Institute of Chartered Accountants of India (ICAI), Institute of Company Secretaries of India (ICSI), Institute of Cost Accountants of India (ICoAI) and CSC e-gove...
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Category :
Companies Act |
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0 | Hits : 799
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Bloodbath In Stock Markets, Sensex tanks over 1,200 Points
Posted Date : 06-Feb-2018 , 10:29:09 am | Posted By CASANSAAR
India’s benchmark Sensex index slumped nearly 1250.38 points to 33,506.78 points, while Nifty declined 350 points to 10,343 tracking global selloff amid strong US jobs data.
Both Nifty and Sensex fell nearly 3.5%, their biggest fall since August 2015. Overnight, Dow Jones fell over 1,...
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Shares & Stock |
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0 | Hits : 916
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ICAI concerned over individuals falsely claiming to be CAs
Posted Date : 06-Feb-2018 , 09:49:34 am | Posted By CASANSAAR
ICAI said there are fraudulent cases being reported wherein individuals are falsely claiming to be chartered accountants.
The Institute of Chartered Accountants of India's (ICAI's) statement comes against the backdrop of recent reports that the Income Tax Department had busted a racket wh...
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ICAI |
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RBI's Monetary Policy Committee (MPC) meeting to begin today in Mumbai
Posted Date : 06-Feb-2018 , 09:37:03 am | Posted By CASANSAAR
Reserve Bank of India’s Monetary Policy Committee (MPC) meeting will begin today in Mumbai. The six-member MPC headed by RBI Governor Urijit Patel will meet for the Sixth Bi-monthly Monetary Policy Statement for 2017-18.
RBI may keep policy rates on hold this week. It may toughen its warnin...
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RBI |
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Clarification on ‘Expenditure on Tax administration’ in Union Budget 2018-19
Posted Date : 03-Feb-2018 , 08:58:40 am | Posted By CASANSAAR
In one of the Budget documents of the Union Budget 2018-19,
“Budget at a glance” under the title ‘Expenditure on Government of India’, an expenditure of Rs.77,747 crore and Rs.10,5541 crore has been shown against the item “Tax administration” und...
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Budget |
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Govt introduces Bill to amend the PMLA Act, 2002 through Finance Act, 2018
Posted Date : 02-Feb-2018 , 09:18:32 am | Posted By CASANSAAR
Following amendments have been made in the Prevention of Money-laundering Act, 2002 (PMLA) through Finance Act 2018. The Amendments aim at further enhancing the effectiveness of the Act, widen its scope and take care of certain procedural difficulties faced by the Enforcement Directorate in prosecut...
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Finance Bill |
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LTCG tax may make stock investments less attractive - ICAI
Posted Date : 02-Feb-2018 , 09:11:26 am | Posted By CASANSAAR
The removal of exemption of long term capital gains tax on transfer of shares might make investing in stock markets a less attractive option, according to chartered accountants apex body ICAI.
In the Budget 2018-19, presented in the Parliament, the government has decided to impose a 10 per cent t...
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ICAI |
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