Existing NBFC cannot operate as peer-to-peer lender - RBI
Posted Date : 11-Jan-2018 , 08:58:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) notified that existing non-banking financial companies cannot operate as peer-to-peer lenders. Further, new applicants for peer-to-peer lending license will need to provide the list of promoters and the source of funds for the minimum capital requirement of Rs20mn, th...
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RBI |
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SEBI bans PwC entities from issuing audit certificates for 2 yrs in Satyam Case
Posted Date : 11-Jan-2018 , 08:50:13 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) has barred auditor major Price Waterhouse's network entities from issuing audit certificates to any listed company in India for two years after finding it guilty in the multi-crore Satyam scam.
It also ordered disgorgement of over 13 cro...
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SEBI |
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No extension of date for filing return in FORM GSTR-1
Posted Date : 11-Jan-2018 , 08:48:48 am | Posted By CASANSAAR
The last date for filing of return in FORM GSTR-1, for different classes of taxpayers for the relevant periods, as shown in the Table below, remains 10th January, 2018. There has been no further extension of date for filing return in FORM GSTR-1.
Table
Sl. No.
Class of Taxpa...
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GST |
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Financial bids for all 12 large NPA accounts by month-end - SBI
Posted Date : 11-Jan-2018 , 08:44:20 am | Posted By CASANSAAR
Country's largest lender State Bank of India (SBI) expects financial bidding process for resolution of 12 big stressed accounts to be over by the end of this month, said the bank's top official.
SBI is the lead banker in 6 out of 12 large NPAs with total outstanding loan of Rs 1.75 lakh c...
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NPA |
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Cabinet clears 100% FDI in single-brand retail via automatic route
Posted Date : 10-Jan-2018 , 01:51:45 pm | Posted By CASANSAAR
The cabinet today approved 100 percent foreign direct investment (FDI) in single-brand retail through the automatic route, a move seen to trigger foreign inflows into India’s retail market. Previously, the government’s approval was needed for more than 49 percent FDI in single-brand reta...
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International Business |
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GST Council to discuss various issues on January 11
Posted Date : 10-Jan-2018 , 09:09:15 am | Posted By CASANSAAR
The Goods and Services Tax Council (GST) is scheduled to meet on Thursday (January 11) to deliberate on reasons for the fall in revenue collection, simplification of and other issues.
The tax rate fitment committee may also look into any potential rate changes.
Last time, the council met...
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GST |
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Simplifying invoice matching process on GST Council agenda
Posted Date : 10-Jan-2018 , 09:02:28 am | Posted By CASANSAAR
Simplifying the invoice matching process to check tax evasion and the revenue leakages under the composition scheme will dominate discussions of the goods and services tax (GST) Council in its next meeting.
The representative federal body comprising the Union finance minister and state finance mi...
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GST |
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NCLT approves demerger of Emaar MGF
Posted Date : 10-Jan-2018 , 08:55:26 am | Posted By CASANSAAR
National Company Law Tribunal has approved the proposed demerger scheme of Emaar MGF Land Ltd that will pave the way for joint venture partners Dubai's Emaar Properties and India's MGF Development go separate ways.
Approving the scheme, the tribunal said the "liabilities and duties&q...
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Merger & Acquisitions |
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Govt notifies the Companies (Amendment) Act, 2017
Posted Date : 09-Jan-2018 , 08:58:44 am | Posted By CASANSAAR
The Central Government notified the Companies (Amendment) Act, 2017 (Amendment Act) on 3rd January, 2018. The provisions of this Amendment Act shall come into force on the date or dates as the Central Government may appoint by notification(s) in the Official Gazette. A few provisions in the Amendmen...
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Companies Act |
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MCA asked to conduct forensic audit of IFCI
Posted Date : 07-Jan-2018 , 08:26:17 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has been asked to institute a forensic audit into the operations of IFCI in connection with non-performing loans, Parliament was informed today.
"As part of its ordinary course of business, IFCI Ltd extends loans to corporate borrowers, some of which b...
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Auditing |
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Companies facing insolvency action to get MAT relaxation
Posted Date : 07-Jan-2018 , 08:23:01 pm | Posted By CASANSAAR
In a bid to provide taxation relief to the companies facing corporate insolvency proceedings, the Income Tax Department has decided to relax norms for levy of Minimum Alternate Tax (MAT) from the current financial year 2017-18. The government will now allow such companies to reduce the amount of tot...
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Insolvent Professional |
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1463 bad loan accounts owe PSU banks Rs 100 crore or more
Posted Date : 07-Jan-2018 , 08:20:37 pm | Posted By CASANSAAR
As many as 1,463 entities account for bad loans of Rs 100 crore or more in 21 public sector banks (PSBs), finance ministry data showed.
In State Bank of India (SBI) alone, 265 accounts had bad loans of more than Rs 100 crore each, totalling Rs 77,538 crore, at the end of the September quart...
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Banking |
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Budget Session of Parliament to begin from 29th Jan; General budget on 1st Feb
Posted Date : 05-Jan-2018 , 07:30:55 pm | Posted By CASANSAAR
The Budget Session of Parliament will be convened from 29th of this month.
Cabinet Committee on Parliamentary Affairs (CCPA) met in New Delhi and recommend to the President to convene the session.
After the meeting, Parliamentary Affairs Minister Ananth Kumar told reporters in New ...
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Budget |
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RBI begins PCA against Allahabad Bank
Posted Date : 05-Jan-2018 , 01:26:54 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has initiated prompt corrective action (PCA) against public sector lender Allahabad Bank, owing to its high net non-performing assets (NPAs) and negative return on assets (RoA) for two consecutive years.
While in 2016-17, the bank’s net NPA ratio stood at 8.9...
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RBI |
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Bitcoin Exchanges seeking clarity over levy of GST
Posted Date : 05-Jan-2018 , 01:23:42 pm | Posted By CASANSAAR
Are Bitcoin exchanges required to pay goods and services tax? If they are, what would the rate be? And, will GST be levied on the revenues or operating margins of these exchanges?
India's top seven Bitcoin exchanges, which include Zebpay, Unocoin, CoinSecure and BtcxIndia, plan to appro...
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GST |
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ICAI told to give monthly reports on CAs
Posted Date : 04-Jan-2018 , 08:32:34 am | Posted By CASANSAAR
The central government has asked the Institute of Chartered Accountants of India (ICAI) to submit monthly reports on disciplinary action taken against chartered accountants (CAs) involved with shell companies, said sources.
The task force of shell companies created in 2017 has directed the ICAI t...
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ICAI |
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CBI arrests Income Tax officer for accepting bribe
Posted Date : 04-Jan-2018 , 08:26:39 am | Posted By CASANSAAR
The Central Bureau of Investigation (CBI) on Wednesday arrested a Mumbai-based Income Tax officer for demanding and accepting a bribe of Rs 1 lakh from a person.
A case was registered against the accused under Section 7 of PC Act 1988 after a complaint was filed against the officer for alle...
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Income Tax |
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Banks gearing up to refer 24 of 28 large NPA accounts to NCLT
Posted Date : 03-Jan-2018 , 09:59:23 am | Posted By CASANSAAR
With the closure of RBI s deadline to resolve the 28 identified large stressed accounts in the second list, banks are gearing up to refer as many as 24 of them for insolvency proceedings.
In August, the Reserve Bank had asked banks to either resolve the 28 more large stressed accounts or re...
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NPA |
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E-way bill system under GST to be implemented from Feb 1
Posted Date : 03-Jan-2018 , 09:55:37 am | Posted By CASANSAAR
The Goods and Services Tax (GST) provision requiring transporters to carry an electronic waybill or e-way bill when moving goods between states will be implemented from February 1 to check rampant tax evasion and boost revenues by up to 20%.
After implementation of the GST from July 1, the requir...
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GST |
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Govt allows action against 196 companies for CSR violations in FY 2014-15
Posted Date : 03-Jan-2018 , 09:32:05 am | Posted By CASANSAAR
The centre government has given a nod for a suitable action against 196 companies who failed to spend two per cent of their annual average net profit on corporate social responsibility in the 2014-15 fiscal. Total 5,870 companies had spent around Rs 9,553.7 crore during the 2014-15 fiscal, while the...
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Companies Act |
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Govt to introduce reverse charge mechanism to check GST evasion
Posted Date : 03-Jan-2018 , 09:27:44 am | Posted By CASANSAAR
In its bid to check evasion, especially by traders and small businesses under goods and services tax (GST), the government is likely to introduce the reverse charge mechanism, wherein, recipient of goods or services are required to pay GST instead of suppliers, said a report.
This will ensu...
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GST |
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Trading in Bitcoin, Ethereum illegal - Finance Minister
Posted Date : 03-Jan-2018 , 08:54:39 am | Posted By CASANSAAR
Bitcoins or such crypto-currencies are not legal tender and those indulging in such transactions are doing it at their own risk, Finance Minister Arun Jaitley said today as MPs expressed concern over trading on these platforms.
During the Question Hour in Rajya Sabha, DMK member Kanimozhi sought ...
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Bitcoins |
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Govt relaxes norms for rectification of returns under GST
Posted Date : 02-Jan-2018 , 08:47:48 am | Posted By CASANSAAR
The Finance Ministry has permitted businesses to rectify mistakes in their monthly returns - GSTR-3B - and adjust tax liability, a move that will help them file correct returns without fear of penalty.
This relaxation will give an opportunity to businesses to claim tax credit correctly by r...
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GST |
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Income Tax Dept launches new e-Filing helpline for taxpayers
Posted Date : 02-Jan-2018 , 08:45:06 am | Posted By CASANSAAR
The income tax department on Monday notified a new helpline number for taxpayers who e-file their returns and conduct other tax-related businesses online.
The department issued an advisory and said: “Attention taxpayers: e-Filing help desk number has been changed. New Help desk number is: I...
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Income Tax |
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IBBI publishes syllabus and other details of educational courses and valuation examinations
Posted Date : 02-Jan-2018 , 08:34:02 am | Posted By CASANSAAR
The Central Government notified the commencement of section 247 (relating to valuers) of the Companies Act, 2013 with effect from 18th October, 2017. It also notified the Companies (Registered Valuers and Valuation) Rules, 2017 on 18th October, 2017.
Vide a notification dated 23rd October, 2017, ...
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Insolvent Professional |
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Make PAN mandatory for overseas package tours: ICAI to Govt
Posted Date : 01-Jan-2018 , 11:05:56 am | Posted By CASANSAAR
The Institute of Chartered Accountants of India has suggested the government to make PAN compulsory on air-ticket bookings for overseas package tours to bring high value transactions into the data system. In its pre-Budget memorandum with regards to direct taxes, the Chartered Accountants' apex ...
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ICAI |
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Government in favour of separate regulator for CAs
Posted Date : 29-Dec-2017 , 07:02:50 pm | Posted By CASANSAAR
The Government is in favour of an independent regulator to oversee compliance with accounting and auditing standards as well as for oversight of audit professionals, Parliament was informed today.
However, the Institute of Chartered Accountants of India (ICAI) is of the view that existing framewo...
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CA |
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CPE HOURS requirement date for 2017 extended to 28th Feb 2018 - ICAI
Posted Date : 29-Dec-2017 , 07:26:02 am | Posted By CASANSAAR
December 28, 2017
FOR INFORMATION OF THE MEMBERS
Subject: Extension of last date “for complying with the CPE hours requirement for the Calendar Year 2017” - from 31st December, 2017 to 28th February, 2018
This is for kind information of the members that the last date for compl...
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CPE Hours |
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GST Returns deadline extended till January 10
Posted Date : 29-Dec-2017 , 06:44:45 pm | Posted By CASANSAAR
The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said. Businesses with turnover of up to Rs. 1.5 crore will have to file GSTR-1 for July-September by January 10, 2018, as against December 31, 2017 e...
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GST |
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Lok Sabha passes Insolvency and Bankruptcy Code Amendment Bill
Posted Date : 29-Dec-2017 , 06:39:53 pm | Posted By CASANSAAR
The Lok Sabha today passed the Insolvency and Bankruptcy Code (Amendment) Bill -2017 with a voice vote.
The bill prohibits certain persons from submitting a resolution plan in case of defaults.
These include wilful defaulters, promoters or management of the company having an outsta...
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Insolvent Professional |
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