SC holds stringent bail condition in PMLA as unconstitutional
Posted Date : 25-Nov-2017 , 09:42:39 am | Posted By CASANSAAR
In a ruling in favour of citizens' liberty, the Supreme Court has set aside a clause in the Prevention of Money Laundering Act, which made it virtually impossible for a person convicted to more than three years in jail to get bail if the public prosecutor opposed it.
The ruling is signi...
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General |
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RBI, EC have no info on bonds for political parties funding
Posted Date : 25-Nov-2017 , 09:37:38 am | Posted By CASANSAAR
The Reserve Bank of India and the Election Commission have no information on electoral bonds, which were announced about nine months back for the funding of political parties, according to an RTI reply.
"We have no information to furnish," the central bank said in its reply to the RTI q...
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RBI |
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All revised IT returns post demonetisation under lens
Posted Date : 25-Nov-2017 , 09:33:56 am | Posted By CASANSAAR
In the days after demonetisation, thousands handled their hidden cash by dumping the currency in banks, filing a revised income-tax return, and forking out a little over 30% tax for the extra cash that was deposited.
This, they believed, was a neat way to take care of the cash and keep tax ...
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ITR |
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GOI floats Series-III of Sovereign Gold Bonds 2017-18
Posted Date : 25-Nov-2017 , 09:29:04 am | Posted By CASANSAAR
GOI floats Series-III of Sovereign Gold Bonds 2017-18
Issue price shall be Rs2,961 per gram with Settlement on December 4, 2017.
Government of India, in consultation with the Reserve Bank of India (RBI), had floated Series III of Sovereign Gold Bonds 2017-18, ...
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Banking |
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0 | Hits : 908
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EPFO to credit ETF units to PF accounts of subscribers
Posted Date : 24-Nov-2017 , 08:58:17 am | Posted By CASANSAAR
The Employees’ Provident Fund Organisation (EPFO) on Thursday decided to credit units of exchanged traded funds (ETF) to the provident fund (PF) accounts of its over 45 million subscribers, giving them a window to monetize the fund’s equity exposure.
EPFO has been investing in the sto...
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General |
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RBI relaxes 26% debt-equity conversion cap for ARCs
Posted Date : 24-Nov-2017 , 08:31:07 am | Posted By CASANSAAR
In a major boost to the asset reconstruction companies (ARCs) the Reserve Bank today relaxed norms capping their shareholdings at 26 per cent in the borrower firm under reconstruction, provided their net-owned funds are maintained at Rs 100 crore.
Earlier ARCs could convert a portion of the debt ...
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RBI |
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No proposal to withdraw cheque book facility - FinMin
Posted Date : 24-Nov-2017 , 08:28:09 am | Posted By CASANSAAR
The finance ministry today said there is no proposal to withdraw the bank cheque book facility as part of exercise to promote digital transaction.
The clarification comes in the backdrop of reports in a certain section of media that there is a possibility that the central government may withdraw ...
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Banking |
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Ordinance to amend the Insolvency and Bankruptcy Code, 2016 promulgated
Posted Date : 23-Nov-2017 , 06:40:13 pm | Posted By CASANSAAR
The Government of India promulgated today the Ordinance to amend the Insolvency and Bankruptcy Code, 2016 (the Code). Earlier the President of India had given his assent to the Ordinance to amend the Code.
The Ordinance aims at putting in place safeguards to prevent unscrupulous, undesi...
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Corporate Law |
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Application Form for the Information Systems Audit (ISA) Assessment Test - Dec, 2017
Posted Date : 23-Nov-2017 , 10:04:16 am | Posted By CASANSAAR
Application Form for the Information Systems Audit (ISA) Assessment Test - December, 2017 [Last Date - 6th December, 2017] - ICAI
Online Application Form
Hard Copy Application Form
...
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ICAI |
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Cabinet approves ordinance to introduce changes to IBC
Posted Date : 22-Nov-2017 , 10:03:43 pm | Posted By CASANSAAR
The Union Cabinet on Wednesday approved an ordinance to introduce certain changes to the Insolvency and Bankruptcy Code (IBC).
“Some changes have been proposed to the Insolvency and Bankruptcy Code and since these are being done by an ordinance, we cannot give the details of the proposals t...
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General |
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Cabinet approves setting up of the 15th Finance Commission
Posted Date : 23-Nov-2017 , 09:17:18 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved the setting up of the 15thFinance Commission. Under Article 280 (1) of the Constitution,it is a Constitutional obligation. The Terms of Reference for the 15thFinance Commission will be notified in due course of time.
...
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Finance Bill |
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Constitution of Task Force for drafting a New Direct Tax Legislation
Posted Date : 23-Nov-2017 , 09:15:33 am | Posted By CASANSAAR
During the Rajaswa Gyan Sangam held on 1st and 2nd September, 2017, the Prime Minister Shri Narendra Modi had observed that the Income-tax Act, 1961 (the Act) was drafted more than 50 years ago and it needs to be re-drafted. Accordingly, in order to review the Act and to draft a new Direct Tax Law i...
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Income Tax |
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Govt sets up 14-member panel to identify issues in Insolvency law
Posted Date : 22-Nov-2017 , 09:35:40 am | Posted By CASANSAAR
With rising number of cases under the Insolvency and Bankruptcy Code, the government has set up a 14-member panel to identify and suggest ways to address issues faced in implementation of the law.
The Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would take sto...
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Corporate Law |
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0 | Hits : 1138
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Govt refers 18 Shell Companies to SFIO for probe
Posted Date : 22-Nov-2017 , 09:29:52 am | Posted By CASANSAAR
The government has referred 18 "shell companies" to the Serious Frauds Investigation Office (SFIO) for depositing and withdrawing large sums during demonetisation in what appeared to be entities that existed largely on paper. At the same time, the ministry of corporate affairs has ordered ...
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Companies Act |
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43.67 lakh businesses file initial GST returns for October
Posted Date : 21-Nov-2017 , 09:54:52 pm | Posted By CASANSAAR
As many as 43.67 lakh businesses have filed the initial GSTR-3B returns for the month of October -- the highest monthly return filing within due date, GST Network said.
The last date of GSTR-3B filing, which is the initial sales return, for October was yesterday.
Around 56 per cent of the regi...
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GST |
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Govt may seek cabinet nod to amend insolvency and bankruptcy code
Posted Date : 22-Nov-2017 , 09:22:34 am | Posted By CASANSAAR
e government is likely to seek cabinet approval for amending the insolvency and bankruptcy code (IBC) to streamline the process of selecting buyers of stressed assets. It is aimed at preventing promoters who are wilful defaulters or have a history of fraud from buying companies cheap.
The amendme...
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General |
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0 | Hits : 747
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CBEC asks FMCG to immediately revise MRP on all products in line with latest reduction in GST rates
Posted Date : 21-Nov-2017 , 08:27:53 am | Posted By CASANSAAR
Centre has appealed industry leaders to pass on the benefit of GST rate reduction to the consumers.
In a letter to all the major Fast-Moving Consumer Goods(FMCG) companies, Central Board of Excise and Customs (CBEC) Chairperson, Vanaja Sarna stressed on the need to immediately revise the MR...
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Category :
GST |
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0 | Hits : 978
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Govt looks to cut GST on white goods
Posted Date : 20-Nov-2017 , 10:28:09 am | Posted By CASANSAAR
After consumer products and other daily-use items, the government is now looking to reduce goods and services tax (GST) on consumer durables like washing machines and refrigerators from the current level of 28% as part of the next round of rationalisation.
While the move is expected to help push ...
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GST |
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0 | Hits : 1119
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Government seeks Rs 13,000 crore surplus from RBI
Posted Date : 20-Nov-2017 , 10:19:00 am | Posted By CASANSAAR
The government has not asked the Reserve Bank to pay any special dividend and is only seeking Rs 13,000 crore of surplus lying with the central bank, Economic Affairs Secretary Subhash Chandra Garg has said.
In August, the RBI had paid a dividend of Rs 30,659 crore for the fiscal ended June 2017....
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RBI |
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CA S Ravi appointed as new ChairMan of BSE
Posted Date : 19-Nov-2017 , 02:19:46 am | Posted By CASANSAAR
Eminent chartered accountant Sethurathnam Ravi has been appointed as the chairman of the leading stock exchange BSE.
CA Ravi, who was a public interest director at the BSE, replaces Dhirendra Swarup.
In a regulatory filing, BSE said that Sebi has "approved the appointment of R...
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CA |
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GSTN will launch facility for businesses to make changes in Aug and Sept GSTR 3B
Posted Date : 19-Nov-2017 , 11:27:26 am | Posted By CASANSAAR
GST group of ministers of IT network Chairman Sushil Kumar Modi has said that GST Network will launch a facility for businesses to make changes to their August and September GSTR-3B return forms. He said the facility will begin from tomorrow.
The chairman who is also Deputy Chief Minister o...
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GST |
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Complex GST process hitting ecommerce startups
Posted Date : 19-Nov-2017 , 11:17:35 am | Posted By CASANSAAR
Online sales of auto components have been hit by complex GST model for ecommerce players, online marketplace boodmo said.
Exclusion of e-commerce businesses from the composite scheme, a higher tax rate of 28 per cent for auto components and for logistics of spare parts as well, and a complex GST ...
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GST |
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0 | Hits : 846
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Draft notification on conversion of Indian Branch of Foreign Bank into Indian Subsidiary Co.
Posted Date : 18-Nov-2017 , 08:08:20 am | Posted By CASANSAAR
Draft of Proposed Notification under Section 115JG (1) of the Income-tax Act, 1961 issued in respect of conversion of Indian Branch of Foreign Bank into Indian Subsidiary company; Comments/suggestions of Stakeholders sought on Draft Notification by 30th November, 2017.
&...
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Income Tax |
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0 | Hits : 939
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Union opposes government demand to get additional surplus from RBI
Posted Date : 17-Nov-2017 , 12:41:06 am | Posted By CASANSAAR
The Reserve Bank Employees Union has opposed the reported move by the finance ministry to ask the central bank to part with more surplus from the past year to aid the Rs 2.1-trillion bank recapitalization.
The Reserve Bank had early July transferred Rs 30,659 crore as surplus to government ...
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RBI |
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0 | Hits : 865
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Industry pitches for bringing natural gas under GST
Posted Date : 17-Nov-2017 , 10:26:47 am | Posted By CASANSAAR
More than four months after the launch of GST, the industry has pitched for inclusion of natural gas in the new indirect tax regime so as to help producers contain cost and aid in moving towards a gas-based economy.
In letter to Finance Minister Arun Jaitley, industry body Ficci has said that kee...
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GST |
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0 | Hits : 818
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Cabinet approves the establishment of the National Anti-profiteering Authority under GST
Posted Date : 16-Nov-2017 , 04:19:43 pm | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for the creation of the posts of Chairman and Technical Members of the National Anti-profiteering Authority (NAA) under GST, following up immediately on yesterday's sharp reduction in the GST rates of a large nu...
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GST |
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0 | Hits : 1025
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Benami assets: Registered properties valued above Rs 30 lakh under income tax scanner
Posted Date : 16-Nov-2017 , 10:24:22 am | Posted By CASANSAAR
In its fight against black money, the Income Tax Department is matching the tax history of people with property registrations valued above Rs 30 lakh under the provisions of the anti-benami Act. Any mismatch between the reported income and asset ownership will help tax department to identify any tax...
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Income Tax |
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0 | Hits : 1367
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No GST on advance taken by FMCG companies
Posted Date : 16-Nov-2017 , 10:14:36 am | Posted By CASANSAAR
In a big relief to all FMCG companies and others that take advance from dealers before they supply goods, no goods and services tax (GST) would be levied on such advance.
The department of revenue has issued a notification allowing the relaxation after the same was approved in the GST Counc...
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GST |
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0 | Hits : 1006
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High Court questions 12% GST on sanitary napkins
Posted Date : 16-Nov-2017 , 10:07:20 am | Posted By CASANSAAR
The Delhi High Court on Wednesday questioned the central government`s decision to impose 12 per cent tax on sanitary napkins under the GST regime, saying it has exempted "bindi, kajal, sindoor" which seem more essential than sanitary napkins.
The court said the government needs to look ...
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GST |
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0 | Hits : 965
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SC seeks centre's response on plea to regulate Bitcoin
Posted Date : 15-Nov-2017 , 08:19:04 am | Posted By CASANSAAR
A plea to regulate the flow of Bitcoin and ensure that this virtual currency be made accountable to the exchequer today led the Supreme Court to seek a response from the Centre.
A bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud issued notice to the ministries of...
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General |
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