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ICAI releases E Version of Compendium of Ind AS effective 1.4.2019
Posted Date : 15-May-2019 , 10:11:23 am | Posted By CASANSAAR

ICAI releases E Version of Compendium of Ind AS effective 1.4.2019   We are pleased to share that the Accounting Standards Board (the Board/ ASB) of Institute of Chartered Accountants of Indian (ICAI) has released e-version of Compendium of Indian Accounting Standards (Ind AS). As you are a...

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Category : ICAI | Comments : 0 | Hits : 571

IPs to act as IRPs and Liquidators (Recommendation) Guidelines, 2019
Posted Date : 15-May-2019 , 10:03:01 am | Posted By CASANSAAR

Section 16(3)(a) of the Insolvency and Bankruptcy Code, 2016 (Code) requires the Adjudicating Authority (AA) to make a reference to the Insolvency and Bankruptcy Board of India (Board) for recommendation of an insolvency professional (IP) who may act as an interim resolution professional (IRP) in ca...

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Category : Insolvent Professional | Comments : 0 | Hits : 185

MCA-21 version 3 to offer ease of doing biz, online compliance monitoring
Posted Date : 13-May-2019 , 08:33:07 am | Posted By CASANSAAR

Amid the row over functionality of its database, the Ministry of Corporate Affairs is working on the Version 3 of MCA-21 database, which will address many current flaws in this online registry.  The new MCA-21 V 3.0 will have features like single source of truth, ease of doing business, e-ad...

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Category : MCA | Comments : 0 | Hits : 470

Government plans further curbs on Audit Firms
Posted Date : 13-May-2019 , 08:20:22 am | Posted By CASANSAAR

Audit firms may face more restrictions on the juicy non-audit assignments they could accept from statutory audit clients. This is part of a government initiative to tighten the rules to improve the quality of statutory audit. The ministry of corporate affairs and the National Financial Reporting ...

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Category : Auditing | Comments : 0 | Hits : 1973

NCLAT dismisses insolvency plea against SpiceJet
Posted Date : 12-May-2019 , 10:06:07 pm | Posted By CASANSAAR

The National Company Law Appellate Tribunal (NCLAT) has dismissed a plea for initiation of insolvency proceedings against Spicejet by Ramco Systems Ltd, an operational creditor of the low-cost carrier. A two-member bench headed by Chairman Justice S J Mokhopadhaya upheld the orders passed by the ...

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Category : Insolvent Professional | Comments : 0 | Hits : 192

Banks must turn towards global trade-finance instruments - RBI
Posted Date : 11-May-2019 , 09:09:54 am | Posted By CASANSAAR

Banks need to expand their global banking relationship and shift towards globally accepted trade finance instruments instead of indigenous instruments (such as letter of undertaking/ letter of credit), according to a Reserve Bank of India paper. This, however, may push up costs, the paper added. ...

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Category : RBI | Comments : 0 | Hits : 165

Govt inspected Jet Airways' Books after allegations of fraud
Posted Date : 11-May-2019 , 09:03:33 am | Posted By CASANSAAR

Jet Airways (India) Ltd. on Friday said that the Ministry of Corporate Affairs (MCA) had during September last year conducted an inspection and sought documents from the airline’s management before approaching the company again last month for seeking further documents and details. This happ...

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Category : Corporate Law | Comments : 0 | Hits : 302

ITR 1, ITR 2, ITR 3 & ITR 4 for AY 2019-20 is available for e-Filing
Posted Date : 11-May-2019 , 08:39:49 am | Posted By CASANSAAR

Excel / Jav Utility for ITR 1, ITR 2, ITR 3& ITR 4 for AY 2019-20 is available for e-Filing. Other ITRs will be available shortly.   ITR 1 For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income upto Rs.50 lakhs, having Income from Salaries, One House P...

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Category : ITR | Comments : 0 | Hits : 543

GST Council extends deadline for realty firms to opt for old GST rate till May 20
Posted Date : 10-May-2019 , 09:26:14 am | Posted By CASANSAAR

The GST Council extended by 10 days till May 20 the deadline for realtors to opt for old GST rates with input tax credit for ongoing projects or shift to new lower tax rates. The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had in March allowed real esta...

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Category : GST | Comments : 0 | Hits : 769

Owners may have to pay different GST for identical flats
Posted Date : 09-May-2019 , 10:59:58 am | Posted By CASANSAAR

The taxman has asked builders to choose before May 10 the new goods & services tax (GST) rate for ongoing realty projects.  The concessional rate, which came into effect April 1, was set at 1% for affordable houses and 5% for others, from the earlier 8% and 12%, respectively. Developers ...

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Category : GST | Comments : 0 | Hits : 799

CoCs must share all info on NPA accounts with bidders - IBBI
Posted Date : 08-May-2019 , 07:17:47 am | Posted By CASANSAAR

The Committee of Creditors (CoC) of a non-performing asset (NPA or bad loan) account must provide all relevant information and share its vision for the company under resolution with the prospective resolution applicants in order to come up with a rescue plan, the insolvency regualtor has said. ...

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Category : Insolvent Professional | Comments : 0 | Hits : 519

NCLT begins bankruptcy process for Reliance Communications
Posted Date : 08-May-2019 , 07:13:17 am | Posted By CASANSAAR

The lenders to the crippled Reliance Communications (RCom) May 7 moved NCLT to appoint a new resolution professional and form a committee of creditors, the first step to begin the bankruptcy process of the Anil Ambani group company that owes close to Rs 50,000 to 31 lenders led by State Bank of Indi...

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Category : Insolvent Professional | Comments : 0 | Hits : 585

CA Sansaar created history by conducted seminar at Attari Border
Posted Date : 06-May-2019 , 05:33:08 pm | Posted By CASANSAAR

CA Sansaar had created the history by organising Seminar at Attari Border. CA Sansaar had organised the study tour for members to Amritsar on 04-05 May 2019. Members from Delhi, Gaziabad, Mumbai, Rohtak, Kaithal, Patiala, Jaipur, Ludhiana, Narnaul, Chandigarh, Batala and Amritsar had joined the St...

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Category : International Business | Comments : 0 | Hits : 913

GST B2B invoices will have to be generated on Govt portal by Sept
Posted Date : 06-May-2019 , 10:16:00 am | Posted By CASANSAAR

All invoices for business-to-business sales by entities beyond a specified turnover threshold will be generated on a centralised government portal by September, a move aimed at curbing the menace of fake invoices and evasion of GST, officials said. The revenue secretary is monitoring the progress of...

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Category : GST | Comments : 0 | Hits : 1995

RBI weighs incentives for banks to move IBC
Posted Date : 06-May-2019 , 10:10:52 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) is understood to be weighing a plan to ‘incentivise’ lenders to take errant borrowers to bankruptcy court.  It’s part of the regulatory countermove that RBI is working on to overcome hurdles in the wake of a recent Supreme Court ruling. A mon...

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Category : RBI | Comments : 0 | Hits : 754

ITR e-filers by over 6.6 lakh in FY19:
Posted Date : 06-May-2019 , 10:08:09 am | Posted By CASANSAAR

In a first in recent history of tax filings, income tax e-filings in FY2019 have dropped by more than 6.6 lakh, a trend that analysts said was surprising as tax base was expected to increase post demonetisation. According to statistics put out on Income Tax Department's e-filing website, inco...

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Category : Income Tax | Comments : 0 | Hits : 308

ICAI changes dates of 2 Exams of CA Final and Foundation for May 19
Posted Date : 03-May-2019 , 05:51:24 pm | Posted By CASANSAAR

In partial modification of the Institute’s Notification No. 13-CA(Exam)/M/2019 dated 11th March, 2019, it is notified for general information that due to certain unavoidable circumstances, Paper – 3 of Foundation Examination and Paper 4 & 5 of Final Examination {Old as well as New Sc...

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Category : CA Exams | Comments : 0 | Hits : 2038

Bar Council of Delhi bars the Big Four- KPMG, PwC, EY and Deloitte from practicing law
Posted Date : 03-May-2019 , 10:17:30 am | Posted By CASANSAAR

The Bar Council of Delhi has directed the Big Four Accounting Firms – KPMG, Price Water House Coopers, Ernst & Young and Deloitte India to refrain from indulging in any practice which would amount to practising law until further orders. The Bar Council has also directed them to give a l...

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Category : ICAI | Comments : 0 | Hits : 1850

ICAI releases e-version of compendium of revised Indian Accounting Standards
Posted Date : 03-May-2019 , 09:55:07 am | Posted By CASANSAAR

Chartered accountants' body ICAI on May 2 said it has released the e-version of compendium of revised Indian Accounting Standards that incorporates new standard on leases among other amendments. As part of annual improvements, the Ind AS (Indian Accounting Standards), which is based on Intern...

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Category : ICAI | Comments : 0 | Hits : 1003

NCLAT allows banks to declare defaulting ILFS accounts as NPAs
Posted Date : 03-May-2019 , 09:44:48 am | Posted By CASANSAAR

The National Company Law Appellate Tribunal (NCLAT) on May 2 allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments. A bench headed by Chairman Justice S J Mukhopadhaya lifted the embargo on the banks to declare the ...

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Category : NPA | Comments : 0 | Hits : 257

GST collection scales all-time high of Rs 1.13 lakh Cr in April 19
Posted Date : 01-May-2019 , 03:39:23 pm | Posted By CASANSAAR

GST collection scaled all-time high of over Rs 1.13 trillion in April, up from Rs 1.06 trillion in the previous month, the finance ministry said Wednesday. "The total gross GST revenue collected in April 2019 is Rs 1,13,865 crore of which Central GST is Rs 21,163 crore, State GST (SGST) is R...

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Category : GST | Comments : 0 | Hits : 1124

CBDT to share ITR data with GSTN to detect tax evasion by business persons
Posted Date : 01-May-2019 , 09:24:21 am | Posted By CASANSAAR

Soon, the tax department will be sharing the income tax return (ITR) data of business persons with the Goods and Services Tax Network (GSTN) officer. The move is aimed at spotting income anomalies or mismatches between their GST returns and ITR.  Clearly, business persons need to ensure that...

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Category : Income Tax | Comments : 0 | Hits : 1505

NFRA to hire finance professionals on contract basis
Posted Date : 01-May-2019 , 09:12:17 am | Posted By CASANSAAR

The National Financial Reporting Authority plans to hire up to ten chartered accountants and company secretaries on contractual basis, according to an official release. The applicant should be a qualified chartered accountant (CA) or cost accountant or company secretary (CS) having passed the fin...

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Category : NFRA | Comments : 0 | Hits : 1348

Trade Unions can file as Operational Creditors under IBC - SC
Posted Date : 01-May-2019 , 09:07:09 am | Posted By CASANSAAR

While setting aside an NCLAT ruling, the Supreme Court has held that a trade union, for the purpose of triggering insolvency, can be an operational creditor (JK Jute Mill Mazdoor Morcha vs Juggilal Kamlapat Jute Mills). The Court was hearing an appeal against a decision which rejected a Section 9...

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Category : Insolvent Professional | Comments : 0 | Hits : 265

PNB, Union Bank & BoI may get a call for Merger
Posted Date : 30-Apr-2019 , 09:28:15 am | Posted By CASANSAAR

The government is soon likely to invite select lenders for discussion on a second round of merger in public sector banks, according to a finance ministry official.  The lenders to be called may include Punjab National Bank (PNB), Union Bank of India and Bank of India (BoI).  “W...

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Category : Merger & Acquisitions | Comments : 0 | Hits : 1294

ICAI announces Virtual MCS Course who wish to apply for Membership
Posted Date : 30-Apr-2019 , 09:19:33 am | Posted By CASANSAAR

The candidates who have qualified CA Final exam w.e.f. November 2002 onwards till 2018 but had not applied for Membership of the Institute due to non completion of GMCS (Course) /Management and Communication Skills Course (MCS Course) can undergo Management and Communication Skills (MCS Course) thro...

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Category : ICAI | Comments : 0 | Hits : 1755

RBI moves to tighten current account operating norms to check fund diversion
Posted Date : 29-Apr-2019 , 07:53:08 am | Posted By CASANSAAR

In a move to tackle fund diversion, the Reserve Bank of India (RBI) has proposed sterner rules on opening and running of current accounts of corporate borrowers.  Current accounts, according to a draft circular shared by the regulator with the banking industry, can “only be opened&rdqu...

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Category : RBI | Comments : 0 | Hits : 505

Govt plans to deactivate PAN not linked with Aadhaar
Posted Date : 29-Apr-2019 , 07:50:32 am | Posted By CASANSAAR

In a crackdown on duplicate Permanent Account Number (PAN) cards, the income tax department is likely to deactivate the PANs which are not linked with the Aadhaar number of the user by September 30. Over 20 crore out of a total of 44 crore PAN cards are yet to be linked to respective Aadhaar numb...

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Category : PAN | Comments : 0 | Hits : 376

Govt paid input tax credit on Rs 4,000 Cr fake GST invoices in 2018
Posted Date : 28-Apr-2019 , 11:47:02 am | Posted By CASANSAAR

The government is looking into a proposal from the Central Economic Intelligence Bureau (CEIB) to bring fraudulent input credit tax, claimed by companies generating fake invoices of Goods and Services Tax, under the stringent Prevention of Money Laundering Act (PMLA) by making it a predicate offence...

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Category : GST | Comments : 0 | Hits : 373

RBI to give info on bank inspection reports under RTI - SC
Posted Date : 27-Apr-2019 , 09:15:28 am | Posted By CASANSAAR

The Supreme Court on Friday reprimanded the Reserve Bank of India (RBI) for refusing to disclose information pertaining to the annual inspection report on banks under the Right to Information (RTI) Act, and warned that any further attempts by the banking sector regulator to hold back such informatio...

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Category : RBI | Comments : 0 | Hits : 273

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