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GST evasion of Rs 2,000 crore detected in last few months - CBIC
Posted Date : 07-Jul-2018 , 08:00:44 am | Posted By CASANSAAR

The indirect-tax department has detected goods and services tax (GST) evasion of Rs 2,000 crore over the last few months, John Joseph, member, Central Board of Indirect Taxes and Customs (CBIC), said on Friday, adding that a tenth of this came to light only last week. Independent analysts have, howe...

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Category : Income Tax | Comments : 0 | Hits : 407

IBBI Circular Regarding Empanelment of Insolvency Professional Entities
Posted Date : 07-Jul-2018 , 07:43:28 am | Posted By CASANSAAR

An Insolvency Professional Entity (IPE) is recognised in accordance with regulation 12 (1) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016, only if “its sole objective is to provide support services to the insolvency professionals, who are its partn...

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Category : Insolvent Professional | Comments : 0 | Hits : 310

SEBI revamps panel on alternative investment
Posted Date : 06-Jul-2018 , 09:05:12 pm | Posted By CASANSAAR

Markets regulator Sebi has reorganised the committee that advises it on matters pertaining to further development of the alternative investment and startup ecosystem in the country. The Alternative Investment Policy Advisory Committee is chaired by Infosys Founder N R Narayana Murthy, as per the ...

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Category : SEBI | Comments : 0 | Hits : 113

Non-tariff charges in electricity bill to attract GST
Posted Date : 06-Jul-2018 , 08:01:43 am | Posted By CASANSAAR

Electricity bills can have a goods and services tax (GST) component at times. Non-tariff charges, which include application fee for releasing connection, rentals charged against metering equipment and labour charges for shifting of meters and service lines, are liable to taxed at 18% under the GST. ...

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Category : GST | Comments : 0 | Hits : 308

Banks finalise inter-creditor agreement to fast track NPA resolution
Posted Date : 06-Jul-2018 , 07:56:19 am | Posted By CASANSAAR

With a view to fast track NPA resolution, bankers on Thursday finalised the inter-creditor agreement (ICA) framework that envisages effective communication among lenders. The ICA mechanism is expected to be enforced this month itself. The non-performing assets (NPAs) in the banking sector cros...

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Category : Banking | Comments : 0 | Hits : 215

UK court grants enforcement order in Mallya assets case
Posted Date : 05-Jul-2018 , 10:33:58 pm | Posted By CASANSAAR

A UK High Court judge has issued an enforcement order in favour of a consortium of 13 Indian banks, seeking to recover funds owed to them by beleaguered liquor baron Vijay Mallya who is fighting extradition to India on fraud and money laundering charges worth nearly Rs 9,000 crore. The order gran...

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Category : Income Tax | Comments : 0 | Hits : 121

RBI tightens Banks' Statutory Auditor rules
Posted Date : 05-Jul-2018 , 09:37:17 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday tightened rules on banks' statutory auditors saying it reserved the right to not approve appointments of such auditors for a specified period if their audit quality was not found satisfactory.  The Reserve Bank of India (RBI) said it will take...

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Category : Bank Branch Audit | Comments : 0 | Hits : 1146

IBBI amends norms, notifies procedures for Homebuyers under IBC
Posted Date : 05-Jul-2018 , 09:35:35 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India has notified revised norms for the insolvency resolution process paving the way for homebuyers to seek relief as financial creditors, putting in place clear timelines to be followed by resolution professionals and permitting withdrawal of insolvency appli...

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Category : Insolvent Professional | Comments : 0 | Hits : 220

RBI grants licence to Bank of China to set up branch in India
Posted Date : 05-Jul-2018 , 09:31:04 am | Posted By CASANSAAR

The Reserve Bank of India has issued licence to Bank of China to launch operations in India, official sources said today. Prime Minister Narendra Modi had made a commitment to Chinese President Xi Jinping to allow Bank of China to set up branches in India when they met on the sidelines of the SCO...

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Category : RBI | Comments : 0 | Hits : 184

Income Tax refunds worth Rs 70,000 crore issued, 99% claims processed - CBDT
Posted Date : 05-Jul-2018 , 09:24:41 am | Posted By CASANSAAR

Income Tax refunds worth over Rs 70,000 crore have been issued to the taxpayers and nearly all refund claims pending as on June-end has been processed, the Central Board of Direct Taxes (CBDT) said today. The Income Tax Department had observed a dedicated fortnight from June 1-15, which was later...

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Category : CBDT | Comments : 0 | Hits : 384

IBBI amends the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016
Posted Date : 05-Jul-2018 , 09:14:30 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018 today.   2. The following are salient amendments to the regulations:   a. The ...

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Category : Insolvent Professional | Comments : 0 | Hits : 253

Cabinet approves extension of Scheme of Recapitalization of Regional Rural Banks upto 2019-20
Posted Date : 05-Jul-2018 , 09:11:59 am | Posted By CASANSAAR

  The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the extension of the scheme of recapitalization of Regional Rural Banks (RRBs) for the next three years i.e. upto 2019-20.   This will enable the RRBs to maintain the minimum prescribed Capital to Ris...

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Category : Income Tax | Comments : 0 | Hits : 162

Cabinet approves renewal of MoU between ICAI & Saudi Organisation for CPAS
Posted Date : 05-Jul-2018 , 09:08:03 am | Posted By CASANSAAR

  The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) signed in 2014 and approval for renewal of MoU between the Institute of Chartered Accountants of India (ICAI) & Saudi Organisation for Certi...

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Category : ICAI | Comments : 0 | Hits : 249

FM to meet heads of banks to discuss NPA resolution structure
Posted Date : 05-Jul-2018 , 08:56:12 am | Posted By CASANSAAR

Finance Minister Piyush Goyal will meet heads of banks in New Delhi today to discuss an inter-lender structure suggested under the 'Project Sashakta' that intends to fastrack resolution of stressed assets in the banking system. Sources said the meeting has been organised by Indian Banks Asso...

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Category : NPA | Comments : 0 | Hits : 133

Auditors may have to compulsorily get registered with NFRA
Posted Date : 04-Jul-2018 , 09:40:30 am | Posted By CASANSAAR

Mandatory registration of auditors, powers to probe irregularities as well as recommend accounting and auditing standards are among the functions likely to be vested with the National Financial Reporting Authority (NFRA), according to sources. The Corporate Affairs Ministry has floated an initial...

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Category : NFRA | Comments : 0 | Hits : 1093

MCA plans to frame tougher regulations for independent directors
Posted Date : 04-Jul-2018 , 09:37:35 am | Posted By CASANSAAR

The corporate affairs ministry is planning to frame rules to make independent directors more accountable for malpractice. Besides, it is also mulling action against 42 auditors that have resigned from companies. According to a ministry official, an independent director cannot say he does not appr...

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Category : MCA | Comments : 0 | Hits : 373

ICAI may lose powers if draft rules to set up NFRA are approved
Posted Date : 03-Jul-2018 , 08:51:15 am | Posted By CASANSAAR

The draft rules for establishing a new body to oversee auditing and accounting standards under the National Financial Regulatory Authority (NFRA) will render the Institute of Chartered Accountants of India (ICAI) ineffective as the new watchdog will require auditors to register with it before taking...

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Category : NFRA | Comments : 0 | Hits : 732

PwC Ordered to Pay $625 Million in Damages Over Bank's Audit
Posted Date : 03-Jul-2018 , 08:45:13 am | Posted By CASANSAAR

PricewaterhouseCoopers LLP was ordered to pay the Federal Deposit Insurance Corp. more than $625 million for negligence in the audit of Colonial BancGroup Inc., an Alabama bank holding company that failed during the financial crisis. U.S. District Judge Barbara Jacobs Rothstein issued the ruling ...

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Category : Auditing | Comments : 0 | Hits : 875

Govt likely to go slow on key anti-evasion measure under GST
Posted Date : 03-Jul-2018 , 08:35:33 am | Posted By CASANSAAR

The government is unlikely to insist on implementing the reverse charge mechanism, a key anti-evasion measure proposed under the goods and services tax (GST), on concerns that the rule will adversely impact small businesses while not yielding revenue gains. The implementation of the reverse charg...

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Category : GST | Comments : 0 | Hits : 294

CAs Watchdogs of Public Trust, Should be answerable during White Collar Crimes - President Kovind
Posted Date : 02-Jul-2018 , 08:17:45 am | Posted By CASANSAAR

Emphasising that chartered accountants are watchdogs of public trust, President Ram Nath Kovind on Sunday said when white-collar crimes happen, it would be relevant to ask if those responsible for auditing balance sheets have truly done their duty. Amid rising instances of white-collar crimes and...

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Category : CA | Comments : 0 | Hits : 431

Government celebrates First GST Day
Posted Date : 01-Jul-2018 , 09:28:17 pm | Posted By CASANSAAR

Government of India celebrated the 1st GST Day here today. The event saw an address on the eventful 1styear journey of GST over a live video link by Union Minister, Shri Arun Jaitley. Union Minister for Railways, Coal, Finance & Corporate Affairs, Shri Piyush Goyal presided over as the Chie...

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Category : GST | Comments : 0 | Hits : 222

President of India Inaugurates the Platinum Jubilee Celebrations of ICAI
Posted Date : 02-Jul-2018 , 07:54:20 am | Posted By CASANSAAR

  The President of India, Shri Ram Nath Kovind, inaugurated the platinum jubilee celebrations of the Institute of Chartered Accountants of India (ICAI) in New Delhi today (July 1, 2018).   Speaking on the occasion, the President said that adherence to a fair taxation system is much ...

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Category : ICAI | Comments : 0 | Hits : 254

HAPPY CHARTERED ACCOUNTANTS DAY (History of Chartered Accountants)
Posted Date : 01-Jul-2018 , 12:37:05 am | Posted By CASANSAAR

The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to...

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Category : Chartered Accountant | Comments : 0 | Hits : 478

Free of cost instant e-PAN allotment on near to real time basic
Posted Date : 29-Jun-2018 , 09:39:22 pm | Posted By CASANSAAR

Instant e-PAN facility is Free of cost and instant allotment of e-Pan and is available only for a limited period on first come first serve basic for valid Aadhaar holders. Prerequisites: Applicant already having PAN should not apply for e-PAN The e-PAN facility is ONLY for reside...

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Category : PAN | Comments : 0 | Hits : 1296

FAQ for Limited Insolvency Examination wef 01st July 2018 - IBBI
Posted Date : 30-Jun-2018 , 07:47:17 am | Posted By CASANSAAR

1. Is the Examination pattern changed from 1st July, 2018? The test administrator for the Limited Insolvency Examination has changed from NISM to NSEIT. The syllabus and pattern of the examination remains the same. The candidates who have already enrolled for examination will be refunded their ex...

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Category : Insolvent Professional | Comments : 0 | Hits : 542

RBI could take punitive action against erring auditors
Posted Date : 29-Jun-2018 , 10:23:12 pm | Posted By CASANSAAR

As more and more loan-related scams come to light in many public and private sector banks leading to a massive pile-up of bad loans, the Reserve Bank of India (RBI) on Friday decided to take auditors to task by warning them of stern punitive actions against them. In a new circular titled 'Enf...

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Category : RBI | Comments : 0 | Hits : 347

ICICI Bank board appoints Girish Chandra as non-executive Chairman
Posted Date : 29-Jun-2018 , 09:54:55 pm | Posted By CASANSAAR

The ICICI Bank board on Friday approved the appointment of Girish Chandra Chaturvedi as its non-executive, part-time chairman, effective from July 1, 2018. "This is to inform you that the Board of Directors of ICICI Bank at its Meeting held today appointed Mr. Girish Chandra Chaturvedi as an...

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Category : Banking | Comments : 0 | Hits : 144

Declaration of Candidature by CA Vivek Khurana for Central Council Elections
Posted Date : 29-Jun-2018 , 10:32:02 am | Posted By CASANSAAR

CA Vivek Khurana has declared his candidature for the Central Council Elections (Northern Region) of ICAI 2018. CA Vivek Khurana, Founder of casansaar.com, a renowned website is a practicing Chartered Accountant and fellow member of ICAI and Partner of Khurana Vivek & Co., a leading Char...

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Category : ICAI Election | Comments : 0 | Hits : 345

Mandatory Annual KYC of all Directors of all companies by 31.08.2018
Posted Date : 29-Jun-2018 , 09:07:44 am | Posted By CASANSAAR

As part of updating its registry, MCA would be conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC to be notified and deployed shortly. Accordingly, every Director who has been allotted DIN on or before 31st March, 2018 and whose DIN is in ‘Approved&...

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Category : Companies Act | Comments : 0 | Hits : 666

SEBI, MCA may be on collision course over issue of regulating Auditors
Posted Date : 28-Jun-2018 , 08:23:39 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) is not convinced with the idea of chartered accountants and auditors being regulated by the Securities and Exchange Board of India (SEBI). The Union Cabinet had given the nod to establish the National Financial Regulatory Authority (NFRA) to regulate auditors ...

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Category : SEBI | Comments : 0 | Hits : 579

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