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RTGS system for real time fund transfer to become 24x7 from December
Posted Date : 09-Oct-2020 , 11:08:04 am | Posted By CASANSAAR

Reserve Bank of India Governor Shaktikanta Das on Friday announced that Real Time Gross Settlement (RTGS) payment system will be available round the clock from December 2020 to make online fund transfer smooth. Here is all you need to know: 1. RTGS is a safe and secure system for funds transfe...

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Category : RBI | Comments : 0 | Hits : 285

M Rajeshwar Rao appointed as Deputy Governor of RBI
Posted Date : 08-Oct-2020 , 09:35:49 am | Posted By CASANSAAR

The central government on Wednesday has appointed M Rajeshwar Rao as deputy governor of the Reserve Bank of India, it said in a notification. He is currently the executive director of RBI. The Appointment Committee of the Union cabinet has approved the appointment, the notification stated. Rao succe...

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Category : RBI | Comments : 0 | Hits : 334

CBDT issues over Rs 1,21,607 Cr to over 35.93 lakh taxpayers since April
Posted Date : 08-Oct-2020 , 09:31:56 am | Posted By CASANSAAR

In pursuance of the exercise to meet liquidity needs of taxpayers during Covid-19 pandemic, the Income Tax Department has fast tracked its tax refund process and processed 35.93 lakh cases amounting to more than Rs 1,21,607 crore up to October 6 in FY21. The Income Tax Department has worked at br...

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Category : Income Tax | Comments : 0 | Hits : 309

Pre-filled GST returns to become norm from 1 Jan
Posted Date : 07-Oct-2020 , 08:49:34 am | Posted By CASANSAAR

Pre-filled tax forms and greater transparency requirements are coming to businesses in 2021, with the Goods and Services Tax (GST) Council clearing key changes to the return filing process on Monday. Monthly GST returns of businesses giving summary of all transactions in the GSTR 3B form will be ...

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Category : GST | Comments : 0 | Hits : 316

ED arrests CFO & internal auditor of Cox & Kings
Posted Date : 07-Oct-2020 , 08:43:34 am | Posted By CASANSAAR

The Enforcement Directorate on Tuesday arrested CFO of Cox & Kings Anil Khandelwal and the company's internal auditor Naresh Jain in connection with the Yes Bank money laundering case. A special court in Delhi remanded the two to seven days of ED custody. "During PMLA investigation i...

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Category : General | Comments : 0 | Hits : 895

GST Council allows small businesses to file returns on quarterly basis
Posted Date : 06-Oct-2020 , 09:21:16 am | Posted By CASANSAAR

In a bid to ease GST compliance and return filing for small taxpayers, the GST Council on October 5 allowed them to file GSTR-1 and GSTR-3B once a quarter instead of every month. This had been an earlier proposal of the GST council, which was approved today. “As a further step towards re...

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Category : GST | Comments : 0 | Hits : 428

Recommendations of the 42nd GST Council Meeting
Posted Date : 06-Oct-2020 , 09:07:26 am | Posted By CASANSAAR

The 42nd GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of...

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Category : GST | Comments : 0 | Hits : 625

FM Nirmala Sitharaman to chair 42nd GST Council meeting through video conferencing
Posted Date : 05-Oct-2020 , 09:35:26 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman will chair the 42nd GST Council meeting through video conferencing in New Delhi today. The meeting will be attended by Minister of State for Finance Anurag Thakur and Finance Ministers of States and Union Territories. In the last meeting of GST council, Centre ...

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Category : GST | Comments : 0 | Hits : 146

SEBI fines NSE Rs 6 crore for buying stakes in CAMS, others without its approval
Posted Date : 02-Oct-2020 , 10:51:46 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 6 crore on National Stock Exchange (NSE) for buying stakes in unrelated businesses without its approval. The country's largest stock exchange has invested in companies including Power Exchange India (PXIL), Computer...

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Category : SEBI | Comments : 0 | Hits : 277

GST collection during Sep. Rs.95480 Cr touches six month high
Posted Date : 02-Oct-2020 , 10:41:45 am | Posted By CASANSAAR

Ministry of Finance has said that the gross Goods and Services Tax, GST revenue collection in the month of September stood at 95 thousand 480 crore rupees. The revenue collection in September is the highest so far during this fiscal.   Out of total GST collection, Central GST is 17 thousand 7...

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Category : GST | Comments : 0 | Hits : 156

RBI excludes 6 PSBs from Second Schedule of RBI Act
Posted Date : 01-Oct-2020 , 10:50:02 am | Posted By CASANSAAR

The RBI has excluded six public sector banks, including OBC and Allahabad Bank, from the Second Schedule of the RBI Act following their merger with other banks. The six banks are Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank....

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Category : RBI | Comments : 0 | Hits : 1152

Clarification on doubts arising on account of new TCS provisions
Posted Date : 01-Oct-2020 , 10:47:36 am | Posted By CASANSAAR

There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applic...

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Category : TDS | Comments : 0 | Hits : 1143

Businesses to get 30 days to generate e-invoices for B2B transactions in October - CBIC
Posted Date : 01-Oct-2020 , 10:44:55 am | Posted By CASANSAAR

Central Board of Indirect Tax and Customs (CBIC) has said that Businesses will have 30 days' time to generate e-invoice for Business to Business transactions for the month of October, 2020.   Under the Goods and Services Tax (GST) law, companies with turnover of over 500 crore rupees will...

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Category : GST | Comments : 0 | Hits : 811

CBDT extends due date for filing ITRs for AY 2019-20 to 30.11.2020
Posted Date : 30-Sep-2020 , 06:12:30 pm | Posted By CASANSAAR

On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020.Order u/s 119(2a) issued. https://twit...

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Category : ITR | Comments : 0 | Hits : 331

Extension of due dates for filing GSTR-9 and GSTR 9C for 2018-19
Posted Date : 30-Sep-2020 , 12:56:23 pm | Posted By CASANSAAR

After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020. Tweet from CBIC ...

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Category : GST | Comments : 0 | Hits : 368

CBDT issues clarifications on new TDS/TCS norms applicable from October 1 onwards
Posted Date : 30-Sep-2020 , 08:27:34 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) on September 29 issued a detailed clarification pertaining to the new TDS/TCS provisions set to be applicable from October 1, 2020, onward. The Finance Act, 2020, widens the scope of TCS provisions to cover the sale of goods, sale of overseas tour packages...

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Category : CBDT | Comments : 0 | Hits : 596

Extension in the Last Date for Payment of Membership /COP Fee - ICAI
Posted Date : 30-Sep-2020 , 08:09:28 am | Posted By CASANSAAR

M&C-MSS Section The Institute of Chartered Accountants of India 29th September, 2020 IMPORTANT ANNOUNCEMENT   The Council of ICAI considering the request from Members at large has decided to extend the last date for payment of Membership/ COP fee from 30th September, 2020 to...

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Category : ICAI | Comments : 0 | Hits : 227

82 per cent taxpayers harassed for TDS mismatch - CAG
Posted Date : 29-Sep-2020 , 09:54:16 am | Posted By CASANSAAR

More than 82 per cent of individual taxpayers faced TDS mismatch problems during the last three years resulting in disallowance of refund and the creation of avoidable harassment of taxpayers, the latest CAG report on the Department of Revenue has pointed out. The apex audit body in its report ta...

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Category : TDS | Comments : 0 | Hits : 298

Request to Tweet / Retweet for Extension of Due Dates with #extendduedates
Posted Date : 27-Sep-2020 , 10:27:22 am | Posted By CASANSAAR

सभी कर सलाहकार (CA, CS, CMA, Advocate and others) कल 27-9-20 सुबह 11 बजे से शाम 5 बजे के बीच मे अपनी ताकत दिखाते है #extendduedates को ट्रेंड करवाते हैं. A...

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Category : General | Comments : 0 | Hits : 1275

Income Tax Department launches Faceless Income tax Appeals
Posted Date : 26-Sep-2020 , 09:52:53 am | Posted By CASANSAAR

The Income Tax Department has launched Faceless Income tax Appeals. In a statement, the Central Board of Direct Taxes (CBDT) said, under it, all income tax appeals will be finalised in a faceless manner with the exception of appeals relating to serious frauds, major tax evasion, sensitive and search...

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Category : Income Tax | Comments : 0 | Hits : 310

IBC operations suspended for another three months
Posted Date : 25-Sep-2020 , 10:13:34 am | Posted By CASANSAAR

The Centre on Thursday suspended the operation of the Insolvency and Bankruptcy Code (IBC) by another three months to protect companies in distress from being dragged into bankruptcy tribunals in view of the crisis. The ministry of corporate affairs said the suspension of the Code, issued initial...

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Category : Insolvent Professional | Comments : 0 | Hits : 250

CBDT issues over Rs 1 trn refunds to 3.2 mn taxpayers since April
Posted Date : 24-Sep-2020 , 10:09:50 am | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1 lakh crore to more than 32.07 lakh taxpayers between 1st April 2020 to 22nd September 2020. The I-T refunds of Rs 31,856 crore were issued in 30,29,681 cases and corporate tax refunds of Rs 79,517 crore have been issued in 1,76,...

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Category : Income Tax | Comments : 0 | Hits : 305

Parliament clears banking regulation bill to bring co-op banks under RBI
Posted Date : 23-Sep-2020 , 09:33:08 am | Posted By CASANSAAR

The Rajya Sabha on Tuesday passed the Banking Regulation (Amendment) Bill, 2020, that aims to bring co-operative banks under the regulatory framework of the Reserve Bank of India (RBI). Finance minister Nirmala Sitharaman said the amendments have been brought with singular objective of protecting...

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Category : Banking | Comments : 0 | Hits : 325

Pre-filled GST return form soon - GSTN CEO
Posted Date : 22-Sep-2020 , 09:38:22 am | Posted By CASANSAAR

GST-registered businesses will soon get pre-filled Return form, GSTR-3B, GST Network chief executive officer Prakash Kumar said on Monday. "We are moving towards providing taxpayers with a pre-filled GSTR-3B form so that they can pay their taxes at ease. To start with, an option to edit the ...

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Category : GST | Comments : 0 | Hits : 1282

Parliament passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020
Posted Date : 22-Sep-2020 , 09:30:47 am | Posted By CASANSAAR

Parliament passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, with Lok Sabha passing it with a voice vote today. Earlier, Rajya Sabha had passed the bill on Saturday. The bill amends the Insolvency and Bankruptcy Code, 2016 which provides a time bound process for resolving i...

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Category : Insolvent Professional | Comments : 0 | Hits : 255

Govt proposes to amend FCRA, to make Aadhaar mandatory for foreign contribution
Posted Date : 21-Sep-2020 , 09:32:05 am | Posted By CASANSAAR

The government on Sunday sought to make provisions of the Foreign Contribution Regulation Act (FCRA), 2011 more stringent through a bill that proposes to include “public servants” in the prohibited category, decrease administrative expenses through foreign funds by an organisation to 20%...

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Category : International Business | Comments : 0 | Hits : 331

35,074 taxpayers opt for Vivad Se Vishwas Scheme
Posted Date : 21-Sep-2020 , 09:25:18 am | Posted By CASANSAAR

The total number of taxpayers who have opted for the Direct Tax Vivad Se Vishwas Act since its enactment is 35,074 through Form-1 (Declaration under the scheme) that have been submitted till 8th September, 2020. This was stated by Shri Anurag Singh Thakur, Union Minister of State...

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Category : General | Comments : 0 | Hits : 308

Rajya Sabha passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020
Posted Date : 20-Sep-2020 , 10:51:40 am | Posted By CASANSAAR

Rajya Sabha on Saturday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, which seeks to replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020. This ordinance, which was promulgated on June 5, had prohibited the initiation of insolvency proceedings for defa...

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Category : Corporate Law | Comments : 0 | Hits : 237

Lok Sabha passes taxation bill to provide reliefs for taxpayers
Posted Date : 20-Sep-2020 , 10:47:02 am | Posted By CASANSAAR

Lok Sabha on Saturday passed a taxation bill that seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic. The reliefs include extending deadlines for filing returns and for linking PAN and Aadhaar. The Taxation and Other Laws (Relaxation a...

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Category : Income Tax | Comments : 0 | Hits : 519

Lok Sabha passes bill to amend companies law
Posted Date : 20-Sep-2020 , 10:43:35 am | Posted By CASANSAAR

Lok Sabha on Saturday passed a bill to further amend the Companies Act and decriminalise various compoundable offences as well as promote ease of doing business in the country. The Companies (Amendment) Bill, 2020 seeks to decriminalise various penal provisions, permit direct overseas listing of ...

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Category : Companies Act | Comments : 0 | Hits : 200

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