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NFRA, ICAI spar over probe into Auditors’ role in IL&FS case
Posted Date : 27-Apr-2019 , 09:12:09 am | Posted By CASANSAAR

The question on who should investigate the role of auditors EY, Deloitte and KPMG in the IL&FS fiasco seems to have triggered a turf war between two regulators — Institute of Chartered Accountants of India, and National Financial Reporting Authority (NFRA).  NFRA, the recently form...

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Category : ICAI | Comments : 0 | Hits : 222

E-invoicing may begin under GST
Posted Date : 27-Apr-2019 , 09:08:50 am | Posted By CASANSAAR

In what could radically transform the indirect tax administration system and the way business is conducted, India is looking at the possibility of introducing electronic invoicing under goods and services tax.  If the country adopts the system, businesses will likely have to issue invoices, ...

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Category : GST | Comments : 0 | Hits : 1087

Businesses can apply for revoking cancellation of GST registration by July 22 - CBIC
Posted Date : 26-Apr-2019 , 08:33:41 am | Posted By CASANSAAR

The revenue department has allowed businesses whose GST registration has been cancelled due to non-filing of tax returns to apply for its revocation by July 22, provided they file their pending returns and pay due taxes. In a letter to field offices, the Central Board of Indirect Taxes and Custom...

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Category : GST | Comments : 1 | Hits : 1330

MCA ready to strike against IL&FS tainted Deloitte
Posted Date : 25-Apr-2019 , 08:47:11 pm | Posted By CASANSAAR

The Ministry of Corporate Affairs is ready to strike against Deloitte Haskins and Sells in the murky IL&FS case. IANS learns that MCA has taken an aggressive view over malpractices by Deloitte over the last decade which have led to papering over the large cracks in its finances. Misrepresentatio...

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Category : MCA | Comments : 0 | Hits : 814

Composition scheme biz to now file simplified self-Assessed GST return quarterly
Posted Date : 25-Apr-2019 , 09:08:36 am | Posted By CASANSAAR

Giving relief to composition scheme taxpayers under the GST, the finance ministry has allowed such businesses to file 'self-assessed tax' return on quarterly basis in a simplified form. So far, businesses opting for composition scheme had to file tax returns every quarter in GSTR-4 which ran...

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Category : GST | Comments : 0 | Hits : 555

Companies get time till June 15 to submit ACTIVE form - MCA
Posted Date : 25-Apr-2019 , 08:49:14 am | Posted By CASANSAAR

The government has extended the deadline for uploading photos of business premises to June 15, giving corporates more time to comply with a provision aimed at spotting shell companies.  “It has been decided to extend the date to June 15,” confirmed a corporate affairs ministry of...

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Category : MCA | Comments : 0 | Hits : 2140

Non-filers of GST returns for 2 months to be barred from generating e-way bills from June 21
Posted Date : 25-Apr-2019 , 08:47:34 am | Posted By CASANSAAR

Non-filers of GST returns for two straight months will be barred from generating e-way bills for transporting goods effective June 21, the finance ministry said.  Businesses under GST composition scheme, however, will be barred from generating e-way bill if they fail to file tax returns for ...

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Category : GST | Comments : 0 | Hits : 1054

RBI may offer more time for bank-led resolution of NPAs
Posted Date : 24-Apr-2019 , 09:40:54 am | Posted By CASANSAAR

The RBI is likely to adopt a more accommodative approach towards resolution of stressed assets when it issues a revised circular, replacing the controversial February 12 circular quashed by the Supreme Court.  Sources said the major contention in the Reserve Bank of India's (RBI) controv...

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Category : RBI | Comments : 0 | Hits : 316

Businesses must pay interest on entire GST tax liability
Posted Date : 24-Apr-2019 , 09:39:29 am | Posted By CASANSAAR

The Telangana high court has rejected a writ petition challenging the imposition of interest on total goods and services tax liability including input tax credit, a ruling that has significant implications for industry.  This means that tax authorities can levy interest on the gross tax liab...

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Category : GST | Comments : 0 | Hits : 1178

MCA plans to start gathering primary data from investors
Posted Date : 24-Apr-2019 , 09:28:29 am | Posted By CASANSAAR

The Ministry of Corporate Affairs plans to start gathering "primary data" from persons who have put in their money in chit funds and deposit-taking schemes, an official said April 23, amid continuing efforts to clamp down on illicit fundraising activities. The Investor Education and Pro...

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Category : MCA | Comments : 0 | Hits : 355

Govt raises authorised capital of Allahabad Bank to Rs 8,000 Cr
Posted Date : 24-Apr-2019 , 09:25:37 am | Posted By CASANSAAR

State-owned Allahabad Bank said Tuesday the government has increased its authorised capital by Rs 5,000 crore to Rs 8,000 crore. The central government after consultation with the Reserve Bank of India has increased the authorised capital of the bank from Rs 3,000 to Rs 8,000 through Gazette Noti...

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Category : Banking | Comments : 0 | Hits : 178

HC sets aside CBDT’s plan of rewarding CITs-appeal
Posted Date : 23-Apr-2019 , 08:44:22 am | Posted By CASANSAAR

The Bombay high court has set aside that portion of CBDT’s action plan that sought to incentivise commissioners of income tax-appeals (CITs-A) who pass ‘quality’ orders, which could be detrimental to taxpayers. “Any temptation in the guidelines, referred to as incentives f...

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Category : Income Tax | Comments : 0 | Hits : 300

Irregularities found in companies under IBC
Posted Date : 23-Apr-2019 , 08:36:37 am | Posted By CASANSAAR

Forensic audit of over 200 companies facing corporate insolvency resolution action under the Insolvency and Bankruptcy Code (IBC) has revealed irregularities of more than Rs 1 lakh crore, including possible diversion of funds. The ministry of corporate affairs, which is responsible for implementa...

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Category : Insolvent Professional | Comments : 0 | Hits : 269

No input tax credit if GST returns not filed - Telangana High Court
Posted Date : 23-Apr-2019 , 08:28:46 am | Posted By CASANSAAR

The Telangana High Court has ruled that no input tax credit (ITC) is available unless GST returns are filed and a taxpayer is liable to pay penalty on the entire liability. The ruling is expected to have a significant impact on all businesses that use tax credits available on inputs and raw material...

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Category : GST | Comments : 0 | Hits : 1132

IBBI is the competent body to act against resolution professionals - NCLAT
Posted Date : 22-Apr-2019 , 09:32:24 am | Posted By CASANSAAR

  The Insolvency and Bankruptcy Board of India (IBBI) will be the competent authority and not the National Company Law Tribunal (NCLT) to act against any resolution professional (RP) for dereliction of duty, the National Company Law Appellate Tribunal has stated in an order recently.  ...

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Category : Insolvent Professional | Comments : 0 | Hits : 248

Govt extends last date for GST sales return for March 19 to April 23
Posted Date : 21-Apr-2019 , 07:24:35 am | Posted By CASANSAAR

The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23. "Due date for filing GSTR-3B for the tax period March 2019 has been extended to April 23, 2019," a ticker on GST portal ‘gst.gov.in' said. The l...

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Category : GST | Comments : 0 | Hits : 464

RBI clarification on 5 day week in commercial banks
Posted Date : 21-Apr-2019 , 07:19:23 am | Posted By CASANSAAR

It has been reported in certain sections of the media that commercial banks would have a 5 day week in terms of RBI instructions. It is clarified that this information is not factually correct. RBI has not issued any such directions. Yogesh Dayal Chief General Manager Press Release: 2018-2...

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Category : RBI | Comments : 0 | Hits : 278

SEBI slaps Rs 1 crore fine on 11 entities for manipulative trade
Posted Date : 19-Apr-2019 , 10:28:32 pm | Posted By CASANSAAR

Markets regulator Sebi Thursday slapped a penalty of over Rs 1 crore on 11 entities for fraudulent and manipulative trading in the shares of Emed.com Technologies.  The regulator had conducted investigation from August 2013 to June 2014 regarding the trading in the scrips of Emed.com Technol...

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Category : SEBI | Comments : 0 | Hits : 347

CBDT identifies 20.4 million non-filers, asks I-T dept to take action
Posted Date : 19-Apr-2019 , 10:25:41 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has directed the Income-Tax Department to initiate penalty proceedings by June 30 against non-filers and ‘drop filers’ of tax returns. According to the non-filer monitoring system (NMS) of the I-T department, data for 20.4 million non-filers ha...

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Category : CBDT | Comments : 0 | Hits : 638

Samsung rapped for not passing GST benefits to consumers
Posted Date : 19-Apr-2019 , 10:23:20 pm | Posted By CASANSAAR

The Directorate General of Anti-Profiteering (DGAP) has served a notice on technology major Samsung India for allegedly not passing on the benefits of GST reduction to its customers and in turn making undue profits, sources said.  The notice, sources said, was served on the basis of a compla...

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Category : GST | Comments : 0 | Hits : 414

Banks Board Bureau identifies 75 senior officers for leadership roles in PSBs
Posted Date : 19-Apr-2019 , 10:18:17 pm | Posted By CASANSAAR

The Banks Board Bureau (BBB), the apex body for selection of whole-time directors of state-owned lenders, has identified 75 senior management personnel of public sector lenders to take over leadership role in the future. From a pool of 450 senior management personnel across nationalised banks, an...

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Category : Banking | Comments : 0 | Hits : 229

MCA withdraws memorandum that barred LLPs from manufacturing activities
Posted Date : 18-Apr-2019 , 11:33:03 am | Posted By CASANSAAR

The corporate affairs ministry has withdrawn its directions restricting Limited Liability Partnerships (LLPs) from engaging in manufacturing activities. Concerns were raised in various quarters about an office memorandum issued by the ministry earlier this month, wherein LLPs were restricted from ma...

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Category : MCA | Comments : 0 | Hits : 489

NFRA probing role of EY, KPMG and Deloitte in IL&FS case
Posted Date : 17-Apr-2019 , 12:18:17 pm | Posted By CASANSAAR

The newly formed regulator for auditors is probing the role of three of the big four auditors in the alleged financial irregularity in Infrastructure Leasing & Financial Services and two of its group companies.  National Financial Reporting Authority (NFRA) has asked Indian arms of EY, K...

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Category : NFRA | Comments : 0 | Hits : 1358

NCLAT allows promoters under liquidation settle with creditors
Posted Date : 17-Apr-2019 , 10:09:49 am | Posted By CASANSAAR

Opening up a new window for promoters looking to retain control of their companies facing bankruptcy proceedings, the National Company Law Appellate Tribunal (NCLAT) has held that shareholders and owners can reach a settlement with creditors when their entity is under liquidation and an official liq...

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Category : Insolvent Professional | Comments : 0 | Hits : 307

MCA bars LLPs from manufacturing & allied services
Posted Date : 17-Apr-2019 , 10:03:55 am | Posted By CASANSAAR

Manufacturing & allied activities were restricted in LLPs vide OM No. CRC/LLP/e-Forms dated 06.03.2019. This OM invoking the restriction regarding manufacturing & allied activities has been withdrawn with immediate effect - MCA ...

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Category : MCA | Comments : 0 | Hits : 638

Income Tax dept revises format of TDS certificate issued by employers
Posted Date : 16-Apr-2019 , 10:02:42 pm | Posted By CASANSAAR

The Income Tax department has revised Form 16 by adding various details, including income from house property and remuneration received from other employers, thereby making it more comprehensive to help check tax avoidance. It will also include segregated information regarding deductions under vario...

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Category : Income Tax | Comments : 0 | Hits : 419

Examination for Confirmation of Enrollment of GST Practitioners
Posted Date : 16-Apr-2019 , 09:55:17 pm | Posted By CASANSAAR

The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of Rule 83 of the Central Goods and Services Tax Rules, 2017, vide Notificat...

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Category : GST | Comments : 0 | Hits : 587

DIN holders are required to file DIR-3 KYC form every year - MCA
Posted Date : 16-Apr-2019 , 11:12:35 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has issued some clarification with regards to filling of e-form DIR-3 KYC. In a notification, MCA said “DIN holders are required to file the DIR-3 KYC form every year, so that they are aware of and confirm the data & information as available in th...

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Category : Corporate Law | Comments : 0 | Hits : 852

BoB expects to complete integration of Dena Bank, Vijaya Bank in two years
Posted Date : 16-Apr-2019 , 11:06:39 am | Posted By CASANSAAR

State-owned Bank of Baroda (BoB) is likely to complete the process of merger of Dena Bank and Vijaya Bank with it in two years, said a senior official of BoB. The merger of Dena Bank and Vijaya Bank with BoB became effective from April 1. Information technology platform integration alone will tak...

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Category : Merger & Acquisitions | Comments : 0 | Hits : 303

IBC cases admitted over RBI circular to continue - IBBI
Posted Date : 15-Apr-2019 , 09:29:25 pm | Posted By CASANSAAR

Although the Supreme Court has quashed the RBI's February 12, 2018 order on non-performing assets (NPA), the cases admitted for resolution process based on the order would continue, as the NCLT admits cases only if it is sure of the default irrespective of any circular, said the Insolvency and B...

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Category : Insolvent Professional | Comments : 0 | Hits : 171

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