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Income Tax dept proposes online filing of tax exemption application
Posted Date : 30-Oct-2018 , 09:15:47 am | Posted By CASANSAAR

Educational institutions, hospitals, charitable and religious trusts will soon have to file the online application for seeking income tax exemption, the I-T department said Monday.  The department sought comments from stakeholders by November 12 on the amended rules and application forms see...

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Category : Income Tax | Comments : 0 | Hits : 290

RBI employees association seek central bank's autonomy
Posted Date : 30-Oct-2018 , 09:10:55 am | Posted By CASANSAAR

All India Reserve Bank Employees Association (AIRBEA) Monday expressed concern over the recent statements made by deputy governor Viral Acharya and sought autonomy of the apex bank. The association said in a statement on Monday that "Undermining the country's central bank was a recipe fo...

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Category : RBI | Comments : 0 | Hits : 149

SEBI proposes relaxed norms for startup listing
Posted Date : 29-Oct-2018 , 08:34:52 am | Posted By CASANSAAR

The Securities and Exchange Board of India has proposed to tweak listing norms for start-ups,in an attempt to make it more attractive for companies in sectors like e-commerce,data analytics and bio-technology.  The regulator has renamed the Institutional Trading Platform(ITP) as 'Innovat...

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Category : SEBI | Comments : 0 | Hits : 277

Essar's CoC approves ArcelorMittal's acquisition of Essar Steel
Posted Date : 26-Oct-2018 , 10:32:23 pm | Posted By CASANSAAR

ArcelorMittal on Friday announced that the Committee of Creditors (CoC) to Essar Steel India Limited (ESIL) has voted in favour of the company's acquisition. ESIL's resolution professional (RP), on behalf of the CoC, has issued the company with a Letter of Intent (LOI) stating that the co...

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Category : Insolvent Professional | Comments : 0 | Hits : 301

Govt looks to Discipline Professional Institutes
Posted Date : 26-Oct-2018 , 09:48:36 am | Posted By CASANSAAR

The government is looking to step up its oversight over three professional institutes, including the Institute of Chartered Accountants of India (ICAI), for their failure to discipline errant auditors, despite being ticked off by Prime Minister Narendra Modi 15 months ago. The government has pull...

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Category : ICAI | Comments : 0 | Hits : 799

RBI rejects Gov's proposal to ease PCA norms for banks
Posted Date : 26-Oct-2018 , 09:43:37 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has pushed back suggestions by the government nominees at its board meeting on Wednesday to ease the so-called Prompt Corrective Action (PCA) norms for banks. The regulator argued that the move had already improved the financial health of some of the lenders under str...

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Category : RBI | Comments : 0 | Hits : 302

Promoters of 73,000 companies may face action
Posted Date : 26-Oct-2018 , 09:40:50 am | Posted By CASANSAAR

The government is likely to take action against the promoters of 73,000 companies in which it has detected fraudulent transactions after the demonetisation drive in 2016.  “We have identified 73,000 companies in which Rs 24,000 crore was deposited after demonetisation. The investigatio...

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Category : Companies Act | Comments : 0 | Hits : 597

SC seeks report on role of Amrapali Group's statutory auditors
Posted Date : 26-Oct-2018 , 09:38:59 am | Posted By CASANSAAR

The Supreme Court on Wednesday asked the forensic auditors to submit by Thursday an interim report on the role of statutory auditors in the beleaguered real estate company Amrapali Group.   The SC has asked forensic auditors to conduct an audit of 46 companies of the Amrapali Group, and also ...

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Category : Auditing | Comments : 0 | Hits : 452

Promoters offer to repay over Rs 54,000 Cr to withdraw Essar Steel from Insolvency
Posted Date : 26-Oct-2018 , 09:32:19 am | Posted By CASANSAAR

Promoters of Essar Steel Ltd., the Ruia family, have offered to repay creditors of the steel firm in an attempt to withdraw it from the insolvency resolution process. In a press statement on Thursday, the company’s shareholders said they are willing to pay Rs 54,389 crore to creditors. The ...

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Category : Insolvent Professional | Comments : 0 | Hits : 282

Bank of Baroda, Dena Bank and Vijaya Bank to appoint valuers for merger
Posted Date : 26-Oct-2018 , 09:28:54 am | Posted By CASANSAAR

Bank of Baroda (BoB), Dena Bank and Vijaya Bank will appoint valuers ahead of their merger. The three public sector banks have floated a request for proposal (RFP) to appoint valuers for an independent valuation of their respective banks for the proposed merger. "The boards of the three bank...

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Category : Banking | Comments : 0 | Hits : 358

CBDT rejects request for further Tax Audit due date extension
Posted Date : 26-Oct-2018 , 08:58:05 am | Posted By CASANSAAR

As concerns of the assessees have been suitably redressed with extension of due date by one month (i.e. till 31.10.18), representation of the Tax Bar Association, Guwahati dated 20.09.18, requesting for further extension of due date for filing ITR/TAR beyond 31.10.18 is hereby rejected. ...

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Category : Tax Audit | Comments : 0 | Hits : 621

IBBI notifies mechanism for issuing regulations under insolvency law
Posted Date : 25-Oct-2018 , 08:41:45 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has notified the mechanism to be followed for issuing regulations under the insolvency law. A set of procedures would be followed for making or amending regulations under the Insolvency and Bankruptcy Code (IBC). An official release issued on...

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

Cabinet approves MoU between the ICAI and CPA Afghanistan
Posted Date : 25-Oct-2018 , 08:37:08 am | Posted By CASANSAAR

  The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the signing of a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Certified Professional Accountants Afghanistan (CPA Afghanistan).  The MoU will establi...

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Category : ICAI | Comments : 0 | Hits : 295

SC asks Amrapali CFO to appear before it for Memory Test
Posted Date : 25-Oct-2018 , 08:33:42 am | Posted By CASANSAAR

In a rare order, the Supreme Court on Wednesday directed the chief financial officer of Amrapali group, Chander Wadhwa, to appear before it for a “memory test”, after the court-appointed auditors said he was not cooperating with the ongoing probe. He was also not answering any question o...

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Category : Auditing | Comments : 0 | Hits : 321

RBI cancels licences of 31 NBFCs
Posted Date : 24-Oct-2018 , 07:39:53 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has cancelled the Certificate of Registration of 31 non-banking financial companies (NBFCs). The move comes days after the central bank eased liquidity norms for banks in order to release additional funding for NBFCs.   NBFCs have been under pressure...

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Category : RBI | Comments : 0 | Hits : 816

Government plans to tighten rules for Auditors
Posted Date : 24-Oct-2018 , 07:35:43 am | Posted By CASANSAAR

The government plans to review the auditing standards as it looks to tighten the norms governing auditors, a senior official has said amid rising instances of corporate misdoings. The Corporate Affairs Ministry, which is implementing the companies law, is working on ways to bolster the overall corpo...

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Category : Auditing | Comments : 0 | Hits : 1034

Vehicle owners to pay 18% under GST on pollution check
Posted Date : 24-Oct-2018 , 07:30:59 am | Posted By CASANSAAR

Vehicle owners will have to pay a GST of 18 per cent to get pollution certificate for their vehicles, the Authority for Advance Ruling (AAR) has said.  The Goa bench of the AAR passed the ruling on an application filed by Venkatesh Automobiles on whether the service provided for issuing '...

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Category : GST | Comments : 0 | Hits : 396

Two crore Indians file returns but pay zero income tax
Posted Date : 24-Oct-2018 , 07:26:38 am | Posted By CASANSAAR

In the last four years, the government's efforts to widen the tax base resulted in an 80% jump in number of returns filed to 6.85 crore in 2017-18 from 3.31 crore in 2013-14. However, a large number of these individuals are paying no tax at all. As many as 2.02 crore individuals filed income-tax...

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Category : Income Tax | Comments : 0 | Hits : 518

IBBI notifies the Insolvency and Bankruptcy Board of India (Mechanism for Issuing Regulations) Regulations, 2018
Posted Date : 24-Oct-2018 , 07:21:40 am | Posted By CASANSAAR

  The Insolvency and Bankruptcy Code, 2016 (Code) is a modern economic legislation. Section 240 of the Code empowers the Insolvency and Bankruptcy Board of India (IBBI) to make regulations subject to the conditions that the regulations: (a) carry out the provisions of the Code, (b) are consi...

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Category : Insolvent Professional | Comments : 0 | Hits : 297

Income tax dept targets foreign assets in new anti-black money drive
Posted Date : 23-Oct-2018 , 09:41:19 am | Posted By CASANSAAR

The income tax department has launched a major operation to investigate cases of illegal funds and properties stashed abroad by Indians and may invoke the new anti-black money law for strict criminal action in many such cases, officials said on Monday. The department, in coordination with their fore...

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Category : Income Tax | Comments : 0 | Hits : 383

Number of crorepatis has risen by 60 pc in India: CBDT
Posted Date : 22-Oct-2018 , 11:08:31 am | Posted By CASANSAAR

The number of taxpayers earning above Rs 1 crore per annum has risen to over 1.40 lakh in the country in the last four years, depicting a growth of about 60 per cent, the Central Board of Direct Taxes (CBDT) said Monday. Releasing key statistics of income tax and direct taxes for a period of abou...

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Category : CBDT | Comments : 0 | Hits : 440

Only registered valuers can do valuation under IBC from Feb 2019
Posted Date : 22-Oct-2018 , 09:04:53 am | Posted By CASANSAAR

From February next year, only entities registered as valuers with the IBBI can carry out valuation of assets under the insolvency law, according to a circular.  The registration of valuers is done by the Insolvency and Bankruptcy Board of India (IBBI). Valuation of assets is a key factor for...

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Category : Corporate Law | Comments : 0 | Hits : 714

Due date of GSTR-3B for Sept 2018 extended to 25th Oct 2018
Posted Date : 22-Oct-2018 , 08:52:56 am | Posted By CASANSAAR

  It has been brought to notice that there have been apprehensions by trade and industry relating to the last date for availment of ITC for the period July, 2017 to March, 2018. In order to remove doubts, it was clarified that as per the law, the last date for availing ITC in relation to the...

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Category : GST | Comments : 0 | Hits : 478

SC denies income tax exemption to local authority
Posted Date : 20-Oct-2018 , 10:36:20 pm | Posted By CASANSAAR

In a ruling that will have a significant implication on local authorities set up under state legislations, the Supreme Court has held that they are not eligible for income tax exemption, overruling a Rajasthan High Court order.  A top court bench gave its ruling on October 12, 2018 in respec...

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Category : Income Tax | Comments : 0 | Hits : 506

Last date to avail Input Tax Credit in respect of invoices pertaining to period from July, 2017 to March, 2018
Posted Date : 18-Oct-2018 , 11:27:12 pm | Posted By CASANSAAR

  There appears to be misgiving about the last date for taking Input Tax Credit (ITC) in relation to invoices or debit notes relating to such invoices pertaining to period from July, 2017 to March, 2018. Such uncertainty seems to stem from the Government’s decision to extend the l...

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Category : GST | Comments : 0 | Hits : 860

IT officer can’t adjust tax refund against outstanding demand without notice
Posted Date : 18-Oct-2018 , 03:19:42 am | Posted By CASANSAAR

As per the Income Tax Act, income tax officials need to serve a valid notice of demand to the concerned taxpayer before doing any adjustment against the demand. A valid notice means a notice which is served within the time-frame specified under the respective sections of the Income Tax Act. Thus, if...

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Category : Income Tax | Comments : 0 | Hits : 662

Financial service providers outside the purview of IBC - NCLAT
Posted Date : 18-Oct-2018 , 08:35:34 am | Posted By CASANSAAR

The National Company Law Appellate Tribunal (NCLAT) and NCLT (Mumbai Bench), in recent judgments, have observed that financial service providers such as non-banking financial companies are outside the purview of the Insolvency & Bankruptcy (I&B) Code. In an order in the Randhiraj Thakur, ...

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Category : Insolvent Professional | Comments : 0 | Hits : 434

Clarification on the manner of filing the Quarterly Return by Composition Dealers in FORM GSTR-4
Posted Date : 17-Oct-2018 , 12:38:53 pm | Posted By CASANSAAR

It has been brought to notice that doubts regarding the manner of filing the quarterly return by Composition Dealers in FORM GSTR-4 in the absence of auto-population of the details of inward supplies (other than supplies attracting reverse charge) received from registered suppliers exist a...

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Category : GST | Comments : 0 | Hits : 884

RBI issues guidelines to facilitate payments among PPI
Posted Date : 17-Oct-2018 , 06:04:41 pm | Posted By CASANSAAR

In a move aimed at promoting digital transactions, the Reserve Bank of India (RBI) has released operational guidelines to facilitate payments among prepaid instruments (PPI) such as mobile wallets. The guidelines, released yesterday, elaborate on requirements for achieving inter-operability for m...

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Category : RBI | Comments : 0 | Hits : 362

RBI approves appointment of Sandeep Bakhshi as MD & CEO of ICICI Bank
Posted Date : 16-Oct-2018 , 10:14:39 pm | Posted By CASANSAAR

Private sector lender ICICI Bank Tuesday said the RBI has approved Sandeep Bakshi's appointment as Managing Director and CEO of the bank for three years. After the resignation of Chanda Kochhar, who was facing inquiry, earlier this month, the bank's board had elevated Chief Operating Officer...

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Category : Banking | Comments : 0 | Hits : 319

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