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Rajya Sabha passes Motor Vehicles (Amendment) Bill to improve road safety
Posted Date : 01-Aug-2019 , 08:32:43 am | Posted By CASANSAAR

The Rajya Sabha passed the Motor Vehicles (Amendment), Bill, 2019 with some amendments. The bill was passed yesterday with 108 members voting in favour of the bill and 13 against. It will be again sent to the Lok Sabha for approval as it was passed with Amendments. The bill seeks to amend the ...

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Category : General | Comments : 0 | Hits : 368

GSTN releases offline tool of new GST return for trial run
Posted Date : 31-Jul-2019 , 09:54:32 am | Posted By CASANSAAR

Goods and Services Tax Network (GSTN) on July 30 released trial version of offline tools of GST forms related to supply of goods and services. The offline tools have been released for Annexure of supplies (GST ANX-1) and Annexure of Inward Supplies (GST ANX-2), GSTN, which is the IT backbone of the ...

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Category : GST | Comments : 0 | Hits : 642

CAG flays tax authorities over error in assessment of income, taxes
Posted Date : 31-Jul-2019 , 09:51:53 am | Posted By CASANSAAR

The Comptroller and Auditor General of India (CAG) has rapped direct tax authorities for irregularities in assessments of personal income and corporation taxes over the years. In a report on direct taxes for 2018-19 tabled in Parliament on Tuesday, the auditor suggested that the government consid...

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Category : CAG | Comments : 0 | Hits : 568

Senior IAS officer Rajiv Kumar appointed as new Finance Secretary
Posted Date : 31-Jul-2019 , 09:46:28 am | Posted By CASANSAAR

Senior IAS officer Rajiv Kumar, currently serving as Financial Services Secretary, was on Tuesday appointed as the new Finance Secretary, reported ANI. The Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi approved the designation of Kumar as the new Finance Secretary, ...

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Category : Finance | Comments : 0 | Hits : 304

GST system prone to input tax credit frauds - CAG
Posted Date : 31-Jul-2019 , 09:40:31 am | Posted By CASANSAAR

The roll-out of GST has unified the multiple central and state taxes on goods and services to a great extent and made credit for input taxes available through the value chain, but hasn’t simplified the tax compliance regime while the experience so far has also been that of slowdown in tax reve...

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Category : CAG | Comments : 0 | Hits : 444

RBI relaxes External Commercial Borrowing norms for corporates , non-banking lenders
Posted Date : 31-Jul-2019 , 09:26:38 am | Posted By CASANSAAR

In more liquidity easing measures, the Reserve Bank has liberalised the end-use stipulations for the External Commercial Borrowings both for corporates as well as liquidity starved non-banking lenders. The central bank in a statement yesterday said that liberalisation will be applicable to ECBs t...

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Category : RBI | Comments : 0 | Hits : 385

Parliament passes Companies (Amendment) Bill
Posted Date : 30-Jul-2019 , 09:57:43 pm | Posted By CASANSAAR

Parliament has passed the Companies (Amendment) Bill, 2019, with the Rajya Sabha approving it today. The Lok Sabha has already passed the bill.  The Bill seeks to amend the Companies Act, 2013. It aims to tighten Corporate Social Responsibility-CSR compliance, transfer certain responsibiliti...

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Category : General | Comments : 0 | Hits : 324

Lok Sabha Passes the Code on Wages Bill, 2019
Posted Date : 30-Jul-2019 , 09:55:13 pm | Posted By CASANSAAR

The Lok Sabha today passed The Code on Wages Bill, 2019. While opening the discussion for consideration and passing of the Bill,  Minister of State (I/C) for Labour and Employment Shri Santosh Kumar Gangwar said that it is a historic Bill which aims to transform the old and obsolete labour laws...

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Category : General | Comments : 0 | Hits : 301

Income Tax dept to use data analysis, risk profiling to increase tax mop up
Posted Date : 30-Jul-2019 , 10:48:03 am | Posted By CASANSAAR

The Income Tax Department will use data mining and risk profiling rather than intrusive methods for tax collection, Revenue Secretary Ajay Bhushan Pandey said on Wednesday while exuding confidence of achieving the direct tax mop-up target for the current fiscal.  In the 2019-20 Budget, the g...

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Category : Income Tax | Comments : 0 | Hits : 590

IBC Bill won't encroach on SC domain - Finance Minister
Posted Date : 30-Jul-2019 , 10:20:00 am | Posted By CASANSAAR

The government’s move to amend the Insolvency and Bankruptcy Code (IBC) was largely to clear its legislative intent and not to encroach on the Supreme Court’s domain, Finance Minister Nirmala Sitharaman said on Monday. She was replying to a debate on the amendments to the code in the ...

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Category : Insolvent Professional | Comments : 0 | Hits : 296

Rajya Sabha passes The Insolvency and Bankruptcy Code
Posted Date : 30-Jul-2019 , 10:01:56 am | Posted By CASANSAAR

The Rajya Sabha on Monday approved amending the three-year-old Insolvency and Bankruptcy Code (IBC), providing clarity about preference to secured lenders over operational creditors and giving lenders explicit authority over distribution of proceeds of auction of loan defaulting companies. Replyi...

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Category : Insolvent Professional | Comments : 0 | Hits : 568

RBI slaps Rs 26 lakh fine on Mobikwik and Hip Bar
Posted Date : 30-Jul-2019 , 09:54:52 am | Posted By CASANSAAR

The Reserve Bank has imposed a fine of about 26 lakh rupees on two online payment solutions providers for non-compliance of regulatory guidelines. The central bank said in a release that Mobikwik Systems Private Limited has been slapped a fine of 15 lakh rupees while Hip Bar Pvt Ltd faced a fine ...

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Category : RBI | Comments : 0 | Hits : 411

IBBI sets one-year timeline for liquidation process of insolvent companies
Posted Date : 29-Jul-2019 , 07:55:17 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has changed the process of liquidation to make it time-bound. The new rules say that the process must be finished within one year of its commencment. The new regulations also say that a compromise between the stakeholders must happen within 90 d...

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Category : Insolvent Professional | Comments : 0 | Hits : 315

JW Marriott Hotel fined Rs 25,000 for levying GST on bananas
Posted Date : 28-Jul-2019 , 07:37:40 am | Posted By CASANSAAR

JW Marriott Saturday was fined Rs 25,000 by the Chandigarh Excise and Taxation department for illegally levying 18 percent GST on fresh bananas served to actor Rahul Bose.  Fresh fruits are tax-free under the GST regime.  Bose, last Sunday had posted a video on micro-blogging website...

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Category : GST | Comments : 0 | Hits : 555

GST Council slashes tax rates on electric vehicles, chargers
Posted Date : 28-Jul-2019 , 07:33:49 am | Posted By CASANSAAR

Federal indirect tax body, the Goods and Services Tax (GST) Council, on Saturday decided to reduce tax rates on electric vehicles and chargers from 1 August. The tax rate is reduced from 12% to 5% on vehicles and from 18% to 5% on electric vehicle chargers. The Council also made hiring of elec...

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Category : GST | Comments : 0 | Hits : 270

500 CA Exam Answer Sheets Found With Unauthorised Person in Kolkata
Posted Date : 27-Jul-2019 , 08:21:33 am | Posted By CASANSAAR

Kolkata Police found 500 Chartered Accountancy exam answer sheets at the residence of an unauthorised individual named. The answer sheets are of a CA exam conducted in June 2019. Ray, an accountant who works at a CA firm, is not an authorised examiner of the Chartered Accountancy exam. Police say...

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Category : CA Exams | Comments : 0 | Hits : 1317

IBBI amends norms for insolvency resolution process for Corporate Persons
Posted Date : 27-Jul-2019 , 08:10:28 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has amended norms pertaining to insolvency resolution process for corporate persons and liquidation process. The amendments specify the process for withdrawal of applications before constitution of Committee of Creditors (CoC) and other scenario...

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Category : Insolvent Professional | Comments : 0 | Hits : 230

SEBI fixes minimum staggered delivery period of 5 days for commodity futures
Posted Date : 27-Jul-2019 , 08:02:05 am | Posted By CASANSAAR

Capital markets regulator Sebi on Friday fixed the minimum duration of the staggered delivery period at five working days for all commodity futures in order to bring uniformity in the timeline across exchanges.  Staggered delivery period is the duration during which sellers or buyers having ...

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Category : SEBI | Comments : 0 | Hits : 183

IBBI sets one-year timeline for liquidation process of insolvent companies
Posted Date : 27-Jul-2019 , 07:58:01 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has changed the process of liquidation to make it time-bound. The new rules say that the process must be finished within one year of its commencment. The new regulations also say that a compromise between the stakeholders must happen within 90 d...

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Category : Insolvent Professional | Comments : 0 | Hits : 240

CBDT gives 2 months extension to I-T Dept to finalise assessment in demonetisation cases
Posted Date : 27-Jul-2019 , 07:39:11 am | Posted By CASANSAAR

The CBDT on July 26 said that it has extended the taxman's deadline by another two months till September to complete the final assessment of about 87,000 entities across the country who made suspicious deposits post-demonetisation. The CBDT said the extension of time is being granted after co...

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Category : Income Tax | Comments : 0 | Hits : 1165

Lok Sabha passes Companies (Amendment) Bill, 2019
Posted Date : 27-Jul-2019 , 07:34:08 am | Posted By CASANSAAR

The Lok Sabha has passed The Companies (Amendment) Bill, 2019.  The Bill seeks to amend the Companies Act, 2013. It aims to tighten Corporate Social Responsibility compliance, transfer certain responsibilities to National Company Law Tribunal and recatgorise certain offences as civil offences.&...

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Category : Corporate Law | Comments : 0 | Hits : 220

Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019
Posted Date : 26-Jul-2019 , 07:45:31 am | Posted By CASANSAAR

Please be aware that the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2019 have been notified w.e.f 25th July 2019. As per the said notification: i) eForm DIR-3 KYC is to be filed by an individual who holds DIN and is filing his KYC details for the fi...

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Category : MCA | Comments : 0 | Hits : 704

GST Council meet postponed
Posted Date : 25-Jul-2019 , 10:51:02 pm | Posted By CASANSAAR

The 36th meeting of the GST Council which was scheduled to be held in New Delhi today has been postponed.  The meeting will be rescheduled for a later date. #casansaar (Source - NewsonAir) ...

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Category : GST | Comments : 0 | Hits : 246

Parliament passes RTI (Amendment) Bill, 2019
Posted Date : 25-Jul-2019 , 10:48:32 pm | Posted By CASANSAAR

Parliament has passed the Right to Information (Amendment) Bill, 2019 with the Rajya Sabha approving it today amid opposition walkout. The Lok Sabah has already passed the bill.  The Bill seeks to empower the Centre to make rules to decide the tenure, salary, allowances and other terms of se...

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Category : General | Comments : 0 | Hits : 129

RBI committee recommends increase of loan limits to MSME sector
Posted Date : 25-Jul-2019 , 10:44:03 pm | Posted By CASANSAAR

A Committee constituted by Reserve Bank of India (RBI), headed by former SEBI Chairman UK Sinha, has recommended that the limit for collateral free lending should be increased to Rs 20 lakh for MSMEs and Self-Help Groups (SHGs). The Committee has also recommended revision of loan limit sanctioned...

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Category : RBI | Comments : 0 | Hits : 161

IBBI tightens norms for insolvency resolution professionals
Posted Date : 25-Jul-2019 , 07:50:59 am | Posted By CASANSAAR

In a significant move, the Insolvency and Bankruptcy Board of India (IBBI) has tightened norms governing resolution professionals wherein restrictions will also be in place for their relatives from taking up employment after completion of a resolution process.  Insolvency resolution professi...

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Category : Insolvent Professional | Comments : 0 | Hits : 369

Finance Minister introduces IBC bill for faster bad loan resolution
Posted Date : 25-Jul-2019 , 07:33:22 am | Posted By CASANSAAR

The government came out in support of financial creditors and spelled out concerns over extensive litigation causing undue delays in insolvency proceedings, while introducing the Insolvency and Bankruptcy Code Amendment Bill in the Rajya Sabha on Wednesday. The statement of object and reasons sai...

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Category : Income Tax | Comments : 0 | Hits : 266

Cabinet approves amendments to Aadhaar Bill
Posted Date : 25-Jul-2019 , 07:27:47 am | Posted By CASANSAAR

Union Cabinet has approved Official Amendments to the Aadhaar and Other Laws (Amendment) Bill 2019.  Briefing the reporters after the Cabinet meeting, Information and Broadcasting Minister Prakash Javadekar said, the government has decided to make Aadhaar as identification document so that p...

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Category : Income Tax | Comments : 0 | Hits : 372

RBI to review organisational structure as part of vision strategy
Posted Date : 24-Jul-2019 , 06:48:27 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) will undertake review and reframing of its organisational structure to implement strategies that form its vision statement for 2019-22. The apex bank will also enhance the performance assessment system for its employees, RBI said, adding that it will also use techn...

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Category : RBI | Comments : 0 | Hits : 156

Parliament passes Finance Bill 2019
Posted Date : 24-Jul-2019 , 06:45:40 am | Posted By CASANSAAR

Parliament has passed the Finance Bill 2019 and Appropriation Bill 2019 with the Rajya Sabha returning them to the Lower House.  The Lok Sabha has already passed the bills. The Finance bill gives effect to the financial proposals of the Central Government for the financial year 2019-20. Whil...

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Category : Finance | Comments : 0 | Hits : 280

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