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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 : 306

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 : 1370

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 : 259

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 : 333

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 : 242

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 : 523

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 : 203

SPICe+ Portal deployed by MCA
Posted Date : 20-Sep-2020 , 10:40:22 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has notified and deployed a web-form namely ‘SPICe+’ (pronounced SPICe Plus) vide notification no. GSR 128 dated 18.02.2020 (effective from 23.02.2020) as a part of Government of India’s Ease of Doing Business (EODB) initiatives.  This w...

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Category : MCA | Comments : 0 | Hits : 177

SEBI to empanel securities market trainers for investor education initiative
Posted Date : 19-Sep-2020 , 10:00:11 am | Posted By CASANSAAR

Sebi on Friday invited applications from individuals and entities to be empanelled as Securities Market Trainers (SMARTs) to shore up the regulator's investor education initiative amid growing retail participation in the capital markets. Noting that an educated investor is a "protected i...

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Category : SEBI | Comments : 0 | Hits : 199

British Columbia issues 407 invitations in new PNP draw
Posted Date : 18-Sep-2020 , 10:01:55 am | Posted By CASANSAAR

British Columbia invited 407 immigration candidates through a provincial nominee program draw held on September 15, 2020. The new invitations went to candidates from the Skills Immigration (SI) and Express Entry BC (EEBC) streams, specifically the Skilled Worker, International Graduate as well as...

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Category : International Business | Comments : 0 | Hits : 186

CBDT lays out five parameters for compulsory selection of returns under faceless assessment
Posted Date : 18-Sep-2020 , 09:51:49 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has prescribed five broad parameters for compulsory selection of returns for complete scrutiny under faceless assessment for FY 2020-21. The Board has clarified various situations and the parameters basis which the cases would be selected for scrutiny, and...

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Category : CBDT | Comments : 0 | Hits : 702

Canada issues another 4,200 ITAs for PR
Posted Date : 17-Sep-2020 , 10:15:28 am | Posted By CASANSAAR

The Government of Canada issued 4,200 invitations to apply for Canadian Permanent Residence to Express Entry candidates in a draw held on September 16. The new Express Entry round issued invitations to candidates with Comprehensive Ranking System (CRS) scores of 472. This is three points less tha...

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Category : International Business | Comments : 0 | Hits : 285

Lok Sabha passes Banking Regulation (Amendment)Bill, 2020
Posted Date : 17-Sep-2020 , 10:01:16 am | Posted By CASANSAAR

Considering the deteriorating condition of cooperative banks in the country, Lok Sabha on Wednesday passed the Banking Regulation (Amendment) Bill, 2020. The Bill proposes amendments to the Banking Regulation Act, 1949. With this new Bill, the central government aims to bring cooperative banks under...

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Category : Banking | Comments : 0 | Hits : 262

Income Tax Dept issues refunds of over Rs. 1,06,000 Cr
Posted Date : 17-Sep-2020 , 09:56:47 am | Posted By CASANSAAR

Income Tax Department has issued refunds of over Rs. 1,06,000 crore to more than 30 lakh taxpayers between 1st April to 15th September this year.   In a tweet, Central Board of Direct Taxes (CBDT) said, Income tax refunds of Rs. 31,741 crore have been issued in over 29 lakh cases and corporat...

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Category : Income Tax | Comments : 0 | Hits : 212

New banking bill gives RBI powers to restructure co-operative banks
Posted Date : 16-Sep-2020 , 09:10:45 am | Posted By CASANSAAR

The new Banking Regulation (Amendment) Bill, 2020, introduced by the government on the first day of the Parliament's Monsoon Session, provides the Reserve Bank of India (RBI) powers to restructure cooperative banks. The Bill was introduced by Finance Minister Nirmala Sitharaman who earlier wi...

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Category : RBI | Comments : 0 | Hits : 249

Violation of provisions of Company Law by the Companies
Posted Date : 16-Sep-2020 , 08:52:50 am | Posted By CASANSAAR

  The Ministry of Corporate Affairs (MCA) has information of the companies which have violated the provisions of Company Law. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in response to a written question in the Lok Sabha today. ...

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Category : Companies Act | Comments : 0 | Hits : 219

RBI mandates automated recognition of NPAs, provisioning by June 2021
Posted Date : 15-Sep-2020 , 10:18:29 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Monday mandated the automation of bad-loan recognition by banks by June 30, 2021. The processes of provisioning calculation and income recognition will also have to be automated and banks will be required to upgrade their systems accordingly. In its circular, th...

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Category : RBI | Comments : 0 | Hits : 929

CBDT dedicates two-thirds of workforce to faceless assessment scheme
Posted Date : 15-Sep-2020 , 10:12:25 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has dedicated two-thirds of its workforce towards the faceless assessment scheme, launched by Prime Minister Narendra Modi on August 13 this year. The National e-Assessment Centre (NeAC), headed by principal chief commissioner of Income Tax (I-T) has const...

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Category : CBDT | Comments : 0 | Hits : 318

Govt urges Pvt sector to clear MSME dues on priority
Posted Date : 15-Sep-2020 , 10:04:51 am | Posted By CASANSAAR

Micro, Small and Medium Enterprises, MSME, Ministry has asked the private sector enterprises of the country to take measures for release of payment of MSME dues on priority. During the announcement of AatmaNirbhar Package, it was desired that the MSME receivables and dues should be paid in 45 day...

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Category : MSME | Comments : 0 | Hits : 277

CBIC suspends licences of 56 customs brokers linked with fraudulent exporters
Posted Date : 14-Sep-2020 , 09:01:11 am | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) on Sunday said it has suspended licences of 56 customs brokers linked with fraudulent exporters. The Directorate General of Analytics and Risk Management (DGARM) had carried out data analytics of customs brokers linked with fraudulent/unscrupulo...

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Category : Custom | Comments : 0 | Hits : 217

RBI issues guidelines for appointment of CCO in banks
Posted Date : 12-Sep-2020 , 10:38:12 am | Posted By CASANSAAR

Reserve Bank of India has issued guidelines for appointment of Chief Compliance Officer (CCO) in banks to ensure uniform approach with regard to compliance and risk management culture across the banking industry.  Accordingly, RBI has said that the CCO must be appointed for a minimum fixed p...

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Category : RBI | Comments : 0 | Hits : 461

Manitoba PNP invites 212 candidates to apply for nomination
Posted Date : 12-Sep-2020 , 10:33:37 am | Posted By CASANSAAR

“Friendly Manitoba” has held another invitation round, inviting 212 immigration candidates to apply for a provincial nomination for permanent residence on September 10. The Manitoba Provincial Nominee Program (MPNP) invited skilled workers and international student graduates through t...

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Category : International Business | Comments : 0 | Hits : 389

ED imposes Rs 100 Cr fine on Standard Chartered for FEMA breach
Posted Date : 12-Sep-2020 , 10:30:21 am | Posted By CASANSAAR

The Enforcement Directorate (ED) has imposed penalties of Rs 100 crore on Standard Chartered Bank, Rs 17 crore on Tamil Nadu Mercantile Bank Limited (TMBL) and Rs 35 crore on MGM Maran, then chairman and director of TMBL after finding them in contravention of provisions of Foreign Exchange Managemen...

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Category : FEMA | Comments : 0 | Hits : 290

Government aiming to create 5 Cr additional jobs in MSME sector
Posted Date : 11-Sep-2020 , 10:32:55 am | Posted By CASANSAAR

Union Minister for Road Transport & Highways and MSME, Nitin Gadkari has said that he aims to enhance MSME contribution to GDP from about 30% to 50%; and in exports from 49% to 60%. Gadkari said that his Government is aiming to create 5 crore additional jobs in the MSME sector which presently em...

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Category : MSME | Comments : 0 | Hits : 345

FM Nirmala Sitharaman unveils Doorstep Banking Services
Posted Date : 10-Sep-2020 , 09:29:11 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman on Wednesday launched doorstep banking services for public sector banks in order to facilitate hassle-free and convenient banking. "At this stage, the catalysts for economic revival, the catalysts who have the pulse of every one of their customers, are ban...

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Category : Banking | Comments : 0 | Hits : 492

State Bank of India planning VRS scheme for over 30,000 employees
Posted Date : 08-Sep-2020 , 10:33:02 am | Posted By CASANSAAR

The State Bank of India (SBI) is planning a voluntary retirement scheme (VRS) for which over 30,000 employees will be eligible. According to a report in news agency PTI, the state-lender is planning the VRS scheme to optimise its costs. Out of the 2.49 lakh employees of the bank, at least 30,190 ...

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Category : Banking | Comments : 0 | Hits : 432

Banks sanction loans of Rs.1.61 lakh Cr to MSMEs under credit guarantee scheme
Posted Date : 08-Sep-2020 , 10:26:28 am | Posted By CASANSAAR

The Finance Ministry on Monday said banks have sanctioned loans of about Rs.1,61,017 crore under the Rs.3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector reeling under the slowdown caused by the coronavirus pandemic. However, disbursements against this stood at Rs.1,...

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Category : MSME | Comments : 0 | Hits : 938

RBI revises LFAR norms for banks to improve Audit efficacy, risk management
Posted Date : 07-Sep-2020 , 09:44:59 am | Posted By CASANSAAR

The Reserve Bank on Saturday came up with revised long format audit report (LFAR) norms with a view to improving efficacy of internal audit and risk management systems. The LFAR, which applies to statutory central auditors (SCA) and branch auditors of banks, has been updated keepingin view the la...

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Category : RBI | Comments : 0 | Hits : 1239

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