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GSTN to go in for third-party audit of its software - CEO
Posted Date : 28-Jun-2018 , 08:11:36 am | Posted By CASANSAAR

GST Network has decided to go in for third-party audit of its software developed by Infosys to ensure that all changes in law are adequately captured and its performance is not lagging on any count, a senior official said. GSTN operates the IT backbone for collection of Goods and Services Tax (GS...

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Category : GST | Comments : 0 | Hits : 398

Foreign Cos with POEM in India to be taxed at 40%
Posted Date : 28-Jun-2018 , 08:05:54 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) on Wednesday clarified that foreign companies that have their place of effective management (POEM) in India will be taxed at 40%, plus applicable surcharge and cess. Provisions relating to POEM were applicable from the financial year 2016-17. Prior to this...

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Category : Income Tax | Comments : 0 | Hits : 387

SEBI decides to amend norms governing initial public offers
Posted Date : 27-Jun-2018 , 08:16:08 pm | Posted By CASANSAAR

Regulator Sebi today decided to amend the norms governing initial public offers, takeovers and buybacks as well as harmonise shareholding patterns in market infrastructure institutions and cap the tenure of managing directors at stock exchanges. The board of Sebi, at its meeting in Mumbai, also c...

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Category : SEBI | Comments : 0 | Hits : 159

Rs 2,000 crore GST evasion unearthed in 2 months
Posted Date : 27-Jun-2018 , 08:12:38 pm | Posted By CASANSAAR

The GST investigation wing has detected tax evasion of over Rs 2,000 crore in two months, and data analysis reveals that only 1 per cent of over 1.11 crore registered businesses pay 80 per cent of the taxes, a senior official said today.  CBIC member John Joseph said alike small businesses w...

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Category : GST | Comments : 0 | Hits : 325

MCA probing 22 listed companies for misusing funds raised via IPOs
Posted Date : 27-Jun-2018 , 09:51:07 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) is probing 22 listed companies for suspected misuse of funds raised through initial public offerings. In addition, the MCA is also reviewing its mechanism for monitoring initial public offerings. The firms under the MCA scanner are mainly those which have defa...

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Category : MCA | Comments : 0 | Hits : 347

GST provisions on TDS/TCS, reverse charge mechanism deferred by 3 months
Posted Date : 26-Jun-2018 , 09:24:27 pm | Posted By CASANSAAR

The revenue department has decided to keep in abeyance GST provisions relating to reverse charge mechanism, tax deducted at source (TDS) and tax collected at source (TCS) for another three months till September-end.  The GST Council in its meeting on March 10 had suspended the provision for ...

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Category : GST | Comments : 0 | Hits : 555

NCLT directs Alok Industries’ RP to submit approval for RIL-JM Fin plan
Posted Date : 26-Jun-2018 , 06:17:36 pm | Posted By CASANSAAR

The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Monday directed the resolution professional (RP) of Alok Industries to submit an application for the approval of the resolution plan submitted by Reliance Industries (RIL) and JM Financial ARC. Alok Industries’ committee of cre...

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Category : Insolvent Professional | Comments : 0 | Hits : 181

NCLAT refuses to defer order on Uttam Galva units’ insolvency case
Posted Date : 26-Jun-2018 , 06:14:34 pm | Posted By CASANSAAR

The National Company Law Appellate Tribunal (NCLAT) on Monday refused to direct the Mumbai bench of the National Company Law Tribunal (NCLT) to defer its pronouncement on State Bank of India’s (SBI’s) appeal seeking initiation of insolvency plea against Uttam Value Steel and Uttam Galva ...

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Category : Insolvent Professional | Comments : 0 | Hits : 173

Pattern of Assessment from May 2019 Examination - ICAI
Posted Date : 25-Jun-2018 , 10:36:05 pm | Posted By CASANSAAR

Students appearing in the Intermediate and Final Examinations may please note that beginning from May, 2019 attempt, assessment in the following subjects would be partially based on objective type questions: Intermediate Level Final Level Paper Subject Paper ...

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Category : ICAI | Comments : 0 | Hits : 1387

GST notices to Cos for passing off cash balance as transition credit
Posted Date : 26-Jun-2018 , 08:58:26 am | Posted By CASANSAAR

The indirect tax department has issued notices to companies that added cash balance lying in their personal ledger account (PLA) to the transitional credit when the tax system moved to Goods and Services Tax (GST), triggering panic among such companies.  PLA is a cash ledger account with the...

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Category : GST | Comments : 0 | Hits : 606

RBI widens ICICI Bank probe after whistleblower complaints
Posted Date : 26-Jun-2018 , 08:50:02 am | Posted By CASANSAAR

India’s banking regulator initiated a second probe into the affairs of ICICI Bank Ltd for allegedly delaying provisioning for stressed loans and so-called loan evergreening, among other wrongdoings, within days of receiving a whistleblower’s complaints on 20 March and 22 March, a fact th...

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Category : RBI | Comments : 0 | Hits : 283

Heads of 11 PSBs to appear before Parliamentary Panel
Posted Date : 26-Jun-2018 , 08:39:19 am | Posted By CASANSAAR

Heads of 11 state-run banks will apprise a parliamentary committee about the problems of mounting bad loans and increasing fraud cases on Tuesday, sources said. They will be appearing before the Standing Committee on Finance, headed by veteran Congress leader M Veerappa Moily, which is looking in...

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Category : Banking | Comments : 0 | Hits : 502

RBI proposes Board of Management in Urban Co-operative banks
Posted Date : 26-Jun-2018 , 08:25:02 am | Posted By CASANSAAR

The RBI proposed that all Urban Co-operative Banks (UCBs) having deposits of over Rs 100 crore will have to set up a Board of Management within one year to promote professional management in the banks. BoM will be in addition to the Board of Directors (BoD), said the RBI's draft guidelin...

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Category : RBI | Comments : 0 | Hits : 344

Clarification Regarding Date of Declaration of Results of CA Exams - ICAI
Posted Date : 25-Jun-2018 , 08:04:12 am | Posted By CASANSAAR

24th June 2018 Clarification regarding date of declaration of results of CA exams. It has been brought to our notice that a fake announcement regarding the date of declaration of the Common Proficiency Test (CPT) held in June 2018 and CA Final Examination held in May 2018, is doing the round...

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Category : CA Exams | Comments : 0 | Hits : 677

GST example of cooperative federalism - PM Modi
Posted Date : 24-Jun-2018 , 10:59:56 pm | Posted By CASANSAAR

Prime Minister Narendra Modi today said, Goods and Services Tax, GST is a great example of cooperative federalism, where all the States decided to take a unanimous decision in the interest of the nation.  He informed that it is a matter of pride that all the decisions taken in the 27 meeting...

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Category : GST | Comments : 0 | Hits : 152

GSTN designing tools for taxmen to analyse data to check evasion
Posted Date : 24-Jun-2018 , 10:57:35 pm | Posted By CASANSAAR

Almost a year into providing platform for tax collection, GST Network is now developing applications and tools for tax officers to help analyse data of their assessees and check possible evasion, a senior official said.  GST Network (GSTN), the company handling the technology backbone for Go...

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Category : GST | Comments : 0 | Hits : 299

Govt to improve norms for Auditors, Corp Professionals
Posted Date : 24-Jun-2018 , 10:54:32 pm | Posted By CASANSAAR

The Government is working to improve the regulations for auditors and corporate professionals as it looks to strengthen the "fabric of corporate governance" in the country, according to Union Minister P P Chaudhary. His comments come against the backdrop of some auditing entities coming...

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Category : Auditing | Comments : 0 | Hits : 592

CBDT proposes clear-cut timelines under transfer pricing
Posted Date : 22-Jun-2018 , 08:39:43 am | Posted By CASANSAAR

The income-tax (I-T) department has proposed clear-cut timelines by which excess amount assessed by transfer pricing officials (TPOs) over what was declared by associated enterprises of multinational corporations (MNCs) has to be brought in India. These timelines relate to advance pricing agreements...

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Category : Income Tax | Comments : 0 | Hits : 421

Discharge from Responsibility as IRP, RP or Liquidator of the Corporate Processes under IBC
Posted Date : 22-Jun-2018 , 08:35:15 am | Posted By CASANSAAR

Keeping in view the time bound nature of the processes and the role of IP in these processes, it is proposed to allow an IP to seek discharge from a process only on one ground, that is, he is incapacitated to continue as IRP, RP or Liquidator. He can be incapacitated only in two ways: (a) phy...

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Category : Insolvent Professional | Comments : 0 | Hits : 455

Taxpayer can file revised return after notice issued by I-T Dept - ITAT
Posted Date : 22-Jun-2018 , 08:20:08 am | Posted By CASANSAAR

A tax benefit claimed by a taxpayer in his revised income-tax return cannot be denied outright by an income-tax (I-T) officer merely because the revised return has been filed after issue of notice, income-tax appellate tribunal (ITAT) has said. However, the revised return needs to be filed within...

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Category : ITR | Comments : 0 | Hits : 1112

Prompt investigation taking place in fresh series of cases pertaining to Panama Papers
Posted Date : 22-Jun-2018 , 07:56:17 am | Posted By CASANSAAR

Central Board of Direct Taxes(CBDT) today said, prompt investigation is being taken in fresh series of cases pertaining to Panama Papers.  In a release, the Board said, the fresh Panama Papers reveal made in the media is being promptly looked into by the law enforcement agencies under the ae...

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Category : CBDT | Comments : 0 | Hits : 380

IBC resolution to moderate NPAs; rising referrals slowing process
Posted Date : 21-Jun-2018 , 12:13:21 am | Posted By CASANSAAR

Stressed assets’ resolution under the Insolvency and Bankruptcy Code (IBC) is expected to result in moderation of non-performing assets of banks as they can recover more than 50 per cent of their dues from the first 12 large cases, Credit Suisse said in a report on Wednesday. With a total of 7...

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Category : Insolvent Professional | Comments : 0 | Hits : 347

CBDT issues draft notification for amending computation of interest income
Posted Date : 21-Jun-2018 , 10:34:19 am | Posted By CASANSAAR

The Department of Income Tax (IT) through the Central Board of Direct Taxes (CBDT) has prposed to amend Rule 10CB of IT Rules, 1962 in respect of computation of interest income pursuant to secondary adjustment u/s 92CE of IT Act, 1961. In this regard, a CBDT spokesperson said that a draft notific...

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Category : CBDT | Comments : 0 | Hits : 770

GST increased illegal activities 4-5 times in terms of Billing
Posted Date : 21-Jun-2018 , 10:31:59 am | Posted By CASANSAAR

The goods and services tax (GST) introduced to track the trail of transaction has in fact increased illegal activities in terms of billing by multiple times. ‘Bill selling’, a practice common in the construction sector among those who inflate cost of projects, has gone up four-five times...

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Category : GST | Comments : 0 | Hits : 2041

Govt clears Rs. 38,062 Cr in GST refunds
Posted Date : 21-Jun-2018 , 10:29:33 am | Posted By CASANSAAR

The government has cleared pending GST refunds to the tune of Rs.38,062 crore to exporters so far, the Central Board of Indirect Taxes and Customs said on Wednesday. “In all, Rs.21,142 crore (IGST refunds), Rs.9,923 crore (RFD-01A refund by CBIC) and Rs.6,997 crore (RFD-01A refund by states...

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Category : GST | Comments : 0 | Hits : 327

International Yoga Day being celebrated world over today
Posted Date : 21-Jun-2018 , 10:18:25 am | Posted By CASANSAAR

The 4th International Yoga Day is being celebrated across the globe today. In India Prime Minister Narendra Modi led thousands of people in performing yoga asanas, in the main event organised at Forest Research Institute in Dehradun, Uttarakhand. He called upon people to make Yoga a movement and a p...

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Category : General | Comments : 0 | Hits : 318

MCA invites comments from stakeholders on introductory note and draft on Cross-Border Insolvency
Posted Date : 20-Jun-2018 , 09:41:40 pm | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA), Government of India, invites comments and views from stakeholders on introductory note and draft on ‘Cross-Border Insolvency. The MCA is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, fine-tuned to suit the needs...

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Category : MCA | Comments : 0 | Hits : 207

Bank of Maharashtra CEO, ED held for Rs 3,000 Cr DSK Group default case
Posted Date : 20-Jun-2018 , 03:06:58 pm | Posted By CASANSAAR

The Economic offences wing of the Pune police has arrested the MD & CEO of Bank of Maharashtra Ravindra Marathe along with executive director RK Gupta in the Rs 3,000 crore DSK Group loan default case. Sushil Muhnot, the former CMD of the bank, was also nabbed from Jaipur in connection with the ...

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Category : Banking | Comments : 0 | Hits : 682

Commerce Minister releases National Strategy for Standardization
Posted Date : 20-Jun-2018 , 11:05:40 am | Posted By CASANSAAR

India’s quest for providing best quality begins with identifying standards, stated Suresh Prabhu, Minister of Commerce and Industry. He was speaking at the 5th National Standards Conclave - Implementing the Indian National Strategy for Standardization, being held in New Delhi on 19-20 June 201...

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Category : Finance | Comments : 0 | Hits : 323

RBI to hike rates again by year-end with August still in play: Poll
Posted Date : 20-Jun-2018 , 10:34:20 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) is expected to raise interest rates again in the final three months of this year, according to a Reuters poll of economists, but over one-third of them predicted a hike as early as at the next meeting in August. Accelerating inflation and India retaining top spot a...

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Category : RBI | Comments : 0 | Hits : 322

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