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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 : 427

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 : 460

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 : 1128

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 : 387

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 : 351

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 : 773

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 : 2075

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 : 331

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 : 323

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 : 210

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 : 684

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 : 327

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 : 325

RBI revises upwards housing loan limits under priority sector
Posted Date : 19-Jun-2018 , 11:56:51 pm | Posted By CASANSAAR

Housing loans of up to Rs 35 lakh, for dwellings costing less than Rs 45 lakh, will be treated as priority sector lending (PSL) to give a fillip to the low-cost segment, the Reserve Bank said on Tuesday. PSL loans are relatively cheaper than market interest rate. "With a view to bringing ...

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Category : RBI | Comments : 0 | Hits : 415

Sebi set to revamp IPO norms
Posted Date : 20-Jun-2018 , 10:16:20 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) is set to revamp initial public offering (IPO) norms to make them less onerous for legitimate sellers while clamping down on possible misuse.  These include recognising a wider set of institutional investors such as alternative investment fun...

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Category : SEBI | Comments : 0 | Hits : 296

RBI hikes housing loan limits under priority sector lending
Posted Date : 19-Jun-2018 , 11:32:50 pm | Posted By CASANSAAR

Housing loans of up to Rs. 35 lakh, for dwellings costing less than Rs. 45 lakh, will be treated as priority sector lending (PSL) to give a fillip to the low-cost segment, the Reserve Bank said today. PSL loans are relatively cheaper than market interest rate. "With a view to bringing conver...

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Category : RBI | Comments : 0 | Hits : 220

GST leads to Formalization of Economy and Widening of Tax Base
Posted Date : 18-Jun-2018 , 03:27:49 pm | Posted By CASANSAAR

Historic tax reform, the Goods and Service Tax (GST), has resulted in formalization of economy and consequently information flow would eventually augment not only the Indirect Tax collections but also Direct Tax collections. In the past, the Centre had little data on small manufacturers and consumpt...

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Category : GST | Comments : 0 | Hits : 339

GST collection soars 150%, revenue gap dips by half
Posted Date : 18-Jun-2018 , 12:42:31 pm | Posted By CASANSAAR

UP has been registering a steady growth in GST collections, and the rise has been to such an extent that the compensation paid by Centre to the states for revenue loss due to GST implementation has come down from 27% in September 2017 to nil for the months of April and May, 2018 in UP's case. UP...

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Category : GST | Comments : 0 | Hits : 600

SEBI shares info on 14,720 entities involved in non-genuine trades with IT Dept
Posted Date : 18-Jun-2018 , 10:09:39 am | Posted By CASANSAAR

Continuing with efforts to crack down on illegal trading activities, regulator Sebi has shared its findings about 14,720 entities that indulged in non-genuine trades through illiquid stock options with the Income Tax Department and the Ministry of Corporate Affairs, according to a senior official. ...

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Category : SEBI | Comments : 0 | Hits : 608

CAs, lawyers and valuers now in the line of FIR for bank frauds
Posted Date : 18-Jun-2018 , 10:06:22 am | Posted By CASANSAAR

Lawyers, chartered accountants (CAs) and valuers, who collude with fraudulent borrowers, will soon find their names in FIRs lodged by banks.  Shaken by the Nirav Modi fraud, India's second largest lender, Punjab National Bank (PNB), last week directed its offices that FIRs be filed not j...

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Category : CA | Comments : 0 | Hits : 1515

United Bank of India referred 30 stressed accounts to NCLT
Posted Date : 18-Jun-2018 , 09:31:34 am | Posted By CASANSAAR

United Bank of India (UBI), which referred 30 stressed accounts with an aggregated exposure of Rs 5,961 crore to National Company Law Tribunal (NCLT) in 2017-18 (FY18), is betting on the resolution of bad loan accounts to improve its net profit, its report said. "Thirty accounts in which the...

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Category : Insolvent Professional | Comments : 0 | Hits : 574

Income Tax Dept detects Rs.10, 767 Crore undisclosed income during fiscal 2017-18
Posted Date : 18-Jun-2018 , 09:26:09 am | Posted By CASANSAAR

The Income Tax Department has detected undisclosed income of over Rs. 10,000 crore in fiscal 2017-18, thus recording a 20 percent surge over the previous fiscal. A senior department official told ANI on the condition of anonymity that the Directorate General of Income Tax (Intelligence and Crimin...

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Category : Income Tax | Comments : 0 | Hits : 505

MCA probing 42 listed companies for Financial Irregularities as auditors quit
Posted Date : 16-Jun-2018 , 07:31:24 pm | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) has asked western regional directors of the Registrar of Companies (RoC) to investigate 42 listed companies whose auditors resigned abruptly by May-end. The probe will focus on finding whether there were any financial irregularities at the firms along with asc...

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Category : MCA | Comments : 0 | Hits : 402

Delhi raises GST e-way bill threshold limit
Posted Date : 16-Jun-2018 , 07:24:21 pm | Posted By CASANSAAR

After West Bengal and Tamil Nadu, Delhi has become the third state to double the threshold for electronic-way (e-way) bill for intra-state movement of goods to Rs 1 lakh of the cargo value. Experts said the move poses a threat to seamless implementation of a unified, pan-India GST. States are leg...

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Category : GST | Comments : 0 | Hits : 425

NFRA will become a reality very soon
Posted Date : 16-Jun-2018 , 07:19:49 pm | Posted By CASANSAAR

The proposed auditors’ watchdog, National Financial Reporting Authority (NFRA), will soon become a reality and is expected to be set up in the next two months, a senior government official said. The Cabinet approved the proposal of setting up of NFRA as an independent regulator for the char...

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Category : NFRA | Comments : 0 | Hits : 303

Funds collected under GST anti-profiteering rules to be split between Centre, state
Posted Date : 16-Jun-2018 , 12:00:10 pm | Posted By CASANSAAR

Centre and the 'concerned state' will equally share the amount deposited by erring businesses in the consumer welfare fund set up as part of the GST anti-profiteering rules, as per a FinanceNSE -0.08 % Ministry notification.  Following the rollout of GST in July last year, the govern...

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Category : GST | Comments : 0 | Hits : 342

SBI Research report estimates additional gain of Rs 37,426 crore in revenue in current fiscal
Posted Date : 16-Jun-2018 , 11:56:46 am | Posted By CASANSAAR

A SBI Research report estimates an additional gain of 37,426 crore rupees in revenue in the current fiscal due to surge in oil prices and better tax collection due to Goods and Services Tax - GST.  According to the report, 16 out of 24 states have seen their revenues rising, with the aggrega...

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Category : General | Comments : 0 | Hits : 344

Government extends sale of pre-GST goods with stickers of revised price till July 31
Posted Date : 15-Jun-2018 , 12:14:56 pm | Posted By CASANSAAR

Sale of pre-GST packaged goods has now been allowed with stickers of revised rates till July 31, the government today said.  After implementing GST from July 1, 2017, the government had allowed use of stickers with revised rates, alongside the printed MRP for pre-packaged items to reflect ch...

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Category : GST | Comments : 0 | Hits : 386

Sector under scrutiny, Big 4 ease revenue targets for audit partners
Posted Date : 15-Jun-2018 , 11:56:19 am | Posted By CASANSAAR

As the role of auditors comes under increased scrutiny in India, some of the biggest firms in the business, including EY, PwC, Deloitte and KPMG, are either removing or relaxing revenue targets for their audit partners.  In the past few months, some of the audit firms have either told their ...

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Category : Auditing | Comments : 0 | Hits : 680

CA Dhivya Suryadevara become CFO of General Motors
Posted Date : 15-Jun-2018 , 09:59:04 am | Posted By CASANSAAR

General Motors Co said on Wednesday Dhivya Suryadevara, currently vice president of corporate finance, will succeed Chuck Stevens on September 1 as chief financial officer of the No. 1 US automaker. Suryadevara, will report to Mary Barra, GM chairman and CEO. Suryadevara, 39, has played an integr...

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Category : CA | Comments : 0 | Hits : 737

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