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RBI raises withdrawal limit to Rs 40,000 for PMC bank account holders
Posted Date : 15-Oct-2019 , 09:07:44 am | Posted By CASANSAAR

Reserve Bank has enhanced the withdrawal limit for the account holder of Punjab and Maharashtra Cooperative Bank or PMC Bank to 40 thousand rupees from 25 thousand rupees. This is the third time, RBI has raised the withdrawal limit since its clamp down on PMC Bank last month. In a statement, RBI sai...

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Category : RBI | Comments : 0 | Hits : 303

Legal Provisions for filing GSTR 9 and GSTR 9C
Posted Date : 14-Oct-2019 , 07:23:54 pm | Posted By CASANSAAR

Legal Provisions for filing GSTR 9 and GSTR 9C. (Legal Provisions for filing GSTR 9 and GSTR 9C by CA Rahul Jain)    https://youtu.be/4xU6FeQRq8o   Dont Forget to SUBSCRIBE CA Sansaar YouTube Channel.    http://bit.ly/2Hg4TBB ...

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Category : GST | Comments : 0 | Hits : 1054

Govt set to crack down on GST defaulters
Posted Date : 14-Oct-2019 , 09:10:49 am | Posted By CASANSAAR

A government panel will discuss on Tuesday ways to intensify enforcement activities against goods and services tax (GST) defaulters who have been identified by a fraud detection software, amid GST collections dropping to a 19-month low in September. This marks a shift from handholding businesses ...

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Category : GST | Comments : 0 | Hits : 513

ED attaches Bhushan Steel’s assets worth Rs.4025 Cr
Posted Date : 14-Oct-2019 , 09:03:45 am | Posted By CASANSAAR

In a major blow to Bhushan Power and Steel Limited (BPSL), the Enforcement Directorate (ED) on Saturday attached assets worth Rs.4,025 crore, in connection with its ongoing money-laundering probe linked to an alleged bank loan fraud. The probe agency said it had attached immovable properties &mda...

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Category : Income Tax | Comments : 0 | Hits : 271

Govt to decriminalise 2/3rds of offences under Companies Act
Posted Date : 14-Oct-2019 , 09:00:49 am | Posted By CASANSAAR

The government is set to decriminalise two-thirds of the Companies Act as it looks to do away with jail term in over 40 sections out of the 66 where compounding is permitted. Besides, the ministry of corporate affairs, which is pushing the change, is also seeking to lower the penalty for small co...

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Category : Companies Act | Comments : 0 | Hits : 263

Unicef now accepting donations through Bitcoin and Ether
Posted Date : 12-Oct-2019 , 08:34:36 am | Posted By CASANSAAR

The UN children’s agency, Unicef, has announced it is accepting and disbursing donations through cryptocurrencies ether and bitcoin. Unicef’s new Cryptocurrency Fund is the latest in a series of efforts by aid organisations to experiment with “blockchain” currencies, which...

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Category : Bitcoins | Comments : 0 | Hits : 192

SEBI announces guidelines for issue of depository receipts by Indian Companies
Posted Date : 12-Oct-2019 , 08:31:33 am | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) has put in place a framework for domestic companies to raise capital by issue of so-called depository receipts (DRs). The move, which follows a budget announcement in this regard, will allow listed Indian companies to issue either equity, or debt, to...

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Category : SEBI | Comments : 0 | Hits : 153

Govt working to create information system on stressed companies
Posted Date : 12-Oct-2019 , 08:28:35 am | Posted By CASANSAAR

The government is working on creating an information system to provide basic financial and other details of stressed companies to potential acquirers through the corporate insolvency process, a senior government official said. The move will help bridge the information gap faced by bidders and is exp...

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Category : Income Tax | Comments : 0 | Hits : 118

Demonstration of DIR 3 KYC under Companies Act
Posted Date : 11-Oct-2019 , 10:11:09 am | Posted By CASANSAAR

Demonstration of DIR 3 KYC under Companies Act (Demonstration of DIR 3 KYC by CS Reema Jain with CA Vivek Khurana)    https://youtu.be/O-r28314jjQ   Don't forget to SUBSCRIBE CA Sansaar YouTube Channel ...

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Category : Companies Act | Comments : 0 | Hits : 285

Input tax credit under GST regime restricted to 20% of claims
Posted Date : 11-Oct-2019 , 10:03:16 am | Posted By CASANSAAR

Businesses will have to pursue their vendors on a monthly basis to upload their invoices to enable them to take the entire input tax credit (ITC) after the indirect tax board came out with a notification to restrict these credits to 20 per cent of the claims. Concerned at dwindling revenues, the ...

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Category : GST | Comments : 0 | Hits : 1147

HC asks IT department to refund Vodafone Idea’s Rs.374.26 Cr withheld for a TDS mismatch of Rs.1
Posted Date : 11-Oct-2019 , 10:01:09 am | Posted By CASANSAAR

In a major relief for Vodafone Idea Limited, the Bombay high court last week directed the income-tax department to refund in two weeks ₹374.26 crore, which was withheld for about a year over a TDS (tax deducted at source) mismatch of ₹1, to the company. The telecom major had filed two separat...

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Category : Income Tax | Comments : 0 | Hits : 379

Govt sets up committee to look into GST revenue shortfall
Posted Date : 11-Oct-2019 , 09:44:42 am | Posted By CASANSAAR

The government on Thursday set up a high-level committee of officers to look into revenue shortfall being faced by the states and suggest measures for augmenting collections, according to an official statement. "The committee of officers from the centre and the states is required to suggest ...

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Category : GST | Comments : 0 | Hits : 496

RBI turns down Indiabulls Housing’s merger with Lakshmi Vilas Bank
Posted Date : 10-Oct-2019 , 09:45:09 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has rejected the planned merger between Indiabulls Housing Finance and Lakshmi Vilas Bank after examining the proposal for more than six months, during which multiple approaches were considered to ensure compliance with strict banking sector takeover rules. “...

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Category : RBI | Comments : 0 | Hits : 215

GST authorities arrest 2 for fraudulently availing Rs.127 Cr refund
Posted Date : 10-Oct-2019 , 09:39:29 am | Posted By CASANSAAR

Haryana GST authorities have arrested two persons for generating fake invoices and fraudulently availing input tax credit totalling Rs.127 crore. The arrests were made by the Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), Haryana. Gulshan Dhingra and Sanjay Dhingra,...

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Category : GST | Comments : 0 | Hits : 341

Govts may get more power to tax MNCs like Google, Apple, Facebook
Posted Date : 10-Oct-2019 , 09:33:47 am | Posted By CASANSAAR

Countries around the world, including India, will get more power to tax big multinationals such as Google, Apple and Facebook doing business within their borders under a proposed overhaul of decades-old rules.  The Organisation for Economic Co-operation and Development (OECD) has proposed to...

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Category : Income Tax | Comments : 0 | Hits : 171

GST and BlockChain
Posted Date : 10-Oct-2019 , 09:28:50 am | Posted By CASANSAAR

GST and BlockChain. Whether GST is Fit case for BlockChain as explained by CA Shailesh Churiwala. click on the link. https://youtu.be/UYwXAEnIIzs ...

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Category : GST | Comments : 0 | Hits : 256

Income Tax dept identifies over 58,000 cases under e-assessment plan
Posted Date : 08-Oct-2019 , 12:37:08 pm | Posted By CASANSAAR

The income tax (I-T) department has identified 58,322 cases for scrutiny under the newly launched e-assessment scheme, which seeks to end the physical interface between the assessee and tax officials. This is part of the Narendra Modi administration’s efforts to make tax compliance easier for ...

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Category : Income Tax | Comments : 0 | Hits : 420

Key Audit Matters - KAM under Auditor's Report
Posted Date : 07-Oct-2019 , 08:41:10 am | Posted By CASANSAAR

Key Audit Matters - KAM as explained by CA.Amarjit Chopra Ji    https://youtu.be/4A33HkVS-Yw   Don't Forget to  *SUBSCRIBE*  CA Sansaar YouTube Chanel. Click on the link and Subscribe.    htt...

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Category : Auditing | Comments : 0 | Hits : 2628

MCA plans to amend CA Act to remove conflict of interest in Audits
Posted Date : 07-Oct-2019 , 08:08:56 am | Posted By CASANSAAR

The Ministry of Corporate Affairs is planning to amend the Chartered Accountants Act to build disciplinary mechanisms for removing possible conflicts of interest between audit firms and companies they audit.  The government is also looking at ways to address the gaps in the law with respect ...

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Category : MCA | Comments : 0 | Hits : 2306

FM to inaugurate national tax e-assessment Centre on Monday
Posted Date : 07-Oct-2019 , 08:01:30 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman will on Monday inaugurate the income tax department's national e-assessment centre (NeAC), which will avoid face-to-face interaction between taxpayers and tax officials. The setting up of NeAC is a step for better taxpayer service, reduction of taxpayer gri...

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Category : Income Tax | Comments : 0 | Hits : 529

Pvt Companies with debts may soon have to undergo mandatory Secretarial Audit
Posted Date : 07-Oct-2019 , 07:57:34 am | Posted By CASANSAAR

The government may soon mandate private companies with outstanding debts above a certain threshold undergo a mandatory secretarial audit, a senior government official said Saturday. “Mandatory secretarial audit is right now restricted to listed companies, but I think it may have to get exte...

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Category : Companies Act | Comments : 0 | Hits : 1601

Finance Ministry to kick-start budgetary exercise from Oct 14
Posted Date : 07-Oct-2019 , 07:52:40 am | Posted By CASANSAAR

The finance ministry will kick-start the exercise to prepare annual Budget for 2020-21 from October 14.   According to a Budget Circular of the Budget Division of the Finance Ministry's Department of Economic Affairs, the pre-Budget or Revised Estimate meetings will begin on 14th of this ...

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Category : Budget | Comments : 0 | Hits : 374

Online funds transfer through NEFT to be now available 24x7 - RBI
Posted Date : 05-Oct-2019 , 10:36:01 am | Posted By CASANSAAR

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) Friday said that the online money transfer through National Electronic Funds Transfer (NEFT) will be available 24x7 from now onwards. Presently, the facility is available till 7:45 pm on all working days except 2nd ...

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Category : RBI | Comments : 0 | Hits : 729

Two partners at NSEL Audit firm arrested by EoW
Posted Date : 05-Oct-2019 , 10:30:11 am | Posted By CASANSAAR

The Economic Offences Wing (EOW) of Mumbai Police on Friday arrested Shrawan Jalan and Amit Kabra, audit partners of SV Ghatalia & Co, the statutory auditors of National Spot Exchange Ltd (NSEL), for allegedly failing to flag lack of internal control mechanism in the exchange and “conspiri...

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Category : Auditing | Comments : 0 | Hits : 1108

RBI cuts repo rate by 25 bps to 5.15%
Posted Date : 04-Oct-2019 , 12:13:02 pm | Posted By CASANSAAR

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India on Friday slashed the short-term lending rate, repo rate, by 25 basis points in its fourth bimonthly policy review. The MPC decided to continue with an accommodative stance as long as "it is necessary to revive growt...

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Category : RBI | Comments : 0 | Hits : 168

PMC Bank Board Members, HDIL Promoters charged with Money-Laundering
Posted Date : 04-Oct-2019 , 11:22:00 am | Posted By CASANSAAR

The former board members of Punjab Maharashtra Co-operative (PMC) Bank and the promoters of crisis-hit real estate firm HDIL have been charged with money-laundering by the Enforcement Directorate in the Rs. 6,500 crore loan default case. The agency is conducting searches at six places in Mumbai a...

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Category : Money laundering | Comments : 0 | Hits : 276

ICAI and ICAEW Renew Qualification Reciprocity Agreement
Posted Date : 04-Oct-2019 , 08:48:10 am | Posted By CASANSAAR

ICAI Press Release The Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW) renew qualification reciprocity agreement to increase mobility of professionals CA. Prafulla P. Chhajed, President, ICAI and Ms. Fiona Wilkinson...

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Category : ICAI | Comments : 0 | Hits : 474

RBI enhances withdrawal limit for PMC Bank depositors to Rs 25,000
Posted Date : 04-Oct-2019 , 08:44:36 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has once again enhanced the withdrawal limit for depositors of Punjab and Maharashtra Co-operative Bank to Rs 25,000 from Rs 10,000. The central bank promised to keep an eye on the position of the co-operative bank and take necessary steps in the interest of PMC Bank ...

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Category : RBI | Comments : 0 | Hits : 185

MAT credit not available to companies opting for lower corporate tax rate
Posted Date : 03-Oct-2019 , 10:16:53 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) on Wednesday said the benefit of minimum alternative tax (MAT) credit cannot be availed of by companies that opt to pay the tax rate recently lowered by the government to 22%. MAT is the minimum tax to be paid by companies that keep their taxable profit lo...

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Category : Income Tax | Comments : 0 | Hits : 416

ICAI to check role of Auditors in PMC bank financial irregularities
Posted Date : 03-Oct-2019 , 10:01:34 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI has sought information from the RBI and other authorities on the PMC Bank crisis to check whether any auditor was involved in the alleged financial irregularities at the lender. Taking note of the "enormity of the matter", the ICAI on Wednesday ...

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Category : ICAI | Comments : 0 | Hits : 422

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