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Income Tax dept issues refunds of Rs 26,242 crore since April
Posted Date : 23-May-2020 , 09:49:26 am | Posted By CASANSAAR

The tax department on Friday said it has issued I-T refunds of Rs 26,242 crore to 16.84 lakh taxpayers since April as part of efforts to hasten refund process for making liquidity available with people and firms to deal with COVID-19 crisis. The Central Board of Direct Taxes (CBDT) said 16,84,298...

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Category : Income Tax | Comments : 0 | Hits : 310

Supreme Court seeks Centre’s response in plea to ban use of Zoom app
Posted Date : 23-May-2020 , 09:41:26 am | Posted By CASANSAAR

The Supreme Court (SC) on Friday sought the response of the central government in a plea seeking a ban on the use of Zoom software application, citing privacy and security concerns. Zoom app, which is owned by the US-headquartered company, Zoom Video Communications, enables video conferences and ...

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Category : General | Comments : 0 | Hits : 565

RBI cuts repo rate, extends moratorium on term loans by 3 months
Posted Date : 22-May-2020 , 10:46:38 am | Posted By CASANSAAR

RBI  announced that it has decided to cut the repo rate cut by 40 basis points from 4.4 per cent to 4 per cent, adding that the reverse repo rate has been reduced to 3.35 per cent. Addressing his third press conference in less than two months, RBI Governor Shaktikanta Das said that the GDP g...

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Category : RBI | Comments : 0 | Hits : 907

US Senate passes bill to delist Chinese companies from exchanges
Posted Date : 22-May-2020 , 09:44:09 am | Posted By CASANSAAR

The Senate overwhelmingly approved legislation on Wednesday that could lead to Chinese companies such as Alibaba Group Holding Ltd and Baidu Inc being barred from listing on US stock exchanges amid increasingly tense relations between the world’s two largest economies. The bill, introduced ...

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Category : International Business | Comments : 0 | Hits : 169

MCA extends expiration of names reserved for company incorporation
Posted Date : 22-May-2020 , 09:38:15 am | Posted By CASANSAAR

The ministry of corporate affairs (MCA) further extended the expiration of names reserved for company incorporation by 20 days from May 31 for those reserved names that were expiring between May 15-31. Similarly, the expiration of names reserved for change of name by existing companies was extend...

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Category : MCA | Comments : 0 | Hits : 134

Cabinet approves additional funding of up to Rs. 3 Lakh Cr through introduction of ECLGS
Posted Date : 21-May-2020 , 10:18:46 am | Posted By CASANSAAR

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given the following approvals: To enable additional funding of up to Rs. three lakh crore to eligible MSMEs and interested MUDRA borrowers by way of "Emergency Credit Line Guarantee Scheme." Under the Sch...

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Category : Finance | Comments : 0 | Hits : 950

57% investors say Big-4 Auditors have no credibility - IiAS survey
Posted Date : 21-May-2020 , 10:14:42 am | Posted By CASANSAAR

In more troubles for the auditing fraternity, an investor survey has found that 57 percent large investors and sell-side analysts do not have any faith in the Big-4 audit firms as they have lost credibility. According to a survey by Institutional Investor Advisory Services of 63 large investors a...

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Category : Auditing | Comments : 0 | Hits : 1526

Cabinet approves Special Liquidity Scheme for NBFCs/HFCs to address their Liquidity Stress
Posted Date : 21-May-2020 , 09:30:55 am | Posted By CASANSAAR

  The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has given its approval to the proposal of the Ministry of Finance to launch a new Special Liquidity Scheme for Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs) to improve liquidity po...

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Category : Finance | Comments : 0 | Hits : 82

Centre reduces EPFO contributions from 12 per cent to 10 per cent from May to July this year
Posted Date : 20-May-2020 , 09:28:51 am | Posted By CASANSAAR

The Centre has notified the reduction in statutory rate of contributions from 12 per cent  to 10 per cent for wage months period from May to  July, 2020 for all class of establishments covered under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 . Earlier,the govern...

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Category : General | Comments : 0 | Hits : 510

MHA withdraws order directing companies to pay full wages to employees during lockdown
Posted Date : 19-May-2020 , 09:57:02 am | Posted By CASANSAAR

The Government has withdrawn its order directing companies and commercial units to pay full wages to workers even when they are not in operation during the Covid-19-induced nationwide lockdown, which began on March 25. The lockdown, imposed to prevent the spread of the novel coronavirus, entered ...

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Category : General | Comments : 0 | Hits : 3215

NFRA begins DHFL Audit, asks for FY18 documents
Posted Date : 19-May-2020 , 09:52:14 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has started an audit of Dewan Housing Finance Corp. Ltd (DHFL) and has reached out to the company’s administrator for documents, a person aware of the development said. According to the person quoted above, the NFRA, an independent regulator...

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Category : NFRA | Comments : 0 | Hits : 779

ICSI begins free online crash course for CS exam 2020 to be held in July
Posted Date : 19-May-2020 , 09:30:47 am | Posted By CASANSAAR

The Institute of Company Secretaries of India (ICSI) has started free online crash course for students who have enrolled for CS July 2020 examination. The crash course has been organised under ICSI e-VIDHYA VAHINI programme. The online classes are being conducted for Foundation, Executive and Pro...

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Category : ICSI | Comments : 0 | Hits : 2308

Govt allows Indian public companies to directly list shares overseas
Posted Date : 18-May-2020 , 09:02:26 am | Posted By CASANSAAR

To improve ease of doing business, the government on Sunday announced allowing Indian public companies to directly list their shares overseas. Also, private companies that list their debentures on stock exchanges will now not be regarded as listed firms. The move will help Indian companies get ac...

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Category : Shares & Stock | Comments : 0 | Hits : 704

FM announces fifth and final tranche of Atma Nirbhar Bharat Package; Outlines reforms in seven areas
Posted Date : 18-May-2020 , 08:48:39 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman yesterday unveiled the fifth and final tranche of financial stimulus and policy measures to help build a self-reliant India under the Atma Nirbhar Bharat Campaign.  Prime Minister Narendra Modi had on Tuesday in his address to the nation announced a special e...

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Category : General | Comments : 0 | Hits : 392

SC notice to Centre, RBI for clarity on moratorium
Posted Date : 16-May-2020 , 08:09:49 am | Posted By CASANSAAR

The Supreme Court on Friday issued notices to the Union government and Reserve Bank of India (RBI) in a plea by an association of property developers seeking clarification on the central bank’s circular allowing a three-month moratorium on loan repayments. The apex court has sought a respon...

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Category : Finance | Comments : 0 | Hits : 287

SC says no action against employers who don't pay full wages during lockdown
Posted Date : 15-May-2020 , 08:13:16 pm | Posted By CASANSAAR

The Supreme Court on Friday asked authorities not to take coercive action against firms which could not comply with the union home ministry's order asking employers to pay full wages to their workers during the lockdown over the COVID-19 pandemic An apex court bench of Justices N V Ramana, Sa...

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Category : General | Comments : 0 | Hits : 2718

Govt circulates draft details of loan scheme for MSMEs
Posted Date : 15-May-2020 , 08:36:53 am | Posted By CASANSAAR

The draft circular sent by the finance ministry to banks, detailing the implementation of collateral-free automatic loans for businesses, including micro, small and medium enterprises (MSMEs), says banks can charge up to 9.25% interest, said a senior banker, requesting anonymity. The scheme was part...

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Category : Finance | Comments : 0 | Hits : 626

FM announce measures for relief and credit support related to businesses
Posted Date : 14-May-2020 , 10:39:16 am | Posted By CASANSAAR

Hon’ble Prime Minister Shri Narendra Modi yesterday announced a Special economic and comprehensive package of Rs 20 lakh crores - equivalent to 10% of India’s GDP. He gave a clarion call for आत्मनिर्भर भारत अभियान or Self-Relian...

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Category : Finance | Comments : 0 | Hits : 220

Govt cuts TDS, TCS rates for non-salaried payments by 25%
Posted Date : 13-May-2020 , 05:57:27 pm | Posted By CASANSAAR

In order to provide more funds at the disposal of the taxpayers, the government reduced rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts by 25 percent of the existing rates. The paym...

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Category : Income Tax | Comments : 0 | Hits : 559

FM announces Rs.3 lakh Cr collateral-free loans for businesses
Posted Date : 13-May-2020 , 05:51:23 pm | Posted By CASANSAAR

  Collateral free loan to be provided to SMEs with 12 month moratorium; 45 lakh units to benefit, she said, announcing parts of the economic package. For stressed MSMEs, Government to facilitate provision of Rs.20,000 crore subordinate debt for equity support. 2 lakh MSMEs likely to ben...

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Category : General | Comments : 0 | Hits : 354

Due date for filing ITRs extended to 30th Nov.2020
Posted Date : 13-May-2020 , 05:42:41 pm | Posted By CASANSAAR

Due date of all income-tax return for FY 2019-20 will be extended from July 31, 2020 & October 31, 2020 to November 30, 2020 announced by FM Nirmala Sitharaman. ...

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Category : ITR | Comments : 0 | Hits : 461

Due Date for Tax Audit extended from 30th Sept to 31st Oct,2020
Posted Date : 13-May-2020 , 05:30:56 pm | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman has announced the extension of ​Tax audit from 30th September, 2020 to 31st October,2020: ...

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Category : Tax Audit | Comments : 0 | Hits : 422

SEBI eases compliance norms on consolidated results for banks, insurers
Posted Date : 13-May-2020 , 12:20:57 pm | Posted By CASANSAAR

The Securities and Exchange Board of India (Sebi) on Tuesday liberalised guidelines governing publishing of results and other compliance norms for listed entities as it eased norms pertaining to the requirement of sending physical copies of annual reports to shareholders, proxy forms for a general m...

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Category : SEBI | Comments : 0 | Hits : 327

Public sector banks sanction loans worth 6 lakh Cr in two months
Posted Date : 13-May-2020 , 12:13:41 pm | Posted By CASANSAAR

Public sector banks (PSBs) have sanctioned loans worth Rs 5.95 lakh crore in the last two months to various sectors, including MSME, agriculture and corporate, hit hard by COVID-19-induced nationwide lockdown. Non-bank finance companies (NBFCs) have received Rs 1.18 lakh crore from these banks du...

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Category : Banking | Comments : 0 | Hits : 432

PM announces special economic package worth Rs 20 lakh cr to kick-start economy
Posted Date : 13-May-2020 , 09:36:23 am | Posted By CASANSAAR

Prime Minister Narendra Modi has announced a special economic package worth 20 lakh crore rupees for an 'Atma-Nirbhar Bharat' or self-reliant India, saying that self reliance is the only way to ensure that 21st Century belongs to India. Addressing the nation yesterday, the Prime Minister not...

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Category : General | Comments : 0 | Hits : 97

IBA wants to house Rs 75,000 Cr bad loans via Bad Bank
Posted Date : 12-May-2020 , 10:45:53 am | Posted By CASANSAAR

The Indian Banks Association (IBA) has firmed up a proposal to house approximately Rs 70,000-75,000 crore of bad loans at book value in its proposed ‘bad bank’, two people aware of the development told CNBC-TV18. IBA received comments from member banks over the weekend and has now giv...

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Category : Banking | Comments : 0 | Hits : 298

Clarification on Fees from a Single Client - ICAI
Posted Date : 12-May-2020 , 10:42:00 am | Posted By CASANSAAR

Announcement   Sub. : Clarification on Fees from a single client As the members are aware, the revised Code of Ethics will come into effect w.e.f 1st July, 2020. Some members have expressed their concern on one of the provisions contained in Paragraph R410.4 of the Volume-I of rev...

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Category : ICAI | Comments : 0 | Hits : 4944

No GST on full-time Directors’ remuneration - AAR
Posted Date : 11-May-2020 , 03:10:11 pm | Posted By CASANSAAR

The controversy on whether remuneration paid to directors of a company is subject to the goods and services tax (GST) has been put to rest by a recent decision of the Authority for Advance Rulings (AAR), Karnataka bench. Anil Kumar Agrawal, who had received salary as a director from a private com...

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Category : GST | Comments : 0 | Hits : 1274

CBDT orders tax officials to not issue scrutiny notices to taxpayers
Posted Date : 10-May-2020 , 08:23:48 am | Posted By CASANSAAR

After rejecting “ill-conceived” suggestions by a group of Indian Revenue Services (IRS) officers, the Central Board of Direct Taxes (CBDT) directed officials not to keep any communication with assessees or issue scrutiny notices to them without the board’s approval. According to...

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Category : CBDT | Comments : 0 | Hits : 1450

SBI complains to CBI after Rs 411 Cr loan defaulter flee country
Posted Date : 10-May-2020 , 08:18:15 am | Posted By CASANSAAR

Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday. The CBI had recently b...

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Category : Banking | Comments : 0 | Hits : 390

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