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Mismatches in tax returns may cost  GST registration instantly
Posted Date : 15-Feb-2021 , 09:44:57 am | Posted By CASANSAAR

Goods and services tax registrations for businesses could be suspended immediately if there is a mismatch in sales returns filed by the company and those filed by their suppliers. The Central Board of Indirect Taxes and Customs (CBIC) has issued standard operating procedures (SOPs) for suspension...

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Category : GST | Comments : 0 | Hits : 284

NBFCs seek relaxations to new rules proposed by RBI
Posted Date : 15-Feb-2021 , 09:41:41 am | Posted By CASANSAAR

Non-banking finance companies (NBFCs) have asked for the same benefits as banks while the central bank looks to harmonize regulations for all lending institutions. These lenders have also sought relaxations to new norms for NBFCs proposed by the Reserve Bank of India (RBI) last month in a discussion...

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Category : RBI | Comments : 0 | Hits : 182

RBI tightens norms for investments in NBFCs from non-FATF nations
Posted Date : 13-Feb-2021 , 08:56:00 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday tightened the rules governing investments in non-bank lenders originating from countries that are not compliant with global standards on prevention of money laundering. “Investments in non-banking financial companies (NBFCs) from FATF non-compliant ...

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Category : RBI | Comments : 0 | Hits : 204

New President and Vice President of ICAI for the year 2021-22
Posted Date : 13-Feb-2021 , 08:42:29 am | Posted By CASANSAAR

ICAI elects New Torchbearers for the year 2021-22 CA. Nihar N Jambusaria elected as President, ICAI CA. (Dr.) Debashis Mitra elected as Vice President, ICAI. Many Many Congratulations... ...

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Category : ICAI | Comments : 0 | Hits : 421

Over one crore MSMEs registered in country over period of 5 years
Posted Date : 12-Feb-2021 , 09:38:12 am | Posted By CASANSAAR

Micro, Small and Medium Enterprises Ministry has informed that more than one crore two lakh MSMEs were registered in the country within five years. In a written reply in the Lok Sabha, Micro, Small and Medium Enterprises Minister Nitin Gadkari said that as per Udyog Aadhaar Portal a total of one ...

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Category : MSME | Comments : 0 | Hits : 253

SC asks CBDT to decide on exemption to NRIs from paying income tax
Posted Date : 11-Feb-2021 , 08:31:53 am | Posted By CASANSAAR

The Supreme Court (SC) has today directed a representation to be made to the Central Board of Direct Taxes (CBDT) on relief to be given to non-resident Indians (NRIs) in terms of the payment of tax under the Income Tax (I-T) Act for FY21 amid Covid-19. Several NRIs, stuck in the country due to Co...

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Category : Income Tax | Comments : 0 | Hits : 1005

Banks unions call for two-day strike against proposed privatisation of PSBs
Posted Date : 10-Feb-2021 , 08:44:15 am | Posted By CASANSAAR

The United Forum of Bank Unions (UFBU), an umbrella body of nine unions, on Tuesday gave a call for a two-day strike from March 15 to protest against the proposed privatisation of two state-owned lenders. In the Union Budget presented last week, Finance Minister Nirmala Sitharaman announced the p...

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Category : Banking | Comments : 0 | Hits : 1327

SEBI rolls out new disclosure format under insider trading rules
Posted Date : 10-Feb-2021 , 08:34:45 am | Posted By CASANSAAR

Capital markets watchdog Sebi on Tuesday came out with a new format for disclosures to be made under the insider trading norms. In light of amendments to the PIT Regulations affecting the inclusion of members of the promoter group, and designated person in place of employee and on the basis of fe...

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Category : SEBI | Comments : 0 | Hits : 251

Taxpayers to be informed upfront reasons for reopening of tax assessment - CBDT
Posted Date : 06-Feb-2021 , 08:29:50 am | Posted By CASANSAAR

Taxpayers will be informed upfront about the reasons for which their I-T returns are getting reopened for scrutiny and only in case of non-satisfactory reply would the case get opened up again, CBDT chief P C Mody said on Friday. The 2021-22 Budget has lowered the time limit for reopening of tax ...

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Category : CBDT | Comments : 0 | Hits : 615

MCA21 Version 3.0 to be launched in Fiscal 2021-22
Posted Date : 06-Feb-2021 , 08:25:30 am | Posted By CASANSAAR

During the fiscal 2021-22, the Ministry of Corporate Affairs (MCA) will launch data analytics driven MCA21 Version 3.0. This Version will have additional modules for e-Adjudication, e-Consultation and Compliance Management. MCA21 system is the first Mission Mode e-Governance project of Government of...

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Category : Corporate Law | Comments : 0 | Hits : 296

RBI issues audit norms for NBFCs, UCBs
Posted Date : 04-Feb-2021 , 08:14:30 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday issued guidelines on a risk-based internal audit system for non-banking financial companies (NBFCs) and urban cooperative banks (UCBs). The central bank said all deposit-taking NBFCs with assets of ₹5,000 crore or more and all primary UCBs with asset...

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Category : RBI | Comments : 0 | Hits : 1258

MCA initiates process of De-criminalisation of compoundable offences under Limited Liability Act, 2008
Posted Date : 04-Feb-2021 , 08:12:30 am | Posted By CASANSAAR

With the object of unleashing the entrepreneurial spirits of our youth and to remove the fear of criminal prosecutions for non- substantive minor and procedural omissions and commissions in the normal course of their business transactions, the Government of India in the Ministry of Corporate Affairs...

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Category : Corporate Law | Comments : 0 | Hits : 307

MCA revises threshold for paid up capital and turnover for Small Companies
Posted Date : 04-Feb-2021 , 08:11:20 am | Posted By CASANSAAR

In line with the vision of the Government of India, the definition under the Companies Act, 2013 for Small Companies has now been revised by increasing their thresholds for Paid up capital from “not exceeding Rs 50 lakh” to “not exceeding Rs 2 crore” & Turnover from &ldqu...

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Category : Corporate Law | Comments : 0 | Hits : 508

MCA amends One Person Companies (OPCs) rules
Posted Date : 04-Feb-2021 , 08:06:31 am | Posted By CASANSAAR

As a measure which directly benefits Startups & Innovators in the country, especially those who are supplying products & services on e-commerce platforms, and in order to bring in more unincorporated businesses into the organized corporate sector, the incorporation of One Person Companies (O...

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Category : MCA | Comments : 0 | Hits : 323

RBI appoints an external firm to audit HDFC Bank’s IT Infrastructure
Posted Date : 03-Feb-2021 , 09:38:02 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has appointed an external professional IT company to conduct an audit of HDFC Bank’s IT Infrastructure and has sought a report from the company at the earliest, said a person familiar with the development. “The RBI has appointed a third party to conduct...

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Category : RBI | Comments : 0 | Hits : 495

Summary of the Budget 2021-22
Posted Date : 01-Feb-2021 , 02:27:08 pm | Posted By CASANSAAR

PART-A The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament today, which is the first budget of this new decade and also a digital one in the backdrop of unprecedented COVID-19 crisis. Laying a vision for AatmaNirbhar Bhar...

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Category : Budget | Comments : 0 | Hits : 1502

Union Budget 2021 - Highlight of Direct Tax Proposals
Posted Date : 01-Feb-2021 , 01:48:06 pm | Posted By CASANSAAR

The Union Budget 2021-22 presented in Parliament today by the Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman seeks to further simplify the Tax Administration, Litigation Management and ease the compliance of Direct Tax Administration.       &n...

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Category : Budget | Comments : 0 | Hits : 1164

FM Nirmala Sitharaman to present Union Budget 2021-22 in Lok Sabha at 11 AM
Posted Date : 01-Feb-2021 , 09:31:13 am | Posted By CASANSAAR

The Union Budget 2021-22 will be presented in the Parliament today. Finance Minister Nirmala Sitharaman will present the Budget in the Lok Sabha at 11 AM. The Union Budget this year for the first time will be available only in digital format. It can be accessed through the mobile app UNION BUDGET bo...

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Category : Budget | Comments : 0 | Hits : 1827

GST Revenue collection for January 2021 almost touches Rs 1.20 lakh Cr
Posted Date : 01-Feb-2021 , 09:00:09 am | Posted By CASANSAAR

The Goods and Services Tax (GST) revenue collection for January 2021 has almost touched 1.2 lakh crore rupees. The Finance Ministry said, the gross GST revenue collected in January this year is 1 lakh 19 thousand 847 crore rupees of which CGST is 21 thousand 923 crore rupees, SGST is  29 thousa...

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Category : GST | Comments : 0 | Hits : 202

Extension of Condonation Scheme to regularize UDINs - ICAI
Posted Date : 01-Feb-2021 , 08:55:44 am | Posted By CASANSAAR

UDIN Directorate The Institute of Chartered Accountants of India 31st January, 2021 Extension of Condonation Scheme to regularize UDINs This has reference to the Condonation Scheme to regularize UDINs announced by the ICAI vide its announcement dated 28th December 2020. As per the scheme...

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Category : ICAI | Comments : 0 | Hits : 392

Government to introduce bill to ban cryptocurrency in Budget Session
Posted Date : 30-Jan-2021 , 10:23:35 am | Posted By CASANSAAR

The government is to introduce a bill to ban, with exceptions, the trading in cryptocurrencies in India and also put in place the framework for an official digital currency to be issued by the Reserve Bank of India. The move is likely to end ambiguity on cryptocurrency which is neither banned nor...

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Category : Budget | Comments : 0 | Hits : 431

Key Highlights of Economic Survey 2020-21
Posted Date : 30-Jan-2021 , 10:19:01 am | Posted By CASANSAAR

Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman presented the Economic Survey 2020-21 in the Parliament today. The key highlights of Economic Survey 2020-21, which is dedicated to the COVID Warriors, are as follows: Saving Lives and Livelihoods amidst a Once-in-a-Ce...

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Category : Budget | Comments : 0 | Hits : 586

Summary of Economic Survey-2020-21
Posted Date : 29-Jan-2021 , 06:24:12 pm | Posted By CASANSAAR

India’s real GDP to record a growth of 11 per cent in 2021-22 and nominal GDP by 15.4 per cent-the highest since independence. The V-shaped economic recovery is supported by the initiation of a mega vaccination drive with hopes of a robust recovery in the services sector and prospects for robu...

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Category : Budget | Comments : 0 | Hits : 201

RBI says it will charge banks if they do not improve customer grievance
Posted Date : 29-Jan-2021 , 09:54:39 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) asked banks to step up disclosures on customer complaints and cost of redressal, cautioning lenders that fail to improve their redress mechanism quickly will be charged. At the end of March 2020, the total number of complaints across various offices of RBI stood at...

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Category : RBI | Comments : 0 | Hits : 161

Budget session of Parliament begins today with President's Address
Posted Date : 29-Jan-2021 , 09:29:07 am | Posted By CASANSAAR

The Budget Session of Parliament will begin today. The session will begin with the address of President Ram Nath Kovind to the members of both the Houses seated in three different locations for the first time. 144 members of Parliament will be seated in the Central Hall including the Council of M...

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Category : Budget | Comments : 0 | Hits : 158

RBI unveils stricter norms for banks to bolster grievance redress mechanism
Posted Date : 28-Jan-2021 , 09:39:48 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday announced a comprehensive framework aimed at strengthening the grievance redress mechanism in banks and nudge lenders address the customer complaints in a time bound manner. The central bank’s action follows an increase in customer complaints in the...

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Category : RBI | Comments : 0 | Hits : 192

RBI open to digital currency, examining the need to introduce CBDC
Posted Date : 27-Jan-2021 , 08:15:54 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on January 25 said it is examining if there is a need to introduce central bank digital currency (CBDC) in the country and, if yes, how to operationalise it. The RBI's statement comes against the backdrop of private digital currencies, virtual currencies, and c...

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Category : RBI | Comments : 0 | Hits : 274

Customary Halwa Ceremony kickstarts process of compilation Budget documents
Posted Date : 24-Jan-2021 , 08:48:12 am | Posted By CASANSAAR

Finance Minister Nirmala Sitharaman, Minister of State for Finance Anurag Thakur and senior officials of the finance ministry on Saturday participated in the symbolic 'Halwa Ceremony' that marks the beginning of compilation of budget documents. Unlike the past, the voluminous budget docum...

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Category : Budget | Comments : 0 | Hits : 280

RBI proposes 4-tier structure for tighter regulation of NBFCs
Posted Date : 23-Jan-2021 , 11:03:04 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has proposed a tighter regulatory framework for non-banking financial companies (NBFCs) by creating a four-tier structure with a progressive increase in intensity of regulation. In its discussion paper on revised regulatory framework for NBFCs, the RBI has said the...

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Category : RBI | Comments : 0 | Hits : 334

Trusts and societies have till April 1 to register with MCA under CSR rules
Posted Date : 23-Jan-2021 , 10:59:34 am | Posted By CASANSAAR

The corporate social responsibility rules that came into effect from Friday have given time till April 1, 2021 to implementing agencies such as trusts and societies to register with the ministry of corporate affairs while also setting a three year time-limit for any CSR project, among a series of ot...

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Category : Corporate Law | Comments : 0 | Hits : 553

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