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Close to half of claims under IBC were settled in FY19 - RBI
Posted Date : 30-Dec-2019 , 08:59:47 am | Posted By CASANSAAR

Around half of the claims under the Insolvency and Bankruptcy Code (IBC) were settled in 2018-19, the latest RBI report showed, helping banks recover stressed assets more quickly. As a percentage of claims, banks recovered on average 42.5% of the amount filed through the IBC in the financial year...

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Category : RBI | Comments : 0 | Hits : 145

SBI to launch OTP-based ATM cash withdrawal from Jan 1
Posted Date : 28-Dec-2019 , 10:39:41 am | Posted By CASANSAAR

From January, SBI customers will be able to make ATM withdrawal above Rs 10,000 only after an OTP verification during 8 PM to 8 AM. The OTP-validated ATM transaction has been introduced to minimise the number of unauthorised transactions, State Bank of India (SBI) said in a Facebook post on Thursday...

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Category : RBI | Comments : 0 | Hits : 251

Record immigration drives Nova Scotia’s population to all-time high
Posted Date : 28-Dec-2019 , 10:19:16 am | Posted By CASANSAAR

Nova Scotia is seeing record-breaking population growth thanks to immigrants and interprovincial migrants. Statistics Canada estimates show the Atlantic Province’s population grew by 12,339 residents between October 1, 2018 and October 1, 2019. This includes 7,165 immigrants who came to Nov...

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Category : International Business | Comments : 0 | Hits : 241

MCA plans to introduce frequent filing for large unlisted companies
Posted Date : 28-Dec-2019 , 09:43:12 am | Posted By CASANSAAR

The Ministry of Corporate Affairs (MCA) is planning an amendment to the Companies Act that will mandate large unlisted companies to file as frequently as listed ones, The Times of India reported. The companies are, at present, required to file annual reports.Moneycontrol could not independently v...

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Category : MCA | Comments : 0 | Hits : 313

RBI directs large co-op banks to report exposures above Rs 5 Cr
Posted Date : 28-Dec-2019 , 09:39:47 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has directed large cooperative banks to report all exposures of 5 crore rupees and more to the Central Repository of Information on Large Credits (CRILC). The move is aimed at early detection of financial distress. The Reserve Bank has created a CRILC of commercial...

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Category : RBI | Comments : 0 | Hits : 328

GSTR-3B नहीं File किया तो होगी कड़ी कार्रवाई
Posted Date : 27-Dec-2019 , 08:58:01 am | Posted By CASANSAAR

GSTR-3B नहीं File किया तो होगी कड़ी कार्रवाई Discussion on Latest GST Circular No.129/49/2019 dated 24/12/2019 on SOP to be followed in case of non filer of return by CA. Pradeep Gupta. Watch This Video for Details. https://youtu.be/9Zsg3gU4Qaw ...

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Category : GST | Comments : 0 | Hits : 453

SEBI penalises CARE and ICRA on lapses in rating IL&FS
Posted Date : 26-Dec-2019 , 10:22:59 pm | Posted By CASANSAAR

Securities and Exchange Board of India (Sebi) in two orders passed on Thursday evening found credit ratings agencies or CRAs lapsing and lacking in conduct when they rated the Non Convertible Debentures or NCDs of Infrastructure Leasing and Financial Services Ltd (IL&FS). In a rare instance t...

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Category : SEBI | Comments : 0 | Hits : 162

Anti-Evasion wing of CGST Delhi detects GST fraud of Rs 241 Cr
Posted Date : 26-Dec-2019 , 09:23:48 pm | Posted By CASANSAAR

The Anti-Evasion wing of CGST Delhi South Commissionerate has discovered here today yet another case of fake invoicing and GST fraud alongside a new modus operandi of defrauding the exchequer by exploiting the facility of refunds given for inverted duty structure. Over 120 entities who are involved ...

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Category : GST | Comments : 0 | Hits : 1216

Bank frauds rise 74 per cent to Rs 71,543 Crore in 2018-19 - RBI
Posted Date : 26-Dec-2019 , 09:23:22 am | Posted By CASANSAAR

Banks reported a total fraud of Rs 71,543 crore in 2018-19, a 74 per cent increase as against Rs 41,167 crore in the previous financial year, according to a report by the Reserve Bank of India. The number of fraud cases reported by lenders also jumped to 6,801 in 2018-19, compared to 5,916 cases in ...

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Category : Banking | Comments : 0 | Hits : 428

CBI court convicts CA and five others for TDS fraud
Posted Date : 26-Dec-2019 , 08:47:53 am | Posted By CASANSAAR

A special Central Bureau of Investigation (CBI) court recently convicted a chartered accountant, his assistant and four others in a TDS (tax deducted at source) fraud committed 20 years ago. The court, however, acquitted an officer of the tax department. According to CBI, key accused XXXXXXXXXXX ...

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Category : TDS | Comments : 0 | Hits : 1203

FinMin notifies GST grievance redress panel for tax payers
Posted Date : 25-Dec-2019 , 10:21:14 pm | Posted By CASANSAAR

The Finance Ministry on Wednesday notified setting up of a GST grievance redress committee at zonal/state level after it was approved in the last GST Council meeting this month. The Council in its 38th meeting held on December 18 decided that a structured mechanism be set up for the taxpayers und...

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Category : GST | Comments : 0 | Hits : 656

Saskatchewan issues 595 invitations in latest Expression of Interest draw
Posted Date : 25-Dec-2019 , 08:46:44 am | Posted By CASANSAAR

The Government of Saskatchewan invited 595 Express Entry and Occupations In-Demand candidates to apply for a provincial nomination for Canadian permanent residence (PR). The Saskatchewan Immigrant Nominee Program (SINP) held the draws on December 20. While no job offer was required to qualify, ca...

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Category : International Business | Comments : 0 | Hits : 372

RBI introduces new Prepaid Payment Instrument for your daily grocery payments
Posted Date : 25-Dec-2019 , 08:42:38 am | Posted By CASANSAAR

The Reserve Bank of India has given Indian consumers a new option to make their daily payments at local shops and retail outlets for the purchase of daily household goods and services. In a bid to give increased impetus to small ticket digital payments RBI on Tuesday has introduced a new Prepaid ...

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Category : RBI | Comments : 0 | Hits : 739

SEBI issues format for statement of deviation
Posted Date : 25-Dec-2019 , 08:40:49 am | Posted By CASANSAAR

Sebi on Tuesday issued a format for statement of deviation in funds raised to be submitted by the listed entities to stock exchanges on a quarterly basis. The format comes after Sebi noted that there is no uniformity in the formats of statement of deviation or variation in proceeds of public issu...

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Category : SEBI | Comments : 0 | Hits : 294

NBFC supervision to cover auditors, banks, rating companies
Posted Date : 25-Dec-2019 , 08:38:15 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has extended supervision to auditors, banks and rating companies to prevent defaults and ensure broader financial stability. “Apart from strengthening the existing four pillars of supervision — on-site examination, off-site surveillance, market intellig...

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Category : Auditing | Comments : 0 | Hits : 605

NFRA to rope in consultants for audit report review and other allied work
Posted Date : 25-Dec-2019 , 08:35:23 am | Posted By CASANSAAR

Audit regulator NFRA has decided to hire consultants to assist the regulator in identifying the audit reports that need to be taken up for review. Consultants — mainly chartered accountants -- are mainly proposed to be hired for a period of one year (on contract basis) to assist National Fi...

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Category : NFRA | Comments : 0 | Hits : 540

Cabinet approves Promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2019
Posted Date : 25-Dec-2019 , 08:24:01 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi approved a proposal to promulgate an Ordinance and to amend the Insolvency and Bankruptcy Code, 2016. The Amendment will remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016 and ensure smooth implementation of th...

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Category : Insolvent Professional | Comments : 0 | Hits : 99

Lok Sabha speaker refers bankruptcy code amendment bill to standing committee
Posted Date : 24-Dec-2019 , 03:12:58 pm | Posted By CASANSAAR

Lok Sabha Speaker Om Birla has referred the Insolvency and Bankruptcy Code (Second Amendment) Bill, which seeks to streamline the corporate insolvency resolution process, to the standing committee on Finance of which former prime minister Manmohan Singh is a member.The committee, chaired by BJP MP a...

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Category : Insolvent Professional | Comments : 0 | Hits : 111

GSTR 9C Utility available on GSTN Postal
Posted Date : 24-Dec-2019 , 10:49:43 am | Posted By CASANSAAR

Updated GSTR 9C Utility for F.Y.  2017-18 available on GSTN portal. Last date for GSTR -9 and GSTR-9C is 31st Jan 2020. ...

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Category : Income Tax | Comments : 0 | Hits : 636

GST on Notice Pay Recovery
Posted Date : 24-Dec-2019 , 08:18:39 am | Posted By CASANSAAR

GST on Notice Pay Recovery. Notice period serve नहीं किया तो देना होगा GST??? Myth busted by CA Vishal Jain.   Watch this video to know more.  https://youtu.be/TNr0CMGtACY ...

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Category : GST | Comments : 0 | Hits : 590

Technical limitations cannot be ground to deny input tax credit under GST - HC
Posted Date : 24-Dec-2019 , 08:14:52 am | Posted By CASANSAAR

The Delhi High Court has said that the rights of Goods & Services Tax (GST) assessees ‘cannot be subjugated’ to the poor and inefficient software systems adopted by the authorities. The ruling is likely to benefit assessees who suffer due to technical glitches. “The software...

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Category : GST | Comments : 0 | Hits : 919

IFSC banking units can open foreign currency current accounts
Posted Date : 24-Dec-2019 , 08:11:02 am | Posted By CASANSAAR

The RBI on Monday said IFSC Banking Units can open foreign currency current accounts of entities operating in IFSC and of non-resident institutional investors to facilitate their investment transactions. However, IBUs are not allowed to open savings accounts. Issuing instructions regarding permis...

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Category : Banking | Comments : 0 | Hits : 167

New registrations by taxpayers being verified by GST council
Posted Date : 24-Dec-2019 , 08:07:57 am | Posted By CASANSAAR

The GST Council is verifying the 66.79 lakh new registrations by taxpayers, which could be fake or pertain to shell companies, Bihar Deputy Chief Minister Sushil Kumar Modi, who is also the convenor of Group of Ministers (GoM) on integrated GST, said on Monday. "The new taxpayers, who are 66...

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Category : GST | Comments : 0 | Hits : 917

Glitches in ITR processing lead to bloated tax liability on capital gains
Posted Date : 24-Dec-2019 , 08:05:21 am | Posted By CASANSAAR

Hundreds of taxpayers are believed to have received notices from the income tax (I-T) department whose systems are unable to process the tax returns correctly. This has led to bloated tax liability on capital gains and denial of credit for tax deducted at source (TDS), among other discrepancies. ...

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Category : Income Tax | Comments : 0 | Hits : 456

Companies under IBC process may get GST relief
Posted Date : 23-Dec-2019 , 04:11:14 pm | Posted By CASANSAAR

The government may allow companies undergoing resolution under the Insolvency and Bankruptcy Code (IBC) to pay current levies of goods and services tax (GST) without the mandatory payment of past dues. This will remove a hurdle in the bankruptcy resolution process. Ministry of Corporate Affairs a...

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Category : GST | Comments : 0 | Hits : 316

Public sector bank unions decide to join national strike called on Jan 8
Posted Date : 21-Dec-2019 , 10:10:06 am | Posted By CASANSAAR

Bank unions have decided to join the national general strike which has been called on January 8, 2020. The strike has been called in protest against the central govt's labour policies and banking reforms, said the unions. Central Trade Unions viz. INTUC, AITUC, HMS, CITU, AIUTUC, TUCC, SEWA, ...

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Category : Banking | Comments : 0 | Hits : 454

IBC process helps creditors recover Rs 1.6 trn, revives 160 companies
Posted Date : 21-Dec-2019 , 09:58:47 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Code (IBC) has helped rescue 160 companies and its creditors have got back 44 per cent of their claim amounting to 1.6 lakh crore, a top government official said on Friday. He pointed out that though 44 per cent of recovery may not look very rosy but one should view ...

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Category : Insolvent Professional | Comments : 0 | Hits : 421

FinMin asks tax officials to identify evaders through data analytics
Posted Date : 21-Dec-2019 , 09:55:47 am | Posted By CASANSAAR

In a bid to meet ambitious tax target, the finance ministry on Friday held a review meeting with tax officials directing them to make special efforts to identify and book tax evaders through data analytics and information sharing. The meeting chaired by Revenue Secretary Ajay Bhushan Pandey. H...

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Category : Income Tax | Comments : 0 | Hits : 648

Minimum CRS score decreases in latest Express Entry draw of Canada
Posted Date : 20-Dec-2019 , 10:02:25 am | Posted By CASANSAAR

The Government of Canada issued 3,200 invitations to apply for Canadian Permanent Residence to Express Entry candidates in a draw held December 19.  The minimum Comprehensive Ranking System (CRS) score in this latest invitation round was 469, a decrease of three points over the previous draw...

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Category : International Business | Comments : 0 | Hits : 402

Question and Answers on ITC under GST
Posted Date : 19-Dec-2019 , 09:50:13 am | Posted By CASANSAAR

  Question and Answers on ITC under GST. Question and Answers on ITC under GST during the Webinar on Issues related to claiming of ITC under GST by CA. Gaurav Gupta.   This video is part of the Webinar on the issues related to claiming of ITC Under GST organised by CA Sansaar...

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Category : GST | Comments : 0 | Hits : 674

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