GST collection for June falls to Rs 92,849 Cr, lowest in 10 months
Posted Date : 07-Jul-2021 , 10:05:12 am | Posted By CASANSAAR
The economic impact the 'second wave' of Covid-19 showed on Goods and Service Tax (GST) as collections for June 2021 fell to Rs 92,849 crore, the Finance Ministry said on July 6. This is the first time in nine months that monthly GST collections have slipped below the Rs 1 lakh crore mark.
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GST |
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Govt creates Ministry of Co-operation for strengthening of cooperatives
Posted Date : 07-Jul-2021 , 09:29:34 am | Posted By CASANSAAR
The Union Government has created a separate Ministry of Co-operation for realizing the vision of 'Sahkar se Samriddhi'. This Ministry will provide a separate administrative, legal and policy framework for strengthening the cooperative movement in the country. It will help deepen co-operative...
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Corporate Law |
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CBDT extends date for manual filing of tax forms for foreign remittance
Posted Date : 06-Jul-2021 , 09:40:28 am | Posted By CASANSAAR
The Central Board of Direct Taxes, CBDT has granted further relaxation in electronic filing of Income Tax Forms 15CA and 15CB and extended the date of filing from 30th June to 15th July, 2021. The taxpayers can now submit these forms in manual format to the authorized dealers till 15th of this month...
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Income Tax |
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SEBI fines IL&FS, AFSPL for fraudulent MF transactions
Posted Date : 05-Jul-2021 , 10:15:13 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) has fined IL&FS Securities Services Ltd and Allied Financial Services Pvt Ltd (AFSPL) over involvement in fraudulent transfer of mutual fund units from client's accounts.
The SEBI has imposed a total penalty of Rs 26 crore on IL&FS Sec...
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SEBI |
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Businesses need not deduct TDS on share/commodity purchases via exchanges - CBDT
Posted Date : 05-Jul-2021 , 10:13:14 am | Posted By CASANSAAR
Businesses buying shares or commodities traded through recognised stock or commodity exchanges for any value even above Rs 50 lakh will not be required to deduct TDS on transaction, the Income-Tax Department has said.
The I-T department has introduced a provision relating to Tax Deducted at Sourc...
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CBDT |
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Investment advisers cannot manage funds, securities on clients' behalf - SEBI
Posted Date : 04-Jul-2021 , 09:09:26 am | Posted By CASANSAAR
Investment advisers cannot manage funds as well as securities on behalf of their clients and should not contemplate asking power of attorney in this regard, markets regulator Securities and Exchange Board of India (Sebi) has said.
Such advisers can only provide investment advise to clients, it ad...
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SEBI |
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SC refuses to stay RBI Notices to Bank under RTI To Disclose Information
Posted Date : 03-Jul-2021 , 11:03:15 am | Posted By CASANSAAR
The Supreme Court on Friday refused the prayers made by Punjab National Bank and Union Bank of India to stay the RTI notices issued to them by the Reserve Bank of India to disclose information related to defaulters list, inspection reports etc.
A division bench comprising Justices S Abdul Nazeer ...
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RBI |
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RBI imposes monetary penalty on Punjab and Sind Bank
Posted Date : 03-Jul-2021 , 08:14:01 am | Posted By CASANSAAR
The Reserve Bank of India on Friday imposed a penalty of ₹25 lakh on Punjab and Sind Bank for non-compliance with certain provisions of directions on 'Cyber Security Framework in Banks'. The state-owned bank had reported a few cyber incidents to the RBI on May 16 and 20, 2020, the central ...
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RBI |
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Govt announces inclusion of Retail and Wholesale trades as MSMEs
Posted Date : 02-Jul-2021 , 02:26:16 pm | Posted By CASANSAAR
Minister of MSME and Road Transport and Highways Shri Nitin Gadkari today announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades as MSMEs. In a Tweet he said under the leadership of PM Shri Narendra Modi Ji, we are committed to strengthening of MSME and make them engine...
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Income Tax |
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SEBI tightens norms on independent Directors
Posted Date : 02-Jul-2021 , 10:28:20 am | Posted By CASANSAAR
In an attempt to give more power to non-promoting shareholders in a company, markets regulator Sebi on Tuesday said that two-thirds of the members of the nomination & remuneration committee (NRC) and the audit committee (AC) of the board of a listed company should be independent directors. Curre...
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SEBI |
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Government to honour tax payers who have been part of GST's success story
Posted Date : 01-Jul-2021 , 09:33:35 am | Posted By CASANSAAR
The Goods and Services Tax (GST) system, country’s biggest tax reform, is going to complete four years today. During these years, several key policy initiatives were taken by the government to make the GST system and compliance mechanism simple, transparent and technology driven.
GST is a r...
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GST |
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Happy Chartered Accountants Day (01 July 1949 History of the Institute of Chartered Accountants of India)
Posted Date : 01-Jul-2021 , 09:18:39 am | Posted By CASANSAAR
1st JULY 1949 HISTORY OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
The Companies Act, 1913 passed in pre-independent India prescribed the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to acquire a r...
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ICAI |
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RBI imposes monetary penalty on 4 co-operative banks
Posted Date : 30-Jun-2021 , 09:00:06 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has imposed monetary penalty on Andhra Pradesh Mahesh Co-operative Urban Bank, (₹112.50 lakh); Ahmedabad Mercantile Co-operative Bank (₹62.50 lakh), SVC Co-operative Bank (₹37.50 lakh) and Saraswat Co-operative Bank (₹25 lakh).
RBI, in a statement, said it ...
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RBI |
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SEBI approves proposal to introduce framework for Accredited Investors
Posted Date : 30-Jun-2021 , 08:54:40 am | Posted By CASANSAAR
Securities and exchange board of India (SEBI) has approved a proposal to introduce a framework for ‘Accredited Investors’ in the Indian securities market. It will be a class of investors who may be considered to be well informed or well advised about investment products.
Accredi...
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SEBI |
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Cooperative banks shall not outsource core management functions - RBI
Posted Date : 29-Jun-2021 , 08:46:41 am | Posted By CASANSAAR
The Reserve Bank of India on Monday directed cooperative banks not to outsource core management functions such as policy formulation, internal audit and compliance, compliance with KYC norms, credit sanction and management of investment portfolio.
Issuing guidelines for managing risk in outsourci...
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RBI |
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Centre announces stimulus package worth over Rs 6,28,993 Cr to boost economy
Posted Date : 29-Jun-2021 , 08:29:02 am | Posted By CASANSAAR
The Union Government has announced stimulus package of six lakh 28 thousand 993 crore rupees to boost economy during the fight against COVID-19 pandemic. Finance Minister Nirmala Sitharaman announced several economic relief measures amid COVID pandemic including eight economic relief measures, of wh...
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Finance |
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Central govt plans to develop rating system for MSMEs
Posted Date : 29-Jun-2021 , 08:27:59 am | Posted By CASANSAAR
Central government is planning to develop a system of financial ratings for upcoming micro, small and medium enterprises (MSMEs). Union Minister for MSMEs Nitin Gadkari said that this system of ratings will help banks to make better credit judgments for such borrowers.
The Union Minister wa...
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MSME |
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SBI branch manager, husband booked by CBI for defrauding bank of Rs 11.84 Cr
Posted Date : 26-Jun-2021 , 09:04:09 am | Posted By CASANSAAR
The Central Bureau of Investigation(CBI) has registered a case against a branch manager and her husband for defrauding the State Bank of India(SBI) to the tune of Rs 11 crore, officials said.
The FIR has been filed by the CBI on the complaint of the bank against Sweety Suneria, the then Branch Ma...
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Shares & Stock |
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Govt grants further extension in timelines of compliances
Posted Date : 26-Jun-2021 , 09:00:20 am | Posted By CASANSAAR
The Government has granted further extension of timelines of compliances under Income Tax Act. It has also announced tax exemption for expenditure on COVID-19 treatment and ex-gratia received on death due to COVID-19. The details are as follows:
A. &n...
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Income Tax |
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Government launches e-filing portal of Income Tax Appellate Tribunal, itat e-dwar
Posted Date : 26-Jun-2021 , 08:57:53 am | Posted By CASANSAAR
Law Minister Ravi Shankar Prasad formally launched the e-filing portal of Income Tax Appellate Tribunal (ITAT), ‘itat e-dwar yesterday. The portal will enable online filing of appeals, applications and documents by various parties. Speaking on occasion, he explained the power...
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Income Tax |
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RBI allows jewellers to repay part of gold loan with physical gold
Posted Date : 25-Jun-2021 , 08:25:08 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday released a notification stating that jewellery exporters and domestic manufacturers of gold jewellery now have the option of replaying a part of their Gold (Metal) Loans (GML) using actual physical gold.
According to existing instructions, banks who are auth...
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RBI |
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Income Tax dept tool to identify 'specified persons' who have to pay higher taxes
Posted Date : 23-Jun-2021 , 09:04:29 am | Posted By CASANSAAR
The income tax department has developed a new utility to help TDS deductors and TCS collectors identify the 'specified persons' on whom higher rate of taxes will be levied from July 1.
The Budget 2021 had brought in a provision which mandated that non-filers of income tax returns for past...
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Income Tax |
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CBIC clarifies on QR codes for companies with turnover of over Rs 500 Cr
Posted Date : 23-Jun-2021 , 08:51:20 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on QR codes for businesses with a turnover of more than Rs 500 crore, The Economic Times has reported.
The CBIC has said that these companies supplying services to entity located overseas and receiving payments thro...
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GST |
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Clarification for use of functionality under section 206AB and 206CCA of the Income-tax Act, 1961
Posted Date : 23-Jun-2021 , 08:41:01 am | Posted By CASANSAAR
Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from 1st day of July, 2021. These sections mandate tax deduction or tax collection at higher rate in case of certain non-filers (specified persons). Higher rate is twice the prescribed rat...
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Income Tax |
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Reserve Bank of India Imposes Rs 23 Lakh Fine on 3 Cooperative Banks
Posted Date : 22-Jun-2021 , 09:55:19 am | Posted By CASANSAAR
RBI on Monday imposed penalties of Rs 23 lakh on three cooperative banks, including Mogaveera Co-operative Bank Limited, Mumbai, for contravention of various norms. A penalty of Rs 12 lakh has been imposed on Mogaveera Co-operative Bank Limited, Rs 10 lakh on Indapur Urban Cooperative Bank, and Rs 1...
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RBI |
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Govt amends rules pertaining to Indian Accounting Standards
Posted Date : 20-Jun-2021 , 09:31:47 am | Posted By CASANSAAR
The government has amended rules pertaining to various Indian Accounting Standards (Ind AS), including those related to interest rate benchmark reform. Ind AS are converged with the International Financial Reporting Standards (IFRS).
On Friday, the corporate affairs ministry notified the Companie...
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IFRS |
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Ministry of MSME Extends Validity of Udyog Aadhaar Memorandum from 31st March, 2021 to 31st Dec, 2021
Posted Date : 17-Jun-2021 , 08:49:41 pm | Posted By CASANSAAR
Ministry of Micro, Small and Medium Enterprises has issued an amendment to the original notification No. S.O. 2119 (E) dated 26.06.2020 vide 2347(E) dated 16.06.2021, extending the validity of EM Part-II and UAMs from 31.03.2021 to 31.12.2021. This would facilitate the holders of EM Part-II and UAMs...
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Income Tax |
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MCA removes restrictions on board meetings via video conferencing
Posted Date : 17-Jun-2021 , 09:36:38 am | Posted By CASANSAAR
The Ministry of Corporate Affairs has issued a notification to allow board meetings through video conferencing for activities that were earlier restricted for the digital medium, in a move that will ease the burden on companies to hold physical meetings even beyond the pandemic.
Some of the activ...
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MCA |
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SEBI issues new guidelines on settlement of running accounts
Posted Date : 17-Jun-2021 , 09:32:23 am | Posted By CASANSAAR
Capital markets regulator Sebi on Wednesday came out with new guidelines for settlement of running account of client's funds and securities that will be applicable from August 1.
Under the guidelines, retention of any amount towards administrative or operational difficulties in settling the a...
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SEBI |
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Net Direct Tax collection during current fiscal doubles to Rs 1.86 lakh Cr
Posted Date : 17-Jun-2021 , 09:21:22 am | Posted By CASANSAAR
Net Direct Tax collections have grown at a robust pace despite the disruption caused by the COVID-19 pandemic on the economy this financial year. Finance Ministry said that Net Direct Tax collections have increased over hundred per cent in this fiscal year in comparison to the corresponding period o...
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Income Tax |
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