Cabinet approves MoUs entered into by ICoAl & ICSI with Foreign Countries/Organisations
Posted Date : 26-May-2021 , 08:47:09 am | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has granted ex-post facto approval to the Memorandum of Understandings (MoUs) entered into by Institute of Cost Accountants of India (ICoAl) and Institute of Company Secretaries of India (ICSI) with various Foreign Countries/Organis...
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ICSI |
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MCA revamps IT interface with businesses
Posted Date : 25-May-2021 , 09:39:30 am | Posted By CASANSAAR
The ministry of corporate affairs on Monday revamped its IT interface with businesses to offer virtual public consultation facility and from October onwards, allow e-adjudication of Companies Act violations.
The e-consultation platform under the interface called ‘MCA 21 version 3’ all...
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MCA |
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0 | Hits : 1069
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Govt Integrates E-way Bill with FasTag, RFID; GST Officers to Have Real-time Data of CVs
Posted Date : 24-May-2021 , 11:23:06 am | Posted By CASANSAAR
GST officers have been armed with real-time data of commercial vehicle movement on highways with the integration of the e-way bill (EWB) system with FasTag and RFID, a move which will help in live vigilance of such vehicles and check GST evasion. Additional features have been added to the e-way bill...
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GST |
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RBI to review circular on appointment of bank, NBFC Auditors - CII
Posted Date : 24-May-2021 , 09:49:14 am | Posted By CASANSAAR
Industry chamber CII has asked the Reserve Bank to review its circular on appointment of auditors for banks and NBFCs saying it was inconsistent with the provisions of the Companies Act.
The Reserve Bank in its circular on April 27, 2021 imposed various restrictions on appointment of auditors by ...
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RBI |
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Banks with assets of more than Rs 15,000 crore must hire two auditors
Posted Date : 22-May-2021 , 12:17:29 pm | Posted By CASANSAAR
Commercial banks and urban commercial banks (UCBs) will have to rope in at least two auditors unaffiliated with each other and have to take prior approval of the Reserve Bank of India (RBI) for appointment or reappointment of statutory auditors on an annual basis, the central bank said on Tuesday.
...
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Banking |
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0 | Hits : 1821
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Personal guarantors accountable in IBC - Supreme Court
Posted Date : 22-May-2021 , 09:31:48 am | Posted By CASANSAAR
Lenders can initiate insolvency proceedings against promoters, managing directors and chairpersons who have signed personal guarantees on corporate loans in case the borrowers default, the Supreme Court ruled.
The apex court on Friday upheld the central government’s November 2019 notificati...
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Insolvent Professional |
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Sovereign Gold Bond Scheme 2021-22 (Series II) – Issue Price
Posted Date : 22-May-2021 , 09:25:54 am | Posted By CASANSAAR
In terms of the Government of India Notification No.4(5)-B(W&M)/2021 dated May 12, 2021, Sovereign Gold Bonds 2021-22 (Series II) will be opened for the period May 24-28, 2021 with Settlement date June 01, 2021. The issue price of the Bond during the subscription period shall be Rs 4,842 (Rupees...
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Income Tax |
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Govt extends certain timelines in light of severe pandemic
Posted Date : 21-May-2021 , 09:49:59 am | Posted By CASANSAAR
The Central Government, in continuation of its commitment to address the hardship being faced by various stakeholders on account of the severe Covid-19 pandemic, has, on consideration of representations received from various stakeholders,decided to extend timelines for compliances under ...
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Income Tax |
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0 | Hits : 894
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Govt relaxes GST refund claim norms
Posted Date : 21-May-2021 , 09:42:23 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) has eased the norms for claiming Goods and Services Tax (GST) refunds making it easier for businesses to rectify their applications.
The tax authority said in the CGST (Fourth Amendment) Rules issued on Tuesday that the period between filing ...
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GST |
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Govt extends FCRA registration date for NGOs till Sept 30
Posted Date : 20-May-2021 , 10:29:29 am | Posted By CASANSAAR
The order issued by the MHA is being seen as a relief to the NGOs for switching to the new FCRA regime.
"Keeping in view the exigencies arising out of the COVID-19 situation and to ensure a smooth transition to the amended FCRA regime, the central government, in exercise of the powers confer...
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NGO |
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Govt extends deadline for NGOs opening new FCRA accounts with SBI till June 30
Posted Date : 20-May-2021 , 09:40:36 am | Posted By CASANSAAR
Following multiple petitions by NGOs in various courts stating that the poor implementation of the recently amended Foreign Contribution Regulation Act (FCRA) had tied their hands in the middle of the Covid-19 pandemic, the government has extended the deadline for conforming to the new rules to June...
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NGO |
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RBI under pressure from BFSI industry to defer new Auditors' norms for a year
Posted Date : 19-May-2021 , 08:40:35 am | Posted By CASANSAAR
The BFSI industry faced with restructuring and asset quality issues is insisting that they need time as they are preoccupied with other business issues due to COVID-19 outbreak.
Pressure is building upon the Reserve Bank of India (RBI) from the banking and financial services industry (BFSI) to de...
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RBI |
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Enhancement of facilities under the Customs(Import of Goods at Concessional Rate of Duty) Rules, 2017
Posted Date : 19-May-2021 , 08:30:33 am | Posted By CASANSAAR
The Finance Minister had in her Budget Speech this year announced that the Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017 (IGCR, 2017) would be amended to boost trade facilitation. Accordingly, the Central Board of Customs and Indirect Taxes( CBIC) had immediately enhanced the sc...
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GST |
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0 | Hits : 827
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High Court levies cost of Rs. 20,000 on ICAI for withholding result of a CA Student
Posted Date : 19-May-2021 , 08:29:36 am | Posted By CASANSAAR
ICAI lost case against the student & the court awarded legal costs to be paid to the petitioner.
ICAI faces humiliation in Court for withholding result of a CA student sighting Derogatory remarks in social media.
Fine of Rs 20k on ICAI for withholding result of a CA Student & adv...
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ICAI |
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Finance Minister to chair 43rd GST Council meeting via video conferencing
Posted Date : 15-May-2021 , 06:18:13 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will chair the 43rd GST Council meeting via video conferencing at 11 A.M. in New Delhi on 28th of this month.
The meeting will be attended by Minister of State for Finance, Anurag Thakur besides Finance Ministers of States & UTs and senior officers from Uni...
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GST |
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RBI cancels the licence of United Co-operative Bank Ltd., Bagnan, West Bengal
Posted Date : 14-May-2021 , 08:52:09 am | Posted By CASANSAAR
Reserve Bank of India (RBI) has, vide order dated May 10, 2021 cancelled the licence of United Co-operative Bank Ltd., Bagnan, West Bengal. Consequently, the bank ceases to carry on banking business, with effect from the close of business on May 13, 2021. The Registrar of Cooperative Societies, West...
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RBI |
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Cabinet approves MoU between ICAI and CA-ANZ
Posted Date : 20-Apr-2021 , 06:46:39 pm | Posted By CASANSAAR
The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved a fresh Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and Chartered Accountants Australia and New Zealand (CA ANZ).
Impact:
The MRA intends to develop mutually beneficial ...
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ICAI |
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0 | Hits : 3113
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Cabinet approves Amendments to the Finance Bill, 2021
Posted Date : 20-Apr-2021 , 06:41:33 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on 28th March, 2021 as the Finance Act, 2021).
The amendments were essential to clarify and rationalise the proposals furthe...
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Finance |
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GST officers to be soon armed with real-time data on vehicles moving without e-way
Posted Date : 19-Apr-2021 , 09:11:31 am | Posted By CASANSAAR
The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills, to help intercept stuck trucks at toll plazas and check GST evasion.
The tax officers would also be provided analysis reports on identifying e...
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GST |
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0 | Hits : 1954
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RBI replies on RTI for signing of Non Audited Financials by CAs
Posted Date : 19-Apr-2021 , 09:03:14 am | Posted By CASANSAAR
In reply to RTI by Nitin Pandurang Hargude on requirement of signing of project report, un-audited financials and certificate for utilisation of loan funds vide Order No. DOR0021/04.03.001/2020-21 dated April 03 2021 RBI has replied
...
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CA |
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0 | Hits : 4327
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SC issues guidelines for cheque bounce cases, asks govt to amend laws
Posted Date : 17-Apr-2021 , 09:58:23 am | Posted By CASANSAAR
To ensure speedy disposal of more than 35 lakh cheque bounce cases pending in various courts, the Supreme Court on Friday gave a number of directions, including asking the government to amend the laws to allow clubbing of multiple trials in cases filed for a same transaction against anyone.
To av...
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General |
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NLIU becomes first IBBI approved university to offer Graduate Insolvency Program
Posted Date : 15-Apr-2021 , 07:39:13 am | Posted By CASANSAAR
The National Law Institute University (NLIU) had submitted the Expression of Interest to the Insolvency and Bankruptcy Board of India (IBBI) for the conduct of the Graduate Insolvency Program (GIP) on 15 January, 2021.
A month later, the IBBI formally approved NLIU for conducting the Graduate Ins...
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Insolvent Professional |
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RTGS money transfer facility won't be available for 14 hours on Sunday - RBI
Posted Date : 13-Apr-2021 , 08:16:18 am | Posted By CASANSAAR
Reserve Bank of India (RBI) on Monday said that Real-Time Gross Settlement (RTGS) facility will not be be available for at least 14 hours on 18 April.
"A technical upgrade of RTGS, targetted to enhance resilience & to further improve disaster recovery time of RTGS system, is scheduled af...
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RBI |
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0 | Hits : 1323
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SEBI comes out with new guidelines on reporting formats for mutual funds
Posted Date : 13-Apr-2021 , 08:13:47 am | Posted By CASANSAAR
Capital markets watchdog Sebi on Monday came out with fresh guidelines on reporting formats for mutual funds.
The formats for the reports to be submitted byasset management companies (AMCs) to trustees, by AMCs to Sebi and by trustees to the regulator have been revised on the basis of consultatio...
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SEBI |
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SC Stays Disciplinary Proceedings against Petitioners in TAR Matters of ICAI
Posted Date : 10-Apr-2021 , 08:46:18 am | Posted By CASANSAAR
The Hon. Supreme Court Stays Disciplinary Proceedings against Petitioners in TAR Matters of ICAI.
Writ Petition (C) No. 371 of 2021 along with IA No. 41905/20201 was listed today as item No. 10 before Hon'ble Mr. Justice Sanjay Kishan Kaul and Hon'ble Mr. Justice Heman...
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Tax Audit |
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0 | Hits : 1912
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IBBI notifies prepack insolvency resolution process regulations for MSMEs
Posted Date : 10-Apr-2021 , 08:21:58 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India has notified the pre-packaged insolvency resolution process regulations for micro, small and medium enterprises (MSMEs) on Friday.
The norms, effective from Friday, enable the operationalisation of the prepack process, according to a statement from the...
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MSME |
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Direct Tax collections for last financial year go up by 5 pct to Rs 9.45 lakh Cr
Posted Date : 10-Apr-2021 , 08:15:14 am | Posted By CASANSAAR
Direct Tax collections for the last financial year show growth of almost five per cent despite the challenges posed by the Covid-19 pandemic.
Finance Ministry informed that the provisional figures of Direct Tax collections for the Financial Year 2020-21 show that net collections are at 9.45...
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Income Tax |
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Constitutional validity of arrest rules under GST challenged in Supreme Court
Posted Date : 09-Apr-2021 , 08:15:41 am | Posted By CASANSAAR
Companies have argued against the constitutional validity of arrest provisions under the goods and services tax (GST) laws in their present form in the Supreme Court.
The court took up the matter of arrest provisions and applicability of the Criminal Procedure Code (CrPC) to the Customs Act, GST ...
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GST |
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Centre sets Rs. 10 lakh trigger for MSME rescue scheme
Posted Date : 09-Apr-2021 , 08:05:42 am | Posted By CASANSAAR
The Central government set a payment default of ₹10 lakh as the trigger for bankruptcy proceedings of small businesses under the new simplified scheme called pre-packs.
The finance ministry said in a tweet that this would be the minimum threshold of payment default for micro, small and med...
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Category :
MSME |
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0 | Hits : 1187
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GST no longer citizen-friendly; calls provisional attachment Draconian - SC
Posted Date : 08-Apr-2021 , 09:59:29 am | Posted By CASANSAAR
The Supreme Court on Tuesday slammed the manner in which the Goods and Services Tax was being enforced by tax authorities and observed that the taxman cannot see all businesses as being fraudulent.
The Parliament had aimed to give the GST a citizen-friendly tax structure. But, the purpose of the ...
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GST |
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0 | Hits : 2475
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