RBI permits residents to make remittances to IFSCs under LRS
Posted Date : 17-Feb-2021 , 09:25:03 am | Posted By CASANSAAR
The Reserve Bank on Tuesday permitted resident individuals to make remittances under the Liberalised Remittance Scheme (LRS) to International Financial Services Centres (IFSCs) in the country.
The decision of the RBI is aimed at deepening the financial markets in the IFSCs and providing an opport...
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RBI |
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Cryptocurrencies trade may attract Income Tax, GST; taxes to be paid in this fiscal year
Posted Date : 17-Feb-2021 , 09:23:30 am | Posted By CASANSAAR
The Finance Ministry sees tax implications in crypto-currency trading. However, it is clear that levying a tax does not mean the government is legalising private crypto-currencies.
Minister of State for Finance Anurag Thakur said that a comprehensive Bill on cryptocurrencies will fill all the gap...
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Income Tax |
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GST officers arrest 4 in 3 different cases of ITC fraud of Rs 178 crore
Posted Date : 16-Feb-2021 , 08:41:09 am | Posted By CASANSAAR
GST officers have arrested four persons in three different fake invoicing cases involving total input tax credit (ITC) fraud of Rs 178 crore, the Finance Ministry said on Monday.
"The officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi North… have unearthed a netw...
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GST |
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SC issues notice to WhatsApp, Facebook, says people value their privacy more than money
Posted Date : 16-Feb-2021 , 08:35:27 am | Posted By CASANSAAR
The Supreme Court Monday asked the Centre and WhatsApp to reply to a fresh plea alleging lower standards of privacy for Indians in comparison to European users saying it is the "duty of the judiciary to protect citizens'' privacy.
People have grave apprehensions that they will ...
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WhatsApp |
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Govt makes FASTag mandatory on all National Highways
Posted Date : 16-Feb-2021 , 08:31:45 am | Posted By CASANSAAR
Government has made FASTag mandatory on the National Highways. All lanes in the fee plazas on National Highways were declared as FASTag lane midnight last night. As per NH Fee Rules 2008, any vehicle not fitted with FASTag or vehicle without valid, functional FASTag, entering into the FASTag lane of...
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General |
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Canada invites 27,332 immigration candidates in historic Saturday draw
Posted Date : 15-Feb-2021 , 09:51:11 am | Posted By CASANSAAR
Canada invited 27,332 candidates to apply for permanent residence in its latest Express Entry draw.
Immigration, Refugee and Citizenship Canada (IRCC) invited candidates from the Canadian Experience Class (CEC) on February 13. This unprecedented Express Entry invitation round only required candid...
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International Business |
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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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GST |
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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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RBI |
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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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RBI |
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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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ICAI |
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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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MSME |
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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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Income Tax |
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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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Banking |
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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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SEBI |
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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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CBDT |
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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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Corporate Law |
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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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RBI |
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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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Corporate Law |
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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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Corporate Law |
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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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MCA |
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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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RBI |
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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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Budget |
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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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Budget |
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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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Budget |
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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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GST |
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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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ICAI |
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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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Budget |
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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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Budget |
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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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Budget |
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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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RBI |
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