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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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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Budget |
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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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RBI |
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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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RBI |
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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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Budget |
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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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RBI |
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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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Corporate Law |
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Government set to amend LLP Act; seeks comments on panel's report
Posted Date : 20-Jan-2021 , 08:11:57 pm | Posted By CASANSAAR
Decriminalising various offences, introducing a new concept of small LLPs and permitting LLPs to issue non-convertible debentures are among the changes being proposed under the Limited Liability Partnership (LLP) Act.
As part of efforts to further improve the ease of doing business, the corporate...
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Corporate Law |
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SEBI extends relaxations for compliance with rights issues
Posted Date : 20-Jan-2021 , 10:43:56 am | Posted By CASANSAAR
Markets regulator Sebi on Tuesday extended relaxations for companies with regards to compliance with procedural norms pertaining to rights issues opening till March 31 amid the ongoing coronavirus pandemic.
Earlier, this relaxation was given for rights issues opening till July 31, 2020, which was...
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SEBI |
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SC upholds IBC amendments mandating minimum threshold for insolvency process against developers
Posted Date : 20-Jan-2021 , 10:39:15 am | Posted By CASANSAAR
The Supreme Court on Tuesday upheld amendments to the Insolvency and Bankruptcy Code (IBC) that introduced a minimum threshold of 100 home buyers or 10% of the total allottees of a project, whichever was lower, for initiating the insolvency process against a defaulting developer.
The homebuyers h...
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Income Tax |
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One held by CGST Delhi East officials for availing fake input tax credit of Rs 82.23 Cr
Posted Date : 19-Jan-2021 , 09:15:02 am | Posted By CASANSAAR
In the ongoing drive against availment of inadmissible ITC, officers of Central Goods and Services Tax (CGST) Commissionerate, Delhi East unearthed a multi-layered network of fictitious firms being used to generate and pass on fake ITC.
Through the use of extensive data analytics, officers identi...
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GST |
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Disclosure of interest under RTI necessary to establish applicant’s bonafide - HC
Posted Date : 18-Jan-2021 , 09:39:55 am | Posted By CASANSAAR
The Delhi High Court, in a ruling, has observed that the disclosure of interest regarding the information being sought by an applicant under the Right to Information (RTI) Law would be necessary to establish their bonafides.
“This Court is of the opinion that whenever information is sought ...
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General |
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CBI Arrests Senior Railway Official, 2 Others In Rs.1 Crore Bribery Case
Posted Date : 18-Jan-2021 , 09:32:32 am | Posted By CASANSAAR
In its biggest bribe-trap case, the CBI arrested the chief administrative officer (construction) of the Northeast Frontier Railways on Sunday for allegedly receiving Rs. one crore for granting favours in awarding lucrative contracts to a private company, officials said.
Mahender Singh Chauhan, a ...
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Income Tax |
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CA arrested for issuing fake bills of Rs 79.5 Cr Delhi CGST officials
Posted Date : 16-Jan-2021 , 08:46:20 am | Posted By CASANSAAR
The officers of Central Goods and Service Tax (CGST) commissionerate, Delhi (east) have detected a case of issue of fake bills of Rs 79.5 crore to wrongfully avail input tax credit (ITC) and arrested a Chartered Accountant (CA), according to an official statement issued on Friday.
CA through thes...
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GST |
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Mumbai businessman arrested for GST fraud worth Rs 31 Cr
Posted Date : 16-Jan-2021 , 08:38:02 am | Posted By CASANSAAR
The Maharashtra Goods and Services Tax (GST) department on Friday arrested a Vile Parle-based businessman for allegedly causing revenue loss of Rs. 31 crore to the state government by fraudulently claiming input tax credit.
The joint commissioner of Maharashtra GST, Sampada Mehta, confirmed the d...
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GST |
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Gujarat HC rejects plea to extend deadline for filing tax audit reports
Posted Date : 15-Jan-2021 , 09:22:47 am | Posted By CASANSAAR
The Gujarat High Court has rejected a plea seeking extension of deadline for filing of returns but observed that the CBDT may take a lenient view on penalty for late filing of tax audit reports.
The Income Tax Department had on Monday rejected demand for further extension of the deadline for fili...
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Income Tax |
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