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Income Tax surveys to be conducted only by investigation wing, TDS directorate - CBDT
Posted Date : 14-Aug-2020 , 10:55:47 am | Posted By CASANSAAR

The income tax surveys to collect information for scrutiny assessment will be undertaken only by the investigation wing and the tax deducted at source (TDS) directorate with effect from Thursday, the Central Board of Direct Taxes (CBDT) has said.  In an order, the CBDT said officers in Direc...

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Category : CBDT | Comments : 0 | Hits : 294

RBI mandates system-based asset classification for UCBs
Posted Date : 13-Aug-2020 , 10:57:46 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday asked urban co-operative banks (UCBs) with assets of Rs.2,000 crore or more to implement system-based asset classification from 30 June 2021. System-based asset classification refers to asset classification (downgrading as well as upgrading) carried ou...

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Category : RBI | Comments : 0 | Hits : 235

Foreign investors of AIFs in IFSC given exemption from furnishing PAN
Posted Date : 13-Aug-2020 , 10:55:41 am | Posted By CASANSAAR

The government has granted an exemption to non-residents (NRs) investing in category I and category II alternative inv­e­s­tment funds (AIFs) located in the International Financial Services Centre (IFSC) from furnishing the permanent account number (PAN). This was a long-standing dema...

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Category : PAN | Comments : 0 | Hits : 134

PM Modi to launch another major direct tax reform to benefit taxpayers
Posted Date : 13-Aug-2020 , 10:49:56 am | Posted By CASANSAAR

Prime Minister Narendra Modi will launch a platform which will honour the honest taxpayers of the country. The unveiling will take place at 11 am today via video conferencing. The “Transparent Taxation - Honoring The Honest” platform will initiate major tax reforms aimed at bringing t...

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Category : Income Tax | Comments : 0 | Hits : 308

CBDT unearths money laundering worth over Rs 1000 Cr involving Chinese nationals
Posted Date : 12-Aug-2020 , 09:52:41 am | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) has unearthed money-laundering worth over 1,000 crore rupees involving Chinese and Indian nationals. The Income Tax Department has conducted searches on premises of Chinese entities, their close confederates and a couple of bank employees. CBDT said, based on ...

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Category : CBDT | Comments : 0 | Hits : 282

Supreme Court gives equal inheritance right to daughters from 1956
Posted Date : 12-Aug-2020 , 09:51:16 am | Posted By CASANSAAR

In a landmark judgment, Supreme Court has ruled that daughters will have inheritance rights equal to those of sons from properties of fathers and grandfathers right from the codification of the law in 1956. A bench of Justices Arun Mishra, S Abdul Nazeer and MR Shah cleared the confusion arising ...

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Category : General | Comments : 0 | Hits : 291

IBBI comes up with Red Flags for IPs to detect avoidance transactions
Posted Date : 11-Aug-2020 , 10:49:43 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has come up with a document which lists 'red flags' to detect avoidance transactions by corporate debtors.   The document provides guidelines to insolvency professionals (IPs) for understanding certain warnings, or red flags, in this...

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Category : Insolvent Professional | Comments : 0 | Hits : 163

SEBI amends rules for filling of executive director posts
Posted Date : 11-Aug-2020 , 10:45:32 am | Posted By CASANSAAR

Markets regulator SEBI has made changes pertaining to the proportion of executive director posts to be filled up through different modes and composition of selection committee. Besides, SEBI said that an employee, who has put in at least seven years as junior accounts assistant and junior enginee...

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Category : SEBI | Comments : 0 | Hits : 121

FM Nirmala Sitharaman inaugurates NIP Online Dashboard
Posted Date : 11-Aug-2020 , 10:35:22 am | Posted By CASANSAAR

Finance and Corporate Affairs Minister Nirmala Sitharaman inaugurated the National Infrastructure Pipeline, NIP, Online Dashboard in New Delhi today through video conferencing.   The online dashboard is envisaged as a one stop solution for all stakeholders looking for information on infrastru...

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Category : Finance | Comments : 0 | Hits : 186

Coaching classes are not eligible for GST exemption - AAR
Posted Date : 10-Aug-2020 , 10:44:07 am | Posted By CASANSAAR

Coaching classes do not get any exemption from Goods and Service Tax (GST), this position was reiterated by a ruling given by the Andhra Pradesh bench of the Authority for Advance Rulings (AAR). A similar stand has been taken earlier, including by the Maharashtra bench of the AAR. Entry No 66 of ...

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Category : GST | Comments : 0 | Hits : 728

PM launches Rs 1 lakh Cr financing facility under Agri-Infra Fund
Posted Date : 10-Aug-2020 , 10:29:35 am | Posted By CASANSAAR

Asserting that the government's agri-reforms are focused on empowering small farmers, Prime Minister Narendra Modi on Sunday launched a financing facility of Rs 1 lakh crore under the Agri-Infra Fund that will help create post harvest infrastructure in villages and generate jobs. He also said...

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Category : Finance | Comments : 0 | Hits : 447

IBBI amends rules for corporate resolution, voluntary liquidation process
Posted Date : 08-Aug-2020 , 09:53:29 am | Posted By CASANSAAR

The Insolvency and Bankruptcy Board of India (IBBI) has amended regulations pertaining to resolution process for corporate persons as well as voluntary liquidation. The Insolvency and Bankruptcy Code (IBC) envisages appointment of an authorised representative by the adjudicating authority to repr...

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Category : Insolvent Professional | Comments : 0 | Hits : 509

IBBI amends the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016
Posted Date : 07-Aug-2020 , 10:41:07 am | Posted By CASANSAAR

  The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy  Board of India (Liquidation Process) (Third Amendment) Regulations, 2020.   The Regulations require the committee of creditors to fix the fee payable to the liquidator.  Where the...

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Category : Insolvent Professional | Comments : 0 | Hits : 437

RBI bars banks from opening current accounts for customers having availed cash credit or overdraft facilities
Posted Date : 07-Aug-2020 , 10:28:57 am | Posted By CASANSAAR

The Reserve Bank of India has barred banks from opening current accounts for customers who have availed cash credit or overdraft facilities, with a view to improve credit discipline. In a notification, the Central Bank said, rather than opening a new current account, all transactions should be ro...

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Category : RBI | Comments : 0 | Hits : 1063

Former J&K Lt Guv Girish Chandra Murmu to be new CAG of India
Posted Date : 07-Aug-2020 , 10:26:10 am | Posted By CASANSAAR

Former Lieutenant Governor of Jammu and Kashmir, Girish Chandra Murmu will be the new Comptroller and Auditor General of the country. Mr Murmu will succeed Rajiv Mehrishi. An IAS officer of Gujarat cadre, Mr Murmu resigned as Lieutenant Governor of Jammu and Kashmir on Wednesday. #casansaar (Sour...

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Category : CAG | Comments : 0 | Hits : 278

Scrutiny of income tax cases on the decline, shows data
Posted Date : 06-Aug-2020 , 09:54:09 am | Posted By CASANSAAR

The Income Tax department tempered its scrutiny of tax returns in 2018-19 after a spike in the year before, the period in which returns filed for the demonetisation year of 2016-17 were processed, data released by the finance ministry showed. Data tweeted by the department late on Tuesday showed ...

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Category : Income Tax | Comments : 0 | Hits : 767

Canada issued 3900 Invitations to Apply (ITAs) for PR.
Posted Date : 06-Aug-2020 , 09:33:28 am | Posted By CASANSAAR

Canada has held another all-program draw, inviting Express Entry candidates to apply for permanent residence. Canada issued 3,900 Invitations to Apply (ITAs) for permanent residence in a draw held August 5. Candidates needed a Comprehensive Ranking System (CRS) score of at least 476 to be invited...

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Category : International Business | Comments : 0 | Hits : 762

Banks sanction Rs 1.38 lakh Cr loans to MSMEs under ECLGS
Posted Date : 05-Aug-2020 , 08:52:09 am | Posted By CASANSAAR

The Finance Ministry on Tuesday said banks have sanctioned loans of about Rs 1,37,586 crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for MSME sector, hit hard by the economic slowdown due to COVID-19 pandemic. However, disbursements against this stood at Rs 92,090....

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Category : MSME | Comments : 0 | Hits : 325

Sashidhar Jagdishan appointed new HDFC Bank CEO
Posted Date : 05-Aug-2020 , 08:42:46 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has approved Sashidhar Jagdishan as the next chief executive officer of HDFC Bank, sources said. The private sector lender received the RBI’s approval letter last night. Jagdishan is currently additional director and head of finance, human resources, at the b...

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Category : Banking | Comments : 0 | Hits : 273

Govt appoints 3 members of Central Board of Indirect Taxes and Customs
Posted Date : 04-Aug-2020 , 10:40:02 am | Posted By CASANSAAR

  Bureaucrats Ajay Jain, Vivek Johri and Sungita Sharma have been appointed as members of the Central Board of Indirect Taxes and Customs (CBIC), according to a Personnel Ministry order. Jain and Johri are Indian revenue service (customs and central excise) officers of 1985 batch. S...

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Category : Custom | Comments : 0 | Hits : 225

Bandhan Bank holding firm sells 20.95% stake to meet RBI norms
Posted Date : 04-Aug-2020 , 10:38:11 am | Posted By CASANSAAR

Bandhan Bank Ltd on Monday said it has met the promoter holding norms of the Reserve Bank of India (RBI) after its holding company Bandhan Financial Holdings Ltd (BFHL) sold 20.95% stake in the bank to at least seven investors. The buyers included Singapore’s state investors GIC and Temasek...

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Category : Banking | Comments : 0 | Hits : 152

GST collections stand at Rs 87,422 crore in July 2020
Posted Date : 03-Aug-2020 , 09:10:24 am | Posted By CASANSAAR

The gross GST revenue collected in the month of July this year is 87 thousand 422 crore rupees of which CGST is 16 thousand 147 crore, SGST is 21 thousand 418 crore and IGST is 42 thousand 592 crore rupees. It also includes 20 thousand 324 crore collected on import of goods and Cess is seven thousan...

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Category : GST | Comments : 0 | Hits : 290

CBDT allows income tax authorities to share information with CCI
Posted Date : 01-Aug-2020 , 10:12:38 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has authorised income tax authorities to share information or details in its possession with the Competition Commission of India (CCI), in a notification issued on Friday. The Board has clarified that only relevant and precise information will be shared by...

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Category : CBDT | Comments : 0 | Hits : 404

Govt extends ban on international flights till August 31
Posted Date : 01-Aug-2020 , 09:33:08 am | Posted By CASANSAAR

The Government has extended the ban on international flights till 31st of August amid the coronavirus pandemic. However, this restriction will not be applicable for international all-cargo operations and flights specifically approved by the DGCA. India had first suspended international flights on...

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Category : International Business | Comments : 0 | Hits : 200

SEBI relaxes margin trading regulations
Posted Date : 31-Jul-2020 , 10:09:35 am | Posted By CASANSAAR

The Securities and Exchange Board of India (SEBI) on Wednesday said new rules designed to reduce risks in margin trading will roll out on August 1 as planned, but the old system will run in parallel till August-end, in a partial relief for brokers who had protested against them. Brokers had made ...

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Category : SEBI | Comments : 0 | Hits : 219

NFRA bars another Auditor for 5-years, slaps Rs 15 lakh fine in IL&FS case
Posted Date : 30-Jul-2020 , 09:42:41 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has barred another auditor for five years for alleged professional misconduct in the statutory audit of IL&FS Financial Services Ltd (IFIN) for 2017-18. The watchdog has also slapped a fine of Rs 15 lakh on Shrenik Baid, who was a partner in t...

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Category : NFRA | Comments : 0 | Hits : 984

SEBI relaxes time till Sep 15 for filing June qtr results
Posted Date : 30-Jul-2020 , 09:08:55 am | Posted By CASANSAAR

Markets regulator Sebi on Wednesday gave relaxation of one month till September 15 to listed companies for submitting their June quarter results amid coronavirus pandemic. The move comes after Sebi received requests for extension of time for submission of financial results for the quarter or half...

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Category : SEBI | Comments : 0 | Hits : 183

PM Modi to discuss vision, roadmap for Banks, NBFCs with all stakeholders this evening
Posted Date : 29-Jul-2020 , 10:16:36 am | Posted By CASANSAAR

Prime Minister Narendra Modi will today join stakeholders from Banks and NBFCs to discuss and deliberate on vision and roadmap for the future. The topics on agenda include credit products and efficient models for delivery, financial empowerment through technology, prudential practices for stability ...

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Category : Banking | Comments : 0 | Hits : 217

Centre Released Rs. 1,65,302 Crore as GST Compensation to States/UTs
Posted Date : 28-Jul-2020 , 10:02:26 am | Posted By CASANSAAR

Central Government has recently released GST Compensation of Rs. 13,806 crore to States for March’2020. Taking this amount into account, entire compensation upto 2019-20 has been released to States. The total amount of compensation released for the year 2019-20 is Rs. 1,65,302 crore ...

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Category : GST | Comments : 0 | Hits : 299

Directorate General of GST Intelligence books 3 firms for tax evasion of over Rs 600 Cr
Posted Date : 28-Jul-2020 , 09:45:43 am | Posted By CASANSAAR

Directorate General of GST Intelligence, DGGI has booked three firms for tax evasion of over 600 crore rupees. An official statement said, a case was booked against M/s. Fortune Graphics Limited, M/s. Reema Polychem Private Limited and M/s. Ganpati Enterprises, who were found involved in issuance of...

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Category : GST | Comments : 0 | Hits : 641

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