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In the first major action by the Serious Fraud Investigation Office (SFIO) in the IL&FS case in Mumbai, Hari Sankaran, former vice-chairman and MD of the scandal-hit company was arrested on Monday for allegedly conspiring to commit fraud by funding defaulting borrowers, and indiscriminate lendin...

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Category : General | Comments : 0 | Hits : 1323

Bank of Baroda (BoB) on Monday became the second largest state-owned lender after merging Dena Bank and Vijaya Bank into itself as part of the first three-way amalgamation. The consolidated entity started its operation with a business mix of over Rs 15 lakh crore of balance sheet, with deposits a...

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Category : Banking | Comments : 0 | Hits : 1556

Total Gross GST revenue collected in the month of March, 2019 is Rs. 1,06,577 crore of which CGST is Rs. 20,353 crore, SGST is Rs.27,520 crore, IGST is Rs.50,418 crore (including Rs. 23,521crore collected on imports) and Cess is Rs. 8,286 crore (including Rs. 891crore collected on imports). The tota...

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Category : GST | Comments : 0 | Hits : 1173

New guidelines on bank exposure to large borrowers take effect on 1 April, even as the Indian Banks’ Association (IBA) has made a last-ditch attempt to defer the deadline. The new guidelines cap a bank’s exposure to a group of connected companies at 25% of its core capital, and to an ...

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Category : RBI | Comments : 0 | Hits : 1589

All commercial and co-operative banking institutions will remain closed on Monday i.e. April 1 on account of annual closing of accounts, the Reserve Bank of India said. Bank branches, however, will be open on Sunday to facilitate government receipt and payment transactions. The central bank, in a...

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Category : RBI | Comments : 0 | Hits : 387

The government has extended the cut-off date for linking Aadhaar with Permanent Account Number (PAN) to September 30, 2019.  However, it would be mandatory to quote and link Aadhaar number while filing the return of income from April 1, 2019 unless specifically exempted.  “The ...

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Category : PAN | Comments : 0 | Hits : 414

The pilot project envisaged for rolling out simplified monthly GST return forms from April 1 has been deferred and the new forms would be made available once they the notified and the software is ready. The GST Council had in July last year decided that the simplified GST return forms -- Sahaj an...

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Category : GST | Comments : 0 | Hits : 1462

Branches of Vijaya Bank and Dena Bank will function as Bank of Baroda outlets from April 1, following amalgamation of the two lenders with the latter, the RBI said on Saturday. The merger of Vijaya Bank and Dena Bank with Bank of Baroda, will be effective from April 1, 2019. “Consequently, ...

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Category : Banking | Comments : 0 | Hits : 511

Bank Branch Audit 2019 - Update on allotment of Branches   As per information received, RBI has approved the Bank Branch Audit Panel. Banks start sending mails for allotment of Branches. Following Banks has started sending emails for allotment of branches as informed by Mem...

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Category : Bank Branch Audit | Comments : 2 | Hits : 18620

 Chartered accountants across the country have requested the Prime Minister’s office and the Finance Ministry to rein in tax officials who have been directed to take “all possible actions” to recover tax amid a shortfall in revenue collection.  On March 26, the Central...

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Category : CA | Comments : 0 | Hits : 1328

Tax evasion is likely to get more difficult if not impossible with the entry of Big Data Analytics into the Income Tax (I-T) Department's realm of tools to check tax evasion starting April 1. The Rs 1,000 crore programme named "Project Insight" would track social networking profiles...

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Category : Income Tax | Comments : 0 | Hits : 1289

The Supreme Court has held that the Assessing Officer can suo moto extend the time period for a special audit retrospectively, even before the amendment in the Finance Act of 2008. The judgment, which lays to rest a long controversy, relates to Section 142 (2C) of the Income Tax Act, which deals ...

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Category : Income Tax | Comments : 0 | Hits : 228

The CBDT has issued directions to Income Tax offices across the country to probe financial transactions of about three lakh firms, de-registered by the government for their dubious financial credentials, for tax evasion and money laundering, especially during demonetisation.  The board has a...

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Category : Money laundering | Comments : 0 | Hits : 328

Clearing decks for the scheduled merger of three public sector lenders -- Vijaya Bank, Dena Bank and Bank of Baroda -- the Supreme Court on Thursday refused to stay the amalgamation. The top court dismissed the applications filed by several bank officers' associations for staying the merger, ...

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Category : Banking | Comments : 0 | Hits : 185

The Goods and Services Tax, GST Authority has clarified that transfer or change in the ownership of business will include transfer or change in the ownership of business due to death of the sole proprietor. In a circular, Central Board of Indirect Taxes and Customs, CBIC said, that the transferee or...

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Category : GST | Comments : 0 | Hits : 715

Taking note of tribunals being starved of manpower and infrastructure for years, the Supreme Court on Wednesday expressed concern over the large number of vacancies in important tribunals and asked the Centre to fill them up in two weeks. A constitution bench of Chief Justice Ranjan Gogoi and Jus...

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Category : General | Comments : 0 | Hits : 90

The Supreme Court Constitution Bench is examining a petition filed by the Madras Bar Association challenging the creation of National Company Law Tribunal and National Company Law Appellate Tribunal under the Companies Act 2013. The constitutional validity of Chapter XXVII comprising Sections 407...

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Category : Insolvent Professional | Comments : 0 | Hits : 199

SEBI said transfer of shares of listed companies can be done only in the dematerialised form from April 1 but investors are not barred from holding shares in the physical form. In December 2018, the watchdog extended the deadline for transfer of shares of listed companies only in dematerialised (...

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Category : SEBI | Comments : 0 | Hits : 331

The Income-Tax (I-T) Department will begin compiling comprehensive profiles on taxpayers from April 1, according to a Business Standard report. The move, which is a part of Project Insight, aims to track compliance of tax paying individuals and bring more people under the tax net, the paper said. ...

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Category : Income Tax | Comments : 0 | Hits : 925

The Supreme Court Tuesday took strong note of non-disclosure of the annual inspection report of banks by the RBI under the Right to Information Act. A bench comprising justices L N Rao and M R Shah said it may initiate contempt proceedings against the Reserve Bank Of India (RBI) for not disclosin...

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Category : RBI | Comments : 0 | Hits : 253

IDBI Bank on Tuesday said its all-India Officers’ Association will observe a one-day nationwide hunger strike on March 30, over various demands. “The Bank is in receipt of notice of one-day nationwide hunger strike on March 30, 2019 from All India IDBI Officers’ Association (AII...

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Category : Banking | Comments : 0 | Hits : 233

The Reserve Bank of India has slapped a penalty of Rs 2 crore on Punjab National Bank for non-compliance of regulatory directions with regard to SWIFT operations.  SWIFT is a global messaging software used for sharing information on inter-bank transactions by financial entities.  In ...

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Category : RBI | Comments : 0 | Hits : 196

As many as 12,000 cases have been filed since the implementation of the Insolvency and Bankruptcy Code (IBC) and setting up of the National Company Law Tribunal (NCLT), a senior government official said on Monday. Asserting that the code should be the last resort, Corporate Affairs Secretary Inje...

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Category : Insolvent Professional | Comments : 0 | Hits : 205

Karnataka Bank on Saturday said it has reported to regulator RBI about a fraud amounting to Rs 13.26 crore in the fund-based working capital facility extended to SRS Finance Ltd.  The fraud was on account of "diversion of funds", the lender said in a BSE filing.  The bank e...

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Category : Banking | Comments : 0 | Hits : 1338

Changes in the Sebi listing and prevention of insider-trading regulations, revisions in the double-taxation avoidance agreements (DTAAs) with Mauritius and Singapore are set to come into effect from April 1. The changes in DTAAs give India the right to tax capital gains arising on Indian equity s...

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Category : Income Tax | Comments : 0 | Hits : 456

The Reserve Bank on Friday again deferred the implementation of the Indian Accounting Standards (Ind AS) by banks as the requisite legislative amendments are still under consideration. Earlier in April 2018, the central bank had postponed the implementation of the Indian Accounting Standards (Ind...

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Category : RBI | Comments : 0 | Hits : 873

The Income Tax department of the central government, the sales tax department of the state government and other local authorities “who are entitled for dues arising out of the existing law” can now initiate corporate insolvency resolution process against such companies who owe them the d...

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Category : Insolvent Professional | Comments : 0 | Hits : 396

Giving relief to exporters, the government has extended IGST (Integrated Goods and Service Tax) and compensation cess exemptions for goods procurement under certain export promotion schemes till March 2020.  These exemptions have been extended for exporters buying inputs domestically or impo...

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Category : GST | Comments : 0 | Hits : 788

GST Council in the 34th meeting held on 19th March, 2019 at New Delhi discussed the operational details for implementation of the recommendations made by the council in its 33rd meeting for lower effective GST rate of 1% in case of affordable houses and 5% on construction of houses other than afford...

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Category : GST | Comments : 0 | Hits : 751

The Insolvency and Bankruptcy Board of India (IBBI) signed a Memorandum of Understanding (MoU) today with the Securities and Exchange Board of India (SEBI). The MoU was signed by Mr. Anand Baiwar, Executive Director of the SEBI and Mr. Ritesh Kavdia, Executive Director of the IBBI at Mumbai. 2. T...

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Category : Insolvent Professional | Comments : 0 | Hits : 119