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The Reserve Bank of India (RBI) on Wednesday said it will soon release guidelines on what it called co-origination of loans by banks and non-bank finance companies (NBFCs) for the priority sector. Bankers said the move could help banks meet priority sector lending targets in a more convenient and or...

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Category : RBI | Comments : 0 | Hits : 727

The Central Board of Direct Taxes (CBDT) has signed nine more unilateral advance pricing agreements (APAs) with Indian taxpayers in July as it looks to reduce litigation by providing certainty in transfer pricing. The nine APAs signed in the past one month pertain to sectors like telecom, healthc...

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Category : CBDT | Comments : 0 | Hits : 709

Government agencies don’t have rights on the encumbered property of a company facing liquidation under the Insolvency and Bankruptcy Code, the Hyderabad High Court has ruled. A Bench of Justices Sanjay Kumar and Amarnath Goud was hearing a case filed by Leo Edibles and Fats against a decisi...

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Category : Income Tax | Comments : 0 | Hits : 319

The Total Gross GST Revenue collected in the month of July 2018 is Rs. 96,483 crore of which CGST is Rs. 15,877 crore, SGST is Rs. 22,293 crore, IGST is Rs. 49,951 crore (including Rs. 24,852 crore collected on imports) and Cess is Rs. 8,362 crore (including Rs. 794 crore collected on imports). This...

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Category : GST | Comments : 0 | Hits : 788

The Monetary Policy Committee, MPC, of the Reserve Bank of India today hiked repo rate by 25 basis points to 6.50 per cent in its third bi-monthly monetary policy review of 2018-19.  For the second consecutive time, the six-member MPC headed by RBI Governor Urjit Patel has hiked the key poli...

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Category : RBI | Comments : 0 | Hits : 236

The Insolvency and Bankruptcy Board of India (IBBI) is considering allowing cases admitted by the National Company Law Tribunal (NCLT) for insolvency proceedings to be shifted from one bench to another to speed up the resolution process, sources close to the development said. In order to avoid pi...

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Category : Insolvent Professional | Comments : 0 | Hits : 312

he Reserve Bank of India (RBI) has begun simultaneous Annual Financial Inspections (AFIs) for banks for the 2017-18 financial year with an aim to collate a system-wide note on how much banks are underreporting on bad assets. The review of asset quality is a key element in this exercise. The centr...

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Category : RBI | Comments : 0 | Hits : 864

Markets regulator Sebi has decided to appoint auditors for conducting forensic audits of financial statements of listed companies to check frauds. The move comes amid Sebi ordering forensic audit of a slew of companies including Fortis Healthcare. Of late, there have been concerns voiced over cer...

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Category : SEBI | Comments : 0 | Hits : 2005

The Lok Sabha on Tuesday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018 that recognises homebuyers as financial creditors to real estate developers. The bill also proposes a special dispensation for small sector enterprises.  The IBC Amendment Bill now requires clear...

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Category : Insolvent Professional | Comments : 0 | Hits : 834

  The number of cases of Tax Evasion reported post-GST regime are given in Table below:           Period Detection     ...

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Category : GST | Comments : 0 | Hits : 2040

The Board hereby publishes the syllabus, format etc. of the Limited Insolvency Examination (Examination) under regulation 3(3) of the Insolvency and Bankruptcy Board of India (Insolvency Professionals) Regulations, 2016 for the examination to be conducted from 1st November, 2018. ...

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Category : Insolvent Professional | Comments : 0 | Hits : 1883

In what could kick off a new wave of mergers and acquisitions and open a new frontier in the resolution space, Chennai National Company Law Tribunal has given the green signal to merger of a Limited Liability Partnership with a private company.  The move, experts say, sets a distinct precede...

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Category : Corporate Law | Comments : 0 | Hits : 421

The onus of proving a tax exemption where the guidelines aren’t clear would be on the assessee, and he cannot claim the benefit of any such ambiguity in provisions, a constitution bench of the Supreme Court said.  Experts said the ruling would completely alter precedents as also the pr...

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Category : Income Tax | Comments : 0 | Hits : 557

GST Council in its 27th meeting held on 4thMay, 2018 had approved the basic principles of GST return design. Now in its 28th meeting held on 21st July, 2018, GST Council approved the key features and new format of the GST returns. This brief note lists the salient features of the new return format a...

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Category : GST | Comments : 0 | Hits : 1897

Nearly 66 per cent of 17.79 lakh companies registered in the country were active at the end of June, official data showed amid the government continuing its clampdown on shell entities. Latest data from the corporate affairs ministry showed that there were more than 11.89 lakh active companies as on...

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Category : MCA | Comments : 0 | Hits : 461

Only 18 of 74 state PSUs in Bihar have finalised their accounts in the last three years and 65 of them have arrears in accounts from 1977-78 onwards, according to the CAG report of the year ended on March 31, 2017. The CAG report tabled in the state legislature has cautioned that delay in finalisati...

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Category : CAG | Comments : 0 | Hits : 408

India Post Payments Bank is expected to go live with 650 branches and around 17 crore accounts in August, following clearance from Reserve Bank of India to start operations.  "We are looking at launch date. From an operational, technology and market perspective, we are ready to go live,...

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Category : Banking | Comments : 0 | Hits : 461

An auditor should give a disclaimer saying that it cannot express an opinion if accounts of the company are incorrect, instead of leaving the audit work halfway, IT veteran T V Mohandas Pai said. In recent times, scores of auditors have left audit work of companies, mostly listed ones, citing var...

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Category : Auditing | Comments : 0 | Hits : 596

The Result of the Chartered Accountants IPC, Intermediate (New) declared recently.  The details of the percentage of candidates passed in the abose said examination.     www.casansaar.com ...

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Category : CA Results | Comments : 0 | Hits : 1678

Kumar Mangalam Birla, the 51-year-old chairman of Aditya Birla Group, expects the Indian economy to grow between 7% and 8% over the next few years, because of a slew of reforms such as implementation of goods and services tax, demonetization and the Insolvency and Bankruptcy Code. “I think ...

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Category : Insolvent Professional | Comments : 0 | Hits : 553

Parliament today passed a bill aiming at allowing a court to try offences related to cheque bounce expeditiously and direct the drawee to pay a minimum of 20 per cent of the cheque amount as interim compensation. The Negotiable Instruments (Amendment) Bill, 2018, which was passed in the Lok Sabha...

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Category : General | Comments : 0 | Hits : 258

The result of the Chartered Accountants Intermediate Examination (Old Course & New Course) held in May 2018 are likely to be declared on Sunday, the 29th July 2018 around 6.00 P.M. and the same as well as the All India merit list (upto the 50th Rank) will be available on the following websites: ...

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Category : CA Results | Comments : 0 | Hits : 278

The drafts of new forms for filing GST return will be put in public domain by early next week for stakeholder consultation, a revenue official said today.  GST Commissioner Upender Gupta said in the new return filing system 'nil' filers, who don't have purchase or supplies in a q...

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Category : GST | Comments : 0 | Hits : 412

The finance ministry in a tweet has announced the extension of income tax return (ITR) filing deadline by a month to August 31. The tweet says "Upon consideration of the matter, the Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Return...

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Category : Income Tax | Comments : 0 | Hits : 575

AS per news of Zeebiz, Last date for filing Income Tax Return date can be extended for two more weeks. Annoucement will come in 1-2 days and it can be extended to 10-15 days as per CBDT Sources. This is only information from ZeeBiz and wait for official announcement / notification of CBDT. Bel...

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Category : ITR | Comments : 0 | Hits : 1744

In a major setback for cement manufacturers, the National Company Law Appellate Tribunal (NCLAT) on Wednesday upheld the hefty penalty of about Rs 6,300 crore imposed on 11 leading cement companies by the Competition Commission of India (CCI) through its order in 2012 and 2016 for price cartelisatio...

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Category : General | Comments : 0 | Hits : 362

No.13-CA (EXAM)/CPT/December/2018: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the Common Proficiency Test will be held on Sunday, 16th December, 2018 in two sessions as below...

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Category : CA Exams | Comments : 0 | Hits : 263

No. 13-CA (EXAM)/N/2018: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Chartered Accountants Foundation, Intermediate (IPC), Intermediate, Final (Existing & Revised...

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Category : CA Exams | Comments : 0 | Hits : 438

Clarification regarding date of declaration of results of CA Intermediate exam. It has been brought to our notice that a fake announcement regarding the date of declaration of result of the Intermediate examination held in May 2018 is doing the rounds in the social media. It is hereby clarifie...

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Category : ICAI | Comments : 0 | Hits : 518

The Delhi High Court has allowed two individuals to file their income tax returns without having to furnish an Aadhaar number or link their Aadhaar with PAN; and has directed the Central Board of Direct Taxation (CBDT) to amend the income tax return form to enable an “opt out” button fro...

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Category : ITR | Comments : 0 | Hits : 357