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A TDS survey by the income tax department has found many big corporates defaulting on payment of tax deducted at source (TDS). In one case, the tax department found that a major oil company defaulted on TDS payment of Rs 3,200 crores. The defaults were due to lower or non-deduction of taxes at sourc...

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Category : Income Tax | Comments : 0 | Hits : 396

In a move that will help the government mop up revenue before the financial year 2019-20 closes, Lok Sabha on Wednesday passed direct tax amnesty scheme Vivad se Vishwas bill. With mounting tax disputes, the government has had in Union budget come up with No Dispute but Trust Scheme (Vivad Se Vishwa...

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Category : Income Tax | Comments : 0 | Hits : 469

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the mega consolidation of ten PSBs into four which include the - (a)  Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank (b)  Amalgamation of Syndicate Bank into ...

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Category : Banking | Comments : 0 | Hits : 1196

The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013. The Bill would remove criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the el...

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Category : Corporate Law | Comments : 0 | Hits : 386

The Supreme Court on Wednesday allowed dealing in cryptocurrency, quashing an earlier ban imposed by the Reserve Bank of India (RBI) on trading in virtual currencies such as Bitcoin.  The development came as a major relief for the sector, as the RBI ban restricted lenders from facilitating b...

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Category : RBI | Comments : 0 | Hits : 454

Indian Railway Finance Corporation (IRFC) has got markets regulator Sebi's approval for its initial public offer (IPO). The IPO comprises fresh issue of 93.8 crore equity shares and an offer for sale of 46.9 crore equity shares by the Government of India. The observation letter was issued on ...

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Category : Shares & Stock | Comments : 0 | Hits : 396

The government has collected over Rs 7.52 lakh crore as direct taxes till January 31 of the current fiscal, Parliament was informed on Tuesday. The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on March 31, at Rs 11.70 lakh crore. &q...

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Category : Income Tax | Comments : 0 | Hits : 348

Government of India appointed the current Revenue Secretary Ajay Bhushan Pandey as the new Finance Secretary. Pandey replaces current Finance Secretary Rajiv Kumar. The Appointments Committee of the Cabinet has approved the appointment. Pandey, a 1984 batch Indian Administrative Service off...

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Category : Finance | Comments : 0 | Hits : 174

The officers of Anti Evasion wing of Central Tax, Delhi West Commissionerate have busted a major racket of fake invoicing of Rs.7896 crore involving fraudulent Input Tax Credit (ITC) of Rs.1709 crore, using a network of 23 shell companies, which procured and generated invoices without actual supply ...

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Category : GST | Comments : 0 | Hits : 8395

The number of income tax appeals pending at various judicial fora stood at 4,78,801 at the end of the financial year 2018-19, the Lok Sabha was informed on Monday. During the Union Budget 2020 presentation, the ‘Vivad se Vishwas’ scheme was announced to provide for dispute resolution ...

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Category : Income Tax | Comments : 0 | Hits : 175

CARO 2020 - Clause by Clause discussion on CARO 2020, Companies (Auditor's Report) Order, 2020 by CA. Anmol Rana. Watch This Video,,,, https://youtu.be/vxtH9_A95nA ...

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Category : Auditing | Comments : 0 | Hits : 580

The Reserve Bank of India (RBI) on Monday pulled up heads of public sector banks (PSBs) for poor credit growth, two top executives of state-owned banks said, requesting anonymity.  In a post-policy meeting, RBI governor Shaktikanta Das and deputy governor N.S. Vishwanathan also tried to find...

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Category : RBI | Comments : 0 | Hits : 171

As many as 6.35 crore income tax returns have been filed electronically till mid February this fiscal, up from 6.28 crore in 2018-19, Parliament was informed on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Anurag Singh Thakur said the number of assessees f...

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Category : ITR | Comments : 0 | Hits : 116

 GST department have arrested three persons involved in floating 17 fake firms and wrongfully availing credit on taxes paid on input worth Rs 436 crore by issuing fake invoices. Officers of the Central GST Delhi East Commissionerate detected that the fraudulently availed input tax credit by ...

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Category : GST | Comments : 0 | Hits : 3012

The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore. Department of Revenue have informed that there is n...

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Category : GST | Comments : 0 | Hits : 888

Officers of Anti-Evasion, Central GST Delhi East Commissionerate have unravelled a major operation of Circular Trading, involving use of fake invoices to claim fraudulent refunds of Input Tax Credit. Shri Asif Khan, Shri Rajeev Chhatwal and Shri Arjun Sharma, operating a total of 17 fake firms, proc...

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Category : Income Tax | Comments : 0 | Hits : 184

Audit committees of boards of companies need to play a more active role for stronger checks against all financial and governance related wrongdoings, right-leaning think tank Centre for Economic Policy Research (CEPR) has said. There is a need to clearly define the responsibility and accountabili...

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Category : Auditing | Comments : 0 | Hits : 228

The government is planning to launch lottery offer under the Goods and Services Tax (GST) from April 1 by conducting lucky draws every month for invoices of all business to customer (B2C) transactions. The lottery scheme is being envisaged by the revenue department to encourage customers to take ...

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Category : GST | Comments : 0 | Hits : 1676

The gross GST revenue collected in the month of February, 2020is Rs. 1,05,366crore of which CGST is Rs. 20,569crore, SGST is Rs. 27,348crore, IGST is Rs. 48,503crore (including Rs. 20,745crore collected on imports) and Cess is Rs. 8,947 crore (includ...

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Category : GST | Comments : 0 | Hits : 867

Reducing government employees' retirement age from 60 to 58, free education for all students up to Class 12 and a debt waiver for landless farmers were some of the major announcements made by Punjab Finance Minister Manpreet Singh Badal in the 2020-21 budget on Friday. Badal on Friday present...

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Category : General | Comments : 0 | Hits : 120

Marco Mendicino laid out his vision for Canada’s immigration system in Toronto. It was his first major policy speech since his November 2019 appointment as Minister of Immigration, Refugees and Citizenship. Mendicino was appointed after the Liberal Party of Canada was re-elected to a second...

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Category : Income Tax | Comments : 0 | Hits : 1330

Procedure for Integration of E-Way Bill with VAAHAN explained by CA. Bhavesh Mittal. Watch this Video,,, https://youtu.be/mGGxD3C4m_0 ...

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Category : GST | Comments : 0 | Hits : 4187

In response to requests received from various quarters and stakeholders,   the Ministry has decided to extend the last date for submission of public comments on the “consultation paper on enhancement of Audit Independence and Accountability” upto 15th March, 2020. It is requ...

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Category : MCA | Comments : 0 | Hits : 208

Markets regulator Sebi on Thursday amended the guidelines for intermediaries operating at the International Financial Services Centre (IFSC), wherein such entities will be permitted to carry out operations without forming a separate company. The facility – subject to various conditions, inc...

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Category : SEBI | Comments : 0 | Hits : 94

The Saskatchewan Immigrant Nominee Program (SINP) sent out a total of 576 invitations to apply (ITA) to candidates in the Express Entry and Occupations In-Demand categories on February 27, 2020. In order to be selected, candidates needed to have submitted an Expression of Interest (EOI) profile w...

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Category : International Business | Comments : 0 | Hits : 165

The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart. A three-member bench of the NCLAT released Flipkart from the corporate insolvency resolution process and directed the Interim Resolution Profe...

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Category : Corporate Law | Comments : 0 | Hits : 153

The Reserve Bank has directed banks to link all the new floating rate loan to medium enterprises with external benchmark.In a circular, RBI said that the direction will be effective from 1st April 2020. With respect to micro and small enterprises, floating rate loans are already linked with external...

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Category : RBI | Comments : 0 | Hits : 124

How many Audits a Chartered Accountant in Practice can do? - Statutory Audit under Companies Act. - Tax Audit under Income Tax Act. Ceiling on No.of Audits can be done by Chartered Accountant in Practice discussed by CA. Vivek Khurana. Watch this Video,,,, https://youtu.be/R8SCay2DuXQ ...

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Category : Auditing | Comments : 0 | Hits : 1976

The Reserve Bank of India (RBI) on Wednesday issued further clarifications on the recently announced relaxation on cash reserve ratio (CRR) calculations for incremental credit extended for automobiles, residential housing and micro, small and medium enterprises (MSMEs). The central bank explained...

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Category : RBI | Comments : 0 | Hits : 472

Very soon, investors will be able to invest in mutual funds directly through the stock exchanges on their own and without the assistance of their distributors or Registered Investment Advisors (RIAs). The Securities and Exchange Board of India (SEBI) has asked stock exchanges to allow investors t...

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Category : SEBI | Comments : 0 | Hits : 104