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Cabinet clears bill to amend Companies Law
Posted Date : 18-Jul-2019 , 09:41:10 am | Posted By CASANSAAR

The government Wednesday approved 43 amendments to the companies law as it seeks to further strengthen the regulatory framework and ensure stricter action for violations. From de-clogging of the National Company Law Tribunal (NCLT) to bolstering corporate governance standards and tweaking provisi...

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Category : Companies Act | Comments : 0 | Hits : 535

Internal Auditor of Unitech resigns
Posted Date : 18-Jul-2019 , 09:37:18 am | Posted By CASANSAAR

Crisis-hit realty firm Unitech Ltd said on Tuesday that its internal auditors S K P & Co. Chartered Accountants has resigned citing time constraints. In a filing to the BSE, Unitech said that “Internal Auditors of the company S K P & Co. Chartered Accountants. has resigned with effe...

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Category : Auditing | Comments : 0 | Hits : 383

RBI wants audit firm partners under lens to stay off banks
Posted Date : 18-Jul-2019 , 09:33:42 am | Posted By CASANSAAR

Audit firm partners who are in the midst of any disciplinary proceedings will be barred from signing the balance sheet of any bank or even engage in the audit process. This is the latest directive to banks from the Reserve Bank of India (RBI) which over the last one year has placed significant respo...

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Category : RBI | Comments : 0 | Hits : 719

Rs 45,682.83 Cr fraud detected since GST rollout in July 2017
Posted Date : 18-Jul-2019 , 09:28:20 am | Posted By CASANSAAR

A total of 9385 cases of tax fraud involving amount of Rs 45,682.83 crore has been detected by the tax authorities under the Goods and Services Tax (GST) regime since its rollout from July 1, 2017, government data showed. Out of this, 1,593 tax fraud cases involving an amount of Rs 6520.40 crore hav...

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Category : GST | Comments : 0 | Hits : 355

Cabinet approves eight amendments to IBC for easier resolution
Posted Date : 18-Jul-2019 , 09:23:22 am | Posted By CASANSAAR

The Union cabinet on Wednesday cleared major changes to the bankruptcy law that will enforce a strict 330-day timeline for the insolvency resolution process, including any legal challenges, and uphold secured creditors’ priority right on the sale or liquidation proceeds of bankrupt companies. ...

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Category : Insolvent Professional | Comments : 0 | Hits : 153

Cabinet approves bill to scrap 58 redundant laws
Posted Date : 18-Jul-2019 , 09:18:28 am | Posted By CASANSAAR

In its effort to weed out archaic and dead statutes, the Union Cabinet Wednesday approved a bill to scrap 58 laws which have lost their relevance. The NDA government in its two terms has sent to the chopping block 1824 old laws which had become redundant. After the Repealing and Amendment Bill...

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Category : General | Comments : 0 | Hits : 160

Cabinet extends 15th Finance Commission's term up to Nov 30
Posted Date : 18-Jul-2019 , 09:13:42 am | Posted By CASANSAAR

Cabinet has approved the extension of the term of Fifteenth Finance Commission up to 30th November this year. It will enable the Commission to examine various comparable estimates for financial projections in view of reforms and the new realities to finalise its recommendations for the period 2020-2...

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Category : Finance | Comments : 0 | Hits : 118

BSR & Associates resigns as Auditor of IL&FS Engineering
Posted Date : 17-Jul-2019 , 08:41:35 am | Posted By CASANSAAR

BSR & Associates tendered its resignation as one of the joint statutory auditors to IL&FS Engineering and Construction Company ‘with immediate effect’ citing non-receipt of requested information and response to audit matters for audit of the previous fiscal year, among other reas...

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Category : Auditing | Comments : 0 | Hits : 284

Disciplinary proceedings initiated by IBBI cannot be quashed by NCLT - NCLAT
Posted Date : 17-Jul-2019 , 08:36:18 am | Posted By CASANSAAR

In a significant ruling, the National Company Law Appellate Tribunal (NCLAT) has held that the National Company Law Tribunal (NCLT) can’t quash the disciplinary proceedings initiated by the insolvency regulator IBBI. This will be the position even if the IBBI’s proceeding had been ini...

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Category : Income Tax | Comments : 0 | Hits : 234

CBDT issues clarification on incorrect reports in social media pertaining to difficulty in filing of Income Tax Returns
Posted Date : 17-Jul-2019 , 08:28:15 am | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) has said today that no changes have been made in any of the Income-tax Return (ITR) forms including ITR-2 and ITR-3 since the notification made on 1st April 2019, i.e. on the 1st day of the Assessment Year 2019-20. There were reports in social media that the taxp...

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Category : CBDT | Comments : 0 | Hits : 421

SEBI provides new format for compliance report on corporate governance
Posted Date : 16-Jul-2019 , 09:16:16 pm | Posted By CASANSAAR

Markets regulator Sebi July 16 came out with a new format for compliance report on corporate governance to be submitted by listed companies to stock exchanges. In a circular, the regulator prescribed new format for disclosures to be made on quarterly basis, annual basis for the whole of financial ye...

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Category : SEBI | Comments : 0 | Hits : 135

No changes made in ITR forms after April 1 2019 - CBDT
Posted Date : 16-Jul-2019 , 09:12:44 pm | Posted By CASANSAAR

Central Board of Direct Taxes (CBDT) has said, no changes have been made in any of the Income-tax Return (ITR) forms since the notification made on 1st April this year.  CBDT, in an official statement, said, there were reports in social media that the taxpayers were facing difficulties in fi...

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Category : CBDT | Comments : 0 | Hits : 214

Income Tax Dept snooping on social media posts is a misconception - CBDT
Posted Date : 16-Jul-2019 , 10:24:10 am | Posted By CASANSAAR

It is a "misconception" to think that the Income Tax Department is snooping on social media posts related to exotic foreign tours or possession of expensive goods to check undisclosed income, a top official has said. CBDT Chairman P C Mody told PTI during an interview that the tax depar...

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Category : Income Tax | Comments : 0 | Hits : 586

RBI impose fines on Union Bank, SBI for flouting norms
Posted Date : 16-Jul-2019 , 10:15:26 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has penalised State Bank of India and Union Bank of India for violating certain regulatory guidelines. SBI was fined Rs. 7 crore for non-compliance with the directions issued by the RBI on Income Recognition and Asset Classification (IRAC) norms, code of conduct fo...

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Category : RBI | Comments : 0 | Hits : 266

Allahabad Bank reports Rs 1,775 Cr fraud by Bhushan Power & Steel
Posted Date : 15-Jul-2019 , 08:21:55 am | Posted By CASANSAAR

Kolkata-headquartered state owned lender, Allahabad Bank, has reported a fraud of Rs 1774.82 crore by Bhushan Power & Steel to the Reserve Bank of India (RBI). In a stock market notification, on July 13, the bank has alleged misappropriation of funds and manipulation in the books of accounts ...

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Category : Finance | Comments : 0 | Hits : 550

S R Batliboi & Co resigns as statutory auditor for IndusInd Bank
Posted Date : 15-Jul-2019 , 08:04:56 am | Posted By CASANSAAR

Chartered accountancy firm S R Batliboi & Co has resigned as statutory auditor of the private sector lender IndusInd Bank. IndusInd Bank has appointed Haribhakti & Co as statutory auditor for the financial year 2019-20, subject to approval from the Reserve Bank of India and shareholders. ...

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Category : Auditing | Comments : 0 | Hits : 1619

Will income tax department extend July 31 deadline for ITR filing?
Posted Date : 14-Jul-2019 , 06:08:10 pm | Posted By CASANSAAR

Pressure is mounting on the income tax department to grant extra time to people for filing income tax returns on account of changes brought in the format of tax returns as well as in the tax deducted at source (TDS) certificates issued by employers and the TDS returns to be filed by employers with t...

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Category : Income Tax | Comments : 0 | Hits : 1814

RBI to come out with mobile app for currency notes identification
Posted Date : 14-Jul-2019 , 06:05:48 pm | Posted By CASANSAAR

The Reserve Bank of India will come out with a mobile application to help visually challenged people in identifying currency notes as cash still remains a dominant mode of transaction. At present, banknotes in the denominations of Rs 10, 20, 50, 100, 200, 500 and 2,000 are in circulation, besides...

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Category : RBI | Comments : 0 | Hits : 155

Gadkari appeals to MSMEs to plant trees
Posted Date : 13-Jul-2019 , 08:56:34 am | Posted By CASANSAAR

Union Minister Nitin Gadkari has written to all industry associations and registered MSMEs, urging them to plant as many trees as they can before the end of the monsoon season.  In the letter, Gadkari suggested that each small enterprise can plant and maintain a minimum of 5 trees, each medi...

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Category : General | Comments : 0 | Hits : 288

PAN not linked to Aadhaar card will become inoperative from September
Posted Date : 12-Jul-2019 , 05:04:27 pm | Posted By CASANSAAR

The government will invalidate all PAN cards that are not linked to Aadhaar by September 1. At the moment 180 out of the existing 400 million PAN cards are not linked to Aadhaar. To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will ...

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Category : PAN | Comments : 0 | Hits : 643

Essar Steel CoC likely to appeal against NCLAT order in Supreme Court
Posted Date : 12-Jul-2019 , 09:24:38 am | Posted By CASANSAAR

The State Bank of India-led committee of creditors (CoC) of debt-laden Essar Steel is likely to move the Supreme Court on Friday against the National Company Law Appellate Tribunal’s (NCLAT) order that reduced their share of the sale proceeds and also put the financial creditors and operationa...

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Category : General | Comments : 0 | Hits : 146

Delhi Govt cancels GST registration of 1,282 traders for fraud
Posted Date : 12-Jul-2019 , 09:08:32 am | Posted By CASANSAAR

The Delhi government has cancelled the GST registration of 1,282 traders who were found to be involved in the issuance of fake invoices. In addition, “show cause notices for cancellation have been issued to 3,221 dealers, of which proceedings are still underway​,” a government statemen...

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Category : GST | Comments : 0 | Hits : 900

Income Tax disputes of Rs 5.71 lakh crore pending with CBDT
Posted Date : 12-Jul-2019 , 09:03:06 am | Posted By CASANSAAR

Income Tax (IT) disputes pending as on 31st March 2019 for the Central Board of Direct Taxes aggregated to Rs 5.71 lakh crore. While the proportion of the new appeals rises, the disposal of these appeals has diminished from the previous year, as per report for FY20 by CBDT. The number of cases dispo...

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Category : Income Tax | Comments : 0 | Hits : 212

Govt books 1,800 cases for issuing fake GST invoices
Posted Date : 11-Jul-2019 , 09:45:21 am | Posted By CASANSAAR

The Union government has booked nearly 1,800 cases for issuing fake GST invoices since 2017-18. The highest number of cases have been booked in the last financial year when the authorities booked 1,220 cases involving an amount of nearly Rs 9,500 crore. The government informed the Rajya Sabha that 1...

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Category : GST | Comments : 0 | Hits : 456

Cabinet approves the Banning of Unregulated Deposit Schemes Bill, 2019
Posted Date : 11-Jul-2019 , 09:43:02 am | Posted By CASANSAAR

  The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the banning of Unregulated Deposit Schemes Bill, 2019.  It will replace the banning of Unregulated Deposit Schemes Ordinance, 2019. The banning of Unregulated Deposit Schemes Bill, 2019 will rep...

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Category : Finance | Comments : 0 | Hits : 448

SEBI slaps Rs 65 lakh fine on individual for fraudulent trading
Posted Date : 11-Jul-2019 , 09:40:18 am | Posted By CASANSAAR

Markets regulator Sebi Wednesday slapped a fine of Rs 65 lakh on an individual for indulging in fraudulent trading in the illiquid stock options segment at BSE. The order follows a probe conducted by Sebi between April 2014 and September 2015 after it observed that 81.38 per cent of all the trade...

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Category : SEBI | Comments : 0 | Hits : 293

CBDT targets 1.30 crore new tax filers in FY 2019-20
Posted Date : 10-Jul-2019 , 08:45:32 am | Posted By CASANSAAR

The Central Action Plan (CAP) for 2019-20 drafted by the Central Board of Direct Taxes (CBDT), which was recently circulated among its top cadre, continues to focus on widening the tax base. The CAP acts as the policy action vision document for the Income Tax Department and is unveiled by the tax re...

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Category : Income Tax | Comments : 0 | Hits : 224

Parliament passes bill to allow using Aadhaar for opening bank accounts, get phone connections
Posted Date : 09-Jul-2019 , 09:13:10 am | Posted By CASANSAAR

Parliament on Monday passed an amendment bill which allows voluntary use of Aadhaar as proof of identity for users to open bank accounts and get a mobile phone connection. The Aadhaar and Other Laws (Amendment) Bill, 2019, was passed by Rajya Sabha by a voice vote. The Bill, which also provide...

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Category : Income Tax | Comments : 0 | Hits : 358

Income Tax Dept Working on Issuing E-Pan on Real-Time Basis
Posted Date : 09-Jul-2019 , 08:30:48 am | Posted By CASANSAAR

The income tax department is working on a processing centre for the allotment of e-PAN on a real-time basis, Parliament was informed Monday. "Real time PAN/TAN Processing Centre (RTPC) is being contemplated for future with the objective of allotment of e-PAN through Aadhaar based e-KYC on ne...

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Category : Income Tax | Comments : 0 | Hits : 692

File tax returns if you have foreign trips, steep electricity bills
Posted Date : 08-Jul-2019 , 02:23:48 pm | Posted By CASANSAAR

The government has made income tax return filing mandatory for high spenders even if their taxable income is below the threshold exemption limit of Rs 5 lakh. Those mandated to file returns include people spending more than Rs 2 lakh on a foreign trip or depositing Rs 1 crore in a year in a bank ...

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Category : Income Tax | Comments : 0 | Hits : 523

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