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Pvt Companies with debts may soon have to undergo mandatory Secretarial Audit
Posted Date : 07-Oct-2019 , 07:57:34 am | Posted By CASANSAAR

The government may soon mandate private companies with outstanding debts above a certain threshold undergo a mandatory secretarial audit, a senior government official said Saturday. “Mandatory secretarial audit is right now restricted to listed companies, but I think it may have to get exte...

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Category : Companies Act | Comments : 0 | Hits : 1622

Finance Ministry to kick-start budgetary exercise from Oct 14
Posted Date : 07-Oct-2019 , 07:52:40 am | Posted By CASANSAAR

The finance ministry will kick-start the exercise to prepare annual Budget for 2020-21 from October 14.   According to a Budget Circular of the Budget Division of the Finance Ministry's Department of Economic Affairs, the pre-Budget or Revised Estimate meetings will begin on 14th of this ...

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Category : Budget | Comments : 0 | Hits : 374

Online funds transfer through NEFT to be now available 24x7 - RBI
Posted Date : 05-Oct-2019 , 10:36:01 am | Posted By CASANSAAR

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) Friday said that the online money transfer through National Electronic Funds Transfer (NEFT) will be available 24x7 from now onwards. Presently, the facility is available till 7:45 pm on all working days except 2nd ...

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Category : RBI | Comments : 0 | Hits : 729

Two partners at NSEL Audit firm arrested by EoW
Posted Date : 05-Oct-2019 , 10:30:11 am | Posted By CASANSAAR

The Economic Offences Wing (EOW) of Mumbai Police on Friday arrested Shrawan Jalan and Amit Kabra, audit partners of SV Ghatalia & Co, the statutory auditors of National Spot Exchange Ltd (NSEL), for allegedly failing to flag lack of internal control mechanism in the exchange and “conspiri...

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Category : Auditing | Comments : 0 | Hits : 1110

RBI cuts repo rate by 25 bps to 5.15%
Posted Date : 04-Oct-2019 , 12:13:02 pm | Posted By CASANSAAR

The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India on Friday slashed the short-term lending rate, repo rate, by 25 basis points in its fourth bimonthly policy review. The MPC decided to continue with an accommodative stance as long as "it is necessary to revive growt...

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Category : RBI | Comments : 0 | Hits : 168

PMC Bank Board Members, HDIL Promoters charged with Money-Laundering
Posted Date : 04-Oct-2019 , 11:22:00 am | Posted By CASANSAAR

The former board members of Punjab Maharashtra Co-operative (PMC) Bank and the promoters of crisis-hit real estate firm HDIL have been charged with money-laundering by the Enforcement Directorate in the Rs. 6,500 crore loan default case. The agency is conducting searches at six places in Mumbai a...

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Category : Money laundering | Comments : 0 | Hits : 278

ICAI and ICAEW Renew Qualification Reciprocity Agreement
Posted Date : 04-Oct-2019 , 08:48:10 am | Posted By CASANSAAR

ICAI Press Release The Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants in England & Wales (ICAEW) renew qualification reciprocity agreement to increase mobility of professionals CA. Prafulla P. Chhajed, President, ICAI and Ms. Fiona Wilkinson...

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Category : ICAI | Comments : 0 | Hits : 474

RBI enhances withdrawal limit for PMC Bank depositors to Rs 25,000
Posted Date : 04-Oct-2019 , 08:44:36 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has once again enhanced the withdrawal limit for depositors of Punjab and Maharashtra Co-operative Bank to Rs 25,000 from Rs 10,000. The central bank promised to keep an eye on the position of the co-operative bank and take necessary steps in the interest of PMC Bank ...

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Category : RBI | Comments : 0 | Hits : 185

MAT credit not available to companies opting for lower corporate tax rate
Posted Date : 03-Oct-2019 , 10:16:53 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) on Wednesday said the benefit of minimum alternative tax (MAT) credit cannot be availed of by companies that opt to pay the tax rate recently lowered by the government to 22%. MAT is the minimum tax to be paid by companies that keep their taxable profit lo...

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Category : Income Tax | Comments : 0 | Hits : 419

ICAI to check role of Auditors in PMC bank financial irregularities
Posted Date : 03-Oct-2019 , 10:01:34 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI has sought information from the RBI and other authorities on the PMC Bank crisis to check whether any auditor was involved in the alleged financial irregularities at the lender. Taking note of the "enormity of the matter", the ICAI on Wednesday ...

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Category : ICAI | Comments : 0 | Hits : 422

No Postponement of CA November 2019 Exams - ICAI
Posted Date : 03-Oct-2019 , 09:40:07 am | Posted By CASANSAAR

It has been brought to our notice that certain announcement is being circulated on social media that the CA Exams will be held in December instead of November 2019. In this connection, it is hereby clarified that the above announcement has not been issued by the Institute and the exams slated for...

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Category : Students Zone | Comments : 0 | Hits : 849

SEBI allows Mutual Funds to invest in unlisted NCDs
Posted Date : 02-Oct-2019 , 09:32:05 am | Posted By CASANSAAR

Markets regulator Sebi on Tuesday allowed mutual funds to invest in unlisted non-convertible debentures (NCDs) up to a maximum of 10 per cent of the debt portfolio of a scheme in a phased manner. This would be subject to such investments in unlisted NCDs having simple structures (with fixed and u...

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Category : SEBI | Comments : 0 | Hits : 237

Thomas Cook's Auditors investigated by Accounting Watchdog
Posted Date : 02-Oct-2019 , 09:29:03 am | Posted By CASANSAAR

Britain’s accounting watchdog has begun an investigation into EY’s audit of Thomas Cook’s accounts, just over a week after the world’s oldest travel firm collapsed. The Financial Reporting Council said its enforcement division was investigating EY’s audit of the fina...

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Category : Auditing | Comments : 0 | Hits : 666

PMC Bank created more than 21,000 fake accounts to hide loans
Posted Date : 02-Oct-2019 , 09:25:09 am | Posted By CASANSAAR

Punjab and Maharashtra Co-operative Bank (PMC) used more than 21,000 fictitious accounts to hide loans it made, according to a police complaint lodged by officials, in the latest banking fraud case to spook the country's depositors and investors. The complaint, filed with the Economic Offence...

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Category : Banking | Comments : 0 | Hits : 1282

Personal income tax slabs could be revised
Posted Date : 02-Oct-2019 , 09:19:54 am | Posted By CASANSAAR

Days after finance minister Nirmala Sitharaman slashed corporate tax rates to boost a slowing economy, the government is now planning to rationalise personal income tax rates too, according to a report. "...the idea is to give at least a 5 percentage point benefit to every taxpayer," Hindu...

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Category : Income Tax | Comments : 0 | Hits : 1660

CBDT launched Documentation Identification Number (DIN) system
Posted Date : 02-Oct-2019 , 08:33:17 am | Posted By CASANSAAR

The Documentation Identification Number (DIN) system of Central Board of Direct Taxes (CBDT) has come into existence from todaywiththe generation of about 17,500 communications with DIN on the very first day. This path breaking DIN system has been created as per the direction of Finance Minister Ms....

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Category : CBDT | Comments : 0 | Hits : 1205

GST collection stands at Rs.91,916 Cr in September
Posted Date : 01-Oct-2019 , 06:06:33 pm | Posted By CASANSAAR

Goods and Services Tax (GST) collection in the month of September has stood at  91,916 crore rupees as against 98,202 crore rupees in the preceding month. Out of which, CGST is 16,630 crore rupees, SGST is  22,598 crore and IGST is 45,069 crore rupees. The total number of GSTR 3B Ret...

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Category : GST | Comments : 0 | Hits : 665

SBI becomes first Indian bank to have office in Australia’s Victoria
Posted Date : 01-Oct-2019 , 09:33:44 am | Posted By CASANSAAR

State Bank of India opened its Melbourne office on Monday, becoming the first Indian bank to have a branch in the Australian state of Victoria. The Melbourne office will assist the growing trade and investment relations between Victoria and India and is the outcome of the state’s 10-year In...

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Category : Banking | Comments : 0 | Hits : 229

PMC Bank case raises question on role of RBI, Auditors
Posted Date : 01-Oct-2019 , 09:17:09 am | Posted By CASANSAAR

The loan irregularities at the Punjab and Maharashtra Co-operative (PMC) Bank raises questions on the roles of regulator (RBI), auditor, independent directors and bank directors, Minister of State for Finance Anurag Thakur said on Monday and added that the government will look into all the areas bec...

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Category : Auditing | Comments : 0 | Hits : 818

Income Tax Deptt uncovers Rs 4,000-crore tax evasion through LTCG route
Posted Date : 01-Oct-2019 , 09:07:29 am | Posted By CASANSAAR

The investigation wing of the Income Tax Department has unearthed tax evasion to the tune of Rs 4000 crore carried out through the long term capital gain route. “We have found beneficiaries of 12 companies listed on NSE and BSE which evaded tax through the LTCG route,” a source close ...

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Category : Income Tax | Comments : 0 | Hits : 2782

Last date for filing DIR-3 KYC extended till 14th Oct 2019
Posted Date : 01-Oct-2019 , 08:52:11 am | Posted By CASANSAAR

Please note that the last date for filing DIR-3 KYC for Financial year 2018-19 has been extended till 14th October 2019. Stakeholders may kindly note and plan accordingly. - MCA ...

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Category : Corporate Law | Comments : 0 | Hits : 201

Govt compulsorily retires 15 more senior tax officials on graft charges
Posted Date : 28-Sep-2019 , 10:29:26 am | Posted By CASANSAAR

The government has compulsorily retired 15 more tax officers in the fourth tranche of its crackdown on errant officials accused of corruption and other malpractices. The Central Board of Direct Taxes (CBDT) compulsorily retired 15 senior officers under Fundamental Rule 56(J) on corruption and oth...

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Category : Income Tax | Comments : 0 | Hits : 718

Finance Minister asks PSUs, ​ministries to release payments in a timely manner
Posted Date : 28-Sep-2019 , 10:22:36 am | Posted By CASANSAAR

The finance ministry has asked government departments to clear outstanding dues of suppliers and service providers worth Rs 20,000 crore within the first week of October to provide liquidity in the festival season. It also called for investment plans of ministries over the next four quarters in a bi...

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Category : Finance | Comments : 0 | Hits : 444

Forex reserves decline by USD 388 million to USD 428.57 billion
Posted Date : 28-Sep-2019 , 09:40:31 am | Posted By CASANSAAR

India's forex reserves declined by USD 388 million to USD 428.572 billion for the week ended September 20 due to a slide in core currency and gold assets. The Reserve Bank data released on Friday showed that in the week to September 20, foreign currency assets a major component of overall reserv...

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Category : General | Comments : 0 | Hits : 451

Date for filing ITRs,Tax Audit Reports extended till October 31
Posted Date : 27-Sep-2019 , 09:54:46 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has extended the due date for filing of income tax returns (ITRs) & Tax Audit Reports from September 30th 2019 to 31st Oct 2019 in respect of persons whose accounts are required to be audited. The CBDT said that a formal notification for the same will be ...

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Category : CBDT | Comments : 0 | Hits : 799

CBDT extends taxman's deadline to December 31 for Demonetisation Cases
Posted Date : 27-Sep-2019 , 08:23:36 am | Posted By CASANSAAR

The CBDT on Thursday extended the deadline up to December 31 for the Income-tax department to complete the final assessment of about 87,000 entities that made suspicious deposits post-demonetisation. The existing deadline of September 30 is being "extended" by three months after conside...

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Category : CBDT | Comments : 0 | Hits : 731

SEBI asks mutual funds to invest in listed equity securities
Posted Date : 27-Sep-2019 , 08:21:42 am | Posted By CASANSAAR

With an aim to safeguard mutual fund investors from high-risk assets, regulator Sebi has asked asset management companies to make all their investments in listed or to-be-listed equity securities. The new framework comes after the board of Securities and Exchange Board of India (Sebi) approved a ...

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Category : SEBI | Comments : 0 | Hits : 403

Income Tax Dept to scrutinise 4 lakh taxpayers under new e-assessment system
Posted Date : 27-Sep-2019 , 08:15:53 am | Posted By CASANSAAR

The Income Tax (I-T) Department has recognised around 4 lakh taxpayers who will face inspection under the new e-assessment scheme 2019. The new scheme was notified recently by the finance ministry for carrying faceless scrutiny of Income Tax Returns (ITR). The I-T Department has served notices to...

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Category : Income Tax | Comments : 0 | Hits : 859

Constitution of High Level Independent Committee - ICAI
Posted Date : 27-Sep-2019 , 08:08:02 am | Posted By CASANSAAR

September 26, 2019 Announcement Constitution of High Level Independent Committee The Institute of Chartered Accountants of India (ICAI) has decided to constitute a High Level Independent Committee to look into the Examination processes/ Regulations governing CA Examinations including Regu...

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Category : Students Zone | Comments : 0 | Hits : 313

ITRs & Tax Audit Reports Extended from 30th Sep,2019 to 31st of Oct, 2019
Posted Date : 26-Sep-2019 , 10:33:04 pm | Posted By CASANSAAR

On consideration of representations recd from across the country,CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep,2019 to 31st of Oct,2019 in respect of persons whose accounts are required to be audited.Formal Notification will follow. Tweet by Inco...

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Category : Tax Audit | Comments : 0 | Hits : 1447

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