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No GST on full-time Directors’ remuneration - AAR
Posted Date : 11-May-2020 , 03:10:11 pm | Posted By CASANSAAR

The controversy on whether remuneration paid to directors of a company is subject to the goods and services tax (GST) has been put to rest by a recent decision of the Authority for Advance Rulings (AAR), Karnataka bench. Anil Kumar Agrawal, who had received salary as a director from a private com...

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Category : GST | Comments : 0 | Hits : 1275

CBDT orders tax officials to not issue scrutiny notices to taxpayers
Posted Date : 10-May-2020 , 08:23:48 am | Posted By CASANSAAR

After rejecting “ill-conceived” suggestions by a group of Indian Revenue Services (IRS) officers, the Central Board of Direct Taxes (CBDT) directed officials not to keep any communication with assessees or issue scrutiny notices to them without the board’s approval. According to...

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Category : CBDT | Comments : 0 | Hits : 1454

SBI complains to CBI after Rs 411 Cr loan defaulter flee country
Posted Date : 10-May-2020 , 08:18:15 am | Posted By CASANSAAR

Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday. The CBI had recently b...

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Category : Banking | Comments : 0 | Hits : 391

Trust for Ayodhya temple gets special Income Tax exemption
Posted Date : 09-May-2020 , 10:12:43 am | Posted By CASANSAAR

Donors contributing to the Shri Ram Janmabhoomi Teerth Kshetra, set up on February 5 this year, to build a temple in Ayodhya, will be granted tax exemption under Section 80G of the Income-tax Act from financial year 2020-21. In a notification on Friday, the Central Board of Direct Taxes notified ...

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Category : Income Tax | Comments : 0 | Hits : 301

CBDT amends Rule 44G of Income-tax Rules 1962
Posted Date : 08-May-2020 , 11:51:53 am | Posted By CASANSAAR

Central Board of Direct Taxes on Thursday has amended Rule 44G of Income-tax Rules, 1962 for making an application to invoke the mutual agreement procedure in Form no. 34F. "CBDT amends Rule 44G of Income-tax Rules, 1962 for making an application to invoke the mutual agreement procedure in F...

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Category : CBDT | Comments : 0 | Hits : 392

Govt plans pre-packaged IBC deals to ease caseload
Posted Date : 07-May-2020 , 09:39:08 am | Posted By CASANSAAR

The pause in bankruptcy resolutions because of the covid-19 pandemic has prompted the government to legislate changes to the insolvency code to fast-track processing of cases where a restructuring plan has been agreed in advance between the company and its creditors, two people aware of the developm...

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Category : Insolvent Professional | Comments : 0 | Hits : 740

Govt appoints Tarun Bajaj as Director on RBI Central Board
Posted Date : 07-May-2020 , 08:35:01 am | Posted By CASANSAAR

The government has appointed Economic Affairs Secretary Tarun Bajaj as a director on the central board of Reserve Bank of India (RBI). Bajaj replaces Atanu Chakraborty, who retired on April 30. "The Central Government has nominated Tarun Bajaj, Secretary, Department of Economic Affairs, M...

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Category : RBI | Comments : 0 | Hits : 228

Govt gives relaxations to taxpayers for GST compliance for filing annual returns and audits
Posted Date : 06-May-2020 , 09:37:56 am | Posted By CASANSAAR

The government gave further relaxations to taxpayers for goods and services tax (GST) compliance for filing annual returns and audits, increasing the time duration for some, meanwhile extending the validity of e-way bills till the month end. In a notification dated May 5, the Central Board of Ind...

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Category : GST | Comments : 0 | Hits : 584

MCA allows companies to hold Annual General Meetings through Video Conferencing
Posted Date : 06-May-2020 , 09:33:16 am | Posted By CASANSAAR

Ministry of Corporate Affairs has allowed companies to hold Annual General Meetings (AGMs) through Video Conference or other audio visual means. The decision has been taken on account of need for continuous adherence to the social distancing norms and restrictions placed on movement of persons in th...

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Category : MCA | Comments : 0 | Hits : 341

ICAI allowed communication with the Retiring Auditor through E-mail
Posted Date : 03-May-2020 , 08:40:59 am | Posted By CASANSAAR

The members have raised concerns that during the period of ongoing lockdown, it is not possible for the Incoming Auditor to communicate with the Retiring Auditor through the mode(s) of communication permissible in terms of provisions of Code of Ethics. The existing Code of Ethics, 2009 , provides...

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Category : Bank Branch Audit | Comments : 0 | Hits : 2991

RBI cancels the licence of The CKP Co-operative Bank Ltd.
Posted Date : 03-May-2020 , 08:20:16 am | Posted By CASANSAAR

  The Reserve Bank of India (RBI) has, vide Speaking Order No DOR.CO.AID/LC-02/12.22.035/2019-20 dated April 28, 2020 cancelled the licence of The CKP Co-operative Bank Ltd., Mumbai, to carry on banking business, with effect from the close of business on April 30, 2020. The Registrar of Co-o...

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Category : RBI | Comments : 0 | Hits : 656

Postponement of Chartered Accountant Examination, May 2020 - ICAI
Posted Date : 03-May-2020 , 08:14:39 am | Posted By CASANSAAR

In continuation to the Important Announcement dated 27th March, 2020, it is hereby notified for general information that in view of the ongoing spurt of the COVID-19 pandemic and in the interest of the wellbeing of students, the Chartered Accountant Examinations scheduled from 19th June 2020 to 4 th...

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Category : CA Exams | Comments : 1 | Hits : 732

Govt may raise up to Rs 10,000 Cr via tax-free bonds
Posted Date : 02-May-2020 , 11:10:06 am | Posted By CASANSAAR

The government is seeking to raise up to Rs 10,000 crore in its maiden tax-free bond issue to help bridge the fiscal gap, which is set to widen in the aftermath of Covid-19-induced economic disruptions and low tax collections. The finance ministry has begun negotiations with bankers on a likely t...

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Category : Income Tax | Comments : 0 | Hits : 1279

Govt defers release of April GST collection data
Posted Date : 02-May-2020 , 11:02:34 am | Posted By CASANSAAR

The government on Friday deferred the release of April GST revenue collection data due to the ongoing lockdown, sources said. The government had last month extended the deadline to file GST returns for March to May 5, from April 20. As per convention, the government releases GST revenue collectio...

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Category : GST | Comments : 0 | Hits : 1898

CS exams at all levels slated from June 1 to 10 postponed
Posted Date : 01-May-2020 , 10:41:43 am | Posted By CASANSAAR

In view of Covid-19 pandemic and subsequent lockdown, the Institute of Company Secretaries of India (ICSI), on Thursday decided to postpone its examinations for the June 2020 session at all levels. In a circular issued on April 30, the ICSI said after due consideration of the prevalent situation ...

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Category : CS Exams | Comments : 0 | Hits : 2478

EPFO makes filing of ECR easier for business
Posted Date : 01-May-2020 , 10:30:23 am | Posted By CASANSAAR

  In the current scenario of lockdown announced by the Govt. to control the spread of COVID-19 pandemic and other disruptions, the businesses and enterprises are not able to function normally and are facing liquidity / cash crunch to pay their statutory dues even though they are retaining th...

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Category : General | Comments : 0 | Hits : 226

Webinars on A B C D - A-Artificial Intelligence | B-Block Chain | C-Cyber Fraud | D-Data Analytics
Posted Date : 30-Apr-2020 , 05:17:10 pm | Posted By CASANSAAR

Lets go to our childhood memories and Learn A B C D once again but this time in a different way.  CA Sansaar is going to organise again Webinar for Members' interest on A B C D - Learn and Earn.   A - Artificial Intelligence B- BlockChain C- Cyber Fraud  D - Data...

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Category : General | Comments : 0 | Hits : 1538

Bank Branch Audit Revised Guidelines by RBI | Bank Branch Statutory Audit
Posted Date : 29-Apr-2020 , 09:57:52 am | Posted By CASANSAAR

Revised Guidelines for Bank Branch Audits by RBI discussed by CA. Ashish Gupta. Watch this Video,,,, https://youtu.be/JZBqRtykFRE ...

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Category : Bank Branch Audit | Comments : 0 | Hits : 3076

Govt allows employees of IT companies to work from home till July 31
Posted Date : 29-Apr-2020 , 09:57:41 am | Posted By CASANSAAR

Employees of Information Technology (IT) companies can work from home till July 31 as government has extended the relaxation of VPN norms till the end of July. Information Technology Minister Ravi Shankar Prasad held a meeting with IT ministers from all states in which he communicated the decision. ...

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Category : General | Comments : 0 | Hits : 543

Advisory on Mentioning Fees in Advertisements issued by Members - ICAI
Posted Date : 29-Apr-2020 , 09:55:23 am | Posted By CASANSAAR

Certain concerns have been raised by members as to whether it is permissible to advertise the services rendered by them, while also mentioning that Professional Fees with regard to individuals engaged in Community service would be charged lesser than what is usually charged by them/ free of charge b...

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Category : ICAI | Comments : 0 | Hits : 681

RBI may appoint additional Bank Branch Auditors in case of refusal by existing
Posted Date : 28-Apr-2020 , 09:27:17 am | Posted By CASANSAAR

In case Banks face problems on account of refusal to take up assignments by the branch auditors, they can approach RBI for approval to appoint additional audit firms selected from the list of recommended audit firms made available by RBI. RBI has given public sector banks (PSBs) some flexibility ...

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Category : Bank Branch Audit | Comments : 0 | Hits : 3302

CBDT takes action against three IRS officers for controversial tax report
Posted Date : 28-Apr-2020 , 09:16:36 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has stripped three senior officers of their current responsibilities for allegedly breaching service rules in preparing a policy document suggesting ways to deal with the coronavirus pandemic and making it public. CBDT has charged three Indian Revenue Serv...

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Category : CBDT | Comments : 0 | Hits : 393

Franklin Templeton MF suspends six more schemes
Posted Date : 27-Apr-2020 , 10:54:57 am | Posted By CASANSAAR

Franklin Templeton MF, the troubled fund house that was forced to close six of its debt funds due to extreme liquidity in the market, has marked down six fund of funds (FoFs) managed by it with total assets of about Rs 933 crore. Since these FoFs had investments in two of the six funds which were cl...

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Category : Shares & Stock | Comments : 0 | Hits : 949

Online Bank Branch Statutory Audit | Bank Audit | e-Audit of Bank Branch
Posted Date : 26-Apr-2020 , 10:47:47 am | Posted By CASANSAAR

How Chartered Accountants can conduct Online Bank Branch Statutory Audit during this COVID -19 Pandemic Situation discussed by CA. Ashish Gupta also discussed on latest RBI Circular on Interest Subvention (IS) and Prompt Repayment Incentive (PRI) for Short Term Crop Loans. RBI/2019-20/224 FIDD.CO...

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Category : Bank Branch Audit | Comments : 0 | Hits : 3401

IBBI excludes lockdown from resolution time frame
Posted Date : 26-Apr-2020 , 10:34:33 am | Posted By CASANSAAR

The insolvency regulator has issued notifications to exclude the lockdown period following the Covid-19 outbreak from the time frames governing corporate insolvency resolution or liquidation processes. Introducing a special provision in the IBBI (Insolvency Resolution Process for Corporate Person...

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Category : Corporate Law | Comments : 0 | Hits : 442

SEBI slaps Rs 30 lakh fine on six entities for fraudulent trade
Posted Date : 26-Apr-2020 , 10:30:09 am | Posted By CASANSAAR

Markets regulator Sebi has imposed a total penalty of Rs 30 lakhs on six individuals for indulging in fraudulent trading in the shares of Mapro Industries. The regulator through an order levied a fine of Rs 6 lakh each on six persons Bijay Kumar Chourasia, Shyam Kanheyalal Vyas, Jyoti Jha, Mukund...

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Category : SEBI | Comments : 0 | Hits : 836

Govt declares banking industry as a public utility service for six months till October 21
Posted Date : 25-Apr-2020 , 10:27:09 am | Posted By CASANSAAR

Government has declared banking industry as a public utility service for six months till October 21 under the provisions of the Industrial Disputes Act. Bringing banking services under the provisions of this Act means that the banking sector would not see any strikes by employees or officers duri...

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Category : Banking | Comments : 0 | Hits : 1015

Companies Fresh Start Scheme | LLP Settlement Scheme | CFSS 2020
Posted Date : 25-Apr-2020 , 10:17:55 am | Posted By CASANSAAR

Companies Fresh Start Scheme 2020 and LLP Settlement Scheme 2020 discussed by Adv.(CA) Arun Saxena,.,., https://youtu.be/oRJpkPCaXYg ...

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Category : Corporate Law | Comments : 0 | Hits : 115

RBI allows banks to issue electronic cards for overdraft accounts
Posted Date : 25-Apr-2020 , 10:14:55 am | Posted By CASANSAAR

Reserve Bank of India permitted banks to issue electronic cards to persons having overdraft accounts that are only in the nature of personal loan without any specific end-use restrictions. Banks, as per the central bank's July 2015 directions, were permitted to issue debit cards to customers ...

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Category : RBI | Comments : 0 | Hits : 736

MHA allows reopening of all shops excluding malls in non-hotspot areas
Posted Date : 25-Apr-2020 , 09:48:39 am | Posted By CASANSAAR

Ministry of Home Affairs allowing certain categories of shops registered under the Shops and Establishment Act to open. The order said that shops in market complexes outside municipal corporation and municipality limits, are exempt from revised consolidated lockdown restrictions. The government a...

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Category : General | Comments : 0 | Hits : 412

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