SC cautions advocates-on-record for unauthorised sharing of video conference links of virtual court hearings
Posted Date : 09-Nov-2020 , 09:18:47 am | Posted By CASANSAAR
The Supreme Court has warned advocates-on-record (AORs) and in-person petitioners of adverse consequences for unauthorised sharing of video conference links of virtual court hearings.
AOR is an advocate who is entitled to act as well as plead for a party in the apex court. No advocate other than ...
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General |
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Large NBFCs can become banks - RBI
Posted Date : 07-Nov-2020 , 10:05:03 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has said that there is a case for systemically important non-banking finance companies (NBFCs) beyond a certain size to convert into banks and subject them to the same prudent regulatory framework. This arrangement will enable a regulation-light structure to continue ...
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RBI |
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Amount of fraud in GST needs cautious approach
Posted Date : 07-Nov-2020 , 10:01:46 am | Posted By CASANSAAR
The CGST department needs to take a cautious approach because of the amount of fraud happening in claiming input tax credit (ITC) by business entities, an official of the GST administration said on Friday.
Deputy commissioner, north, CGST Naveen Rana said in a CII organised webinar that there are...
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GST |
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Sovereign Gold Bond Scheme 2020-21 (Series VIII) – Issue Price
Posted Date : 07-Nov-2020 , 09:49:24 am | Posted By CASANSAAR
In terms of Government of India Notification No.4(4)-B(W&M)/2020 dated October 09, 2020, Sovereign Gold Bonds 2020-21 (Series VIII) will be opened for the period November 09-13, 2020 with Settlement date November 18, 2020. The issue price of the Bond during the subscription period shall be Rs 5,...
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Finance |
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WhatsApp starts payment service in India
Posted Date : 07-Nov-2020 , 09:48:16 am | Posted By CASANSAAR
WhatsApp on Friday said it is rolling out its payments services in India after receiving nod from the National Payments Corporation of India (NPCI).
In 2018, the Facebook-owned company had started testing its UPI-based payments service in India, which allows users to utilise the messaging platfor...
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Finance |
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Canada issues 4500 invitations under Express Entry for PR
Posted Date : 06-Nov-2020 , 10:48:28 am | Posted By CASANSAAR
Canada held its latest Express Entry draw on November 5.
A total of 4,500 invitations went to Express Entry candidates with a minimum Comprehensive Ranking System (CRS) score requirement of 478.
French-speaking candidates are eligible for more CRS points in this draw. Recently, Immigration, Re...
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International Business |
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SEBI enhances foreign investment limit for individual AMCs
Posted Date : 06-Nov-2020 , 10:40:28 am | Posted By CASANSAAR
In a circular issued, the Securities and Exchange Board of India (Sebi) enhanced the foreign investment limit per fund house from 300 million USD to 600 million USD. The move comes after several AMCs approached the regulator to increase the limit as Mint reported here .
A surge of interest in int...
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SEBI |
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SEBI lays downs guidelines for due-diligence on debt securities
Posted Date : 05-Nov-2020 , 11:10:57 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Tuesday night laid down fresh set of norms for increasing diligence on debt securities.
Sebi prescribed enhanced disclosures in the trustee deed which would make it easier for debenture trustees to conduct due-diligence on encumbrances of...
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SEBI |
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Government extends Emergency Credit Line Guarantee Scheme by one month
Posted Date : 03-Nov-2020 , 08:51:00 am | Posted By CASANSAAR
The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier, in view of the opening up of various sectors in the economy and the e...
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MSME |
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GST collection crosses Rs. 1 lakh Cr mark for first time since Feb.2020
Posted Date : 01-Nov-2020 , 12:35:55 pm | Posted By CASANSAAR
GST collections in October stood at over Rs. 1.05 lakh crore, crossing for the first time ₹1 lakh crore mark since February this year, the finance ministry said on Sunday.
The Goods and Services Tax (GST) collections fell from the psychologically important ₹1 lakh crore mark as the lockdown i...
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GST |
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GST officers can arrest evaders without completion of assessment - Gujarat HC
Posted Date : 31-Oct-2020 , 09:12:11 am | Posted By CASANSAAR
The Gujarat High Court in a recent order has armed GST Commissioners with the power to authorise arrest of a person if he has reasons to believe that the person has committed a cognisable and bailable offence, and that the power can be exercised even before completion of assessment and determination...
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GST |
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RBI cancels certificate of registration of seven NBFCs
Posted Date : 30-Oct-2020 , 10:24:25 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has cancelled the certificate of registration of seven non-banking finance companies. These include Malpani Financial Services Private Limited, Vishav Dealer Private Limited, U K Fin Services Limited, Prabhat (India) Limited, Compusta Securities Private Limited, Harsh...
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RBI |
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CGST officials bust racket for generating fraudulent ITC through fake billing of around Rs 1,278 Cr
Posted Date : 30-Oct-2020 , 09:54:14 am | Posted By CASANSAAR
Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx). The well established ...
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GST |
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FinMin extends I-T exemption under LTC cash voucher scheme to non-central government employees
Posted Date : 30-Oct-2020 , 09:47:58 am | Posted By CASANSAAR
Government has decided to extend the income tax exemption available under leave travel concession (LTC) cash voucher scheme to non-central government employees also to boost consumer spending. Non-central government employees will include employees of state governments, public sector enterprises, ba...
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Income Tax |
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RBI imposes monetary penalty on DCB Bank, Jio Payments Bank for rule violations
Posted Date : 29-Oct-2020 , 09:16:46 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on October 28 imposed monetary penalty on DCB Bank and Jio Payments Bank for various rule violations.
The central bank has imposed a penalty of Rs 22 lakh on DCB Bank for non-compliance with certain provisions on marketing/distribution of mutual fund/insurance etc....
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RBI |
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IBBI approaches SC to club all cases on personal guarantee pending in HCs
Posted Date : 29-Oct-2020 , 09:10:48 am | Posted By CASANSAAR
The Supreme Court on Wednesday heard the petition of the Insolvency and Bankruptcy Board of India (IBBI) to transfer all the ongoing cases of personal guarantee invocation currently under dispute including Reliance Group’s Anil Ambani from various high courts to the apex court and club them to...
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Insolvent Professional |
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GIFT IFSC prescribes framework for listing of Depository Receipts
Posted Date : 29-Oct-2020 , 09:04:51 am | Posted By CASANSAAR
The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and financial services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for listing of Deposito...
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Finance |
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Income tax department raids expose Rs 500-crore racket of fake bill entry operation
Posted Date : 28-Oct-2020 , 09:15:05 am | Posted By CASANSAAR
The income tax department carried out search and seizure action on October 26 on a large network of individuals running a Rs 500-crore racket of entry operation and generation of huge cash through fake billing.
The searches were carried out on Monday at 42 premises in Delhi-NCR, Haryana, Punjab, ...
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Income Tax |
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Payment Date Extended for Vivad se Vishwas Scheme
Posted Date : 28-Oct-2020 , 09:04:02 am | Posted By CASANSAAR
In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government today further extended the date for making payment without additional amount from 31st December 2020 to 31st March 2021. The last date for making declar...
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Income Tax |
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RBI asks lending institutions to implement waiver of interest on interest scheme
Posted Date : 28-Oct-2020 , 08:57:56 am | Posted By CASANSAAR
The Reserve Bank on Tuesday asked all lending institutions, including non-banking financial companies, to implement the waiver of interest on interest for loans up to Rs 2 crore for the six months moratorium period beginning March 1, 2020.
On October 23, the government had announced the scheme fo...
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RBI |
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Now file GST returns through SMS - Big relief to small traders
Posted Date : 27-Oct-2020 , 10:35:48 am | Posted By CASANSAAR
Another process of filing GST returns has been made easier for small traders. The GST Network (GSTN) has started the facility of filing quarterly returns through SMS for composition taxpayers with NIL returns. A total of 17.11 lakh taxpayers are registered under the composition scheme, out of which ...
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GST |
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Extension of due dates for Annual Return and Reconciliation Statement for 2018-19
Posted Date : 24-Oct-2020 , 03:13:16 pm | Posted By CASANSAAR
Extension of due dates for Annual Return and Reconciliation Statement for 2018-19
...
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GST |
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Extension of due date of furnishing of Income Tax Returns and Audit Reports
Posted Date : 24-Oct-2020 , 03:08:21 pm | Posted By CASANSAAR
In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia,...
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Tax Audit |
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Punjab & Sind Bank reports IFIN as fraud account to RBI
Posted Date : 24-Oct-2020 , 09:42:59 am | Posted By CASANSAAR
Punjab and Sind Bank on Friday said it has reported to the Reserve Bank of India (RBI) the account of IL&FS Financial Services (IFIN) as fraud with outstanding dues of over Rs 561 crore.
The NPA account, IL&FS Financial Services, with outstanding dues of Rs 561.13 crore has been declared ...
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Banking |
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Writ Filed in Various High Courts for Tax Audit Due Date extension
Posted Date : 24-Oct-2020 , 09:31:14 am | Posted By CASANSAAR
The Rajasthan Tax Consultants Association vs. Union of India (Rajasthan High Court), D.B. Civil Writ Petition No. 12605/2020.
Matter will come up for hearing on 02nd November 2020 as per order dated 22.10.2020.
The All Gujarat Federation of Tax Consultants Vs. Union of India (Gujarat High Court)...
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Tax Audit |
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Request to Tweet / Retweet for Extension of Due Dates with #extendduedates
Posted Date : 23-Oct-2020 , 10:42:45 am | Posted By CASANSAAR
XML Schema for Income Tax Audit forms Form 3CA-3CD and Form 3CB-3CD has been updated yesterday night incorporating new 3CD reporting requirements applicable from 01st October 2020.
You Retweeted
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Income Tax |
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RBI to conduct purchase of Govt securities under OMOs for Rs.20,000 Cr
Posted Date : 23-Oct-2020 , 10:18:24 am | Posted By CASANSAAR
On a review of the current liquidity and financial conditions, the Reserve Bank of India (RBI) today said that it has decided to conduct purchase of Government securities under Open Market Operations (OMOs) for an aggregate amount of Rs. 20,000 crores on 29th of this month.
OMOs in general sense ...
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RBI |
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SEBI pulls up Prabhat Dairy for failing to comply with Auditors
Posted Date : 22-Oct-2020 , 10:05:02 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) which is investigating suspected irregularities in the delisting of Prabhat Dairy Ltd Tuesday asked the company to deposit Rs.1,292 crore in an escrow account for failing to cooperate with forensic auditors.
Sebi is probing whether Prabhat Dairy d...
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SEBI |
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IFSCA prescribes regulatory framework for REITs and InvITs in IFSC
Posted Date : 22-Oct-2020 , 09:46:11 am | Posted By CASANSAAR
The International Financial Services Centres Authority (IFSCA), with an objective to develop the financial products and services in the Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has prescribed the regulatory framework for Real Estate Investment Trusts...
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Category :
Banking |
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0 | Hits : 838
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Mutual Recognition Agreement (MRA) between ICAI and Malaysian Institute of Certified Public Accountants
Posted Date : 22-Oct-2020 , 09:36:24 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Mutual Recognition Agreement between the Institute of Chartered Accounts of India (ICAI) and the Malaysian Institute of Certified Public Accountants (MICPA) to enable appropriately qualified CA (Chartered ...
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ICAI |
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