MHA relaxes account norms for NGOs under the Foreign Contribution Regulation Act
Posted Date : 25-Nov-2020 , 09:56:13 am | Posted By CASANSAAR
The union home ministry relaxed the norms for NGOs mandated to maintain FCRA account with the State Bank of India (SBI) under Foreign Contribution Regulation Act (FCRA). In a 5-page-order, MHA stated, “The “FCRA Account” holder shall have complete freedom to transfer the foreign co...
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NGO |
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Retail investors can apply for new bond issues from Jan 1 through UPI - SEBI
Posted Date : 24-Nov-2020 , 09:31:21 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has provided an option to investors to apply in public issue of debt securities through the online interface of stock exchanges with a facility to block funds through unified payments interface (UPI) mechanism for application value of up to Rs 2 lakh...
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SEBI |
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GST registration to get tougher with live photo, biometrics
Posted Date : 24-Nov-2020 , 09:21:30 am | Posted By CASANSAAR
GST registration could become tedious if the GST Council accepts its Law Committee's recent recommendations to plug GST leakages via input tax credit (ITC) using fake invoices.
According to sources, the Law Committee of GST Council has suggested tightening of fresh registration of taxpayers u...
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GST |
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Canada visa application centres to reopen on Nov. 25, 2020
Posted Date : 21-Nov-2020 , 09:46:45 am | Posted By CASANSAAR
Canada visa applicants who have submitted online applications for family class priority—spouses, partners and children category—can enroll biometrics at the Canada Visa Applications Centres in six cities from November 25, it was announced by VFS Global on Friday.
The cities are ...
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International Business |
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Income Tax dept conducts searches at 16 locations in Ludhiana, Delhi, UP
Posted Date : 21-Nov-2020 , 09:30:02 am | Posted By CASANSAAR
The Income Tax Department started a search and survey action in the case of a leading cattle feed producer in Northern India.
The search and survey actions are being carried out at 16 locations in Kanpur, Gorakhpur, Noida, Delhi and Ludhiana.
The I-T department said that the main allegat...
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Income Tax |
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RBI imposes monetary penalty on 6 entities for violation of norms
Posted Date : 21-Nov-2020 , 09:24:46 am | Posted By CASANSAAR
In exercise of powers vested under Section 30 of the Payment and Settlement Systems Act, 2007, the Reserve Bank of India has imposed monetary penalty on the following entities for non-compliance of regulatory guidelines.
Sr. No.
Name of the Entity
Speaking Order dated
...
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RBI |
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41 arrested in fake invoice case; three CAs face disciplinary action
Posted Date : 21-Nov-2020 , 09:14:54 am | Posted By CASANSAAR
Forty one people have been arrested in the last eight days in a fake invoice cartel busted by the Directorate General of GST Intelligence (DGGI) and three of them who are chartered accountants are facing disciplinary action, said a government official.
DGGI will inform accounting rule maker and p...
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GST |
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Monthly GST filing will not be necessary after e-invoice system is in place - Finance secretary
Posted Date : 20-Nov-2020 , 09:48:49 am | Posted By CASANSAAR
In a major relief to businesses, the government plans to do away with monthly filing of Goods and Services Tax (GST) returns after the electronic invoice (e-invoice) is fully operationalised, which will not only reduce compliance burden but also check tax evasion, finance secretary Ajay Bhushan Pand...
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GST |
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Income Tax refunds worth Rs 1.36 lakh cr issued to 40.19 lakh taxpayers
Posted Date : 19-Nov-2020 , 09:47:44 am | Posted By CASANSAAR
The Income Tax department has issued refunds worth over Rs 1.36 lakh crore to over 40 lakh taxpayers so far this fiscal.
This includes Personal income tax (PIT) refunds amounting to Rs 35,750 crore and corporate tax refunds of over Rs 1 lakh crore during this period.
“CBDT issues ref...
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Income Tax |
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Income-Tax portal showing GST turnover to better compliance - Govt
Posted Date : 18-Nov-2020 , 10:46:27 am | Posted By CASANSAAR
The revenue department on Monday clarified that the GST turnover details available to taxpayers on income-tax portal (Form 26AS) is aimed at providing additional information to the assessees without any extra compliance burden.
Further, the details would force dishonest taxpayers to report correc...
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Income Tax |
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The Lakshmi Vilas Bank Ltd.: RBI announces Draft Scheme of Amalgamation
Posted Date : 18-Nov-2020 , 10:41:14 am | Posted By CASANSAAR
The Reserve Bank of India has today placed in public domain a draft scheme of amalgamation of The Lakshmi Vilas Bank Ltd. (LVB) with DBS Bank India Ltd. (DBIL), a banking company incorporated in India under Companies Act, 2013, and having its Registered Office at New Delhi.
...
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RBI |
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The Lakshmi Vilas Bank Ltd. placed under Moratorium - RBI
Posted Date : 18-Nov-2020 , 10:39:20 am | Posted By CASANSAAR
The financial position of The Lakshmi Vilas Bank Ltd. (the bank) has undergone a steady decline with the bank incurring continuous losses over the last three years, eroding its net-worth. In absence of any viable strategic plan, declining advances and mounting non-performing assets (NPAs), the losse...
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Banking |
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Canada to invite more immigrants, offer PR status to 4 lakh every year
Posted Date : 17-Nov-2020 , 10:27:08 am | Posted By CASANSAAR
Canada wants to invite more immigrants into the country, much higher than the current levels. Just like all other nations, Canada has also been hit hard due to the pandemic. To recover from the Covid-19 crisis, the Canadian government plans to invite 4 lakh new permanent residents to the country eac...
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International Business |
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Govt may invoke COFEPOSA against offenders in fake invoices for GST credit
Posted Date : 17-Nov-2020 , 09:38:25 am | Posted By CASANSAAR
After a nationwide drive against fake invoices that tend to mar the Goods and Services Tax (GST) system, the government is examining if the offenders can be booked under COFEPOSA (Conservation of Foreign Exchange and Prevention of Smuggling Activities Act), apart from taking action against them unde...
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GST |
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Officials arrest 25, book 350 cases in nationwide crackdown for Fake ITC
Posted Date : 16-Nov-2020 , 10:04:55 am | Posted By CASANSAAR
In a nationwide crackdown, authorities have arrested 25 people and booked cases against 1,180 entities in connection with fraudulent input tax credit (ITC) claims by allegedly using fake invoices, according to officials in the Directorate General of GST Intelligence (DGGI).
“The actual amou...
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GST |
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RBI imposes Rs 1 crore penalty on Punjab National Bank
Posted Date : 14-Nov-2020 , 10:57:26 am | Posted By CASANSAAR
State-run Punjab National Bank on November 13 said the RBI has imposed a penalty of Rs 1 crore on it for contravention of the Payment and Settlement Systems Act.
"RBI has observed that the Bank was operating a bilateral ATM sharing arrangement with Druk PNB Bank Ltd, Bhutan, (international s...
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RBI |
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Income Tax relief for Real-estate Developers and Home Buyers
Posted Date : 14-Nov-2020 , 10:51:07 am | Posted By CASANSAAR
As part of the AatmaNirbhar Bharat Package 3.0 as announced by Hon’ble Finance Minister on 12th November, 2020, certain income tax relief measures were brought in for real-estate developers and home buyers.
Up to 2018, section 43CA of the Income-tax Act, 1961 (‘the Act’) provide...
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Income Tax |
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Finance Ministry seeks ideas, suggestions and proposals for Annual Budget 2021-22
Posted Date : 14-Nov-2020 , 10:49:29 am | Posted By CASANSAAR
The Ministry of Finance has sought ideas, suggestions and proposals for the Annual Budget 2021-22. Over the years, the Ministry of Finance has been holding pre-budget consultations in North Block with Industry and Commerce Associations, Trade Bodies and Experts to seek ideas for the Annual Budget.&n...
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Budget |
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Finance Minister announces measures on AatmaNirbhar Bharat 3.0
Posted Date : 13-Nov-2020 , 08:40:42 am | Posted By CASANSAAR
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman has announced 12 key measures, as part of Government of India’s stimulus to the economy, under AatmaNirbhar Bharat 3.0. The net stimulus announced today amounts to ₹ 2.65 Lakh crore. While addressing the Pre...
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Finance |
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RBI imposes Rs 50 lakh penalty on Central Bank of India
Posted Date : 11-Nov-2020 , 09:30:42 am | Posted By CASANSAAR
The Reserve Bank on Tuesday said it has imposed a penalty of Rs 50 lakh on state-run Central Bank of India for non-compliance with its directions on disbursal of some housing loans.
“Reserve Bank of India (RBI) has, by an order dated November 10, 2020, imposed a monetary penalty of Rs...
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RBI |
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GST authorities will soon be able to intercept transactions by dubious firms
Posted Date : 09-Nov-2020 , 09:52:00 am | Posted By CASANSAAR
The government’s efforts to check evasion of Goods and Service Tax (GST) and step up the indirect tax system’s efficiency is set to reach the next level soon with officials being able to intercept suspicious transactions on a real time basis and pre-empt fraud.
The idea is to enable t...
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GST |
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GST portal scaled up to handle 3 lakh taxpayers at a time
Posted Date : 09-Nov-2020 , 09:31:11 am | Posted By CASANSAAR
The Goods and Services Tax Network (GSTN) portal has been enabled to handle double the taxpayer traffic for return filing after the GST infra was upgraded to handle up to three lakh concurrent users at a time.
“The GSTN Portal now successfully handles almost double the taxpayer traffic for ...
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GST |
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DRT slaps Rs 5 lakh penalty on Bank of India for compromising loan recovery
Posted Date : 09-Nov-2020 , 09:25:46 am | Posted By CASANSAAR
A Debt Recovery Tribunal here imposed a fine of Rs 5 lakh on Bank of India for allowing withdrawal of a plea filed to recover over Rs 2.25 crore from its borrowers.
The tribunal also observed that the lender entered into a compromise to recover Rs 31.2 lakh against the loan amount.
The Presiding...
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Banking |
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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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