RBI excludes 6 PSBs from Second Schedule of RBI Act
Posted Date : 01-Oct-2020 , 10:50:02 am | Posted By CASANSAAR
The RBI has excluded six public sector banks, including OBC and Allahabad Bank, from the Second Schedule of the RBI Act following their merger with other banks. The six banks are Syndicate Bank, Oriental Bank of Commerce (OBC), United Bank of India, Andhra Bank, Corporation Bank, and Allahabad Bank....
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RBI |
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Clarification on doubts arising on account of new TCS provisions
Posted Date : 01-Oct-2020 , 10:47:36 am | Posted By CASANSAAR
There are reports in certain sections of media wherein certain doubts have been raised regarding the applicability of the provisions relating to Tax Collection at Source (TCS) on certain goods introduced vide Finance Act, 2020. This press note is being issued to clarify those doubts about the applic...
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TDS |
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Businesses to get 30 days to generate e-invoices for B2B transactions in October - CBIC
Posted Date : 01-Oct-2020 , 10:44:55 am | Posted By CASANSAAR
Central Board of Indirect Tax and Customs (CBIC) has said that Businesses will have 30 days' time to generate e-invoice for Business to Business transactions for the month of October, 2020.
Under the Goods and Services Tax (GST) law, companies with turnover of over 500 crore rupees will...
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GST |
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CBDT extends due date for filing ITRs for AY 2019-20 to 30.11.2020
Posted Date : 30-Sep-2020 , 06:12:30 pm | Posted By CASANSAAR
On further consideration of genuine difficulties being faced by taxpayers due to the Covid-19 situation, CBDT further extends the due date for furnishing of belated & revised ITRs for Assessment Yr 2019-20 from 30th September, 2020 to 30th November, 2020.Order u/s 119(2a) issued.
https://twit...
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ITR |
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Extension of due dates for filing GSTR-9 and GSTR 9C for 2018-19
Posted Date : 30-Sep-2020 , 12:56:23 pm | Posted By CASANSAAR
After obtaining due clearances from the Election Commission in view of the Model Code of Conduct, Government has extended due date for furnishing Annual Return in GSTR-9 and GSTR 9C for 2018-19 from 30.09.2020 to 31.10.2020.
Tweet from CBIC
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GST |
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CBDT issues clarifications on new TDS/TCS norms applicable from October 1 onwards
Posted Date : 30-Sep-2020 , 08:27:34 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on September 29 issued a detailed clarification pertaining to the new TDS/TCS provisions set to be applicable from October 1, 2020, onward.
The Finance Act, 2020, widens the scope of TCS provisions to cover the sale of goods, sale of overseas tour packages...
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CBDT |
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Extension in the Last Date for Payment of Membership /COP Fee - ICAI
Posted Date : 30-Sep-2020 , 08:09:28 am | Posted By CASANSAAR
M&C-MSS Section
The Institute of Chartered Accountants of India
29th September, 2020
IMPORTANT ANNOUNCEMENT
The Council of ICAI considering the request from Members at large has decided to extend the last date for payment of Membership/ COP fee from 30th September, 2020 to...
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ICAI |
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82 per cent taxpayers harassed for TDS mismatch - CAG
Posted Date : 29-Sep-2020 , 09:54:16 am | Posted By CASANSAAR
More than 82 per cent of individual taxpayers faced TDS mismatch problems during the last three years resulting in disallowance of refund and the creation of avoidable harassment of taxpayers, the latest CAG report on the Department of Revenue has pointed out.
The apex audit body in its report ta...
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TDS |
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Request to Tweet / Retweet for Extension of Due Dates with #extendduedates
Posted Date : 27-Sep-2020 , 10:27:22 am | Posted By CASANSAAR
सभी कर सलाहकार (CA, CS, CMA, Advocate and others) कल 27-9-20 सुबह 11 बजे से शाम 5 बजे के बीच मे अपनी ताकत दिखाते है #extendduedates को ट्रेंड करवाते हैं.
A...
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General |
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Income Tax Department launches Faceless Income tax Appeals
Posted Date : 26-Sep-2020 , 09:52:53 am | Posted By CASANSAAR
The Income Tax Department has launched Faceless Income tax Appeals. In a statement, the Central Board of Direct Taxes (CBDT) said, under it, all income tax appeals will be finalised in a faceless manner with the exception of appeals relating to serious frauds, major tax evasion, sensitive and search...
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Income Tax |
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IBC operations suspended for another three months
Posted Date : 25-Sep-2020 , 10:13:34 am | Posted By CASANSAAR
The Centre on Thursday suspended the operation of the Insolvency and Bankruptcy Code (IBC) by another three months to protect companies in distress from being dragged into bankruptcy tribunals in view of the crisis.
The ministry of corporate affairs said the suspension of the Code, issued initial...
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Insolvent Professional |
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CBDT issues over Rs 1 trn refunds to 3.2 mn taxpayers since April
Posted Date : 24-Sep-2020 , 10:09:50 am | Posted By CASANSAAR
Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 1 lakh crore to more than 32.07 lakh taxpayers between 1st April 2020 to 22nd September 2020.
The I-T refunds of Rs 31,856 crore were issued in 30,29,681 cases and corporate tax refunds of Rs 79,517 crore have been issued in 1,76,...
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Income Tax |
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0 | Hits : 956
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Parliament clears banking regulation bill to bring co-op banks under RBI
Posted Date : 23-Sep-2020 , 09:33:08 am | Posted By CASANSAAR
The Rajya Sabha on Tuesday passed the Banking Regulation (Amendment) Bill, 2020, that aims to bring co-operative banks under the regulatory framework of the Reserve Bank of India (RBI).
Finance minister Nirmala Sitharaman said the amendments have been brought with singular objective of protecting...
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Banking |
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Pre-filled GST return form soon - GSTN CEO
Posted Date : 22-Sep-2020 , 09:38:22 am | Posted By CASANSAAR
GST-registered businesses will soon get pre-filled Return form, GSTR-3B, GST Network chief executive officer Prakash Kumar said on Monday.
"We are moving towards providing taxpayers with a pre-filled GSTR-3B form so that they can pay their taxes at ease. To start with, an option to edit the ...
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GST |
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Parliament passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020
Posted Date : 22-Sep-2020 , 09:30:47 am | Posted By CASANSAAR
Parliament passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, with Lok Sabha passing it with a voice vote today.
Earlier, Rajya Sabha had passed the bill on Saturday. The bill amends the Insolvency and Bankruptcy Code, 2016 which provides a time bound process for resolving i...
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Insolvent Professional |
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0 | Hits : 926
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Govt proposes to amend FCRA, to make Aadhaar mandatory for foreign contribution
Posted Date : 21-Sep-2020 , 09:32:05 am | Posted By CASANSAAR
The government on Sunday sought to make provisions of the Foreign Contribution Regulation Act (FCRA), 2011 more stringent through a bill that proposes to include “public servants” in the prohibited category, decrease administrative expenses through foreign funds by an organisation to 20%...
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International Business |
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35,074 taxpayers opt for Vivad Se Vishwas Scheme
Posted Date : 21-Sep-2020 , 09:25:18 am | Posted By CASANSAAR
The total number of taxpayers who have opted for the Direct Tax Vivad Se Vishwas Act since its enactment is 35,074 through Form-1 (Declaration under the scheme) that have been submitted till 8th September, 2020. This was stated by Shri Anurag Singh Thakur, Union Minister of State...
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General |
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Rajya Sabha passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020
Posted Date : 20-Sep-2020 , 10:51:40 am | Posted By CASANSAAR
Rajya Sabha on Saturday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2020, which seeks to replace the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2020.
This ordinance, which was promulgated on June 5, had prohibited the initiation of insolvency proceedings for defa...
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Corporate Law |
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0 | Hits : 896
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Lok Sabha passes taxation bill to provide reliefs for taxpayers
Posted Date : 20-Sep-2020 , 10:47:02 am | Posted By CASANSAAR
Lok Sabha on Saturday passed a taxation bill that seeks to provide various reliefs in terms of compliance requirements for taxpayers amid the coronavirus pandemic. The reliefs include extending deadlines for filing returns and for linking PAN and Aadhaar.
The Taxation and Other Laws (Relaxation a...
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Income Tax |
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0 | Hits : 1167
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Lok Sabha passes bill to amend companies law
Posted Date : 20-Sep-2020 , 10:43:35 am | Posted By CASANSAAR
Lok Sabha on Saturday passed a bill to further amend the Companies Act and decriminalise various compoundable offences as well as promote ease of doing business in the country.
The Companies (Amendment) Bill, 2020 seeks to decriminalise various penal provisions, permit direct overseas listing of ...
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Companies Act |
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SPICe+ Portal deployed by MCA
Posted Date : 20-Sep-2020 , 10:40:22 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has notified and deployed a web-form namely ‘SPICe+’ (pronounced SPICe Plus) vide notification no. GSR 128 dated 18.02.2020 (effective from 23.02.2020) as a part of Government of India’s Ease of Doing Business (EODB) initiatives. This w...
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MCA |
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0 | Hits : 821
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SEBI to empanel securities market trainers for investor education initiative
Posted Date : 19-Sep-2020 , 10:00:11 am | Posted By CASANSAAR
Sebi on Friday invited applications from individuals and entities to be empanelled as Securities Market Trainers (SMARTs) to shore up the regulator's investor education initiative amid growing retail participation in the capital markets.
Noting that an educated investor is a "protected i...
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SEBI |
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British Columbia issues 407 invitations in new PNP draw
Posted Date : 18-Sep-2020 , 10:01:55 am | Posted By CASANSAAR
British Columbia invited 407 immigration candidates through a provincial nominee program draw held on September 15, 2020.
The new invitations went to candidates from the Skills Immigration (SI) and Express Entry BC (EEBC) streams, specifically the Skilled Worker, International Graduate as well as...
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International Business |
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0 | Hits : 873
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CBDT lays out five parameters for compulsory selection of returns under faceless assessment
Posted Date : 18-Sep-2020 , 09:51:49 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has prescribed five broad parameters for compulsory selection of returns for complete scrutiny under faceless assessment for FY 2020-21.
The Board has clarified various situations and the parameters basis which the cases would be selected for scrutiny, and...
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CBDT |
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0 | Hits : 1376
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Canada issues another 4,200 ITAs for PR
Posted Date : 17-Sep-2020 , 10:15:28 am | Posted By CASANSAAR
The Government of Canada issued 4,200 invitations to apply for Canadian Permanent Residence to Express Entry candidates in a draw held on September 16.
The new Express Entry round issued invitations to candidates with Comprehensive Ranking System (CRS) scores of 472. This is three points less tha...
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International Business |
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0 | Hits : 951
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Lok Sabha passes Banking Regulation (Amendment)Bill, 2020
Posted Date : 17-Sep-2020 , 10:01:16 am | Posted By CASANSAAR
Considering the deteriorating condition of cooperative banks in the country, Lok Sabha on Wednesday passed the Banking Regulation (Amendment) Bill, 2020. The Bill proposes amendments to the Banking Regulation Act, 1949. With this new Bill, the central government aims to bring cooperative banks under...
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Banking |
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0 | Hits : 939
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Income Tax Dept issues refunds of over Rs. 1,06,000 Cr
Posted Date : 17-Sep-2020 , 09:56:47 am | Posted By CASANSAAR
Income Tax Department has issued refunds of over Rs. 1,06,000 crore to more than 30 lakh taxpayers between 1st April to 15th September this year.
In a tweet, Central Board of Direct Taxes (CBDT) said, Income tax refunds of Rs. 31,741 crore have been issued in over 29 lakh cases and corporat...
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Income Tax |
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0 | Hits : 819
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New banking bill gives RBI powers to restructure co-operative banks
Posted Date : 16-Sep-2020 , 09:10:45 am | Posted By CASANSAAR
The new Banking Regulation (Amendment) Bill, 2020, introduced by the government on the first day of the Parliament's Monsoon Session, provides the Reserve Bank of India (RBI) powers to restructure cooperative banks.
The Bill was introduced by Finance Minister Nirmala Sitharaman who earlier wi...
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RBI |
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0 | Hits : 863
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Violation of provisions of Company Law by the Companies
Posted Date : 16-Sep-2020 , 08:52:50 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) has information of the companies which have violated the provisions of Company Law. This was stated by Shri Anurag Singh Thakur, Union Minister of State for Finance & Corporate Affairs, in response to a written question in the Lok Sabha today.
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Companies Act |
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0 | Hits : 1184
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RBI mandates automated recognition of NPAs, provisioning by June 2021
Posted Date : 15-Sep-2020 , 10:18:29 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday mandated the automation of bad-loan recognition by banks by June 30, 2021. The processes of provisioning calculation and income recognition will also have to be automated and banks will be required to upgrade their systems accordingly.
In its circular, th...
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RBI |
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