Directorate General of GST Intelligence books 3 firms for tax evasion of over Rs 600 Cr
Posted Date : 28-Jul-2020 , 09:45:43 am | Posted By CASANSAAR
Directorate General of GST Intelligence, DGGI has booked three firms for tax evasion of over 600 crore rupees. An official statement said, a case was booked against M/s. Fortune Graphics Limited, M/s. Reema Polychem Private Limited and M/s. Ganpati Enterprises, who were found involved in issuance of...
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GST |
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CBIC invites suggestions on reviewing customs exemptions, laws
Posted Date : 27-Jul-2020 , 09:49:52 am | Posted By CASANSAAR
Kickstarting the process to review existing exemptions and laws of Customs, the Central Board of Indirect Taxes (CBIC) has invited suggestions from stakeholders on aligning the rules with the needs of changing times and ease of doing business. The CBIC has invited comments on the same by August 21. ...
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Custom |
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Finance Ministry proposes stern action against untraceable exporters claiming IGST Refund
Posted Date : 27-Jul-2020 , 09:32:33 am | Posted By CASANSAAR
Stern action is proposed against the risky exporters who have been claiming IGST Refund worth Rs 2,020 crore and were found untraceable.
Finance Ministry sources said, the number of such untraceable risky exporters has gone up to 1,474 as on date. The IGST refund is suspended in all such ca...
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GST |
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Income Tax Department to share PAN, TDS and bank account details with 10 agencies under NATGRID
Posted Date : 25-Jul-2020 , 10:43:01 am | Posted By CASANSAAR
The Income Tax Department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and the NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
The Central Board of Direct Taxes, which frames ...
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Income Tax |
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Govt's endeavour has been to further simplify Direct Tax laws - FM
Posted Date : 25-Jul-2020 , 10:25:00 am | Posted By CASANSAAR
The government's endeavour has been to further simplify the Direct Tax laws and has brought in a major reform by giving option to taxpayers to opt for a new simpler tax regime, Finance Minister Nirmala Sitharaman said on Friday.
In her message on the 160th Income Tax Day, the minister also la...
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Income Tax |
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Govt notifies new rules & regulations for e-commerce companies
Posted Date : 25-Jul-2020 , 10:22:17 am | Posted By CASANSAAR
The government has notified new rules and regulations for e-commerce companies under the Consumer Protection Act 2019. It made it mandatory to display the 'country of origin' on their products stating that any non-compliance will attract penal action.
The 'Consumer Protection (E-Comme...
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General |
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GST e-invoicing for businesses with Rs 500 Cr turnover from October 1
Posted Date : 24-Jul-2020 , 08:34:07 am | Posted By CASANSAAR
The government will notify a new GST e-invoice scheme under which businesses with turnover of Rs 500 crore and above will generate all invoices on a centralised government portal starting October 1, an official said on Thursday.
Earlier, the turnover threshold for businesses was set at Rs 100 cro...
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GST |
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SC orders Rs. 833 Cr Income Tax refund to Vodafone Idea
Posted Date : 24-Jul-2020 , 08:25:36 am | Posted By CASANSAAR
In a major relief to Vodafone Idea Ltd (VIL), the Supreme Court dismissed a plea filed by the Income Tax Department and directed it to refund Rs. 833 Cr to the telecom company. This was the tax for the assessment year (AY) 2014-15.
“We do not see any reason to interfere in the matter. The s...
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Income Tax |
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RBI may extend relief on repayment of loans
Posted Date : 23-Jul-2020 , 10:03:36 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) may allow lenders to offer companies in stressed sectors such as aviation, automobiles and hospitality the option to pause loan repayments even after the six-month moratorium ends on August 31, two people directly aware of the discussions said.
The banking regulato...
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RBI |
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SEBI forms committee for financial and regulatory technology
Posted Date : 23-Jul-2020 , 09:47:21 am | Posted By CASANSAAR
The market regulator has formed a high level committee to look at financial and regulatory technology, said G Mahalingam, whole time member, Securities and Exchange Board of India (Sebi) at Global Fintech Summit on Wednesday.
This committee is examining the aspects of technology and unstructured ...
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SEBI |
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NFRA bars former Deloitte head from audit for 7 years over lapses at IL&FS
Posted Date : 23-Jul-2020 , 09:36:33 am | Posted By CASANSAAR
The National Financial Regulatory Authority (NFRA) has barred former Deloitte Haskins and Sells LLP chief Udayan Sen from auditing for seven years and imposed a monetary penalty of Rs.25 lakh for auditing lapses at Infrastructure Leasing & Financial Services Ltd (IL&FS). The watchdog has fou...
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NFRA |
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SEBI postpones new margin rules to December 1
Posted Date : 22-Jul-2020 , 10:06:10 am | Posted By CASANSAAR
Following representations from the broking community, markets regulator Sebi on Monday postponed the implementation of the enhanced margin requirements for trading in the stock market, aimed at making the market safer for investors, by three months to December 1.
Among several rules brought in by...
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SEBI |
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Govt relaxes work from home norms for IT Companies till the end of the year
Posted Date : 22-Jul-2020 , 10:00:51 am | Posted By CASANSAAR
The Department of Telecommunications (DoT)on Tuesday extended the relaxation in terms and conditions to facilitate work from home till December 31, 2020, in a move that was welcomed by leaders of the Indian IT industry.
This means companies can ask their employees to continue to wor...
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General |
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Govt plans to reduce number of PSU banks to just Five
Posted Date : 21-Jul-2020 , 08:50:09 am | Posted By CASANSAAR
India is looking to privatise more than half of its state-owned banks to reduce the number of government-owned lenders to just five as part of an overhaul of the banking industry, government and banking sources said.
The first part of the plan would be to sell majority stakes in Bank of India, Ce...
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Banking |
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SEBI comes out with guideline to verify upfront collection of margins
Posted Date : 21-Jul-2020 , 08:40:18 am | Posted By CASANSAAR
Markets regulator Sebi on Monday released framework to enable verification of upfront collection of margins from clients in cash and derivatives segments.
The new framework will come into effect from December 1, 2020, the Securities and Exchange Board of India (Sebi) said in a circular.
The re...
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SEBI |
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Time limit for availing transitional credit under GST is mandatory - Madras HC
Posted Date : 20-Jul-2020 , 10:39:46 am | Posted By CASANSAAR
The Madras High Court has ruled that the time limit for availing transitional credit is mandatory and not directory. This is just opposite to the Delhi High Court’s order of May 5 which has been stayed by the Supreme Court.
Transitional credit refers to use of tax credit accumulated up to J...
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GST |
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Over 7,000 income tax cases disposed under faceless assessment system
Posted Date : 20-Jul-2020 , 10:32:13 am | Posted By CASANSAAR
The Income Tax department has disposed of 7,116 cases under the first phase of faceless assessment scheme, an official source said.
Since its launch on October 7, 2019 and implementation of first phase, faceless scrutiny assessment scheme has provided for assessment of income tax in electronic mo...
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Income Tax |
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New Form 26AS is the Faceless hand-holding of the Taxpayers
Posted Date : 19-Jul-2020 , 09:09:21 am | Posted By CASANSAAR
The new Form 26AS is the faceless hand-holding of the taxpayers to e-file their income tax returns quickly and correctly. From this Assessment Year, taxpayers will see an improved Form 26AS which would carry some additional details on taxpayers’ financial transactions as specified in the State...
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Income Tax |
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Income Tax Dept to launch e-campaign against individuals with high value transaction
Posted Date : 19-Jul-2020 , 08:43:40 am | Posted By CASANSAAR
The Income Tax Department on July 18 said it has identified certain individuals with high value transactions in 2018-19 who have either not filed returns or have discrepancies in their ITRs.
The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant t...
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Income Tax |
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1,377 exporters fraudulently claimed IGST refund of Rs.1,875 Cr - CBIC
Posted Date : 18-Jul-2020 , 08:46:37 am | Posted By CASANSAAR
Over 1,300 exporters who have wrongfully claimed Goods and Services Tax (GST) refunds worth Rs.1,875 crores have been found untraceable at their main place of business, said a government official. The government has also identified 7,516 entities as risky exporters going by the red flags raised by v...
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GST |
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CBDT has refunded Rs. 71,229 crore so far to help taxpayers during COVID-19 pandemic
Posted Date : 18-Jul-2020 , 08:36:25 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) has issued refunds worth Rs 71,229 crore in more than 21.24 lakh cases upto 11th July, 2020, to help taxpayers with liquidity during COVID-19 pandemic, since the Government’s decision of 8th April, 2020 to issue pending income tax re...
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CBDT |
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Banks sanction about Rs 1.23 lakh Cr loans to MSMEs under credit guarantee scheme
Posted Date : 17-Jul-2020 , 09:58:14 am | Posted By CASANSAAR
The finance ministry on Thursday said banks have sanctioned loans of about Rs 1.23 lakh crore under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for MSME sector, reeling under the economic slowdown caused by COVID-19 pandemic.
However, disbursements against this stood at Rs ...
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MSME |
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RBI issues Fair Practices Code for Asset Reconstruction Companies
Posted Date : 17-Jul-2020 , 09:52:18 am | Posted By CASANSAAR
In the backdrop of likely rise in Non Performing Assets (NPA) due to the pandemic, the Reserve Bank of India (RBI) has announced guidelines for “Fair Practices Code” (FPC) for Asset Reconstruction Companies (ARCs) to ensure highest standards of transparency and fairness while dealing wit...
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RBI |
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Date Sheet for CA Final / IPC / Foundation / Intermediate Exams
Posted Date : 17-Jul-2020 , 09:38:07 am | Posted By CASANSAAR
No. 13-CA (EXAM)/N/2020: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Chartered Accountants Foundation Course {Under New Scheme}, Intermediate (IPC) {Under Old Scheme}...
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CA Exams |
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SEBI relaxes compliance norms for entities planning to list debt securities
Posted Date : 16-Jul-2020 , 09:49:50 am | Posted By CASANSAAR
Markets regulator Sebi on Wednesday eased compliance norms for entities planning to list debt securities, including non-convertible debentures and commercial papers, on account of the coronavirus pandemic.
In a circular, the regulator said it has decided to permit listed issuers who have issued n...
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SEBI |
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CBDT restarts proceedings under faceless scheme
Posted Date : 15-Jul-2020 , 10:37:06 am | Posted By CASANSAAR
The Central Board of Direct Taxes lifted an embargo on e-communication with taxpayers under the faceless scheme, issuing a circular asking its officers to reach out to assessees and start proceedings in all pending cases. The CBDT has set a target of completing 5,000 assessments a week, according to...
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CBDT |
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Alcohol-based hand sanitizers to attract 18% GST - AAR
Posted Date : 15-Jul-2020 , 10:26:41 am | Posted By CASANSAAR
Amid the ongoing debate over goods and services tax (GST) rate on hand sanitizers, the Goa bench of the GST Authority of Advance Ruling (AAR) has held that the alcohol-based hygiene product will attract 18 per cent GST. It added that its classification as an essential commodity cannot be a criteria ...
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GST |
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Govt finalising special insolvency resolution under IBC for MSMEs
Posted Date : 14-Jul-2020 , 09:21:58 am | Posted By CASANSAAR
The Ministry of Corporate Affairs (MCA) is finalising a special insolvency resolution under section 240A of the Insolvency and Bankruptcy Code (IBC), 2016.
"The Ministry of Corporate Affairs is finalising a special insolvency resolution under section 240A of the Code, to provide relief to th...
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MSME |
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Aatma Nirbhar Bharat Package – Progress So Far
Posted Date : 13-Jul-2020 , 09:26:07 am | Posted By CASANSAAR
Hon’ble Prime Minister Shri Narendra Modi on May 12th, 2020, announced the Special economic and comprehensive package of Rs. 20 lakh crores - equivalent to 10% of India’s GDP – to fight COVID-19 pandemic in India. He gave a clarion call for Aatma Nirbhar Bharat or Self-Reliant Indi...
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Finance |
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CBDT provides Utility to ascertain TDS Applicability Rates on Cash Withdrawals
Posted Date : 12-Jul-2020 , 10:32:32 pm | Posted By CASANSAAR
The Income Tax Department has facilitated a new functionality for Banks and Post offices through which they can ascertain the TDS applicability rates on cash withdrawal of above Rs.20 lakh in case of a non-filer of the income-tax return and that of above Rs. 1 Crore in case of a filer of t...
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CBDT |
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