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NFRA bars another Auditor for 5-years, slaps Rs 15 lakh fine in IL&FS case
Posted Date : 30-Jul-2020 , 09:42:41 am | Posted By CASANSAAR

The National Financial Reporting Authority (NFRA) has barred another auditor for five years for alleged professional misconduct in the statutory audit of IL&FS Financial Services Ltd (IFIN) for 2017-18. The watchdog has also slapped a fine of Rs 15 lakh on Shrenik Baid, who was a partner in t...

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Category : NFRA | Comments : 0 | Hits : 1704

SEBI relaxes time till Sep 15 for filing June qtr results
Posted Date : 30-Jul-2020 , 09:08:55 am | Posted By CASANSAAR

Markets regulator Sebi on Wednesday gave relaxation of one month till September 15 to listed companies for submitting their June quarter results amid coronavirus pandemic. The move comes after Sebi received requests for extension of time for submission of financial results for the quarter or half...

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Category : SEBI | Comments : 0 | Hits : 825

PM Modi to discuss vision, roadmap for Banks, NBFCs with all stakeholders this evening
Posted Date : 29-Jul-2020 , 10:16:36 am | Posted By CASANSAAR

Prime Minister Narendra Modi will today join stakeholders from Banks and NBFCs to discuss and deliberate on vision and roadmap for the future. The topics on agenda include credit products and efficient models for delivery, financial empowerment through technology, prudential practices for stability ...

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Category : Banking | Comments : 0 | Hits : 854

Centre Released Rs. 1,65,302 Crore as GST Compensation to States/UTs
Posted Date : 28-Jul-2020 , 10:02:26 am | Posted By CASANSAAR

Central Government has recently released GST Compensation of Rs. 13,806 crore to States for March’2020. Taking this amount into account, entire compensation upto 2019-20 has been released to States. The total amount of compensation released for the year 2019-20 is Rs. 1,65,302 crore ...

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Category : GST | Comments : 0 | Hits : 936

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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Category : GST | Comments : 0 | Hits : 1343

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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Category : Custom | Comments : 0 | Hits : 897

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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Category : GST | Comments : 0 | Hits : 948

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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Category : Income Tax | Comments : 0 | Hits : 1715

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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Category : Income Tax | Comments : 0 | Hits : 919

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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Category : General | Comments : 0 | Hits : 819

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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Category : GST | Comments : 0 | Hits : 1216

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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Category : Income Tax | Comments : 0 | Hits : 968

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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Category : RBI | Comments : 0 | Hits : 1057

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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Category : SEBI | Comments : 0 | Hits : 864

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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Category : NFRA | Comments : 0 | Hits : 1060

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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Category : SEBI | Comments : 0 | Hits : 877

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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Category : General | Comments : 0 | Hits : 953

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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Category : Banking | Comments : 0 | Hits : 1373

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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Category : SEBI | Comments : 0 | Hits : 883

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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Category : GST | Comments : 0 | Hits : 920

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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Category : Income Tax | Comments : 0 | Hits : 947

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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Category : Income Tax | Comments : 0 | Hits : 1682

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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Category : Income Tax | Comments : 0 | Hits : 1854

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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Category : GST | Comments : 0 | Hits : 991

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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Category : CBDT | Comments : 0 | Hits : 720

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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Category : MSME | Comments : 0 | Hits : 1274

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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Category : RBI | Comments : 0 | Hits : 934

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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Category : CA Exams | Comments : 0 | Hits : 1096

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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Category : SEBI | Comments : 0 | Hits : 724

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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Category : CBDT | Comments : 0 | Hits : 1202

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