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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RBI proposes entity to revive troubled banks
Posted Date : 12-Jul-2020 , 09:11:30 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) governor Shaktikanta Das has made a case for a resolution corporation that will revive stressed banks as an alternative to the traditional practice of merging failed institutions with stronger ones. A bill which proposed the corporation in 2017, was withdrawn followin...
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RBI |
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Canada has resumed all-program Express Entry draws
Posted Date : 11-Jul-2020 , 10:16:45 am | Posted By CASANSAAR
Canada has resumed all-program Express Entry draws and is now issuing invitations to apply to Federal Skilled Worker Program (FSWP) candidates.
Canada’s first all-program Express Entry draw since March 4 has issued 3,900 invitations to apply (ITAs) for permanent residence. Candidates needed...
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International Business |
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CBDT asks taxmen to process ITRs filed up to AY 2017-18 with refund claims by October 31
Posted Date : 11-Jul-2020 , 10:09:14 am | Posted By CASANSAAR
The income tax department on Friday asked officers to process returns filed up to the assessment year (AY) 2017-18 with refund claims by October 31, 2020.
In an order, the Central Board of Direct Taxes (CBDT) extended the time given to the tax officers to process such returns, which were not pick...
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ITR |
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PNB reports Rs 3,688 Cr fraud by DHFL to RBI
Posted Date : 10-Jul-2020 , 10:17:34 am | Posted By CASANSAAR
Punjab National Bank has decided to report a fraud of Rs 3,688.58 crore by Dewan Housing Finance Corporation Ltd (DHFL) to the Reserve Bank of India (RBI).
“A fraud of Rs 3,688.58 crore is being reported by the bank to the RBI in the accounts of the company (DHFL). The bank has already made...
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RBI |
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Madras HC issues notice to RBI to respond to PIL challenging NPA norms
Posted Date : 10-Jul-2020 , 10:13:25 am | Posted By CASANSAAR
The Madras High Court today issued a notice to the Reserve Bank of India (RBI), asking it to respond to a Public Interest Litigation (PIL) filed with the Court challenging the Non-Performing Assets (NPA) norms set by the banking regulator.
The notice was issued by Justice M M Sundresh and Justice...
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RBI |
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Govt moves SC against Bharti Airtel in Rs 923 Cr GST refund case
Posted Date : 09-Jul-2020 , 10:49:22 am | Posted By CASANSAAR
The central government has moved the Supreme Court challenging a Delhi High Court (HC) order that allowed Bharti Airtel to claim goods and services tax refund worth Rs 923 crore.
The case pertains to under-reporting of input tax credit in the GST summary return form, GSTR-3B, between July and Sep...
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GST |
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Memorandum of Understanding (MoU) between CBDT and SEBI signed
Posted Date : 09-Jul-2020 , 10:37:51 am | Posted By CASANSAAR
A formal Memorandum of Understanding (MoU) was signed today between the Central Board of Direct Taxes (CBDT) and the Securities and Exchange Board of India (SEBI) for data exchange between the two organizations. The MoU was signed by Smt. Anu J. Singh, Pr. DGIT (Systems), CBDT and Smt. Madhabi Puri ...
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CBDT |
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SEBI considers allowing futures trading in Petrol, Diesel
Posted Date : 08-Jul-2020 , 11:17:23 am | Posted By CASANSAAR
Markets regulator Sebi is looking at permitting futures trading in petrol and diesel, an official said emphasising that there has been no disruption in commodities derivatives trading during the Covid-19 crisis.
The Securities and Exchange Board of India (Sebi) is also looking at re-allowing futu...
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Shares & Stock |
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Software consulting services provided to Indian company's foreign client liable to GST - AAR
Posted Date : 07-Jul-2020 , 09:06:02 am | Posted By CASANSAAR
Firms providing information technology software related services to overseas client of an Indian business would be liable to pay 18 per cent GST, the Authority of Advance Ruling (AAR) has said.
A firm engaged in the business of providing software related consultancy services in Oracle ERP approac...
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GST |
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Govt rejects media report over proposal to merge CBDT & CBIC
Posted Date : 07-Jul-2020 , 08:48:10 am | Posted By CASANSAAR
Government today dismissed the media report that it is considering a proposal to merge the Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs.
The Finance Ministry has termed the news item as factually incorrect clarifying that the government has no proposal to merge th...
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CBDT |
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SEBI orders to disgorge Rs 2.3 Cr in insider trading case
Posted Date : 07-Jul-2020 , 08:40:25 am | Posted By CASANSAAR
Markets regulator Sebi on Monday asked Fourth Dimension Solutions Managing Director Amalendu Mukherjee to disgorge an amount worth over Rs 2.3 crore for insider trading in the scrip of Ricoh India Ltd.
The amount has to be paid along with 12 per cent interest within 45 days, the regulator said in...
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SEBI |
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Income tax department launches tool to calculate TDS rate on cash withdrawals under new tax rules
Posted Date : 05-Jul-2020 , 10:57:00 am | Posted By CASANSAAR
The income tax department has made the calculation of TDS (tax deducted at source) on cash withdrawals easier for banks and other financial institutions. A tool to calculate the TDS rate under Section 194N has been enabled in the income tax department's e-filing portal.
However, this tool has...
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Income Tax |
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Public, Private Sectors banks sanctioned loans worth over Rs 1.10 lakh cr under Emergency Credit Line Guarantee Scheme
Posted Date : 05-Jul-2020 , 10:43:36 am | Posted By CASANSAAR
Public and Private Sectors banks have sanctioned loans worth over one lakh ten thousand crore rupees so far under Emergency Credit Line Guarantee Scheme.
Out of which, more than 52 thousand 200 crore rupees have already been disbursed. The scheme was launched by the government to provide relief t...
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Category :
MSME |
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PM launches Aatmanirbhar Bharat Innovation Challenge to identify the best Indian Apps
Posted Date : 05-Jul-2020 , 10:41:09 am | Posted By CASANSAAR
The Prime Minister Narendra Modi has launched Aatmanirbhar Bharat Innovation Challenge to identify the best Indian Apps that are already being used by citizens and have the potential to scale and become world class Apps in their respective categories.
Prime Minister Narendra Modi has urged ...
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General |
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Income Tax dept refunds Rs 62,361 Cr during lockdown - CBDT
Posted Date : 04-Jul-2020 , 09:49:50 am | Posted By CASANSAAR
Income tax department has issued Rs 62,361 crore of pending refunds to 20.44 lakh taxpayers between April 8 and June 30, the Central Board of Direct Taxes (CBDT) said Friday.
"In order to help taxpayers in a Covid-19 pandemic situations, the department has issued tax refunds at a speed of 76...
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Category :
Income Tax |
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ICAI cancels May 2020 Exams & merged with November 2020
Posted Date : 04-Jul-2020 , 09:30:51 am | Posted By CASANSAAR
IMPORTANT ANNOUNCEMENT
1. The students are aware that vide Announcement dated 15th June 2020, the Institute, after taking in account the academic interests and health safeguards of students intending to appear in May 2020 Examinations, had enabled them to change their centre for appearanc...
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CA Exams |
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RBI asks banks to reclassify MSMEs as per revised criteria
Posted Date : 03-Jul-2020 , 10:37:05 am | Posted By CASANSAAR
The RBI has asked banks, financial institutions and NBFCs to reclassify micro, small and medium enterprises on the basis of the new criteria.
Last month, the government notified new criteria for classification of micro, small and medium enterprises (MSMEs) on the basis of turnover and investment ...
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IFRS |
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IBBI proposes to limit number of assignments handled by IPs
Posted Date : 03-Jul-2020 , 10:30:24 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) has proposed to limit the number of corporate insolvency cases a single insolvency professional (IP) is permitted to handle at any given time.
Currently, there is no limit on the number of assignments an IP is permitted to take; however the code...
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Insolvent Professional |
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