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The Insolvency and Bankruptcy Board of India (IBBI) has cleared the air on the crucial issue of whether a financial creditor who is not admitted as a member of the Committee of Creditors (CoC) would be considered a dissenting or abstaining financial creditor. The regulator has clarified via a cir...

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Category : Insolvent Professional | Comments : 0 | Hits : 1156

The Goods and Services Tax Network (GSTN) has directed its software vendor Infosys to design new forms for filing returns by traders, said its Group of Ministers Chairman Sushil Kumar Modi on Saturday.  "We have directed Infosys to design the new forms as suggested by the GST Council to...

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Category : GST | Comments : 0 | Hits : 415

After defaulting on a series of loan repayments, Infrastructure Leasing and Financial Services Ltd ( IL&FS) is planning to approach the National Company Law Tribunal (NCLT) with a plea to not admit a bankruptcy case against the group, said two people directly aware of IL&FS’s plans. Th...

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Category : Insolvent Professional | Comments : 0 | Hits : 357

CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept,2018 to15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018,after considering representations from stakeholders. Liability to pay interest u/s234A of ITAct will remain. ...

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Category : Tax Audit | Comments : 0 | Hits : 1015

Gujrat High Court - Department has been called upon to consider genuine problems faced by assessee. CBDT to take into consideration representation of CA The matter is adjourned to 26/09 Rajasthan High Court - Writ Filed, No Hearing Yet. Delhi High Court - Writ Filed, No Hearing Ye...

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Category : Tax Audit | Comments : 1 | Hits : 3539

Everytime On Due Date MCA site crashed, GST site crashed, Income tax site crashed. Do they think that we professionals are magicians. We are unable to cope up with all these last dates with the poor efiling structure.  Form 3CD  amended midway (20/08/2018) of the Financial Year, Frequen...

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Category : Tax Audit | Comments : 1 | Hits : 3400

SEBI is "well within its rights" to regulate auditors with respect to activities under its regulations, a senior government official said amid chartered accountants' apex body ICAI raising concerns about the proposal. Corporate Affairs Secretary Injeti Srinivas also said that there wil...

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Category : SEBI | Comments : 0 | Hits : 636

As many as 14 general managers have been appointed as executive directors in different public sector banks, according to an official order issued Thursday. Shanti Lal Jain and Vikramaditya Singh Khichi have been appointed as executive directors in the Bank of Baroda initially for a period of thre...

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Category : Banking | Comments : 0 | Hits : 618

The government has raised interest rates on small savings schemes, including NSC and PPF, by up to 0.4 per cent for the October-December quarter, in line with rising deposit rates in the banks. Interest rates for small savings schemes are notified on a quarterly basis. The rates of interest on...

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Category : Banking | Comments : 0 | Hits : 515

CA Vivek Khurana has filed nomination papers for the Central Council Elections (Northern Region) of ICAI 2018. CA Vivek Khurana, Founder of casansaar.com, a renowned website is a practicing Chartered Accountant and fellow member of ICAI and Partner of Khurana Vivek & Co., a leading Chartered ...

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Category : ICAI Election | Comments : 0 | Hits : 460

The Securities and Exchange Board of India (SEBI) has approved new KYC norms for foreign portfolio investors.  Stating this the SEBI Chairman Ajay Tyagi said that new guidelines will be issued soon.  He said, SEBI to allow foreign portfolio investors to trade in commodity derivatives...

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Category : SEBI | Comments : 0 | Hits : 364

The government is considering giving another opportunity to 2.1 million company directors who have failed to comply with the ‘know your customer’ (KYC) norms, according to a senior official.  The government could give another 15 days for meeting the compliance norms or ...

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Category : Companies Act | Comments : 0 | Hits : 2233

The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs) in terms of the sub-rule (3) of rule 83 of the Central Goods and Services Tax Rules, 2017, vide Notificat...

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Category : GST | Comments : 0 | Hits : 1792

Investors will not have to pay withholding tax, a key levy on the rupee-denominated masala bonds this financial year, the government said in a notification Monday.  The move is aimed at obtaining dollar inflows into the country at a time when a drastic rupee route against the dollar threaten...

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Category : Income Tax | Comments : 0 | Hits : 435

Three state-run banks - Dena Bank, Vijaya Bank and Bank of Baroda - will be merged to create the third-largest bank in the country, the government said on Monday, as part of efforts to clean up the country's banking system. The government will continue to provide capital support to the merged e...

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Category : Banking | Comments : 0 | Hits : 541

Less than 12 lakh individuals, or just over 35% of the 33 lakh “active directors” have complied with the newly-mandated know-your customer or KYC requirement to be eligible for board positions in companies. The deadline ended on Saturday midnight and the ministry of corporate affairs ...

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Category : Companies Act | Comments : 0 | Hits : 760

Announcement 15th September, 2018 Sub: Suggestions/feedback on evaluation of examination answer books system. The Group formed to review the evaluation of examination answer book system invites Suggestion/ Feedback of the CA students on the evaluation of examination answer books system th...

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Category : ICAI | Comments : 0 | Hits : 370

The government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source provisions under GST law. As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 per cent on payments to goods or services suppliers...

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Category : TDS | Comments : 0 | Hits : 2731

The government is consulting stakeholders to finalise technical rules for the National Financial Reporting Authority (NFRA), Union minister P P Chaudhary has said. Besides, the Corporate Affairs Ministry is processing applications received for the posts of chairperson and full-time members at the re...

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Category : NFRA | Comments : 0 | Hits : 970

The Supreme Court on Thursday said the National Company Law Tribunal (NCLT) and the Appellate Authority (NCLAT) should refrain from interfering in insolvency resolution proceedings by the Interim Resolution Professional and the Committee of Creditors of the lender banks of a sick enterprise under th...

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Category : Insolvent Professional | Comments : 0 | Hits : 1011

Public lender United Bank of India has increased the marginal cost of funds based lending rate (MCLR) by 5 basis point or 0.05 per cent across tenors. "The Asset Liability Management Committee of the Bank..has revised the tenor based MCLR of the bank with effect from September 14, 2018,"...

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Category : Banking | Comments : 0 | Hits : 843

With an aim to deepen the commodity derivatives market, regulator Sebi is likely to consider a proposal to allow trading in this segment by foreign entities with exposure to the Indian physical commodity market. Besides, the regulator may deliberate on the issue of introducing a common applicatio...

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Category : SEBI | Comments : 0 | Hits : 808

The Supreme Court said Wednesday that the two auditors it has appointed for forensic audits of Amrapali Group companies as also the assets of its directors since 2008 are "experienced and reputed" and one of them had even exposed the infamous Harshad Mehta scam. Mehta, a stockbroker, wa...

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Category : Auditing | Comments : 0 | Hits : 1134

Special courts under the National Company Law Tribunal (NCLT) are likely to be set up by November to deal with an increasing number insolvency cases. The Ministry of Corporate Affairs is working on this proposal. Officials in the ministry said 30 judges might be recruited. “Our focus i...

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Category : Insolvent Professional | Comments : 0 | Hits : 447

The revenue department has created the office of Commissioner GST (Investigation) to deal exclusively with enforcement issues like search, seizure and arrest, as it looks to crackdown on tax evaders.  Initially, the government was going slow on enforcement action to give time to the industry...

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Category : GST | Comments : 0 | Hits : 1544

In a recent decision, Income-Tax Appellate Tribunal (ITAT) has upheld that the benefit of “extended stay” for determining the tax residential status is available to a citizen of India or a Person of Indian Origin (PIO) who visits the country during a particular year. The number of day...

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Category : Income Tax | Comments : 0 | Hits : 663

Insolvency and Bankruptcy Board of India (IBBI) chairman M.S. Sahoo Tuesday said the process of putting in place the norms on group insolvency is underway. “The work has started on group insolvency norms, but I will not be able to give a timeline as to when it will be finalised,” Saho...

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Category : Insolvent Professional | Comments : 0 | Hits : 438

The government wants to deploy Insolvency & Bankruptcy Code (IBC) as the main tool for bank debt resolution and is not keen on the use of asset reconstruction companies (ARCs) and proposed asset management companies (AMCs). While some of the banks have shown their keenness in pursing the plan...

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Category : Insolvent Professional | Comments : 0 | Hits : 439

The Supreme Court on Tuesday asked banks to maintain status quo and not to initiate insolvency proceedings against loan defaulting power companies in the country. A bench headed by Justice R F Nariman also asked the banks not to file any insolvency cases till November when the apex court would hear ...

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Category : Insolvent Professional | Comments : 0 | Hits : 438

The Ministry of Corporate Affairs (MCA) has notified that with effect from 2nd October, 2018, issue of further shares and transfer of all shares by unlisted public companies shall be in dematerialised form only. The MCA has taken this step as a measure for further enhancing transparency, investor pr...

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Category : MCA | Comments : 0 | Hits : 423