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Punjab National Bank (PNB) on Saturday informed the exchanges about a fraud of Rs. 3,805.15 crore in NPA (non-performing asset) account of Bhushan Power & Steel Ltd. (BPSL). This includes a domestic exposure of Rs.3191.51 crore at Large Corporate branch at Chandigarh, Zonal Office, Chandigarh...

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Category : Banking | Comments : 0 | Hits : 287

Petrol price will be hiked by over Rs 2.5 per litre and diesel by more than Rs 2.3 after Finance Minister Nirmala Sitharaman Friday raised taxes on the fuels to part-fund her Budget for 2019-20. Sitharaman raised excise duty and road and infrastructure cess on the auto fuels by Rs 2 per litre eac...

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Category : General | Comments : 0 | Hits : 183

Union Budget proposes creation of a social stock exchange- under the regulatory ambit of Securities and Exchange Board of India (SEBI) for listing social enterprises and voluntary organizations. Government to take up necessary measures for inter-operability of RBI depositories and SEBI depositori...

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Category : Budget | Comments : 0 | Hits : 356

The Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman made her maiden Budget Speech today and presented the Union Budget 2019-20 before the Parliament. The key highlights of Union Budget 2019 are as follows: 10-point Vision for the decade Building Team India with Jan Bhagida...

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Category : Budget | Comments : 0 | Hits : 1239

GST processes further simplified; businesses with less than Rs. 5 crore annual turnover to file quarterly GST returns; threshold for goods supplier to be enhanced from Rs. 20 lakhs to Rs. 40 lakhs Sabka Vishwas Legacy Dispute Resolution Scheme to resolve litigations involving more than Rs. 3.75 Lak...

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Category : Budget | Comments : 0 | Hits : 857

All necessary steps to be taken to meet public shareholding norms of 25% for all listed PSUs Government to start raising a part of its Gross Borrowing Programme in External Markets New coins of One, Two, Five, Ten & Twenty Rupees easily identifiable to visually impaired to be made available fo...

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Category : Budget | Comments : 0 | Hits : 185

Union Budget Proposes Strengthening MSMEs to Boost Make in India Rs. 350 Crore Allocated Under Interest Subvention Scheme Pension Benefit to 3 Crore Retail Traders, Small Shopkeepers with Annual Turnover Less Than Rs.1.5 Crore Under Pradhan Mantri Karam Yogi Maandhan Scheme 100 New Clusters to be...

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Category : Budget | Comments : 0 | Hits : 116

Public Sector Banks are to be further provided Rs 70,000 crore capital to boost credit for a strong impetus to the economy. To further improve ease of living, they will leverage technology, offering online personal loans and doorstep banking, and enabling customers of one Public Sector Bank to acces...

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Category : Budget | Comments : 0 | Hits : 68

A number of measures to further deepen bond markets have been proposed by the Union Minister of Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting the Union Budget 2019-20 in Parliament today. The Finance Minister said, “Corporate Debt markets are crucial for the infrast...

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Category : Budget | Comments : 0 | Hits : 74

Tax rates for individuals having taxable income from Rs. 2 cr - 5 cr and Rs. 5 cr & above to be increased by around 3 % and 7 % respectively Direct Tax revenue increases by over 78 % in FY2018-19 from FY 2013-14; rose to  Rs. 11.37 lakh crore from Rs. 6.38 lakh crore Relief proposed in Le...

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Category : Budget | Comments : 0 | Hits : 237

Union Budget stresses the need for heavy investment in infrastructure, Digital Economy and job creation in small and medium firms In Transport sector, budget proposes PPP in railways, roadmap to make India a hub of maintenance, repair and overhaul and aircraft financing / leasing activities and&nbs...

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Category : Budget | Comments : 0 | Hits : 153

Lower rate of 25 % Corporate Tax extended to companies with Annual Turnover up to  Rs. 400 crore from earlier cap of upto Rs 250 crore Interchangeability of PAN and Aadhaar to file tax return proposed 2 % TDS on cash withdrawal exceeding Rs. 1 crore in a year from a bank account to encourage ...

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Category : Budget | Comments : 0 | Hits : 169

Finance Minister Nirmala Sitharaman on Friday announced raising the disinvestment target to Rs 1,05,000 crore from FY2019-20 as against Rs 90,000 crore set in the interim budget. Presenting the first Budget of the Modi government in its second term, Sitharaman said the sovereign external debt to GD...

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Category : Budget | Comments : 0 | Hits : 55

Finance Minister Nirmala Sitharaman Friday announced that the government will pump in 70,000 crores into public sector banks (PSBs) to strengthen them and enhance their lending capacity. Unveiling Budget 2019-20, she said non-performing assets of PSBs have come down by Rs 1 lakh crore. Banks have ...

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Category : Budget | Comments : 0 | Hits : 78

Vide notification No. 02/2019-Central Tax (Rate) dated 07.03.2019, as amended by notification No.  09/2019-Central Tax (Rate) dated 29.03.2019, an Alternate Composition Scheme has been made available to those suppliers of Services or Mixed Suppliers, who were not eligible for the primary compos...

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Category : GST | Comments : 0 | Hits : 183

The Government of India has been receiving a number of representations regarding Annual Return (FORM GSTR-9 / FORM GSTR-9A) and Reconciliation Statement (FORM GSTR-9C). In this regard the following clarifications are issued for information of all stakeholders: - a)  Payment of any unpaid tax...

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Category : GST | Comments : 0 | Hits : 975

Finance Minister Nirmala Sitharaman will present the Union budget in the Lok Sabha tomorrow. This will be the first budget of the Narendra Modi government after assuming office for the second time. People from all walks of life have their expectations from the budget In Telangana, Prasanna Tantri, ...

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Category : Finance | Comments : 0 | Hits : 164

The Delhi High Court today asked Reserve Bank of India and Enforcement Directorate to respond to a plea alleging that online payment platform PayPal was operating illegally without the central bank's authorization.  The bench of Chief Justice D N Patel and Justice C Hari Shankar issued not...

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Category : RBI | Comments : 0 | Hits : 135

The Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman tabled the Economic Survey 2018-19 in the Parliament today. The Key Highlights of Economic Survey 2018-19 are as follows: Shifting gears: Private Investment as the Key Driver of Growth, Jobs, Exports and Demand Surve...

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Category : Finance | Comments : 0 | Hits : 243

The Serious Frauds Investigation Office (SFIO) on Monday alleged to have found “conniving role” of statutory auditors of Bhushan Steel Limited (BSL) and raised questions about the role of auditors and bank officials in perpetuating fraudulent activities in the Rs 20,000 crore scam. In...

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Category : Auditing | Comments : 0 | Hits : 902

Corporate Affairs Secretary Injeti Srinivas Monday flagged concerns over excessive concentration and lack of competition in auditing work as he mentioned about the dominance of Big 4. Stressing on the importance of independence of chartered accountants, he said the biggest responsibility of an au...

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Category : Auditing | Comments : 0 | Hits : 414

It has been noticed by the Institute of Chartered Accountants of India that Financial Documents / Reports / Certificates are being signed by Non-CAs misrepresenting themselves as CA Members thereby misleading the Regulators, Authorities and Stakeholders. To curb this menace and malpract...

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Category : ICAI | Comments : 0 | Hits : 749

  The Vice President of India, Shri M. Venkaiah Naidu has called upon all nations to join hands in ensuring automatic exchange of information on black money and speedy extradition of economic fugitives. Shri Naidu asserted that all countries must speak with one voice to eliminate terror a...

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Category : CA | Comments : 0 | Hits : 421

The government is considering strengthening the Reserve Bank's regulatory and supervisory powers over the non-banking finance companies (NBFCs), Finance Minister Nirmala Sitharaman said in the Lok Sabha Monday. Replying to a question, the minister said RBI was closely monitoring the liquidity...

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Category : RBI | Comments : 0 | Hits : 125

The total gross Goods and Services Tax (GST) collection in the month of June stood at 99,939 crore rupees. The total number of GST returns filed for the month of May was 74.38 lakh. Last month the GST collection crossed one lakh crore rupees. An official release said, the revenue in the month of ...

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Category : GST | Comments : 0 | Hits : 163

The Companies Act, 1913 passed in pre-independent India prescribed various books which had to be maintained by a Company registered under that Act. It also required the appointment of a formal Auditor with prescribed qualifications to audit such records. In order to act as an auditor a person had to...

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Category : CA | Comments : 0 | Hits : 189

The second anniversary of Goods and Services Tax (GST) will be celebrated today.  It was launched on the 1st of July, 2017 at a function held in the Central Hall of Parliament on the midnight of 30th June, 2017. Minister of State for Finance and Corporate Affairs Anurag Thakur will presid...

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Category : GST | Comments : 0 | Hits : 321

Fund transfer through Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems is set to become cheaper after the Reserve Bank of India decided it will not impose any charges on such transactions.  After announcing its decision to waive all charges on fund tran...

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Category : Income Tax | Comments : 0 | Hits : 264

The Reserve Bank of India is reviewing its master direction on frauds and considering additional measures for timely recognition of frauds and enforcement action against violations, it said in its financial stability report (FSR). "There is a significant time-lag between the occurrence of a ...

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Category : RBI | Comments : 0 | Hits : 93

Price Waterhouse & Co Chartered Accountants LLP — the audit firm that is part of the PWC group — has resigned as the independent auditor of Eveready Industries after calling out as highly irregular certain financial transactions that involved loan assistance extended to firms within ...

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Category : Auditing | Comments : 0 | Hits : 258