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CBDT directs taxman to withdraw select appeals by month-end
Posted Date : 24-Jan-2019 , 09:09:04 am | Posted By CASANSAAR

The CBDT has directed the taxman to withdraw all appeal cases, pertaining to certain monetary limits and parameters, from various courts by this month-end as part of the government's drive to end frivolous litigations.  CBDT Member (Revenue) Neena Kumar has recently written a letter to a...

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Category : CBDT | Comments : 0 | Hits : 608

CA Piyush Goyal given additional charge of finance ministry in Arun Jaitley's absence
Posted Date : 24-Jan-2019 , 08:54:24 am | Posted By CASANSAAR

CA Piyush Goyal is likely to present the interim Budget on February 1 as he was on Wednesday given the additional charge of finance ministry as Arun Jaitley is in the US for medical treatment, sources said. Jaitley has undergone surgery at a hospital in New York on Tuesday and has been advised at...

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Category : CA | Comments : 0 | Hits : 424

Pass percentage of CA Final / Foundation / CPT May / June 18
Posted Date : 24-Jan-2019 , 08:49:55 am | Posted By CASANSAAR

ICAI Press Release Extract The Institute of Chartered Accountants of India (ICAI) today announced the following results: Chartered Accountants Final Examination (Old/New Syllabus) held in November, 2018 Foundation Examination held in November, 2018 Common Proficiency Test (CPT) held in ...

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Category : CA Results | Comments : 0 | Hits : 1297

Cabinet approves creation of the National Bench of the Goods and Services Tax Appellate Tribunal
Posted Date : 23-Jan-2019 , 05:24:33 pm | Posted By CASANSAAR

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the creation of National Bench of the Goods and Services Tax Appellate Tribunal (GSTAT). The National Bench of the Appellate Tribunal shall be situated at New Delhi. GSTAT shall be presided over by the President and...

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Category : GST | Comments : 0 | Hits : 349

CBDT requests non-filers to submit Income Tax Return or Online Response
Posted Date : 23-Jan-2019 , 04:23:27 am | Posted By CASANSAAR

The Non-filers Monitoring System (NMS) aims to identify and monitor persons who enter into high value transactions and have potential tax liabilities but have still not filed their tax returns. Analysis was carried-out to identify non-filers about whom specific information was available in the datab...

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Category : CBDT | Comments : 0 | Hits : 1077

Good Luck - CA Final, ISA & CPT Exam Results 2018 Likely to be announced today
Posted Date : 23-Jan-2019 , 09:46:29 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) is all set to release the November 2018 examination results for CA Final and CA Foundation today, i.e., Wednesday, January 23, 2019. The CA Final and CA Foundation November 2018 results would be announced on ICAI official websites - icai.org,...

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Category : CA Results | Comments : 0 | Hits : 1240

GoM on revenue shortfall to study GST collection on services by states
Posted Date : 23-Jan-2019 , 09:00:30 am | Posted By CASANSAAR

A panel of state finance ministers Tuesday decided to scrutinise the GST collection on services by the states to find out if they are taxing them correctly, Bihar deputy chief minister Sushil Modi said. The panel has been formed by the GST Council to look into revenue shortfall being faced by the...

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Category : GST | Comments : 0 | Hits : 278

ICAI signs MoU with ICPA of Kenya
Posted Date : 23-Jan-2019 , 08:58:03 am | Posted By CASANSAAR

The Institute of Chartered Accountants of India (ICAI) has signed the Memorandum of Understanding (MoU) with the Institute of Certified Public Accountants of Kenya (ICPAK) in Nairobi, Kenya on January 21, 2019. Signing of the MoU between ICAI & ICPAK would facilitate collaborative approach to id...

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Category : ICAI | Comments : 0 | Hits : 403

CBDT clarifies regarding issue of Prosecution Notices
Posted Date : 21-Jan-2019 , 11:35:01 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has stated that certain news items that appeared in a section of media regarding enmasse issue of prosecution notices to small companies for TDS default are completely misleading and full of factual inaccuracies. CBDT clarified that Mumbai Income Tax TDS offi...

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Category : CBDT | Comments : 0 | Hits : 792

No e-way bill if GST returns not filed for 6 months
Posted Date : 20-Jan-2019 , 11:28:16 pm | Posted By CASANSAAR

Non-filers of GST returns for 6 consecutive months will soon be barred from generating e-way bills for movement of goods. The Goods and Services Tax Network (GSTN) is developing such IT system that businesses who have not filed returns for two straight return filing cycle, which is 6 months, woul...

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Category : GST | Comments : 0 | Hits : 819

Govt weighs introducing Deemed Admission under IBC
Posted Date : 18-Jan-2019 , 08:11:49 am | Posted By CASANSAAR

The government is considering introducing the procedure of “deemed admission” of companies under the Insolvency and Bankruptcy Code (IBC) for faster resolution of debt-laden companies. In certain cases where the financial creditors have approached the National Company Law Tribunal (NC...

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Category : Insolvent Professional | Comments : 0 | Hits : 525

Income Tax return processing time to reduce from 63 days to just 1 day
Posted Date : 17-Jan-2019 , 09:39:04 am | Posted By CASANSAAR

The Union Cabinet on Wednesday approved an integrated income-tax e-filing and centralised processing centre (CPC) portal, which will reduce the return processing time from 63 days to just one day. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge...

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Category : Income Tax | Comments : 0 | Hits : 1012

Companies can raise $750 mn yearly via external commercial borrowings - RBI
Posted Date : 17-Jan-2019 , 09:37:09 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Wednesday allowed entities that are eligible to receive foreign direct investment (FDI) to raise external commercial borrowings (ECBs), by enabling them to raise funds through automatic route up to $750 million per year. The ECBs raised would be within the overa...

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Category : RBI | Comments : 0 | Hits : 161

Govt eases norms for start-ups seeking exemptions from Angel Tax
Posted Date : 17-Jan-2019 , 09:35:45 am | Posted By CASANSAAR

Facing sustained pressure from start-ups and venture capital funds over the so-called angel tax, the government has relaxed norms for seeking exemptions from the controversial levy. The government, via a notification issued on Wednesday, scrapped the existing mechanism to approve start-ups applying ...

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Category : Income Tax | Comments : 0 | Hits : 224

SEBI issues norms for mutual funds investments in derivatives
Posted Date : 17-Jan-2019 , 09:34:19 am | Posted By CASANSAAR

Markets regulator Sebi has decided to allow mutual funds to write call options subject to certain conditions. Generally, call options refer to an agreement that gives a buyer the right to purchase an asset at a specified price within a particular time period. Currently, mutual fund schemes are pe...

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Category : SEBI | Comments : 0 | Hits : 158

RBI slaps Rs 1 crore Penalty on Bank of Maharashtra
Posted Date : 17-Jan-2019 , 09:32:53 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on Bank of Maharashtra for deficiencies in regulatory compliance. According to the RBI, the fine was imposed by an order dated January 4, 2019 "for non-compliance with `Master Directions on Frauds-Classification and...

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Category : RBI | Comments : 0 | Hits : 332

Govt forms GST Panel to study uniform tax rate on lottery
Posted Date : 17-Jan-2019 , 09:26:22 am | Posted By CASANSAAR

A GST ministerial panel will suggest whether a uniform tax rate should be imposed on lotteries or the current differential tax rate system be continued, the Finance Ministry said Wednesday.  Currently, a state-organised lottery attracts 12 per cent GST while a state-authorised lottery attrac...

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Category : GST | Comments : 0 | Hits : 206

ICAI clarifies rumours on postponement of May 2019 CA Examinations
Posted Date : 17-Jan-2019 , 09:07:01 am | Posted By CASANSAAR

16th January, 2019 IMPORTANT ANNOUNCEMENT REG: May 2019 CA Examinations It has been brought to our notice that the probable date of commencement of May 2019 CA examinations and the time table there on are doing the rounds in the social media. It is hereby clarified that the timetable i...

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Category : ICAI | Comments : 0 | Hits : 928

Cabinet gives nod to integrated e-filing project for faster ITR processing
Posted Date : 16-Jan-2019 , 09:56:48 pm | Posted By CASANSAAR

The Union Cabinet today approved expenditure sanction of over 4200  crore rupees for Integrated E-filing and Centralized Processing Centre 2.0 Project.  Union Minister Piyush Goyal said, it will help in improving tax payers' awareness and education through continuous engagement.&nbs...

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Category : Income Tax | Comments : 0 | Hits : 156

SC reserves judgment on plea challenging validity of IBC
Posted Date : 16-Jan-2019 , 09:15:48 am | Posted By CASANSAAR

The Supreme Court on Tuesday reserved its judgment in petitions moved by opera­tional creditors challenging the validity of Insolvency and Bankruptcy Code (IBC).  A two-judge Bench of Justice Rohinton Fali Nariman and Justice Navin Sinha was hearing the petitions moved by several operati...

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Category : Insolvent Professional | Comments : 0 | Hits : 208

Income Tax exemption limit may go up in interim Budget
Posted Date : 16-Jan-2019 , 09:12:34 am | Posted By CASANSAAR

With middle-class apathy on the rise, Finance Minister Arun Jaitley may double the income tax exemption threshold for the salaried from the present Rs 2.5 lakhs to Rs 5 lakhs while also reinstating tax-free status for medical expenses and transport allowance, providing some relief to the section alr...

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Category : Income Tax | Comments : 0 | Hits : 1309

Govt forms GoM for GST issues in Real estate
Posted Date : 16-Jan-2019 , 09:05:42 am | Posted By CASANSAAR

Government has constituted a seven-member Group of Ministers (GoM) to boost the real estate sector under the GST regime. Deputy Chief Minister of Gujarat Nitin Patel will be the convener of the GoM. Finance Ministers of Maharashtra, Karnataka, Kerala, Punjab and Uttar Pradesh and the Panchayat Mi...

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Category : GST | Comments : 0 | Hits : 278

RBI slaps Rs 1 Crore Penalty on Bajaj Finance
Posted Date : 15-Jan-2019 , 10:51:30 am | Posted By CASANSAAR

The Reserve Bank of India has imposed a penalty of Rs 1 crore on Bajaj Finance for deficiencies in regulatory compliance.  According to RBI, the penalty has been imposed, by an order on January 3, for violation of 'fair Practices Code of Master Direction DNBR'.  "This ac...

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Category : RBI | Comments : 0 | Hits : 722

Metropolitan Stock Exchange invites application for MD, CEO post
Posted Date : 15-Jan-2019 , 10:37:51 am | Posted By CASANSAAR

The Metropolitan Stock Exchange (MSE) has invited applications for the post of managing director and chief executive officer for a maximum term of five years, according to a public notice issued Monday. The candidate must be a qualified CA/MBA or equivalent with at least 15 years of relevant expe...

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Category : General | Comments : 0 | Hits : 214

Companies may soon be able to rectify GST returns for Non-IT errors
Posted Date : 14-Jan-2019 , 07:33:23 am | Posted By CASANSAAR

Indian businesses may soon be able to amend goods and services tax (GST) return mandated for carrying forward tax credit from the previous regime for non-IT related errors as well. The GST Council has directed a committee for IT grievance redressal to quickly draw up a solution that will give relief...

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Category : GST | Comments : 0 | Hits : 798

Govt re-promulgates ordinance to amend Companies Law
Posted Date : 14-Jan-2019 , 07:23:33 am | Posted By CASANSAAR

The government has re-promulgated an ordinance to amend the companies law to further improve the ease of doing business as well as ensure better compliance levels. Since the Bill to make amendments to the Companies Act, 2013, is pending in the Rajya Sabha, the ordinance has been re-promulgated. T...

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Category : Companies Act | Comments : 0 | Hits : 330

Creditor Can Proceed Against Guarantor Even Without Proceeding Against Borrower - NCLAT
Posted Date : 14-Jan-2019 , 07:13:41 am | Posted By CASANSAAR

The National Company Law Appellate Tribunal has held that financial creditor can proceed against corporate guarantor even before proceeding against corporate debtor. It was held : We hold that it is not necessary to initiate 'Corporate Insolvency Resolution Process' against the 'Pr...

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Category : Insolvent Professional | Comments : 0 | Hits : 458

IDFC Bank re-named IDFC First Bank
Posted Date : 13-Jan-2019 , 03:18:45 pm | Posted By CASANSAAR

Private sector lender IDFC Bank said its name has been changed to IDFC First Bank Ltd with effect from Saturday. “...the name of the Bank has been changed from IDFC Bank Ltd to ‘IDFC First Bank Limited’ with effect from January 12, 2019 by virtue of ‘Certificate of Incorporat...

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Category : Banking | Comments : 0 | Hits : 263

FinMin considers steps to prevent composition dealers from charging GST from buyers
Posted Date : 13-Jan-2019 , 03:12:59 pm | Posted By CASANSAAR

In a consumer-friendly measure, the revenue department is planning to make it mandatory for composition dealers and service providers to declare their GST registration status in invoices to ensure that they do not charge any tax from buyers. The measure, once implemented, would check the widespre...

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Category : GST | Comments : 0 | Hits : 341

Sebi fines 2 entities for fraudulent trade in stock options
Posted Date : 12-Jan-2019 , 07:17:40 am | Posted By CASANSAAR

Markets regulator Sebi Friday slapped a fine totalling Rs 20 lakh on two entities for executing fraudulent trades, which created artificial volume in the illiquid stock option segment on the BSE. The regulator conducted a probe between April 2014 and September 2015 into the trading activities of ...

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Category : SEBI | Comments : 0 | Hits : 253

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