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The Reserve Bank of India (RBI) today reviewed and modified the directions slapped on Punjab and Maharashtra Cooperative Bank Ltd, Mumbai in Maharashtra. According to the modified directives, it has been decided to allow the depositors to withdraw a sum not exceeding 10,000 rupees of the total ba...

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Category : RBI | Comments : 0 | Hits : 212

Easing the regulatory framework for foreign portfolio investors, Sebi has simplified KYC requirements for them and permitted them to carry out off-market transfer of securities. Besides, the regulator has broad-based the classification for foreign portfolio investors (FPIs) and simplified their r...

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Category : SEBI | Comments : 0 | Hits : 246

The Central Board of Direct Taxes (CBDT) will on Thursday conduct a pan-India review of the ambitious e-assessment system for income-tax payers before rolling it out next month. The CBDT, which frames policy for the Income-tax department, had last week set up the National e-assessment Centre (NeAC) ...

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Category : CBDT | Comments : 0 | Hits : 383

Chartered accountancy (CA) students who have been protesting against the Institute of Chartered Accountants of India (ICAI) demanding a re-evaluation of their answer sheets have found support from Congress leader Rahul Gandhi. "Across India 12 lakh CA students are fighting for their right ...

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Category : Students Zone | Comments : 0 | Hits : 360

ICAI has made an announcement with respect to Evaluation of answer books of CA exams on 21st September, 2019. Thereafter, a webinar was conducted on 22nd September, 2019 wherein the procedure and processes followed in the examination system were explained and all the misgivings about the examination...

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Category : Students Zone | Comments : 0 | Hits : 344

As per the RBI directions to PMC Bank, withdrawals have been capped at Rs 1,000 per account and the bank is not allowed to make any fresh loans. The RBI monitors banks' health and issues such directions in case of concerns over financial health of an institution. However, no reasons were spec...

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Category : RBI | Comments : 0 | Hits : 116

Supreme Court has held that applications under Section 7 of Insolvency and Bankruptcy Code (IBC) are governed by Article 137 of the Limitation Act for computation of limitation period. The judgment was rendered by a Bench of Justices Rohinton Nariman, R Subhash Reddy and Surya Kant. In the pre...

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Category : Insolvent Professional | Comments : 0 | Hits : 248

The Reserve Bank of India has placed Mumbai-based Punjab and Maharashtra Cooperative Bank (PMC Bank) under directions for six months from the close of business of the bank on September 23, 2019. The depositors will be allowed to withdraw a sum not exceeding ₹1,000 of the total balance in every ...

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Category : Income Tax | Comments : 0 | Hits : 262

No extension news till now for Last date of TAR, No response from Finance Ministry after lots of representation. Request every Member to Please tweet / retweet to the Finance Minister and other authroites for the extension of Tax Audit Report Date. No use of Extension on 30th Septemeber (Last Dat...

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Category : Tax Audit | Comments : 1 | Hits : 3857

Students of ICAI and candidates who had appeared for ICAI exams have started a protest against the ICAI (Institute of Chartered Accountants of India) alleging error in evaluation of papers. Students all over India has started a protest today, September 23 demanding rechecking of papers. #dearICAI...

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Category : Students Zone | Comments : 0 | Hits : 411

Officers' unions of public sector banks have deferred the proposed two-day strike following an assurance from Finance Secretary Rajiv Kumar to look into their concerns. Four unions of bank officers had threatened to go on a two-day strike from September 26 to protest against the consolidation...

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Category : Banking | Comments : 0 | Hits : 273

The CBI has arrested an inspector of the Central Goods and Services Tax Department in Dhanbad for allegedly accepting a bribe of Rs 50,000 to settle a pending enquiry, officials said Monday. Jeetan Das, an inspector in the CGST department, had allegedly demanded Rs 2 lakh for settling the enquiry...

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Category : GST | Comments : 0 | Hits : 476

The GST Council on September 20 took an in principle decision to link Aadhaar with registration of taxpayers under GST and also examine the possibility of making the 12-digit unique identification number mandatory for claiming refunds. The council also decided to withdraw a circular issued in June w...

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Category : GST | Comments : 0 | Hits : 1257

A National e-Assessment centre (NeAC) will be setup in the national capital as part of the government’s ambitious plan to launch faceless and nameless assessment for income tax payers from next month. The Central Board of Direct Taxes (CBDT), that frames policy for the Income-tax department...

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Category : Income Tax | Comments : 0 | Hits : 617

The Reserve Bank Friday prescribed a turnaround time (TAT) for banks to settle failed transactions for customers and also notified compensations payable for various types of customer complaints. The financial compensation should be done suo motu by the bank, without waiting for a complaint or a c...

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Category : RBI | Comments : 0 | Hits : 268

The GST Council, in its 37th meeting held at Goa provided relief to MSMEs by allowing them waiver to file GSTR 9 and GSTR-9A. Announcing the relaxation in filing of annual returns for MSMEs for FY 2017-18 and FY 2018-19, a statement said waiver of the requirement of filing FORM GSTR-9A for Compos...

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Category : GST | Comments : 0 | Hits : 603

The President Ram Nath Kovind on Friday cleared an ordinance to give effect to amendments in the Income Tax Act, 1961 and Finance Act, 2019. To arrest slowdown in the economy and boost growth, the government has cut corporate tax rate for new and domestic manufacturing companies. For companies th...

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Category : Income Tax | Comments : 0 | Hits : 412

Finance Minister Nirmala Sitharaman on Friday announced the reduction of GST rates on a slew of items. All rate changes would be effective from 1 October Higlights: A uniform GST rate of 12 % will be levied on woven/non-woven polyethylene bags GST council cuts tax rates on job work in diamo...

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Category : GST | Comments : 0 | Hits : 1310

The government on Friday cut corporate tax rate for companies that do not avail of any tax incentive to 22%. Effective corporate tax rate after surcharge will be 25.17%. New manufacturing companies will have to pay an even lower corporate tax rate of 15%. Finance minister Nirmala Sitharaman to...

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Category : Income Tax | Comments : 0 | Hits : 522

The Reserve Bank of India ( RBI) has revised the norms for concurrent audit system of banks. Concurrent audit aims at shortening the interval between a transaction and its independent examination. Some of the revised norms included the option to consider whether concurrent audit should be done...

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Category : RBI | Comments : 0 | Hits : 1896

The government on Wednesday formally notified the amendments to the foreign direct investment (FDI) policy  in single-brand retail.  Last month, the Cabinet had relaxed key aspects of the 30% local sourcing rules applicable to single-brand retail entities where FDI is over 51%. In a boo...

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Category : Finance | Comments : 0 | Hits : 338

Reserve Bank of India (RBI) is determined to go ahead with the linkage of bank lending rates with external benchmarks and is also studying the possibility of mandating non-banking finance companies (NBFCs), people familiar with the matter said. Earlier this month, RBI made it mandatory for banks ...

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Category : RBI | Comments : 0 | Hits : 161

The Institute of Chartered Accountants of India Important Announcement The Council of ICAI has decided to extend the last date for payment of Membership /COP fee for the year 2019-20 up to 30th November, 2019. Date: 18th September, 2019 M& C-MSS Section ICAI, NOIDA...

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Category : ICAI | Comments : 0 | Hits : 548

Government has approved 8.65 per cent interest rate on deposits in Employees Provident Fund for 2018-19. Sources said, Ministry of Labour and Employment has notified 8.65 per cent rate of interest on EPF deposits for its over six crore subscribers. The EPFO has been settling EPF withdrawal claims...

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Category : Finance | Comments : 0 | Hits : 240

Extension of time limit of UDIN generation from 15 days to 30 days - One Time Relaxation In response to the various representations received from Members at large for inability in generating UDIN due to floods in many parts of the Country and related internet issues, the Council at its 386th Meet...

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Category : ICAI | Comments : 0 | Hits : 233

The NCLAT on Tuesday said ‘secured financial creditors’ should not be discriminated on the ground of dissenting vote, and given separate treatment in the settlement of claims. Allowing the appeal of Hero Fincorp Ltd, the appellate tribunal said that the amended regulations of the Inso...

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Category : Insolvent Professional | Comments : 0 | Hits : 235

The National Financial Reporting Authority (NFRA) has made it clear that it has oversight powers on the auditors of nationalised banks (public sector banks) as well. There was a contention that PSBs don't fall within the definition of 'banking companies' under the NFRA rules and, ther...

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Category : NFRA | Comments : 0 | Hits : 392

After the income tax return (ITR) filing season is over, taxpayers have started to get tax refunds in their bank accounts. Miscreants have now started to take advantage of unsuspecting assesses by sending out fraudulent SMSes with phishing links. Sample this. "Important Alert! Dear xxxxxxxx,...

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Category : Income Tax | Comments : 0 | Hits : 381

In line with the Government’s objective of promoting Ease of Living in the country by providing Ease of Doing Business to law abiding corporates, fostering improved corporate compliance for stakeholders at large and also to address emerging issues having impact on the working of corporates in ...

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Category : Companies Act | Comments : 0 | Hits : 387

Non-Government Organisations (NGOs) receiving substantial financing from the government are bound to give information to the public under the RTI Act, the Supreme Court held on Tuesday. The top court said that institutions like schools, colleges and hospitals which receive substantial aid from th...

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Category : NGO | Comments : 0 | Hits : 243