MHA withdraws order directing companies to pay full wages to employees during lockdown
Posted Date : 19-May-2020 , 09:57:02 am | Posted By CASANSAAR
The Government has withdrawn its order directing companies and commercial units to pay full wages to workers even when they are not in operation during the Covid-19-induced nationwide lockdown, which began on March 25.
The lockdown, imposed to prevent the spread of the novel coronavirus, entered ...
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General |
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NFRA begins DHFL Audit, asks for FY18 documents
Posted Date : 19-May-2020 , 09:52:14 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has started an audit of Dewan Housing Finance Corp. Ltd (DHFL) and has reached out to the company’s administrator for documents, a person aware of the development said.
According to the person quoted above, the NFRA, an independent regulator...
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NFRA |
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ICSI begins free online crash course for CS exam 2020 to be held in July
Posted Date : 19-May-2020 , 09:30:47 am | Posted By CASANSAAR
The Institute of Company Secretaries of India (ICSI) has started free online crash course for students who have enrolled for CS July 2020 examination.
The crash course has been organised under ICSI e-VIDHYA VAHINI programme. The online classes are being conducted for Foundation, Executive and Pro...
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ICSI |
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Govt allows Indian public companies to directly list shares overseas
Posted Date : 18-May-2020 , 09:02:26 am | Posted By CASANSAAR
To improve ease of doing business, the government on Sunday announced allowing Indian public companies to directly list their shares overseas. Also, private companies that list their debentures on stock exchanges will now not be regarded as listed firms.
The move will help Indian companies get ac...
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Shares & Stock |
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FM announces fifth and final tranche of Atma Nirbhar Bharat Package; Outlines reforms in seven areas
Posted Date : 18-May-2020 , 08:48:39 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman yesterday unveiled the fifth and final tranche of financial stimulus and policy measures to help build a self-reliant India under the Atma Nirbhar Bharat Campaign. Prime Minister Narendra Modi had on Tuesday in his address to the nation announced a special e...
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General |
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SC notice to Centre, RBI for clarity on moratorium
Posted Date : 16-May-2020 , 08:09:49 am | Posted By CASANSAAR
The Supreme Court on Friday issued notices to the Union government and Reserve Bank of India (RBI) in a plea by an association of property developers seeking clarification on the central bank’s circular allowing a three-month moratorium on loan repayments.
The apex court has sought a respon...
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Finance |
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SC says no action against employers who don't pay full wages during lockdown
Posted Date : 15-May-2020 , 08:13:16 pm | Posted By CASANSAAR
The Supreme Court on Friday asked authorities not to take coercive action against firms which could not comply with the union home ministry's order asking employers to pay full wages to their workers during the lockdown over the COVID-19 pandemic
An apex court bench of Justices N V Ramana, Sa...
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General |
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Govt circulates draft details of loan scheme for MSMEs
Posted Date : 15-May-2020 , 08:36:53 am | Posted By CASANSAAR
The draft circular sent by the finance ministry to banks, detailing the implementation of collateral-free automatic loans for businesses, including micro, small and medium enterprises (MSMEs), says banks can charge up to 9.25% interest, said a senior banker, requesting anonymity. The scheme was part...
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Finance |
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FM announce measures for relief and credit support related to businesses
Posted Date : 14-May-2020 , 10:39:16 am | Posted By CASANSAAR
Hon’ble Prime Minister Shri Narendra Modi yesterday announced a Special economic and comprehensive package of Rs 20 lakh crores - equivalent to 10% of India’s GDP. He gave a clarion call for आत्मनिर्भर भारत अभियान or Self-Relian...
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Finance |
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Govt cuts TDS, TCS rates for non-salaried payments by 25%
Posted Date : 13-May-2020 , 05:57:27 pm | Posted By CASANSAAR
In order to provide more funds at the disposal of the taxpayers, the government reduced rates of Tax Deduction at Source (TDS) for non-salaried specified payments made to residents and rates of Tax Collection at Source (TCS) for the specified receipts by 25 percent of the existing rates.
The paym...
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Income Tax |
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FM announces Rs.3 lakh Cr collateral-free loans for businesses
Posted Date : 13-May-2020 , 05:51:23 pm | Posted By CASANSAAR
Collateral free loan to be provided to SMEs with 12 month moratorium; 45 lakh units to benefit, she said, announcing parts of the economic package.
For stressed MSMEs, Government to facilitate provision of Rs.20,000 crore subordinate debt for equity support. 2 lakh MSMEs likely to ben...
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General |
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Due date for filing ITRs extended to 30th Nov.2020
Posted Date : 13-May-2020 , 05:42:41 pm | Posted By CASANSAAR
Due date of all income-tax return for FY 2019-20 will be extended from July 31, 2020 & October 31, 2020 to November 30, 2020 announced by FM Nirmala Sitharaman.
...
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ITR |
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Due Date for Tax Audit extended from 30th Sept to 31st Oct,2020
Posted Date : 13-May-2020 , 05:30:56 pm | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman has announced the extension of Tax audit from 30th September, 2020 to 31st October,2020:
...
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Tax Audit |
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SEBI eases compliance norms on consolidated results for banks, insurers
Posted Date : 13-May-2020 , 12:20:57 pm | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Tuesday liberalised guidelines governing publishing of results and other compliance norms for listed entities as it eased norms pertaining to the requirement of sending physical copies of annual reports to shareholders, proxy forms for a general m...
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SEBI |
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Public sector banks sanction loans worth 6 lakh Cr in two months
Posted Date : 13-May-2020 , 12:13:41 pm | Posted By CASANSAAR
Public sector banks (PSBs) have sanctioned loans worth Rs 5.95 lakh crore in the last two months to various sectors, including MSME, agriculture and corporate, hit hard by COVID-19-induced nationwide lockdown.
Non-bank finance companies (NBFCs) have received Rs 1.18 lakh crore from these banks du...
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Banking |
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PM announces special economic package worth Rs 20 lakh cr to kick-start economy
Posted Date : 13-May-2020 , 09:36:23 am | Posted By CASANSAAR
Prime Minister Narendra Modi has announced a special economic package worth 20 lakh crore rupees for an 'Atma-Nirbhar Bharat' or self-reliant India, saying that self reliance is the only way to ensure that 21st Century belongs to India. Addressing the nation yesterday, the Prime Minister not...
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General |
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IBA wants to house Rs 75,000 Cr bad loans via Bad Bank
Posted Date : 12-May-2020 , 10:45:53 am | Posted By CASANSAAR
The Indian Banks Association (IBA) has firmed up a proposal to house approximately Rs 70,000-75,000 crore of bad loans at book value in its proposed ‘bad bank’, two people aware of the development told CNBC-TV18.
IBA received comments from member banks over the weekend and has now giv...
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Banking |
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Clarification on Fees from a Single Client - ICAI
Posted Date : 12-May-2020 , 10:42:00 am | Posted By CASANSAAR
Announcement
Sub. : Clarification on Fees from a single client
As the members are aware, the revised Code of Ethics will come into effect w.e.f 1st July, 2020.
Some members have expressed their concern on one of the provisions contained in Paragraph R410.4 of the Volume-I of rev...
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ICAI |
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No GST on full-time Directors’ remuneration - AAR
Posted Date : 11-May-2020 , 03:10:11 pm | Posted By CASANSAAR
The controversy on whether remuneration paid to directors of a company is subject to the goods and services tax (GST) has been put to rest by a recent decision of the Authority for Advance Rulings (AAR), Karnataka bench.
Anil Kumar Agrawal, who had received salary as a director from a private com...
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GST |
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CBDT orders tax officials to not issue scrutiny notices to taxpayers
Posted Date : 10-May-2020 , 08:23:48 am | Posted By CASANSAAR
After rejecting “ill-conceived” suggestions by a group of Indian Revenue Services (IRS) officers, the Central Board of Direct Taxes (CBDT) directed officials not to keep any communication with assessees or issue scrutiny notices to them without the board’s approval.
According to...
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CBDT |
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SBI complains to CBI after Rs 411 Cr loan defaulter flee country
Posted Date : 10-May-2020 , 08:18:15 am | Posted By CASANSAAR
Three promoters of Ram Dev International, recently booked by the CBI for allegedly cheating a consortium of six banks to the tune of Rs 411 crore, have already fled the country before the State Bank of India reached the agency with the complaint, officials said on Saturday.
The CBI had recently b...
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Banking |
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Trust for Ayodhya temple gets special Income Tax exemption
Posted Date : 09-May-2020 , 10:12:43 am | Posted By CASANSAAR
Donors contributing to the Shri Ram Janmabhoomi Teerth Kshetra, set up on February 5 this year, to build a temple in Ayodhya, will be granted tax exemption under Section 80G of the Income-tax Act from financial year 2020-21.
In a notification on Friday, the Central Board of Direct Taxes notified ...
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Income Tax |
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CBDT amends Rule 44G of Income-tax Rules 1962
Posted Date : 08-May-2020 , 11:51:53 am | Posted By CASANSAAR
Central Board of Direct Taxes on Thursday has amended Rule 44G of Income-tax Rules, 1962 for making an application to invoke the mutual agreement procedure in Form no. 34F.
"CBDT amends Rule 44G of Income-tax Rules, 1962 for making an application to invoke the mutual agreement procedure in F...
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CBDT |
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Govt plans pre-packaged IBC deals to ease caseload
Posted Date : 07-May-2020 , 09:39:08 am | Posted By CASANSAAR
The pause in bankruptcy resolutions because of the covid-19 pandemic has prompted the government to legislate changes to the insolvency code to fast-track processing of cases where a restructuring plan has been agreed in advance between the company and its creditors, two people aware of the developm...
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Insolvent Professional |
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Govt appoints Tarun Bajaj as Director on RBI Central Board
Posted Date : 07-May-2020 , 08:35:01 am | Posted By CASANSAAR
The government has appointed Economic Affairs Secretary Tarun Bajaj as a director on the central board of Reserve Bank of India (RBI).
Bajaj replaces Atanu Chakraborty, who retired on April 30.
"The Central Government has nominated Tarun Bajaj, Secretary, Department of Economic Affairs, M...
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RBI |
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Govt gives relaxations to taxpayers for GST compliance for filing annual returns and audits
Posted Date : 06-May-2020 , 09:37:56 am | Posted By CASANSAAR
The government gave further relaxations to taxpayers for goods and services tax (GST) compliance for filing annual returns and audits, increasing the time duration for some, meanwhile extending the validity of e-way bills till the month end.
In a notification dated May 5, the Central Board of Ind...
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GST |
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MCA allows companies to hold Annual General Meetings through Video Conferencing
Posted Date : 06-May-2020 , 09:33:16 am | Posted By CASANSAAR
Ministry of Corporate Affairs has allowed companies to hold Annual General Meetings (AGMs) through Video Conference or other audio visual means. The decision has been taken on account of need for continuous adherence to the social distancing norms and restrictions placed on movement of persons in th...
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MCA |
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ICAI allowed communication with the Retiring Auditor through E-mail
Posted Date : 03-May-2020 , 08:40:59 am | Posted By CASANSAAR
The members have raised concerns that during the period of ongoing lockdown, it is not possible for the Incoming Auditor to communicate with the Retiring Auditor through the mode(s) of communication permissible in terms of provisions of Code of Ethics.
The existing Code of Ethics, 2009 , provides...
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Bank Branch Audit |
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RBI cancels the licence of The CKP Co-operative Bank Ltd.
Posted Date : 03-May-2020 , 08:20:16 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has, vide Speaking Order No DOR.CO.AID/LC-02/12.22.035/2019-20 dated April 28, 2020 cancelled the licence of The CKP Co-operative Bank Ltd., Mumbai, to carry on banking business, with effect from the close of business on April 30, 2020. The Registrar of Co-o...
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RBI |
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Postponement of Chartered Accountant Examination, May 2020 - ICAI
Posted Date : 03-May-2020 , 08:14:39 am | Posted By CASANSAAR
In continuation to the Important Announcement dated 27th March, 2020, it is hereby notified for general information that in view of the ongoing spurt of the COVID-19 pandemic and in the interest of the wellbeing of students, the Chartered Accountant Examinations scheduled from 19th June 2020 to 4 th...
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CA Exams |
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