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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Govt may raise up to Rs 10,000 Cr via tax-free bonds
Posted Date : 02-May-2020 , 11:10:06 am | Posted By CASANSAAR
The government is seeking to raise up to Rs 10,000 crore in its maiden tax-free bond issue to help bridge the fiscal gap, which is set to widen in the aftermath of Covid-19-induced economic disruptions and low tax collections.
The finance ministry has begun negotiations with bankers on a likely t...
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Income Tax |
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0 | Hits : 1917
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Govt defers release of April GST collection data
Posted Date : 02-May-2020 , 11:02:34 am | Posted By CASANSAAR
The government on Friday deferred the release of April GST revenue collection data due to the ongoing lockdown, sources said. The government had last month extended the deadline to file GST returns for March to May 5, from April 20.
As per convention, the government releases GST revenue collectio...
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GST |
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CS exams at all levels slated from June 1 to 10 postponed
Posted Date : 01-May-2020 , 10:41:43 am | Posted By CASANSAAR
In view of Covid-19 pandemic and subsequent lockdown, the Institute of Company Secretaries of India (ICSI), on Thursday decided to postpone its examinations for the June 2020 session at all levels.
In a circular issued on April 30, the ICSI said after due consideration of the prevalent situation ...
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CS Exams |
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EPFO makes filing of ECR easier for business
Posted Date : 01-May-2020 , 10:30:23 am | Posted By CASANSAAR
In the current scenario of lockdown announced by the Govt. to control the spread of COVID-19 pandemic and other disruptions, the businesses and enterprises are not able to function normally and are facing liquidity / cash crunch to pay their statutory dues even though they are retaining th...
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General |
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Webinars on A B C D - A-Artificial Intelligence | B-Block Chain | C-Cyber Fraud | D-Data Analytics
Posted Date : 30-Apr-2020 , 05:17:10 pm | Posted By CASANSAAR
Lets go to our childhood memories and Learn A B C D once again but this time in a different way.
CA Sansaar is going to organise again Webinar for Members' interest on A B C D - Learn and Earn.
A - Artificial Intelligence
B- BlockChain
C- Cyber Fraud
D - Data...
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General |
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Bank Branch Audit Revised Guidelines by RBI | Bank Branch Statutory Audit
Posted Date : 29-Apr-2020 , 09:57:52 am | Posted By CASANSAAR
Revised Guidelines for Bank Branch Audits by RBI discussed by CA. Ashish Gupta. Watch this Video,,,,
https://youtu.be/JZBqRtykFRE
...
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Bank Branch Audit |
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Govt allows employees of IT companies to work from home till July 31
Posted Date : 29-Apr-2020 , 09:57:41 am | Posted By CASANSAAR
Employees of Information Technology (IT) companies can work from home till July 31 as government has extended the relaxation of VPN norms till the end of July. Information Technology Minister Ravi Shankar Prasad held a meeting with IT ministers from all states in which he communicated the decision.
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General |
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