Lockdown period won’t be counted in IBC timeline - IBBI
Posted Date : 30-Mar-2020 , 09:07:37 am | Posted By CASANSAAR
Lockdown period will not be counted towards the timeline for any activity under the corporate insolvency resolution process.
“...the period of lockdown imposed by the Central Government in the wake of COVID19 outbreak shall not be counted for the purposes of the time-line for any acti...
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Insolvent Professional |
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PM Modi Appeal to Contribute in PM CARES fund
Posted Date : 29-Mar-2020 , 10:05:48 am | Posted By CASANSAAR
Prime Minister Narendra Modi has announced the constitution of the PM's Citizen Assistance and Relief in Emergency Situations (PM-CARES) fund. This will be a dedicated national fund with the primary objective of dealing with any kind of emergency or distress situation, like posed by the COVID-19...
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General |
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RBI approves amalgamation of 10 public sector banks from April 1
Posted Date : 29-Mar-2020 , 10:05:36 am | Posted By CASANSAAR
Reserve Bank of India on Saturday said it has approved the amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank, Syndicate Bank into Canara Bank, Andhra Bank and Corporation Bank into Union Bank of India and Allahabad Bank into Indian Bank.
The scheme will ...
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RBI |
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Recent Amendments Under GST Law including Updates on Press Conference of FM
Posted Date : 29-Mar-2020 , 09:46:51 am | Posted By CASANSAAR
Recent Amendments Under GST Law including Updates on Press Conference of Finance Minister discussed by CA.Bhavesh Mittal.
Watch This Video,,,
https://youtu.be/8VJca40JN98
...
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GST |
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Defaulters must settle dues within 15 days of agreeing on amount under VSVS - CBDT
Posted Date : 29-Mar-2020 , 09:32:47 am | Posted By CASANSAAR
India’s direct taxes body has clarified that defaulters need to settle their tax dues within 15 days from the time the disputed amount is mutually agreed upon, under its dispute settlement mechanism that has now been extended till June 30.
Not only that, after they are issued what is known ...
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CBDT |
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Relief Measures Under IBC due to COVID-19 Outbreak
Posted Date : 28-Mar-2020 , 08:59:24 am | Posted By CASANSAAR
Relief Measures Under IBC announced by Hon.Finance Minister due to COVID-19 Outbreak discussed by CA.Vivek Khurana (Insolvency Professional).
Watch this Video,,,
https://youtu.be/sAhv8jNO2_E
...
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Insolvent Professional |
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Finance Act 2020 | Finance Bill 2020 gets Presidential assent
Posted Date : 28-Mar-2020 , 08:39:51 am | Posted By CASANSAAR
Finance Act, 2020
The Finance Bill, 2020, after being passed by Lok Sabha & Rajya Sabha respectively; has received the assent of the President of India on 27th March, 2020.
With this, Finance Bill, 2020 has now become Finance Act, 2020.
CLICK HERE TO DOWNLOA FINANCE ACT, 2020
...
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Finance |
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Govt to pay employer, employee’s PF contribution for 3 months
Posted Date : 28-Mar-2020 , 08:27:13 am | Posted By CASANSAAR
The government will pay the employee provident fund (EPF) contribution both of the employer and the employee (12 per cent each) for the next three months, Finance Minister Nirmala Sitharaman said on Wednesday.
The move will benefit over 4.8 crore employees in the organised sector.
The governme...
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General |
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RBI permits 3 month moratorium on EMI payments on all outstanding loans
Posted Date : 27-Mar-2020 , 08:49:22 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) Governor Shaktikanta Das today announced cut in benchmark interest rate, Repo Rate by 75 basis points to 4.4 per cent to deal with the hardship caused due to the outbreak of COVID-19.
The central bank also reduced the Cash Reserve Ratio (CRR) of all banks by 100 ba...
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RBI |
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Postponement of Chartered Accountant Examination, May 2020 - ICAI
Posted Date : 27-Mar-2020 , 12:46:55 pm | Posted By CASANSAAR
In continuation to the Important Announcement dated 1st January 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 initially scheduled from 2nd May 2020...
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Students Zone |
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RBI cut Repo rate by 75 bps to 4.4%, CRR by 100 bps to 3%
Posted Date : 27-Mar-2020 , 11:07:05 am | Posted By CASANSAAR
Reserve Bank of India (RBI) governor Shaktikanta Das March 27 announced a massive 75 basis points cut in repo rates as a measure to counter the economic slowdown caused by the COVID-19 pandemic.
Repo rate cut by 75 bps to 4.4%, CRR by 100 bps to 3%, banks allowed 3-month moratorium on all loans:
...
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RBI |
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Impact of Corona Virus on Financial Reporting and the Auditors Consideration
Posted Date : 27-Mar-2020 , 10:45:01 am | Posted By CASANSAAR
ASB & AASB of ICAI have released *Impact of Corona Virus on Financial Reporting and the Auditors Consideration*
The advisory has been prepared for:
1. Entities to whom Ind AS is applicable and
2. Entities to whom AS is applicable, viz,
a. Companies to whom Companies, Ac...
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Income Tax |
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SEBI allows top 100 companies to delay AGMs
Posted Date : 27-Mar-2020 , 10:33:02 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Thursday further relaxed compliance norms for companies and said top 100 companies by market capitalisation can hold their annual general meetings (AGMs) a month later than the usual stipulated August 31.
The relaxation comes in the wake of the...
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SEBI |
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Finance Minister announces Rs 1.70 Lakh Cr relief package
Posted Date : 27-Mar-2020 , 10:24:59 am | Posted By CASANSAAR
Insurance cover of Rs 50 Lakh per health worker fighting COVID-19 to be provided under Insurance Scheme
80 crore poor people will to get 5 kg wheat or rice and 1 kg of preferred pulses for free every month for the next three months
20 crore women Jan Dhan account holders to get Rs 500 per mon...
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Finance |
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Benami Law and its interplay with other Laws
Posted Date : 26-Mar-2020 , 11:06:47 am | Posted By CASANSAAR
Benami Law and its interplay with other Laws explained by CA (Adv) Ashwani Taneja, Ex Member - ITAT..
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https://youtu.be/bercqZVBj-w
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Income Tax |
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FinMin writes to RBI for relaxing NPA norms for farm loan
Posted Date : 26-Mar-2020 , 11:05:36 am | Posted By CASANSAAR
The Finance Ministry has asked the Reserve Bank of India (RBI) to relax asset classification norms for farm loans extended by banks following the stress faced by the agriculture sector.
In a letter addressed to RBI Governor Shaktikanta Das, the Ministry said, “it is requested to consider ma...
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NPA |
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PM announces WhatsApp helpdesk number for providing Coronavirus information
Posted Date : 25-Mar-2020 , 10:16:40 pm | Posted By CASANSAAR
The PM announced that the Centre has tied up with WhatsApp to create a helpdesk for providing credible information on coronavirus. The number is 9013151515.
Prime Minister Narendra Modi on March 25 said he was very pained by the misbehaviour of some people against doctors, airlines crew and staff...
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General |
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Happy Vikaram Samavat, Gudi Padwa and Shubh Navratri.
Posted Date : 25-Mar-2020 , 10:29:56 am | Posted By CASANSAAR
May This Navratri be as bright as ever.
May this Navratri bring joy, health and wealth to you.
May the festival of lights brighten up you and your near and dear ones lives.
Happy Vikaram Samavat, Gudi Padwa and Shubh Navratri.
JAI MATA DI...
Stat Home, Stay Safe, Stay Updated.
(We Ca...
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General |
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FM announces several relief measures relating to Statutory and Regulatory compliance matters across sectors
Posted Date : 24-Mar-2020 , 10:19:20 pm | Posted By CASANSAAR
The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. While addressing the press...
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Finance |
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PM Modi announces a complete lockdown across country for next 21 days
Posted Date : 24-Mar-2020 , 10:15:24 pm | Posted By CASANSAAR
Prime Minister Narendra Modi has announced that the entire country will go in complete lockdown from midnight tonight. In his address to the nation this evening, Prime Minister said that this lockdown is in a way of curfew and would be more stringent than Janta curfew.
He said in view of the curr...
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General |
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Relaxations by Finance Minister under Various Laws
Posted Date : 24-Mar-2020 , 04:16:37 pm | Posted By CASANSAAR
Income Tax :- F.Y. 18-19
1. Last date for filing income tax returns for the A.Y. 19-20 will be now 30/06/2020.
2. Interest for delayed payment reduced to 9% only for F.Y.18-19
3. Vivad se Vishwas Scheme has also extended to 30/06/2020 and no 10% additional Charge for now.
4. No extension...
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Income Tax |
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Covid-19 related spends to be treated as CSR activity - MCA
Posted Date : 24-Mar-2020 , 11:14:51 am | Posted By CASANSAAR
With the number of Covid-19 cases increasing in the country, the Centre has now roped in the private sector to help in the efforts to minimise the spread of Coronavirus.
The Corporate Affairs Ministry (MCA) on Monday said that spending of CSR funds for Covid-19 would be treated as eligible CSR ac...
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Income Tax |
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Companies under IBC will need New GST Registration
Posted Date : 24-Mar-2020 , 11:09:09 am | Posted By CASANSAAR
Companies under Insolvency and Bankruptcy process must avail a fresh GST registration within 30 days of a resolution professional being appointed for them.
If the resolution professionals have already been appointed, GST registration will have to be availed within a month, the government ha...
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GST |
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Finance Minister sets Rs 15 Lakh income cap to tax NRIs
Posted Date : 24-Mar-2020 , 10:49:05 am | Posted By CASANSAAR
Finance minister Nirmala Sitharaman softened the contentious budget proposal to tax non-resident Indians, putting in place a threshold of Rs 15 lakh for the levy of tax on incomes emanating from India, while leaving out global incomes from the tax ambit.
Through amendments to the finance bill, sh...
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Income Tax |
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SC invokes its plenary power to extend limitation period of appeals
Posted Date : 24-Mar-2020 , 10:41:00 am | Posted By CASANSAAR
The Supreme Court Monday invoked its plenary powers under Article 142 of the Constitution to extend limitation period of appeals from high courts or tribunals on account of coronavirus (COVID-19) pandemic.
A bench of Chief Justice S A Bobde and Justices L N Rao and Surya Kant said the Court has t...
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Income Tax |
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30 States & UTs in complete lockdown in view of Covid-19 outbreak.
Posted Date : 24-Mar-2020 , 10:27:49 am | Posted By CASANSAAR
As many as 30 States and Union Territories have announced complete lockdown in view of Covid-19 outbreak. The lockdown covers 548 districts across the country.
Partial lockdowns have been imposed in Uttar Pradesh, Madhya Pradesh and Odisha. 17 districts in Uttar Pradesh, 37 districts in Madhya Pr...
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General |
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Announcement for Students - ICAI
Posted Date : 24-Mar-2020 , 10:21:29 am | Posted By CASANSAAR
Dear Students,
We are currently witnessing the impact of COVID 19 Pandemic in India; the exact nature and outreach of which is yet un-folding and this has resulted in public distancing and situation of mass lockdown in some of the States. We at ICAI do understand that the overall environment with...
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Students Zone |
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Income tax Dept may extend March 31 deadline due to coronavirus
Posted Date : 23-Mar-2020 , 08:11:45 pm | Posted By CASANSAAR
The Income Tax Department is "proactively pursuing" with the government extension of the statutory March 31 deadline to complete important tax-related works due to the COVID-19 outbreak, an all-India body of IRS officers said on Monday. It has also urged all I-T department officials to wor...
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Income Tax |
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Rajya Sabha also passes the Finance Bill 2020
Posted Date : 23-Mar-2020 , 07:07:17 pm | Posted By CASANSAAR
Rajya Sabha also passed the Finance Bill 2020.
Rajya Sabha adjourned sine die over #covid19 pandemic
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Finance |
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Lok Sabha passes Finance Bill 2020 without discussion
Posted Date : 23-Mar-2020 , 04:50:51 pm | Posted By CASANSAAR
Lok Sabha passed the Finance Bill 2020 without discussion on Monday.
The Union government said it was an "extraordinary situation", a reference to the coronavirus pandemic, as Finance Minister Nirmala Sitharaman tabled the bill for passage.
The House negated amendments moved by Oppos...
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Finance |
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