Lok Sabha passes IBC (Amendment) Bill 2020
Posted Date : 07-Mar-2020 , 08:27:02 am | Posted By CASANSAAR
The Lok Sabha on Friday passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2019, by voice vote.
Aimed at easing the insolvency resolution process, the Bill was introduced in the house by Finance Minister Nirmala Sitharaman on December 12, last year. After having been scrutinized b...
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Insolvent Professional |
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Comparison between Old & New Income Tax Regime
Posted Date : 07-Mar-2020 , 08:22:00 am | Posted By CASANSAAR
Comparison between Old & New Income Tax Regime | New Income Tax Rates explained by CA. Bhanu Priya.
Watchi this Video,,,
https://youtu.be/vonnPTdtD74
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Income Tax |
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IBC provides lifeline for distressed companies: Sahoo
Posted Date : 06-Mar-2020 , 06:24:59 pm | Posted By CASANSAAR
The insolvency law provides a new lifeline for stressed companies to save them from premature death, IBBI Chairman M S Sahoo said on Friday.
The Insolvency and Bankruptcy Code (IBC) provides for a time-bound and market-linked resolution of stressed assets.
Speaking at an event here, Sahoo said t...
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Insolvent Professional |
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New Express Entry draw sees another 3,900 candidates invited to apply for Canadian PR
Posted Date : 06-Mar-2020 , 10:48:57 am | Posted By CASANSAAR
Canada held a new invitation round through the Express Entry system. A total of 3,900 candidates were issued invitations this round, with a Comprehensive Ranking System (CRS) score requirement of 471.
The cut-off score of 471 is an increase of one point over the previous draw on February 19, whic...
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International Business |
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SEBI launches app for lodging investor grievances
Posted Date : 06-Mar-2020 , 10:02:39 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) on Thursday launched a mobile application for lodging investor grievances.
The app -- Sebi SCORES -- in an effort to improve the ease of doing business so that investors can conveniently lodge their grievances in Sebi Complaints Redress System (SC...
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SEBI |
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Govt imposes withdrawal limit of Rs 50,000 for depositors of Yes Bank for a month
Posted Date : 06-Mar-2020 , 09:53:19 am | Posted By CASANSAAR
The government has imposed a withdrawal limit of 50,000 rupees for depositors of beleaguered private lender Yes Bank for one month. An official notification issued by the finance ministry said that the cap will stay in effect till 3rd of April. The limit on withdrawal comes with a few exemptions, in...
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Banking |
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Bombay HC Dismisses Chanda Kochhar challenge to sacking as ICICI Bank CEO
Posted Date : 05-Mar-2020 , 08:59:04 pm | Posted By CASANSAAR
The Bombay High Court on Thursday dismissed a petition filed by Chanda Kochhar against her termination as managing director and CEO of the ICICI Bank, noting the dispute arises from a contract of personal service.
A division bench of Justices NM Jamdar and MS Karnik accepted the bank's conten...
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Banking |
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CBDT issued FAQs on provisions of Vivad se Vishwas Scheme
Posted Date : 05-Mar-2020 , 08:43:14 pm | Posted By CASANSAAR
If a tax payer availing the income tax dispute settlement scheme- Vivad se Vishwas - has already paid the disputed tax while litigation is on-going then he/she can get a refund of the amount paid which is in excess of the tax payable under the scheme. This was among the 55 clarifications issued by t...
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CBDT |
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EPFO lowers interest rate on deposits to 8.5 pc for 2019-20
Posted Date : 05-Mar-2020 , 04:18:31 pm | Posted By CASANSAAR
Retirement fund body, Employees' Provident Fund Organization, (EPFO) today lowered the interest rate on provident fund deposits to 8.5 per cent for the current financial year.
Earlier it was 8.65 percent. Labour Minister Santosh Gangwar made this announcement in New Delhi after the meeting of...
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General |
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ICAI Release guidance note on audit of bank | Guidance note on bank audit for 2020
Posted Date : 05-Mar-2020 , 09:05:05 am | Posted By CASANSAAR
Guidance Note on Audit of Banks 2020 edition - ICAI
A. Forward and Preface of Past Years
B. Text of Guidance Note on Audit of Banks, 2020 edition
C. Appendices of the Guidance Note on Audit of Banks, 2020 edition
D. Text of Master Circulars Issued by RBI
E. Te...
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Bank Branch Audit |
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Income Tax dept unearths Rs 4,000 Cr TDS default
Posted Date : 05-Mar-2020 , 09:01:01 am | Posted By CASANSAAR
A TDS survey by the income tax department has found many big corporates defaulting on payment of tax deducted at source (TDS). In one case, the tax department found that a major oil company defaulted on TDS payment of Rs 3,200 crores. The defaults were due to lower or non-deduction of taxes at sourc...
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Income Tax |
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Lok Sabha passes Direct Tax 'Vivad se Vishwas' bill
Posted Date : 04-Mar-2020 , 08:38:36 pm | Posted By CASANSAAR
In a move that will help the government mop up revenue before the financial year 2019-20 closes, Lok Sabha on Wednesday passed direct tax amnesty scheme Vivad se Vishwas bill. With mounting tax disputes, the government has had in Union budget come up with No Dispute but Trust Scheme (Vivad Se Vishwa...
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Income Tax |
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Cabinet approves Mega Consolidation in Public Sector Banks {PSBs} with effect from 1.4.2020
Posted Date : 04-Mar-2020 , 04:33:11 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the mega consolidation of ten PSBs into four which include the -
(a) Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank
(b) Amalgamation of Syndicate Bank into ...
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Banking |
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Cabinet approves Companies (Second Amendment) Bill, 2019
Posted Date : 04-Mar-2020 , 04:32:59 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013.
The Bill would remove criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the el...
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Corporate Law |
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SC allows cryptocurrency trading, Cancels RBI's 2018 circular
Posted Date : 04-Mar-2020 , 11:49:17 am | Posted By CASANSAAR
The Supreme Court on Wednesday allowed dealing in cryptocurrency, quashing an earlier ban imposed by the Reserve Bank of India (RBI) on trading in virtual currencies such as Bitcoin.
The development came as a major relief for the sector, as the RBI ban restricted lenders from facilitating b...
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RBI |
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Indian Railway Finance Corporation gets SEBI nod for IPO
Posted Date : 04-Mar-2020 , 08:23:23 am | Posted By CASANSAAR
Indian Railway Finance Corporation (IRFC) has got markets regulator Sebi's approval for its initial public offer (IPO). The IPO comprises fresh issue of 93.8 crore equity shares and an offer for sale of 46.9 crore equity shares by the Government of India.
The observation letter was issued on ...
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Shares & Stock |
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Govt collects Rs 7.52 lakh Cr direct tax in April-January
Posted Date : 04-Mar-2020 , 08:17:45 am | Posted By CASANSAAR
The government has collected over Rs 7.52 lakh crore as direct taxes till January 31 of the current fiscal, Parliament was informed on Tuesday. The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on March 31, at Rs 11.70 lakh crore.
&q...
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Income Tax |
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Ajay Bhushan Pandey appointed as the new Finance Secretary
Posted Date : 04-Mar-2020 , 08:15:58 am | Posted By CASANSAAR
Government of India appointed the current Revenue Secretary Ajay Bhushan Pandey as the new Finance Secretary.
Pandey replaces current Finance Secretary Rajiv Kumar.
The Appointments Committee of the Cabinet has approved the appointment.
Pandey, a 1984 batch Indian Administrative Service off...
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Finance |
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Major Racket of Fake Invoicing of Rs.7896 Cr Busted Involving Network of 23 Shell Companies
Posted Date : 04-Mar-2020 , 07:56:21 am | Posted By CASANSAAR
The officers of Anti Evasion wing of Central Tax, Delhi West Commissionerate have busted a major racket of fake invoicing of Rs.7896 crore involving fraudulent Input Tax Credit (ITC) of Rs.1709 crore, using a network of 23 shell companies, which procured and generated invoices without actual supply ...
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GST |
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Over 4.78 lakh income tax appeals pending at end of March 2019
Posted Date : 03-Mar-2020 , 10:29:29 am | Posted By CASANSAAR
The number of income tax appeals pending at various judicial fora stood at 4,78,801 at the end of the financial year 2018-19, the Lok Sabha was informed on Monday.
During the Union Budget 2020 presentation, the ‘Vivad se Vishwas’ scheme was announced to provide for dispute resolution ...
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Income Tax |
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CARO 2020 | Companies (Auditor's Report) Order, 2020
Posted Date : 03-Mar-2020 , 10:28:16 am | Posted By CASANSAAR
CARO 2020 - Clause by Clause discussion on CARO 2020, Companies (Auditor's Report) Order, 2020 by CA. Anmol Rana.
Watch This Video,,,,
https://youtu.be/vxtH9_A95nA
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Auditing |
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RBI raps PSU bank heads over poor credit growth
Posted Date : 03-Mar-2020 , 10:26:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday pulled up heads of public sector banks (PSBs) for poor credit growth, two top executives of state-owned banks said, requesting anonymity.
In a post-policy meeting, RBI governor Shaktikanta Das and deputy governor N.S. Vishwanathan also tried to find...
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RBI |
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6.35 Cr ITRs e-filed till mid-February in FY 20
Posted Date : 03-Mar-2020 , 10:20:41 am | Posted By CASANSAAR
As many as 6.35 crore income tax returns have been filed electronically till mid February this fiscal, up from 6.28 crore in 2018-19, Parliament was informed on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Anurag Singh Thakur said the number of assessees f...
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ITR |
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GST deptt detect fake invoices, arrest 3 in Delhi
Posted Date : 03-Mar-2020 , 10:15:54 am | Posted By CASANSAAR
GST department have arrested three persons involved in floating 17 fake firms and wrongfully availing credit on taxes paid on input worth Rs 436 crore by issuing fake invoices.
Officers of the Central GST Delhi East Commissionerate detected that the fraudulently availed input tax credit by ...
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GST |
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Provision for Quarterly Payment of GST by MSMEs
Posted Date : 02-Mar-2020 , 05:08:17 pm | Posted By CASANSAAR
The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore.
Department of Revenue have informed that there is n...
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GST |
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Firm busted for issuing fake invoices to claim input tax credit of goods worth Rs 436 crores
Posted Date : 02-Mar-2020 , 04:42:54 pm | Posted By CASANSAAR
Officers of Anti-Evasion, Central GST Delhi East Commissionerate have unravelled a major operation of Circular Trading, involving use of fake invoices to claim fraudulent refunds of Input Tax Credit. Shri Asif Khan, Shri Rajeev Chhatwal and Shri Arjun Sharma, operating a total of 17 fake firms, proc...
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Income Tax |
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Audit committees need to play more active role - CEPR
Posted Date : 02-Mar-2020 , 08:33:20 am | Posted By CASANSAAR
Audit committees of boards of companies need to play a more active role for stronger checks against all financial and governance related wrongdoings, right-leaning think tank Centre for Economic Policy Research (CEPR) has said.
There is a need to clearly define the responsibility and accountabili...
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Auditing |
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Govt planning to launch lottery offer under the GST from 1 April
Posted Date : 02-Mar-2020 , 08:29:57 am | Posted By CASANSAAR
The government is planning to launch lottery offer under the Goods and Services Tax (GST) from April 1 by conducting lucky draws every month for invoices of all business to customer (B2C) transactions.
The lottery scheme is being envisaged by the revenue department to encourage customers to take ...
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GST |
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GST Revenue collection for February, 2020 Rs.1,05,366 Cr
Posted Date : 02-Mar-2020 , 08:23:17 am | Posted By CASANSAAR
The gross GST revenue collected in the month of February, 2020is Rs. 1,05,366crore of which CGST is Rs. 20,569crore, SGST is Rs. 27,348crore, IGST is Rs. 48,503crore (including Rs. 20,745crore collected on imports) and Cess is Rs. 8,947 crore (includ...
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GST |
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Punjab to reduce govt employees' retirement age to 58 years
Posted Date : 02-Mar-2020 , 08:19:29 am | Posted By CASANSAAR
Reducing government employees' retirement age from 60 to 58, free education for all students up to Class 12 and a debt waiver for landless farmers were some of the major announcements made by Punjab Finance Minister Manpreet Singh Badal in the 2020-21 budget on Friday.
Badal on Friday present...
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General |
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