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Govt plans insurance scheme for GST-registered small traders
Posted Date : 12-Jan-2019 , 08:47:10 am | Posted By CASANSAAR

Ahead of the general elections, the government is considering an insurance scheme for lakhs of GST-registered small and medium scale traders with a view to address certain concerns of this segment. According to sources, the scheme may provide accidental insurance cover on the lines of Pradhan Man...

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Category : GST | Comments : 0 | Hits : 281

SEBI brings cybersecurity framework for mutual funds and AMCs
Posted Date : 11-Jan-2019 , 09:53:25 am | Posted By CASANSAAR

Markets regulator SEBI on Thursday put in place a robust and strict cybersecurity framework for mutual funds and asset management companies (AMCs) to guard against breaches of data leak. The new norms would be effective from April 1, 2019, Securities and Exchange Board of India (SEBI) said in a c...

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Category : SEBI | Comments : 0 | Hits : 226

Recommendations made by the GST Council in its 32nd Meeting
Posted Date : 10-Jan-2019 , 08:37:34 pm | Posted By CASANSAAR

The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi gave approval for  the following:          i.  Changes made by CGST (Amendment) Act,2018, IGST (Amendme...

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Category : GST | Comments : 0 | Hits : 360

Major Decisions taken by the GST Council in its 32nd Meeting
Posted Date : 10-Jan-2019 , 08:35:43 pm | Posted By CASANSAAR

The GST Council in its 32nd Meeting held today under the Chairmanship of the Union Minister of Finance & Corporate Affairs, Shri Arun Jaitley in New Delhi took the following major decisions to give relief to MSME (including Small Traders) among others - 1.   Increase in Turnover Lim...

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Category : GST | Comments : 0 | Hits : 339

GST exemption limit for SMEs Doubled
Posted Date : 10-Jan-2019 , 03:45:52 pm | Posted By CASANSAAR

The GST Council on Thursday doubled the Goods and Services Tax (GST) exemption limit for small and medium enterprises (SMEs) from April 2019, according to sources. Besides, companies with up to Rs 4 million turnover in a year will be exempted from GST payment. Relief for the real estate sector is al...

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Category : GST | Comments : 0 | Hits : 465

GST composition scheme limit hiked to Rs 1.5 crore from April 1
Posted Date : 10-Jan-2019 , 03:27:41 pm | Posted By CASANSAAR

The 32nd Goods and Services Tax (GST) Council meeting concluded today with a list of decisions made that would impact medium and small-scale industries. Here's what was decided:  1) From April 1, composition scheme limit will be increased from Rs 1 crore to Rs 1.5 crore. Those who come u...

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Category : GST | Comments : 0 | Hits : 532

Budget Session from Jan 31 To Feb 13 - Interim Budget on February 1
Posted Date : 09-Jan-2019 , 06:14:59 pm | Posted By CASANSAAR

The budget session of Parliament is likely to be held from January 31 to February 13, 2019 and an interim budget is expected to be presented by finance minister Arun Jaitley on February 1, news agency PTI reported quoting government sources. The Cabinet Committee on Political Affairs (CCPA) delib...

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Category : Budget | Comments : 0 | Hits : 288

Auditors barred from putting a value on companies they are Auditing
Posted Date : 09-Jan-2019 , 02:31:54 pm | Posted By CASANSAAR

An income tax tribunal has barred auditors from issuing valuation certificates to the companies they are auditing. This is set to impact several tax disputes around valuations in companies including angel tax disputes involving start-ups.  The Bangalore Income Tax Appellate Tribunal (ITAT) s...

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Category : Auditing | Comments : 0 | Hits : 1224

RBI issues guidelines on use of Tokenisation to make contactless card payments safer
Posted Date : 09-Jan-2019 , 08:21:56 am | Posted By CASANSAAR

In a move aimed at enhancing the safety and security of the payment systems in the country, the Reserve Bank of India (RBI) on Tuesday issued guidelines on the use of tokenisation - a way to mask sensitive card data with unique symbols or elements. The tokenisation for debit/credit/prepaid card t...

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Category : RBI | Comments : 0 | Hits : 439

GST Council to partner with NHAI to curb e-way bill fraud
Posted Date : 09-Jan-2019 , 08:12:09 am | Posted By CASANSAAR

The Goods and Services Tax (GST) Council will join hands with the National Highways Authority of India (NHAI) to curb e-way bill fraud, sources said on Tuesday. As per the source, the GST Council, in its 32nd meeting that is scheduled to be held on January 10, will discuss the use of vehicle's ...

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Category : GST | Comments : 0 | Hits : 403

GST, excise, service tax evasion of Rs 48,555 Cr detected during Apr-Dec
Posted Date : 09-Jan-2019 , 08:09:51 am | Posted By CASANSAAR

GST, central excise and service tax evasion detected during the April-December period of the current financial year stood at Rs 48,555 crore, the highest in two years. During the period, 8,917 cases of evasion of central excise, service tax and GST were detected involving an amount of Rs 48,555.0...

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Category : GST | Comments : 0 | Hits : 179

Nandan Nilekani to head RBI committee on digital payments
Posted Date : 08-Jan-2019 , 05:28:18 pm | Posted By CASANSAAR

The Reserve Bank of India on Tuesday appointed Infosys co-founder Nandan Nilekani as chairman of a committee to look into the digitisation of payments in India. Nilekani, who is known as the architect of the Aadhaar, and the former Unique Identification Authority of India (UIDAI) chairman, will be a...

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Category : RBI | Comments : 0 | Hits : 296

Cabinet approves 10% reservation for economically backward upper castes in Govt Jobs
Posted Date : 07-Jan-2019 , 03:17:37 pm | Posted By CASANSAAR

The Union Cabinet on January 7 approved a 10 percent reservation for economically backward upper castes in government jobs. A constitutional amendment bill would be moved in Parliament to this effect on January 8. The benefit would be extended to those whose family income is under Rs 8 lakh pe...

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Category : General | Comments : 0 | Hits : 1296

Will take steps if there is liquidity shortage: RBI Governor
Posted Date : 07-Jan-2019 , 02:49:51 pm | Posted By CASANSAAR

Reserve Bank Governor Shaktikanta Das Monday said the central bank will take steps if there is a liquidity shortage in the economy, though currently liquidity needs are largely met. Das, who met associations of small and medium enterprises in the national capital, will meet non-banking financial ...

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Category : RBI | Comments : 0 | Hits : 104

NCLT removes Auditor for the first time under new Companies Act
Posted Date : 07-Jan-2019 , 09:32:58 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT) has removed the statutory auditor of Zen Shaving and allowed the Ministry of Corporate Affairs (MCA) to appoint an independent director in his place. This is the first time the NCLT has passed such an order against an auditor under the Companies Act, 2013. ...

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Category : Auditing | Comments : 0 | Hits : 1597

MCA to collect KYC details of Companies, CA, CS & CMAs
Posted Date : 07-Jan-2019 , 04:02:13 am | Posted By CASANSAAR

In efforts to weed out unscrupulous elements, the Corporate Affairs Ministry plans to collect KYC details of companies, chartered accountants, cost accountants and company secretaries.  A senior ministry official said the exercise would help in having a "sanitised list" of companie...

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Category : Income Tax | Comments : 0 | Hits : 1354

Banking services may be hit as bank unions call for strike on January 8-9
Posted Date : 07-Jan-2019 , 09:27:33 am | Posted By CASANSAAR

Banking services are likely to be affected on January 8-9 as a section of PSU bank employees would go on a two-day strike in support of the nation-wide strike call given by 10 central trade unions against the government's alleged anti-worker policy.  The All India Bank Employees Associat...

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Category : Banking | Comments : 0 | Hits : 318

Loans to wife written off by Jackie Shroff be treated as business loss - ITAT
Posted Date : 07-Jan-2019 , 09:23:50 am | Posted By CASANSAAR

The Mumbai bench of the Income-Tax Appellate Tribunal (ITAT) has allowed a sum of Rs 11.35 crore advanced by actor Jackie Shroff to his wife Ayesha and her production house to be treated as a business loss. As there was no hope of recovery of these advances, during the financial year 2008-09, the ac...

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Category : Income Tax | Comments : 0 | Hits : 455

Income Tax Deptt withdraws circular on transfer of shares for No or Inadequate Consideration
Posted Date : 07-Jan-2019 , 09:18:33 am | Posted By CASANSAAR

The Income Tax Department has withdrawn a four-day old circular relating to transfer of shares for “no or inadequate consideration”, saying the matter is sub-judice. The Central Board of Direct Taxes (CBDT) had on December 31, 2018, issued a circular clarifying applicability of sectio...

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Category : Income Tax | Comments : 0 | Hits : 373

CBDT directs taxman to maximise collection efforts as growth rate not satisfactory
Posted Date : 07-Jan-2019 , 09:13:48 am | Posted By CASANSAAR

With growth in direct tax collections sluggish, the CBDT has directed income tax department officials to “maximise” their efforts and conduct targeted surveys and file court cases against those who wilfully evade taxes. CBDT Chairman Sushil Chandra has shot off a letter to all Princip...

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Category : CBDT | Comments : 0 | Hits : 108

ICAI reports slams statutory auditors of IL&FS
Posted Date : 05-Jan-2019 , 09:38:35 am | Posted By CASANSAAR

A preliminary report of the Institute of Chartered Accountants of India (ICAI) has said that the statutory auditors of IL&FS did not carry out their functions in a proper manner, highlighting a number of negligences on their part. Being a regulatory body of auditors, the ICAI’s prelimin...

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Category : ICAI | Comments : 0 | Hits : 827

Lok Sabha passes Companies (Amendment) Bill
Posted Date : 05-Jan-2019 , 09:31:43 am | Posted By CASANSAAR

Lok Sabha on Friday passed the Companies( Amendment) Bill, 2018 that seeks to improve ease of doing business, declog the NCLT and prescribe strong action against non-compliant companies.  The bill was passed with a voice vote with amendments moved by the Minister of State for Corporate Affai...

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Category : Companies Act | Comments : 0 | Hits : 625

Bank of Baroda to become larger than ICICI Bank from 1 April
Posted Date : 03-Jan-2019 , 10:34:55 pm | Posted By CASANSAAR

Powered by the business of Dena Bank and Vijaya Bank, Bank of Baroda will become larger than ICICI Bank from 1 April following completion of the amalgamation process of three state-run banks. After State Bank of India (SBI) and HDFC Bank, with businesses of Rs 45.85 trillion and Rs 15.8 trillion res...

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Category : Banking | Comments : 0 | Hits : 304

SEBI allows custodial services in commodity market
Posted Date : 03-Jan-2019 , 10:26:20 pm | Posted By CASANSAAR

Markets regulator Securities and Exchange Board of India (SEBI) has allowed custodial services in the commodity derivatives market.  The move is aimed at enabling the participation of institutional investors such as mutual funds and portfolio managers in the commodity derivatives market.&nbs...

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Category : SEBI | Comments : 0 | Hits : 69

RBI enforces Rs 14-crore penalty on 7 banks for flouting norms
Posted Date : 02-Jan-2019 , 06:46:19 pm | Posted By CASANSAAR

The Reserve Bank of India has undertaken enforcement action against seven banks (including a payments bank and a cooperative bank) and has imposed an aggregate penalty of Rs 14.20 crore for a wide range of contraventions in the period between July 1, 2018 and October 31, 2018, according to the lates...

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Category : RBI | Comments : 0 | Hits : 235

Swap ratio fixed for Vijaya Bank, BoB, Dena Bank merger
Posted Date : 02-Jan-2019 , 06:32:49 pm | Posted By CASANSAAR

Bank of Baroda announced on January 2 the fair equity share exchange ratio for shareholders of Vijaya Bank and Dena Bank. According to a release filed with the exchanges, Bank of Baroda said Vijaya Bank shareholders will receive 402 shares of BoB for 1,000 shares held of Vijaya Bank. Dena Bank&rs...

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Category : Merger & Acquisitions | Comments : 0 | Hits : 194

Cabinet approves merger of Dena, Vijaya Bank with Bank of Baroda
Posted Date : 02-Jan-2019 , 06:21:13 pm | Posted By CASANSAAR

The Union Cabinet approved the first-ever three-way merger in the history of Indian banking with the amalgamation of state-owned Vijaya Bank, Dena Bank and Bank of Baroda (BoB). "There will be no impact on the service conditions of the employees and there will be no retrenchment followi...

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Category : Banking | Comments : 0 | Hits : 156

Branch Managing Committees Election Dates announced by ICAI
Posted Date : 02-Jan-2019 , 06:24:44 am | Posted By CASANSAAR

ICAI have announced the Election Dates for Managing Committees Member of Branches. Each Branch having upto 500 Members shall be governed by a Managing Committee composed of 5 Members instead of 6 Members, as at present.      Each Branch having more than 500 Members shall be go...

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Category : ICAI Election | Comments : 0 | Hits : 2810

NCLT allows reopening of IL&FS’s Past accounts
Posted Date : 02-Jan-2019 , 10:30:05 am | Posted By CASANSAAR

The Mumbai bench of the National Company Law Tribunal (NCLT) on allowed the Govt to reopen and recast the accounts of Infrastructure Leasing and Financial Services Ltd (IL&FS) and its subsidiaries, IL&FS Transportation Network Ltd and IL&FS Financial Services, for the past five years. ...

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Category : Insolvent Professional | Comments : 0 | Hits : 151

Govt waives late fee for non-filers of GST returns between July 17-Sept 18
Posted Date : 02-Jan-2019 , 10:20:56 am | Posted By CASANSAAR

The government has waived late fees for non-filers of summary and final sales returns for the July 2017-September 2018 period by businesses registered under the goods and services tax (GST). However, these businesses would have to file their returns for the 15-month period by March 31, 2019, the ...

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Category : GST | Comments : 0 | Hits : 594

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