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Extension of date for filing of Income Tax Returns for taxpayers in Kerala
Posted Date : 29-Aug-2018 , 08:23:40 am | Posted By CASANSAAR

In view of the disruption caused due to severe floods in Kerala, the Central Board of Direct Taxes (CBDT) hereby further extends the “Due Date” for furnishing Income Tax Returns from 31st August, 2018 to 15th September, 2018 for all Income Tax assessees in the State of Kerala, who were l...

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Category : ITR | Comments : 0 | Hits : 367

Rs 3 lakh crore loans to come under IBC for resolution
Posted Date : 28-Aug-2018 , 08:32:24 am | Posted By CASANSAAR

As much as Rs 3 lakh crore worth of loans of 70-80 companies is likely to come in for resolution under the Insolvency and Bankruptcy Code (IBC) starting early next week. The Reserve Bank of India’s February 12 circular on restructuring bad loans had mandated banks to take loan accounts whic...

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Category : Insolvent Professional | Comments : 0 | Hits : 418

Govt panel suggests ways to curb shell companies, de-clog NCLT
Posted Date : 28-Aug-2018 , 08:29:32 am | Posted By CASANSAAR

A Government committee has recommended companies to declare commencement of business in order to curb shell companies. It has also suggested capping independent directors’ remuneration. The report also touches upon certain essential elements related to corporate governance such as declarati...

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Category : Corporate Law | Comments : 0 | Hits : 348

Govt seeks applications to fill judicial, technical member posts at NCLT
Posted Date : 28-Aug-2018 , 08:27:27 am | Posted By CASANSAAR

The government has sought applications for filling up as many as 36 posts of judicial and technical members at the National Company Law Tribunal (NCLT). In two separate circulars dated August 23, the Ministry of Corporate Affairs said it has been decided to fill up 14 and 22 vacancies of judicial an...

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Category : Insolvent Professional | Comments : 0 | Hits : 505

New RBI unit to track blockchain and Artificial Intelligence
Posted Date : 28-Aug-2018 , 08:25:41 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has formed a new unit within the central bank to beef up its own intellectual capital in the face of emerging technologies like cryptocurrency, blockchain and artificial intelligence.  This new unit will research and possibly draft rules and supervise new emer...

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Category : RBI | Comments : 0 | Hits : 397

NCLT orders liquidation of Lanco Infratech
Posted Date : 28-Aug-2018 , 08:16:27 am | Posted By CASANSAAR

The Hyderabad bench of National Company Law Tribunal today ordered the liquidation of Lanco Infratech after the committee of creditors rejected the revised resolution plan submitted by Thriveni Earthmovers, a Tamil Nadu-based infra and mining firm. The bench headed by judicial member Ratakonda Mu...

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Category : Insolvent Professional | Comments : 0 | Hits : 413

60 stressed loan accounts worth Rs3 lakh crore under RBI scanner
Posted Date : 27-Aug-2018 , 07:55:13 am | Posted By CASANSAAR

As RBI’s August 27 deadline to resolve large stressed assets looms large, the Indian banking system is all set to face another round of insolvency proceedings. As per a circular issued on February 12, the RBI asked banks to begin the resolution of stressed loans at the earliest when there i...

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Category : RBI | Comments : 0 | Hits : 436

CBDT asked to clear ambiguity over STT on physical settlement in F&O
Posted Date : 24-Aug-2018 , 04:26:02 pm | Posted By CASANSAAR

The Bombay High Court today asked the Central Board of Direct Taxes (CBDT) to clear the ambiguity over the securities transactions tax (STT) rate on physical delivery of shares in the equity derivatives segment. A division bench of Justices B R Gavai and M S Karnik was hearing a petition filed by th...

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Category : CBDT | Comments : 0 | Hits : 405

Tata Sons cannot force Cyrus Mistry to sell his shares - NCLAT
Posted Date : 24-Aug-2018 , 04:21:58 pm | Posted By CASANSAAR

In a partial relief to Cyrus Mistry, the National Company Law Appellate Tribunal (NCLAT) on Friday stated that Tata Sons cannot force him to sell his shares. However, the two-judge bench headed by Justice S.J. Mukhopadhyaya, declined Mistry's appeal to stay the conversion of Tata Sons into a pri...

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Category : Corporate Law | Comments : 0 | Hits : 413

Arun Jaitley resumes charge of finance and corporate affairs ministries
Posted Date : 24-Aug-2018 , 04:19:55 pm | Posted By CASANSAAR

President Ram Nath Kovind reassigned the portfolios of Finance and Corporate Affairs to Union minister Arun Jaitley on Thursday. A press statement released from the Rashtrapati Bhavan said that the President, "advised by the Prime Minister" and has directed that the portfolios be assigned ...

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Category : MCA | Comments : 0 | Hits : 439

MCA seeks clarifications from Jet Airways Auditors on results announcement
Posted Date : 23-Aug-2018 , 08:22:57 am | Posted By CASANSAAR

The Ministry of Corporate Affairs is seeking clarifications from the auditors of Jet Airways on the airline deferring announcement of its June quarter results, sources said.  The board of crisis-hit Jet Airways -- which is working on ways to reduce costs amid financial woes -- on August 9 de...

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Category : MCA | Comments : 0 | Hits : 564

Creditors have recovered over Rs. 50,000 cr. under IBC’
Posted Date : 22-Aug-2018 , 10:51:40 am | Posted By CASANSAAR

M.S. Sahoo, chairperson of Insolvency and Bankruptcy Board of India (IBBI) talks about the success of the IBC process, challenges and the way forward. Edited excerpts: What’s the status of resolution of cases under the IBC in terms of resolution? I don’t have the exact figures. I think...

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Category : Insolvent Professional | Comments : 0 | Hits : 541

SEBI extends deadline for FPIs to provide list of beneficial owners
Posted Date : 22-Aug-2018 , 09:47:14 am | Posted By CASANSAAR

In a relief to FPIs, markets regulator Sebi today extended the deadline by two months till December for providing a list of beneficial owners, and assured them that issues raised will be looked into by an expert panel. The regulator, in April, had asked Category II and III foreign portfolio inves...

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Category : SEBI | Comments : 0 | Hits : 595

Last date for filing GST returns in Kerala, Mahe and Kodagu extended
Posted Date : 22-Aug-2018 , 04:08:01 am | Posted By CASANSAAR

In view of the disruption caused due to severe floods in Kerala, Mahe (Puducherry) and Kodagu (Karnataka), the Competent Authority has extended the due dates for filing of the following GST returns by taxpayers registered in these areas:   Sl. No. Return Class of taxpayers...

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Category : GST | Comments : 0 | Hits : 1440

Due Date for filing GSTR 3B of July 2018 extended to 24th Aug, 2018
Posted Date : 21-Aug-2018 , 06:08:40 pm | Posted By CASANSAAR

Last date of filing GSTR-3B for the month of July, 2018 has been extended to 24th Aug, 2018. Official Order is expected in sometime. Official Order is expected in sometime Source - GST Portal https://www.gst.gov.in ...

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Category : GST | Comments : 0 | Hits : 791

CBDT extends income tax return filing deadline to August 31
Posted Date : 21-Aug-2018 , 02:40:00 pm | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has extended the deadline of filing income tax returns from July 31 to August 31. The decision comes days before the deadline and provides relief to individuals who were required to file returns by the month end. In a couple of tweets, The finance ministry sa...

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Category : Income Tax | Comments : 0 | Hits : 666

SC ruled that IBC will override Income-Tax rules on claims
Posted Date : 21-Aug-2018 , 01:13:48 pm | Posted By CASANSAAR

The Supreme Court has ruled that the Insolvency and Bankruptcy Code (IBC) will override Income-Tax rules on claims. “Given Section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the Code will override anything inconsistent contained in any other enactment, including the...

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Category : Insolvent Professional | Comments : 0 | Hits : 450

Govt invites comments on Proposed Amendments to Income-tax Rules,1962
Posted Date : 21-Aug-2018 , 12:17:26 pm | Posted By CASANSAAR

Income-tax Rules, 1962 (I.T.Rules) prescribe Form No.13 for filing an application for seeking a certificate under Section 197 and/or under Section 206C (9) of the Income-tax Act, 1961 (the Act), for no deduction of tax or deduction/collection of tax at lower rate.   In order to rationalise ...

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Category : Income Tax | Comments : 0 | Hits : 421

No ATM to be replenished with cash after 9 pm from next year
Posted Date : 21-Aug-2018 , 12:04:57 pm | Posted By CASANSAAR

No ATM will be replenished with cash after 9 PM in cities and 6 PM in rural areas from next year.  In a notification, Home Ministry said the deadline for putting money in the ATMs located in Naxal-hit areas is 4 PM. It said private cash handling agencies must collect money from the banks in ...

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Category : Banking | Comments : 0 | Hits : 386

GST Council may propose inclusion of ATF under GST
Posted Date : 20-Aug-2018 , 09:32:13 pm | Posted By CASANSAAR

Giving in to demand from the airlines, the GST Council may propose to bring Aviation Turbine Fuel (ATF) under the indirect tax regime in its next meeting. The aviation ministry has been pitching for inclusion of ATF in the goods and services tax regime, stating that the move will help cut the cos...

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Category : GST | Comments : 0 | Hits : 343

RBI staff to go on mass leave on Sept 4, 5 over pension issues
Posted Date : 20-Aug-2018 , 09:06:38 pm | Posted By CASANSAAR

The United Forum of Reserve Bank Officers and Employees today said its members will go on mass casual leave on September 4 and 5, pressing their long-pending demands over pension related issues. According to a press release, United Forum today held a silent demonstration near the RBI office here ...

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Category : RBI | Comments : 0 | Hits : 283

Income tax deptt eyes over Rs 100 Bn from Struck off Companies
Posted Date : 18-Aug-2018 , 08:33:28 am | Posted By CASANSAAR

The income-tax (I-T) department is estimating tax recovery of over Rs 100 billion from companies that have been struck off from records of the Registrar of Companies (RoC) last year. The tax department is in the process of filing a petition before the National Company Law Tribunal (NCLT) for rest...

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Category : Income Tax | Comments : 0 | Hits : 1039

Reporting of GST, GAAR details in tax audit report deferred till Mar 2019
Posted Date : 18-Aug-2018 , 08:21:42 am | Posted By CASANSAAR

India’s direct taxes body has deferred till March 31, 2019, the proposed Goods and Services Tax (GST)and General Anti Avoidance Reporting under the amended tax audit form. The Central Board of Direct Taxes has issued a circular to this effect following representations from the industry.  ...

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Category : Tax Audit | Comments : 0 | Hits : 822

Income Tax collection at record Rs 10.03 lakh Cr in 2017-18 - CBDT
Posted Date : 18-Aug-2018 , 08:18:03 am | Posted By CASANSAAR

Income Tax collection in the country stood at a record Rs 10.03 lakh crore during 2017-18, the Central Board of Direct Taxes (CBDT) on Friday said. Addressing a two-day conference of Income Tax administrators of Eastern Zone here, Shabri Bhattasali, member of CBDT said that during 2017-18, a reco...

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Category : Income Tax | Comments : 0 | Hits : 700

SEBI cuts listing time for public issue of debt securities
Posted Date : 17-Aug-2018 , 09:16:14 am | Posted By CASANSAAR

Markets regulator Sebi today drastically cut the timeline for listing of debt securities to six days from 12 days at present, in order to make the existing process of issuance of such securities simpler and cost effective. Besides, the Securities and Exchange Board of India (Sebi) has made ASBA (...

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Category : SEBI | Comments : 0 | Hits : 507

18% GST on salary paid for services by a firm to its branch offices in other states
Posted Date : 17-Aug-2018 , 09:13:02 am | Posted By CASANSAAR

Salary for services like accounting, IT, human resource, provided by the head office of a company to its branch offices in other states will attract 18 per cent GST.  According to an order passed by the Karnataka bench of the Authority for Advance Ruling (AAR), the activities between two off...

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Category : GST | Comments : 0 | Hits : 2177

Lenders can sell assets of personal guarantors under IBC - SC
Posted Date : 16-Aug-2018 , 08:55:53 am | Posted By CASANSAAR

The Supreme Court on Tuesday ruled that banks can sell off assets of personal guarantors even when corporate resolution proceedings are on against the corporate debtor under the Insolvency and Bankruptcy Code. Setting aside the order of the NCLAT that held that the personal guarantors, who are ge...

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Category : Insolvent Professional | Comments : 0 | Hits : 1300

RBI puts 200 stressed accounts under scanner
Posted Date : 16-Aug-2018 , 08:49:33 am | Posted By CASANSAAR

As part of its effort to contain rising non-performing assets (NPAs), the RBI has started scrutiny of 200 large accounts to assess level of stress and provisioning done against them by respective banks. Reserve Bank of India (RBI) is examining as to whether banks have followed prudential norms in...

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Category : RBI | Comments : 0 | Hits : 932

SC upholds HC decision on Form C availability after GST
Posted Date : 16-Aug-2018 , 08:45:56 am | Posted By CASANSAAR

The Supreme Court has upheld the decision of the Punjab and Haryana High Court that Form – ‘C’ should be made available to an assessee even after implementation of the goods and services tax (GST). A Bench led by justice Ranjan Gogoi, while dismissing a Haryana government’...

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Category : GST | Comments : 0 | Hits : 2593

ICAI Election 2018 - Draft List of Voters as on 1.4.2018
Posted Date : 16-Aug-2018 , 08:26:15 am | Posted By CASANSAAR

ELECTION 2018 14th August, 2018 ANNOUNCEMENT For Attention of the Prospective Candidates and Members at large Sub: Election 2018 - Draft List of Voters as on 1.4.2018 - Views/Suggestions on proposed Polling Booths I. Members may be aware that the next elections to the Council a...

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Category : ICAI Election | Comments : 0 | Hits : 2594

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