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No change in the GST law and taxation relating to farmers since July, 2017
Posted Date : 28-May-2018 , 08:33:46 pm | Posted By CASANSAAR

No change in the GST law and taxation relating to farmers since July, 2017; Support Services to agriculture, forestry, fishing or animal husbandry are exempt from GST; Agriculturists are also exempted from taking GST Registration. It has been reported in certain section of the Press that certain ...

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Category : GST | Comments : 0 | Hits : 297

GST levied only on final clearance of goods from warehouse - CBIC
Posted Date : 27-May-2018 , 01:01:11 pm | Posted By CASANSAAR

The Central Board of Indirect Taxes and Customs (CBIC) has asked its field offices to levy GST on goods in customs warehouse only at the time of final clearance. The move is aimed at ensuring ease of doing business for importers, experts said. In a circular to principal chief commissioners and...

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Category : GST | Comments : 0 | Hits : 289

Income Tax dept releases all e-filing forms for AY 2018-19
Posted Date : 27-May-2018 , 12:51:18 pm | Posted By CASANSAAR

The Income Tax department has released all the e-filing forms for the assessment year 2018-19, and has set the last date for filing income tax returns at  July 31. All the forms are available for download on the income tax department's official website. The Central Board of Direct Tax...

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Category : Income Tax | Comments : 0 | Hits : 203

RBI penalised 12 banks for various violations in last 6 years
Posted Date : 26-May-2018 , 10:33:03 am | Posted By CASANSAAR

In response to an RTI query, the RBI has informed that in the past 6 years, it has penalised only 12 banks for various violations. Without giving information on how many banks are yet to pay the penalty, the RBI list gives names of ICICI (Rs 589 million), Yes Bank (Rs 70 million), Airtel Payments Ba...

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Category : RBI | Comments : 0 | Hits : 543

ICAI issues valuation standards for members
Posted Date : 26-May-2018 , 10:15:08 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI has issued a framework for consistent, uniform and transparent valuation practices for its members. The Institute of Chartered Accountants of India (ICAI), in a release, said that it has issued valuation standards as a benchmark for valuation practices appli...

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Category : ICAI | Comments : 0 | Hits : 589

CBDT Chairman Sushil Chandra gets another one-year extension
Posted Date : 25-May-2018 , 09:14:09 pm | Posted By CASANSAAR

Senior bureaucrat Sushil Chandra was given one-year extension as the chairman of the Central Board of Direct Taxes (CBDT) till May next year.  This is his second extension after taking over as the chief of the CBDT, the apex policy making body of the Income Tax department, on November 1, 201...

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Category : Income Tax | Comments : 0 | Hits : 133

Govt readies IBC 2.0 to cope with increasing challenges
Posted Date : 25-May-2018 , 11:21:17 am | Posted By CASANSAAR

Last June, when the RBI ordered banks to initiate insolvency action against a dozen companies, resolution was expected by the end of the last financial year. But a series of legal cases by powerful promoters who are set to lose control over their companies, and a battle among rivals to acquire contr...

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Category : Insolvent Professional | Comments : 0 | Hits : 284

CBDT chairman among top I-T officials under CBI lens in Nirav Modi case
Posted Date : 25-May-2018 , 12:28:00 am | Posted By CASANSAAR

The Nirav Modi case is becoming a sticky wicket for many investigators. Now, top income tax officials including Sushil Chandra, Chairman of the Central Board of Direct Taxes (CBDT), have come under the CBI lens for the alleged misreporting and sharing of investigation details with extortionists. ...

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Category : Banking | Comments : 0 | Hits : 1504

Roll out of e-Way Bill system for intra-State movement of goods in the Maharashtra, Manipur and Union Territories
Posted Date : 24-May-2018 , 07:56:53 pm | Posted By CASANSAAR

As per the decision of the GST Council, e-Way Bill system for inter-State movement of goods has been rolled out from 1st April, 2018. As on 23rd May, 2018, e-Way Bill system for intra-State movement of goods has been rolled out in the States of Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Gujara...

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Category : GST | Comments : 0 | Hits : 204

Arrest made by Central Tax, Delhi East Commissionerate involving GST evasion of Rs. 28 Crore
Posted Date : 24-May-2018 , 03:30:03 am | Posted By CASANSAAR

Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to Copper industry. It is the first case of arrest in Delhi, under the new tax regi...

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Category : GST | Comments : 0 | Hits : 585

Two Held for Fraud Under GST Act in Delhi
Posted Date : 24-May-2018 , 11:08:53 am | Posted By CASANSAAR

Central Tax, GST Delhi East Commissionerate arrested a Shahdara based father son-duo on 22.05.2018 in case of fraudulent issuance of Input Tax Credit invoices involving evasion of approximately Rs. 28 Crores relating to Copper industry. It is the first case of arrest in Delhi, under the new tax regi...

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Category : GST | Comments : 0 | Hits : 832

FinMin ties up with e-commerce firms to give loans under PMMY
Posted Date : 24-May-2018 , 08:54:46 am | Posted By CASANSAAR

The finance ministry has joined hands with over two dozen e-commerce firms, including major players like Amazon, Flipkart, Ola and Uber, to provide easy finance to small entrepreneurs under the Pradhan Mantri Mudra Yojana (PMMY), a top government official said. The three way partnership between l...

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Category : Finance | Comments : 0 | Hits : 524

Application Form for the ISA Assessment Test June, 2018 - ICAI
Posted Date : 24-May-2018 , 08:52:26 am | Posted By CASANSAAR

Application Form for the Information Systems Audit (ISA) Assessment Test - June, 2018 Online Application Form    Hard Copy Application Form ...

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Category : ICAI | Comments : 0 | Hits : 701

Cabinet approves ordinance to give home buyers creditor status under IBC
Posted Date : 23-May-2018 , 07:15:30 pm | Posted By CASANSAAR

Approving making amendments to the insolvency and bankruptcy act, the cabinet has approved making home-buyers creditors in the insolvency process. Also part of the ordinance the government has planned is special provisions for medium and small enterprises. These were, in fact, some of the recomme...

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Category : Insolvent Professional | Comments : 0 | Hits : 232

Cabinet may consider amendments to Insolvency & Bankruptcy Code
Posted Date : 23-May-2018 , 09:12:19 am | Posted By CASANSAAR

The Cabinet is likely to consider amendments to the Insolvency and Bankruptcy Code (IBC) on Wednesday. The government plans to promulgate an Ordinance to give effect to these changes since Parliament is not in session, sources said. A draft note circulated to various stakeholders says it is lo...

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Category : Insolvent Professional | Comments : 0 | Hits : 476

Over 2,100 companies settle Rs 83,000 Crore Bank dues
Posted Date : 23-May-2018 , 09:07:12 am | Posted By CASANSAAR

The fear of losing control over their companies has prompted promoters, who have defaulted on repayment of loans to banks, to settle their dues of around Rs 83,000 crore before action was initiated under the newly-enacted Insolvency and Bankruptcy Code (IBC). On last count, data compiled by the m...

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Category : Banking | Comments : 0 | Hits : 615

Canteen supplies provided by outside vendors to attract 18% GST - AAR
Posted Date : 22-May-2018 , 08:40:34 am | Posted By CASANSAAR

The Authority of Advanced Ruling (AAR) for the goods and services tax (GST) has ruled that firms supplying food and beverages to canteens of other organisations are ‘outdoor caterers’ and the service would attract an 18% GST. The ruling was delivered by Gujarat AAR on an application f...

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Category : GST | Comments : 0 | Hits : 548

Insurance now available for Insolvency Professionals
Posted Date : 22-May-2018 , 08:38:32 am | Posted By CASANSAAR

Insolvency Professionals (IPs) working on resolution process under the Insolvency and Bankruptcy Code (IBC) can now buy insurance covers for themselves. “The first such policy was designed by JLT Independent about three months back,” said Sanjay Radhakrishnan, CEO, of the insurance broki...

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Category : Insolvent Professional | Comments : 0 | Hits : 730

Damages paid for cancellation contract to attract 18% GST - AAR
Posted Date : 22-May-2018 , 07:42:32 am | Posted By CASANSAAR

The Authority for Advance Rulings (AAR) has ruled that payments in respect to nonperformance of a contract would be liable to goods and services tax (GST). This has made multinational companies, especially those executing infrastructure projects, and the mining sector jittery, and it could have impl...

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Category : GST | Comments : 0 | Hits : 496

I-T Dept to file pleas in NCLT to extract tax dues of Shell Companies
Posted Date : 22-May-2018 , 07:36:36 am | Posted By CASANSAAR

The Income Tax (I-T) Department is an "aggrieved creditor" to many de-registered shell companies and will petition the National Company Law Tribunal (NCLT) to recover tax dues of crores of rupees.  The Central Board of Direct Taxes (CBDT) has directed the I-T Department to form a s...

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Category : Income Tax | Comments : 0 | Hits : 533

CBDT Releases Java Utility of ITR-5 & ITR-7
Posted Date : 22-May-2018 , 07:27:43 am | Posted By CASANSAAR

CBDT has finally released Java Utility for the Assessment Year 2018-19 of ITR-for 5 (For persons other than:- (i) Individual,(ii) HUF,(iii) Company and (iv) Person filing Form ITR-7) and Java Utility of  ITR-7 [For persons including companies required to furnish return under sections 139(4A) or...

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Category : ITR | Comments : 0 | Hits : 285

ED attaches Rs 184.68-crore worth assets of CA, others in Bank Fraud
Posted Date : 21-May-2018 , 09:31:52 am | Posted By CASANSAAR

The Enforcement Directorate (ED) today said it has attached assets worth Rs 184.68 crore of Rajasthan-based Chartered Accountant (CA) and others in connection with its probe into an alleged bank fraud worth over Rs 1,000 crore. The case pertains to an alleged Rs 1,055 crore fraud in three branches o...

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Category : CA | Comments : 0 | Hits : 2096

GST Council asks Centre, states to quickly set up appellate authorities
Posted Date : 21-May-2018 , 09:10:45 am | Posted By CASANSAAR

The GST Council has asked the Centre and states to expedite setting up of appellate authorities for aggrieved entities to appeal against orders of the Authority for Advance Rulings (AAR). With AARs in different states started giving rulings since March, it has become imperative for the Centre as ...

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Category : GST | Comments : 0 | Hits : 267

PNB refuses to disclose details on over Rs 13,000 cr scam
Posted Date : 21-May-2018 , 09:08:02 am | Posted By CASANSAAR

State-run Punjab National Bank (PNB) has refused to disclose details of the audit or investigation that led to detection of over Rs 13,000 crore fraud at the company, citing a clause that bars any disclosure that can impede the process of investigating or apprehending the offenders. In reply to a...

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Category : Banking | Comments : 0 | Hits : 544

First under IBC - Bhushan Steel bought by Tata Steel
Posted Date : 19-May-2018 , 07:58:30 am | Posted By CASANSAAR

With the acquisition of Bhushan Steel Ltd (BSL) for Rs.35,200 crore, Tata Steel has emerged the first company to acquire a stressed asset under the new Insolvency and Bankruptcy Code. The company has received all the approvals and will own 73 per cent in the company. It will absorb all the employ...

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Category : Insolvent Professional | Comments : 0 | Hits : 285

Income tax dept cautions TDS deductors against quarterly filing default
Posted Date : 19-May-2018 , 12:53:59 am | Posted By CASANSAAR

The Income Tax Department (ITD) cautioned TDS deductors to adhere to the stipulated deadline of May 31 for filing their statements failing which they would invite a penalty of Rs 200 for each day of default.  The Central Board of Direct Taxes (CBDT), that frames policy for the department, is...

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Category : Income Tax | Comments : 0 | Hits : 1316

SEBI votes for secretarial audits in listed companies
Posted Date : 19-May-2018 , 11:16:43 am | Posted By CASANSAAR

Market regulator Securities and Exchanges Board of India (SEBI) is not happy with the way secretarial audits are conducted in listed companies. It believes a lot of work needs to be done to improve the audits, which in turn, will improve corporate governance standards. At an Institute of Company ...

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Category : SEBI | Comments : 0 | Hits : 366

Coaching centres for entrance exams liable to 18% GST - AAR
Posted Date : 19-May-2018 , 11:12:18 am | Posted By CASANSAAR

Coaching centres providing tuition to prepare students for entrance examination are liable to pay 18 percent GST, according to the Authority for Advance Rulings (AAR). An application was filed before the Maharashtra bench of the AAR to seek advance ruling on whether the services related to provid...

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Category : GST | Comments : 0 | Hits : 315

ITR-3 Java Utility has been released
Posted Date : 19-May-2018 , 11:00:11 am | Posted By CASANSAAR

ITR-3 Java Utility has been released by Income Tax Department. With this, Taxpayers can now e-file their Tax Returns for AY 2018-2019 using the applicable ITR Forms 1, 2, 3 or/ 4. Remaining 3 ITR Forms Utilities are yet to be released. #casansaar  ...

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Category : ITR | Comments : 0 | Hits : 401

GSTR-3B due date extended till 22nd May 2018
Posted Date : 18-May-2018 , 11:24:09 am | Posted By CASANSAAR

In the interest of taxpayers, it has been decided to extend the last date for filing of return in FORM GSTR-3B for the month of April, 2018 for two days, i.e., till 22nd May, 2018. The notification in this regard shall be published shortly. Earlier it was brought to the notice of the competent au...

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Category : GST | Comments : 0 | Hits : 454

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