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GST Council likely to extend date of filing annual return, audit report for FY19
Posted Date : 12-Sep-2019 , 10:38:47 am | Posted By CASANSAAR

Businesses are likely to get extra time for filing their Goods and Services Tax (GST) annual return and audit report for FY19, the first full year of the indirect tax reform. Federal indirect tax body, the GST Council, is likely to extend the due date from 31, December to enable businesses to com...

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Category : GST | Comments : 0 | Hits : 1772

CBDT eased prosecution norms for TDS, I-T return filing defaults
Posted Date : 12-Sep-2019 , 10:33:05 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has relaxed some norms relating to prosecution of income tax defaulters for delay in depositing TDS (tax deducted at source), under-reporting of income in the tax return or non-filing of I-T return. CBDT’s circular, issued on September 9, sets the li...

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Category : Income Tax | Comments : 0 | Hits : 779

RBI panel suggests new intermediary under NHB
Posted Date : 11-Sep-2019 , 08:02:57 am | Posted By CASANSAAR

A Reserve Bank of India (RBI) panel, which was tasked with reviewing the existing state of housing finance securitization, and suggest measures to make the market more attractive, has recommended that an intermediary be set up under the National Housing Bank (NHB), wherein the government will have a...

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Category : RBI | Comments : 0 | Hits : 239

Subscribe CA Sansaar YouTube Channel
Posted Date : 10-Sep-2019 , 11:18:05 am | Posted By CASANSAAR

Please SUBSCRIBE CASANSAAR YouTube Chanel. (Click on the link below and Subscribe)     https://www.youtube.com/channel/UC4-Bk3Aw5QKFpn9gw_vFJDw ...

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Category : General | Comments : 0 | Hits : 287

Communication or NOC from Previous Auditor
Posted Date : 10-Sep-2019 , 11:14:04 am | Posted By CASANSAAR

Communication or NOC from Previous Auditor explained by CA Sanjay Agarwal.    https://youtu.be/Dqon2gmDOeI   Don't forget to Like and share with friends. *SUBSCRIBE*  CASANSAAR YouTube Chanel.    https://www.youtube.com/channel...

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Category : Auditing | Comments : 0 | Hits : 1098

Govt to tweak Income Tax Act, won’t replace it with direct tax code
Posted Date : 10-Sep-2019 , 10:02:24 am | Posted By CASANSAAR

The government is unlikely to replace the Income Tax Act with the direct tax code, and will only incorporate select suggestions from the draft law to avoid creating more uncertainty for businesses amid an economic slowdown. Some suggestions in the draft legislation, submitted to finance minister ...

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Category : Income Tax | Comments : 0 | Hits : 1081

Advisory on Auditor’s Reporting on Section 197(16) of the Companies Act, 2013 - ICAI
Posted Date : 10-Sep-2019 , 09:43:51 am | Posted By CASANSAAR

Advisory on Auditor’s Reporting on Section 197(16) of the Companies Act, 2013 1    Section 197(16) of the Companies Act, 2013 requires as under: “The auditor of the company shall, in his report under section 143, make a statement as to whether the remuneration paid b...

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Category : ICAI | Comments : 0 | Hits : 413

Frauds worth Rs 32,000 crore rattle 18 public banks within three months - RTI
Posted Date : 09-Sep-2019 , 09:21:56 am | Posted By CASANSAAR

A total of 2,480 cases of fraud involving a huge sum of Rs 31,898.63 crore rattled 18 public sector banks in between April and June this year, an RTI query has revealed. The country's largest lender State Bank of India (SBI) remained the biggest prey to frauds with 38 per cent share, Neemuch-...

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Category : Banking | Comments : 0 | Hits : 639

Govt gets tax bonanza from online ads on Google, Facebook
Posted Date : 09-Sep-2019 , 09:17:40 am | Posted By CASANSAAR

Tax receipts arising from a levy on payments made to digital advertising platforms such as Google and Facebook from Indian entities jumped 59% in the year ended March, said a tax official privy to the development. The tax department collected ₹939 crore in the year to 31 March, up from ₹590 c...

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Category : Income Tax | Comments : 0 | Hits : 338

RBI refuses to extend Equitas SFB’s deadline for listing
Posted Date : 07-Sep-2019 , 08:31:49 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) has refused to extend Chennai-based Equitas Small Finance Bank’s deadline for listing. The banking regulator said that the bank cannot open new branches till further orders. The order comes at a time when the bank completed three years of operations. RBI said...

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Category : RBI | Comments : 0 | Hits : 294

Madras HC directs Cognizant to approach Appellate Authority on tax dispute
Posted Date : 07-Sep-2019 , 08:23:41 am | Posted By CASANSAAR

A Division Bench of Madras High Court has partially allowed an appeal by IT major Cognizant against a single judge order, while upholding its direction to the company to approach the tax appellate authority for a remedy. The order was issued on an appeal filed by the company against a single judg...

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Category : Income Tax | Comments : 0 | Hits : 361

Issues and challenges with Tax Audit and Tax Audit Report - Queries and Answers
Posted Date : 06-Sep-2019 , 08:58:49 am | Posted By CASANSAAR

Webinar on issues and challenges with Tax Audit and Tax Audit Report - Queries and Answers. by CA Sanjay Kumar Agarwal    https://youtu.be/KMblZcUBtio   Don't forget to Like and share with friends. *SUBSCRIBE* CASANSAAR YouTube Chanel https://...

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Category : Tax Audit | Comments : 0 | Hits : 853

SEBI plans 3-tier structure to bolster cybersecurity, prevent attacks
Posted Date : 06-Sep-2019 , 08:50:03 am | Posted By CASANSAAR

Regulator Sebi has envisaged a three-tier structure to bolster cyber security in securities market and plans to deploy data analytics and new generation technologies to deal with various challenges. Sebi plans to set up a Cyber Security and Compliance Reporting System for the regulated entities t...

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Category : SEBI | Comments : 0 | Hits : 362

NCLT approves JSW Steel's Rs.19,700 Cr bid for Bhushan Power & Steel
Posted Date : 06-Sep-2019 , 08:43:25 am | Posted By CASANSAAR

The National Company Law Tribunal (NCLT) today approved JSW Steel Ltd.’s $2.7 billion bid for Bhushan Power & Steel Ltd., the second major steel asset the mill has bagged under the nation’s new insolvency process. The NCLT approved the offer while stating that profits made by Bhus...

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Category : Insolvent Professional | Comments : 0 | Hits : 318

Clarification Regarding 44AD - Tax Audit or Not?
Posted Date : 05-Sep-2019 , 09:39:36 am | Posted By CASANSAAR

Clarification Regarding Section 44AD of Income Tax Act - Tax Audit or Not? by CA. Sanjay Agrawal, https://youtu.be/Uy0ay43k9qo Don't forget to Like and share with friends. SUBSCRIBE  CASANSAAR YouTube Chanel https://www.youtube.com/channel/UC4-Bk3Aw5QKFpn9gw_vFJDw ...

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Category : Tax Audit | Comments : 0 | Hits : 2702

CBDT enters into 26 APAs during the current Financial Year
Posted Date : 05-Sep-2019 , 09:35:05 am | Posted By CASANSAAR

The Central Board of Direct Taxes (CBDT) has entered into 26 Advance Pricing Agreements (APAs) in the first 5 months of the current financial year (April to August, 2019). With the signing of these APAs, the total number of APAs entered into by the CBDT as of now stand at 297, which includes 32 Bila...

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Category : CBDT | Comments : 0 | Hits : 282

Bank of Baroda employees to get 15 crore shares at 20% discount
Posted Date : 05-Sep-2019 , 09:22:22 am | Posted By CASANSAAR

Public sector lender Bank of Baroda or BoB will issue up to 15 crore fresh equity shares to its staff under the Employee Share Purchase Scheme (ESPS), the bank said on Tuesday. The decision was taken by the compensation committee of the board at its meeting held on Tuesday, the bank said in a regula...

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Category : Banking | Comments : 0 | Hits : 370

RBI makes repo-linked interest rates mandatory
Posted Date : 05-Sep-2019 , 09:07:09 am | Posted By CASANSAAR

The Reserve Bank of India has made it mandatory for banks to link all of their new loan products, be it personal, housing or auto to an external benchmark like the policy repo rate.  Stating that transmission of policy rate benefits under the current framework has not been satisfactory, RBI ...

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Category : RBI | Comments : 0 | Hits : 296

Auditors will have to file annual reports to NFRA
Posted Date : 04-Sep-2019 , 08:31:10 am | Posted By CASANSAAR

Auditors of companies overseen by the National Financial Reporting Authority (NFRA) will need to disclose their findings separately as the government looks to address audit-related concerns and step up transparency.  The government is set to notify a new form that will require auditors to fi...

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Category : NFRA | Comments : 0 | Hits : 2472

CBDT constitutes startup cell to address various tax grievances
Posted Date : 04-Sep-2019 , 08:27:44 am | Posted By CASANSAAR

In order to further dispel the fears surrounding the Angel Tax for startups, the Central Board of Direct Taxes (CBDT) has constituted a startup cell to redress grievances and address various tax related issues. It also has the provision to file these grievances online. The body also reiterated the m...

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Category : CBDT | Comments : 0 | Hits : 233

RBI's task force recommends moves to ease credit markets
Posted Date : 04-Sep-2019 , 08:25:31 am | Posted By CASANSAAR

A task force set up by India's central bank on Tuesday recommended a slew of measures for developing a secondary market for corporate loans, including easing of regulations to allow foreign portfolio investors (FPIs) to directly purchase distressed loans from banks. These moves are aimed at d...

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Category : RBI | Comments : 0 | Hits : 177

Cabinet approves Infusion of capital by Government in IDBI Bank
Posted Date : 04-Sep-2019 , 08:12:31 am | Posted By CASANSAAR

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Infusion of Rs 4,557 crore by Government in IDBI Bank.  It will help in completing the process of IDBI Bank’s turnaround and enable it to return to profitability and normal lending, and giving Governmen...

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Category : Banking | Comments : 0 | Hits : 202

MCA sets up expert committee for valuation professionals
Posted Date : 03-Sep-2019 , 09:44:47 am | Posted By CASANSAAR

The Corporate Affairs Ministry (MCA) has set up a eight member 'Committee of Experts' to examine the need for an institutional framework for regulation and development of valuation professionals. The Panel would be headed by IBBI Chairman M S Sahoo. It would also cover the regulatory arch...

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Category : MCA | Comments : 0 | Hits : 1601

PAN will be generated automatically if taxpayer uses Aadhaar for filing returns
Posted Date : 03-Sep-2019 , 09:41:26 am | Posted By CASANSAAR

The Income Tax Department will automatically issue PAN to a taxpayer using Aadhaar number for filing returns as part of a new arrangement to link the two databases. According to a notification issued by the CBDT on August 30, a person who furnishes Aadhaar, as they do not have PAN, “shall b...

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Category : Income Tax | Comments : 0 | Hits : 995

CBDT consolidates Circulars for ease of compliance of Start-ups
Posted Date : 03-Sep-2019 , 09:33:57 am | Posted By CASANSAAR

In order to provide hassle-free tax environment to the Start-ups, a series of announcements have been made by Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman in her General Budget Speech, 2019, and also on 23rd August 2019. To give effect to these announcements, the Central Bo...

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Category : CBDT | Comments : 0 | Hits : 314

GST collection slips below Rs 1 Lakh Cr mark to Rs 98,202 Cr in August
Posted Date : 02-Sep-2019 , 07:31:47 am | Posted By CASANSAAR

In another indicator of economic slowdown, GST collection in the month of August dropped below Rs 1 lakh crore mark to Rs 98,202 crore. The tax collection was at Rs 1.02 lakh crore in July this year. The August mop-up was, however, 4.5 per cent higher than the Rs 93,960 crore collected in the same m...

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Category : GST | Comments : 0 | Hits : 841

Income tax dept creates world record with filing of 49 lakh ITRs in one day
Posted Date : 02-Sep-2019 , 07:28:48 am | Posted By CASANSAAR

Income Tax department today said it created a sort of world record by achieving a record Income Tax Return filing in a single day.  "The department made a history with an all time high record of 49 lakh 29 thousand ITRs filed in a single day on August 31," Central Board of Direct T...

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Category : ITR | Comments : 0 | Hits : 443

RBI extends deadline for PPIs to become full KYC complaint
Posted Date : 31-Aug-2019 , 10:50:09 am | Posted By CASANSAAR

The Reserve Bank of India (RBI) on Friday extended the timeline for the conversion of minimum detail Prepaid Payment Instruments to KYC-compliant PPIs from 18 months to 24 months, a move welcomed players in the segment. The Payments Council of India (PCI) which represents the players in the payme...

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Category : RBI | Comments : 0 | Hits : 211

PMO seeks litigation withdrawal update from CBDT
Posted Date : 31-Aug-2019 , 10:47:01 am | Posted By CASANSAAR

The PMO has sought an update from the CBDT about the number of appeals it has withdrawn from various courts after a direction was recently issued to enhance monetary limits for filling appeals in various legal forums in order to reduce litigation between the Income-Tax department and the taxpayers. ...

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Category : CBDT | Comments : 0 | Hits : 231

ITR filing deadline not extended again, clarifies tax department
Posted Date : 31-Aug-2019 , 10:43:30 am | Posted By CASANSAAR

The income tax department has said that an order circulating on social media about extension of income tax filing deadline is not genuine. "It has come to the notice of CBDT that an order is being circulated on social media pertaining to extension of due date for filing of IT Returns. It is cat...

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Category : Income Tax | Comments : 0 | Hits : 283

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