CBDT notifies forms for Cos to avail lower corporate taxes
Posted Date : 15-Feb-2020 , 09:53:00 am | Posted By CASANSAAR
The income tax (I-T) department has notified forms for companies to avail the reduced corporate tax rates that were announced in September last year.
The Central Board of Direct Taxes (CBDT) has notified Forms 10-IC and 10-ID for existing companies that want to avail lower I-T rate and new manufa...
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CBDT |
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Lenders set to recover 43.1% from insolvency proceedings
Posted Date : 15-Feb-2020 , 09:48:57 am | Posted By CASANSAAR
Successful resolutions of corporate insolvency proceedings till the end of 2019 are set to result in recoveries of Rs 1.52 lakh crore for lenders, averaging 43.1% of their admitted claims of Rs 3.52 lakh crore, according to data released by the Insolvency and Bankruptcy Board of India (IBBI).
Res...
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Insolvent Professional |
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0 | Hits : 714
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How to reply to the GST Dept Notices on ITC
Posted Date : 14-Feb-2020 , 10:54:28 am | Posted By CASANSAAR
How to reply to the GST Dept Notices on ITC explained by CA. Mohit Gupta.
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GST |
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Income Tax Dept lead to detection of unaccounted income of more than Rs. 2000 crore
Posted Date : 14-Feb-2020 , 10:48:07 am | Posted By CASANSAAR
Income Tax Department carried out Search and Seizure action on 6th February 2020 at Hyderabad, Vijaywada, Cuddapah, Vishakhapatnam, Delhi and Pune. More than 40 premises were covered.
The search action included three prominent infrastructure groups based in Andhra Pradesh and Telangana. Investiga...
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Income Tax |
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0 | Hits : 809
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RBI appoints five executive Directors
Posted Date : 14-Feb-2020 , 10:38:22 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has elevated five officials to the executive directors’ post.
The officials will be taking charge during the year.
Those elevated are Indrani Banerjee, Regional Director, Nagpur, Saurav Sinha, chief general manager-in-charge, Vivek Deep, CGM in-charge, J.K...
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RBI |
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Only 2,200 professionals declared income above Rs 1 Cr in FY19
Posted Date : 14-Feb-2020 , 10:26:59 am | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT) on February 13 reiterated that only 2,200 professionals had indeed declared annual income above Rs 1 crore in FY19, as had been stated by Prime Minister Narendra Modi in his February 12 address at an event.
PM Modi's statement that it is was unbelievab...
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Income Tax |
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0 | Hits : 934
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Manitoba invites 242 immigration candidates to apply for provincial nomination for PR
Posted Date : 14-Feb-2020 , 10:14:29 am | Posted By CASANSAAR
Manitoba has sent out another round of invitations to immigration candidates who submitted Expression of Interest (EOI) profiles to their provincial nominee program.
On February 13, the Manitoba Provincial Nominee Program (MPNP) invited 242 candidates to apply for a provincial nomination for perm...
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International Business |
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0 | Hits : 907
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FinMin notifies common application form for FPI registration
Posted Date : 13-Feb-2020 , 10:15:34 pm | Posted By CASANSAAR
The finance ministry has notified a common application form for registration of foreign portfolio investors in a bid to enhance operational flexibility and ease of access to the Indian capital market.
Last week, markets regulator Securities and Exchange Board of India (Sebi) had come out with a c...
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Finance |
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PW India becomes first of top 4 audit firms to not provide non-audit services
Posted Date : 13-Feb-2020 , 09:34:37 pm | Posted By CASANSAAR
Price Waterhouse Network of Firms in India (PW India) on Thursday announced their decision to no longer provide non-audit related services to their audit clients in India which are governed by National Financial Reporting Authority (NFRA). This comes after a ministry of corporate affairs (MCA) discu...
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Auditing |
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DGGI busts firm for making bogus Input Tax Credit invoices of more than Rs 268 crores
Posted Date : 13-Feb-2020 , 05:43:24 pm | Posted By CASANSAAR
The Directorate General of GST Intelligence (DGGI), Gurugram Zonal Unit (GZU), Haryana, has arrested Shri Nitin Jain, resident of Sonepat, Haryana, proprietor of M/s Shiv Trade Incorporation, Delhi, for issuing bogus invoices.
During investigation it was revealed that Shri Nitin Jain has issued b...
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Category :
Income Tax |
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0 | Hits : 741
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Income Tax Dept to give SEBI data of taxpayers for fraud probe
Posted Date : 13-Feb-2020 , 08:45:11 am | Posted By CASANSAAR
The Income-Tax Department will share all taxpayers’ data, such as PAN information, with the Securities and Exchange Board of India (SEBI) in order to help the capital market regulator in its probe against various entities, including those involved in ‘stock market manipulation’, an...
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Category :
Income Tax |
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0 | Hits : 742
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Govt to raise Rs.46,000 Cr as late GST payment interest
Posted Date : 13-Feb-2020 , 08:41:12 am | Posted By CASANSAAR
The government has discovered a new revenue stream to make up for the shortfall in GST collection and is looking to collect Rs.46,000 crore as interest on late payment of tax.
Tax experts disputed the number saying government had promised to hand-hold the taxpayers at the time of migration to the...
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Category :
GST |
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0 | Hits : 1214
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New President & Vice-President of ICAI for the year 2020-21
Posted Date : 13-Feb-2020 , 08:32:03 am | Posted By CASANSAAR
New President & Vice-President of ICAI
The Institute of Chartered Accountants of India (ICAI) elected its new President & Vice-President for the term 2020-2021.
CA. Atul Kumar Gupta has been elected as the President, ICAI and CA. Nihar Niranjan Jam...
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ICAI |
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1 | Hits : 1070
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'Vivad se Vishwas' scheme: CBDT to review pendency of appeals.
Posted Date : 12-Feb-2020 , 06:05:27 pm | Posted By CASANSAAR
CBDT will hold a nationwide review of cases pending at the ITAT and high courts level on Wednesday as part of a proposed scheme announced in the budget to settle disputed tax cases between the I-T Department and taxpayer, officials said. Meanwhile, the Union Cabinet also approved changes in the '...
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CBDT |
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Union cabinet okays changes in 'Vivad se Vishwas' Bill for faster resolution in direct tax litigation
Posted Date : 12-Feb-2020 , 06:02:07 pm | Posted By CASANSAAR
The Union Cabinet on Wednesday approved changes in the 'Direct Tax Vivad se Vishwas Bill, 2020' with a view to increase its scope to cover litigation pending in various debt recovery tribunals (DRTs).The Bill was introduced in the Lok Sabha earlier this month with the aim of reducing litigat...
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Category :
General |
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Insolvency to be limited to realty project concerned - NCLAT
Posted Date : 12-Feb-2020 , 07:26:27 am | Posted By CASANSAAR
In a relief to realty players, the National Company Law Appellate Tribunal (NCLAT) has held that any insolvency process initiated by a flat buyer or financial institution would be limited to the project concerned only and not impact other projects of developers.
A NCLAT bench headed by Chairman J...
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Category :
Insolvent Professional |
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0 | Hits : 929
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Income Tax dept issues notices in 422 cases for undisclosed foreign assets
Posted Date : 12-Feb-2020 , 07:19:23 am | Posted By CASANSAAR
Income Tax department has issued notices in 422 cases involving undisclosed foreign assets and income of over Rs 12,600 crore till December 31, 2019, minister of state for finance Anurag Thakur said in a written reply in Rajya Sabha, Tuesday, on the concerted efforts taken by the government to recov...
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Category :
Income Tax |
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0 | Hits : 1012
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Regulation of irregularities in GST claims
Posted Date : 11-Feb-2020 , 06:22:37 pm | Posted By CASANSAAR
To identify cases of fraudulent claims under Goods & Services Tax (GST), the Government of India has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence (AI) tools based on which certain taxpayers are taken up for further v...
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Category :
GST |
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0 | Hits : 977
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Lending from CRR buffer to get 5-year exemption: RBI
Posted Date : 11-Feb-2020 , 10:15:50 am | Posted By CASANSAAR
The Reserve Bank of India has said that the special lending window with Cash Reserve Ratio exemption will be open from 14th of February and incremental loans disbursed under this facility will have CRR exemption for the next five years.
The central bank circular issued in Mumbai yesterday said th...
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RBI |
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0 | Hits : 935
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Canada broke another record by welcoming 341,000 immigrants in 2019
Posted Date : 11-Feb-2020 , 09:52:11 am | Posted By CASANSAAR
Canada continued its immigration record-setting pace by welcoming 341,000 newcomers in 2019. This is only the fifth time in its history that it has welcomed more than 300,000 immigrants in one year (the other times were 1911-1913 and 2018).
Canada also exceeded the target it set in its 2019-202...
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International Business |
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0 | Hits : 1027
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Benami Transaction - What are Benami Transaction and its exclusions
Posted Date : 11-Feb-2020 , 09:46:22 am | Posted By CASANSAAR
Benami Transaction - What are Benami Transaction and its exceptions / exclusions under The Prohibition of Benami Property Transactions Act, explained by Adv.(CA) Ashwani Taneja, EX Member - ITAT.
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Category :
Income Tax |
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0 | Hits : 890
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RBI publishes draft framework for new payment system
Posted Date : 11-Feb-2020 , 09:44:39 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday published draft framework for authorisation of a new pan India umbrella organization for retail payment systems.
The central bank has invited comments on the draft framework from all stakeholders by February 25.
At present, National Payments Corporatio...
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RBI |
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0 | Hits : 737
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SC directs Centre to resolve technical difficulties In GST Portal
Posted Date : 11-Feb-2020 , 09:40:08 am | Posted By CASANSAAR
The Supreme Court on Monday directed the Central Government to resolve the technical glitches in the online filing of returns of Goods and Services Tax.
A bench comprising Justices Rohinton Fali Nariman and S Ravindra Bhat passed the direction while allowing the Centre's application for stayi...
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Category :
GST |
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0 | Hits : 1175
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GST on Notice Pay Recovery
Posted Date : 10-Feb-2020 , 10:25:11 am | Posted By CASANSAAR
GST on Notice Pay Recovery explained by CA. Bhavesh Mittal.
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https://youtu.be/XMcm1wy0qn8
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Category :
GST |
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0 | Hits : 1255
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MCA seeks opinion on proposed Audit curbs
Posted Date : 10-Feb-2020 , 10:22:13 am | Posted By CASANSAAR
The government has sought opinion on restricting the number of audits by an audit firm and its partners following concerns in a number of cases. Some of the proposals could have a major impact on the Big Four.
The Ministry of Corporate Affairs (MCA) has put out a paper seeking suggestions on issu...
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MCA |
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Govt may notify merger of 10 PSBs to 4 this week
Posted Date : 10-Feb-2020 , 10:18:18 am | Posted By CASANSAAR
The government is likely to notify the merger of 10 public sector banks to create four big lenders later this week, as they have completed the groundwork for the same, two people familiar with the development said.
After it is notified, the respective bank boards will meet to give their customary...
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Category :
Banking |
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0 | Hits : 1099
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GSTN sets up panel to improve IT system
Posted Date : 10-Feb-2020 , 10:16:04 am | Posted By CASANSAAR
The Goods and Services Tax Network (GSTN) has announced setting up of a consultative committee to suggest ways to improve the functioning of its info-tech system.
The Committee will provide feedback and suggestions on new functionalities in the GST system and adoption of new IT tools. Members wil...
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Category :
GST |
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0 | Hits : 924
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GST collection for last 3-months amounted to over Rs 1 lakh Cr each month
Posted Date : 10-Feb-2020 , 10:09:23 am | Posted By CASANSAAR
Union Finance Minister Nirmala Sitharaman has said that GST collection all through the country for the last three months amounted to more than a lakh crore rupees each month.
Speaking to reporters in Chennai today, she told that no state was sidelined when it came to sharing of revenue from...
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Category :
GST |
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0 | Hits : 675
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Date for Payment of Membership/COP fee for the year 2019-20 is further extended - ICAI
Posted Date : 10-Feb-2020 , 10:05:15 am | Posted By CASANSAAR
This facility is being extended to Active Members who do not have Username and Password on the SSP Portal.
We urge you to create your credentials on the new platform for better and authenticated services.
Note : Please Enter your Proprietor / Individual GSTN Only
Please "CLICK HER...
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ICAI |
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0 | Hits : 924
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CBIC extend the time limit for submitting Tran 01 till 31.03.2020
Posted Date : 08-Feb-2020 , 03:50:54 pm | Posted By CASANSAAR
CBIC vide Order No. 01/2020–GST dated 07.02.2020, extends the time limit for submitting Tran 01 till 31.03.2020 for registered person who could not submit the form due to technical difficulties
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Category :
GST |
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