CBDT issued FAQs on provisions of Vivad se Vishwas Scheme
Posted Date : 05-Mar-2020 , 08:43:14 pm | Posted By CASANSAAR
If a tax payer availing the income tax dispute settlement scheme- Vivad se Vishwas - has already paid the disputed tax while litigation is on-going then he/she can get a refund of the amount paid which is in excess of the tax payable under the scheme. This was among the 55 clarifications issued by t...
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CBDT |
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EPFO lowers interest rate on deposits to 8.5 pc for 2019-20
Posted Date : 05-Mar-2020 , 04:18:31 pm | Posted By CASANSAAR
Retirement fund body, Employees' Provident Fund Organization, (EPFO) today lowered the interest rate on provident fund deposits to 8.5 per cent for the current financial year.
Earlier it was 8.65 percent. Labour Minister Santosh Gangwar made this announcement in New Delhi after the meeting of...
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General |
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ICAI Release guidance note on audit of bank | Guidance note on bank audit for 2020
Posted Date : 05-Mar-2020 , 09:05:05 am | Posted By CASANSAAR
Guidance Note on Audit of Banks 2020 edition - ICAI
A. Forward and Preface of Past Years
B. Text of Guidance Note on Audit of Banks, 2020 edition
C. Appendices of the Guidance Note on Audit of Banks, 2020 edition
D. Text of Master Circulars Issued by RBI
E. Te...
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Bank Branch Audit |
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Income Tax dept unearths Rs 4,000 Cr TDS default
Posted Date : 05-Mar-2020 , 09:01:01 am | Posted By CASANSAAR
A TDS survey by the income tax department has found many big corporates defaulting on payment of tax deducted at source (TDS). In one case, the tax department found that a major oil company defaulted on TDS payment of Rs 3,200 crores. The defaults were due to lower or non-deduction of taxes at sourc...
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Income Tax |
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Lok Sabha passes Direct Tax 'Vivad se Vishwas' bill
Posted Date : 04-Mar-2020 , 08:38:36 pm | Posted By CASANSAAR
In a move that will help the government mop up revenue before the financial year 2019-20 closes, Lok Sabha on Wednesday passed direct tax amnesty scheme Vivad se Vishwas bill. With mounting tax disputes, the government has had in Union budget come up with No Dispute but Trust Scheme (Vivad Se Vishwa...
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Income Tax |
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Cabinet approves Mega Consolidation in Public Sector Banks {PSBs} with effect from 1.4.2020
Posted Date : 04-Mar-2020 , 04:33:11 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the mega consolidation of ten PSBs into four which include the -
(a) Amalgamation of Oriental Bank of Commerce and United Bank of India into Punjab National Bank
(b) Amalgamation of Syndicate Bank into ...
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Banking |
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Cabinet approves Companies (Second Amendment) Bill, 2019
Posted Date : 04-Mar-2020 , 04:32:59 pm | Posted By CASANSAAR
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi has approved the Companies (Second Amendment) Bill, 2019 to amend the Companies Act, 2013.
The Bill would remove criminality under the Act in case of defaults which can be determined objectively and which, otherwise, lack the el...
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Corporate Law |
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SC allows cryptocurrency trading, Cancels RBI's 2018 circular
Posted Date : 04-Mar-2020 , 11:49:17 am | Posted By CASANSAAR
The Supreme Court on Wednesday allowed dealing in cryptocurrency, quashing an earlier ban imposed by the Reserve Bank of India (RBI) on trading in virtual currencies such as Bitcoin.
The development came as a major relief for the sector, as the RBI ban restricted lenders from facilitating b...
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RBI |
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Indian Railway Finance Corporation gets SEBI nod for IPO
Posted Date : 04-Mar-2020 , 08:23:23 am | Posted By CASANSAAR
Indian Railway Finance Corporation (IRFC) has got markets regulator Sebi's approval for its initial public offer (IPO). The IPO comprises fresh issue of 93.8 crore equity shares and an offer for sale of 46.9 crore equity shares by the Government of India.
The observation letter was issued on ...
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Shares & Stock |
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Govt collects Rs 7.52 lakh Cr direct tax in April-January
Posted Date : 04-Mar-2020 , 08:17:45 am | Posted By CASANSAAR
The government has collected over Rs 7.52 lakh crore as direct taxes till January 31 of the current fiscal, Parliament was informed on Tuesday. The Revised Estimate (RE) has pegged the target for collection of direct taxes for the current fiscal, which ends on March 31, at Rs 11.70 lakh crore.
&q...
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Income Tax |
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Ajay Bhushan Pandey appointed as the new Finance Secretary
Posted Date : 04-Mar-2020 , 08:15:58 am | Posted By CASANSAAR
Government of India appointed the current Revenue Secretary Ajay Bhushan Pandey as the new Finance Secretary.
Pandey replaces current Finance Secretary Rajiv Kumar.
The Appointments Committee of the Cabinet has approved the appointment.
Pandey, a 1984 batch Indian Administrative Service off...
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Finance |
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Major Racket of Fake Invoicing of Rs.7896 Cr Busted Involving Network of 23 Shell Companies
Posted Date : 04-Mar-2020 , 07:56:21 am | Posted By CASANSAAR
The officers of Anti Evasion wing of Central Tax, Delhi West Commissionerate have busted a major racket of fake invoicing of Rs.7896 crore involving fraudulent Input Tax Credit (ITC) of Rs.1709 crore, using a network of 23 shell companies, which procured and generated invoices without actual supply ...
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GST |
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Over 4.78 lakh income tax appeals pending at end of March 2019
Posted Date : 03-Mar-2020 , 10:29:29 am | Posted By CASANSAAR
The number of income tax appeals pending at various judicial fora stood at 4,78,801 at the end of the financial year 2018-19, the Lok Sabha was informed on Monday.
During the Union Budget 2020 presentation, the ‘Vivad se Vishwas’ scheme was announced to provide for dispute resolution ...
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Income Tax |
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CARO 2020 | Companies (Auditor's Report) Order, 2020
Posted Date : 03-Mar-2020 , 10:28:16 am | Posted By CASANSAAR
CARO 2020 - Clause by Clause discussion on CARO 2020, Companies (Auditor's Report) Order, 2020 by CA. Anmol Rana.
Watch This Video,,,,
https://youtu.be/vxtH9_A95nA
...
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Auditing |
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RBI raps PSU bank heads over poor credit growth
Posted Date : 03-Mar-2020 , 10:26:07 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) on Monday pulled up heads of public sector banks (PSBs) for poor credit growth, two top executives of state-owned banks said, requesting anonymity.
In a post-policy meeting, RBI governor Shaktikanta Das and deputy governor N.S. Vishwanathan also tried to find...
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RBI |
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6.35 Cr ITRs e-filed till mid-February in FY 20
Posted Date : 03-Mar-2020 , 10:20:41 am | Posted By CASANSAAR
As many as 6.35 crore income tax returns have been filed electronically till mid February this fiscal, up from 6.28 crore in 2018-19, Parliament was informed on Monday. In a written reply to a question in the Lok Sabha, Minister of State for Finance Anurag Singh Thakur said the number of assessees f...
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ITR |
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GST deptt detect fake invoices, arrest 3 in Delhi
Posted Date : 03-Mar-2020 , 10:15:54 am | Posted By CASANSAAR
GST department have arrested three persons involved in floating 17 fake firms and wrongfully availing credit on taxes paid on input worth Rs 436 crore by issuing fake invoices.
Officers of the Central GST Delhi East Commissionerate detected that the fraudulently availed input tax credit by ...
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GST |
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Provision for Quarterly Payment of GST by MSMEs
Posted Date : 02-Mar-2020 , 05:08:17 pm | Posted By CASANSAAR
The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore.
Department of Revenue have informed that there is n...
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GST |
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Firm busted for issuing fake invoices to claim input tax credit of goods worth Rs 436 crores
Posted Date : 02-Mar-2020 , 04:42:54 pm | Posted By CASANSAAR
Officers of Anti-Evasion, Central GST Delhi East Commissionerate have unravelled a major operation of Circular Trading, involving use of fake invoices to claim fraudulent refunds of Input Tax Credit. Shri Asif Khan, Shri Rajeev Chhatwal and Shri Arjun Sharma, operating a total of 17 fake firms, proc...
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Income Tax |
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Audit committees need to play more active role - CEPR
Posted Date : 02-Mar-2020 , 08:33:20 am | Posted By CASANSAAR
Audit committees of boards of companies need to play a more active role for stronger checks against all financial and governance related wrongdoings, right-leaning think tank Centre for Economic Policy Research (CEPR) has said.
There is a need to clearly define the responsibility and accountabili...
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Auditing |
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Govt planning to launch lottery offer under the GST from 1 April
Posted Date : 02-Mar-2020 , 08:29:57 am | Posted By CASANSAAR
The government is planning to launch lottery offer under the Goods and Services Tax (GST) from April 1 by conducting lucky draws every month for invoices of all business to customer (B2C) transactions.
The lottery scheme is being envisaged by the revenue department to encourage customers to take ...
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GST |
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GST Revenue collection for February, 2020 Rs.1,05,366 Cr
Posted Date : 02-Mar-2020 , 08:23:17 am | Posted By CASANSAAR
The gross GST revenue collected in the month of February, 2020is Rs. 1,05,366crore of which CGST is Rs. 20,569crore, SGST is Rs. 27,348crore, IGST is Rs. 48,503crore (including Rs. 20,745crore collected on imports) and Cess is Rs. 8,947 crore (includ...
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GST |
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Punjab to reduce govt employees' retirement age to 58 years
Posted Date : 02-Mar-2020 , 08:19:29 am | Posted By CASANSAAR
Reducing government employees' retirement age from 60 to 58, free education for all students up to Class 12 and a debt waiver for landless farmers were some of the major announcements made by Punjab Finance Minister Manpreet Singh Badal in the 2020-21 budget on Friday.
Badal on Friday present...
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General |
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Canada to welcome over one million new immigrants between 2020-2022
Posted Date : 29-Feb-2020 , 08:55:40 am | Posted By CASANSAAR
Marco Mendicino laid out his vision for Canada’s immigration system in Toronto.
It was his first major policy speech since his November 2019 appointment as Minister of Immigration, Refugees and Citizenship. Mendicino was appointed after the Liberal Party of Canada was re-elected to a second...
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Income Tax |
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Procedure for Integration of E-Way Bill with VAAHAN
Posted Date : 29-Feb-2020 , 08:46:29 am | Posted By CASANSAAR
Procedure for Integration of E-Way Bill with VAAHAN explained by CA. Bhavesh Mittal.
Watch this Video,,,
https://youtu.be/mGGxD3C4m_0
...
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GST |
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Date extended for public comments on consultation paper on enhancement of Audit Independence and Accountability
Posted Date : 29-Feb-2020 , 08:31:37 am | Posted By CASANSAAR
In response to requests received from various quarters and stakeholders, the Ministry has decided to extend the last date for submission of public comments on the “consultation paper on enhancement of Audit Independence and Accountability” upto 15th March, 2020.
It is requ...
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MCA |
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SEBI amends guidelines for intermediaries at IFSC
Posted Date : 28-Feb-2020 , 08:52:30 am | Posted By CASANSAAR
Markets regulator Sebi on Thursday amended the guidelines for intermediaries operating at the International Financial Services Centre (IFSC), wherein such entities will be permitted to carry out operations without forming a separate company.
The facility – subject to various conditions, inc...
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SEBI |
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Saskatchewan invites 576 Express Entry and Occupations In-Demand candidates
Posted Date : 28-Feb-2020 , 08:48:01 am | Posted By CASANSAAR
The Saskatchewan Immigrant Nominee Program (SINP) sent out a total of 576 invitations to apply (ITA) to candidates in the Express Entry and Occupations In-Demand categories on February 27, 2020.
In order to be selected, candidates needed to have submitted an Expression of Interest (EOI) profile w...
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International Business |
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NCLAT sets asides insolvency proceedings against Flipkart.
Posted Date : 27-Feb-2020 , 02:07:09 pm | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) has set aside the order of the NCLT to initiate insolvency proceedings against e-commerce major Flipkart. A three-member bench of the NCLAT released Flipkart from the corporate insolvency resolution process and directed the Interim Resolution Profe...
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Corporate Law |
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RBI directs banks to link all the new floating rate loans to medium enterprises with external benchmark
Posted Date : 27-Feb-2020 , 10:36:33 am | Posted By CASANSAAR
The Reserve Bank has directed banks to link all the new floating rate loan to medium enterprises with external benchmark.In a circular, RBI said that the direction will be effective from 1st April 2020. With respect to micro and small enterprises, floating rate loans are already linked with external...
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RBI |
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