Filing of forms by IRP, RP or Liquidator in Registry (MCA21)
Posted Date : 19-Feb-2020 , 09:25:10 am | Posted By CASANSAAR
MCA Circular regarding Filing of forms in the Registry (MCA-21) by the Insolvency Professional (Interim Resolution Professional (IRP) or Resolution Professional (RP) or Liquidator) appointed under Insolvency Bankruptcy Code, 2016 (IBC, 2016).
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MCA |
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GST returns can now be filed in a staggered manner
Posted Date : 19-Feb-2020 , 09:18:01 am | Posted By CASANSAAR
In a moved aimed at de-stressing the GST system, the finance ministry staggered last dates of filling GSTR-3B, a monthly return form, and has provided three dates for different categories of taxpayers.
Currently, the last date for filing GSTR-3B is 20th of every month. With the changes, there wil...
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GST |
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Income Tax dept issues notices to directors of defaulting Cos
Posted Date : 19-Feb-2020 , 09:12:25 am | Posted By CASANSAAR
Income Tax officials are increasingly issuing notices to directors of private limited companies which default on their tax dues, experts said.
Directors are being held accountable for the tax compliance of the companies they work for under section 179 of the Income Tax Act dealing with recovery o...
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Income Tax |
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ICAI releases CA exam policy draft, Omits scope of Re-Evaluation
Posted Date : 19-Feb-2020 , 09:09:29 am | Posted By CASANSAAR
Months after forming a high level committee for looking into CA exam process and regulation, the Institute of Chartered Accountants of India (ICAI) has released the draft report based on the recommendations given by the committee. The ICAI had formed the committee and invited suggestions from stakeh...
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ICAI |
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CBDT notifies Income Tax Form 10-IC and 10-ID for Lower Corporate Taxes
Posted Date : 18-Feb-2020 , 10:09:14 am | Posted By CASANSAAR
CBDT notifies Income Tax Form 10-IC and 10-ID for Lower Corporate Taxes
Income Tax Form 10-IC and 10-ID for Lower Corporate Taxes explained by CA. Shivangi Mittal.
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CBDT |
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MCA seeks views on change in laws to hold auditors more accountable
Posted Date : 18-Feb-2020 , 10:06:36 am | Posted By CASANSAAR
Drawing lessons from the alleged role of auditors and their failure to flag irregularities at companies such as Infrastructure Leasing & Financial Services (IL&FS), the Ministry of Corporate Affairs (MCA) has floated a consultation paper seeking industry comments on various aspects of auditi...
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MCA |
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Fire at GST Bhavan damages documents; inquiry ordered
Posted Date : 18-Feb-2020 , 10:02:30 am | Posted By CASANSAAR
Several important documents, including those belonging to audit section of the Department of Goods and Services Tax and files related to the appellate authority — which handles disputes on recovery and payments — were damaged in a fire at GST Bhavan in Mazgaon on Monday. Deputy Chief Min...
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GST |
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SEBI tightens norms for investment advisers to prevent mis-selling
Posted Date : 18-Feb-2020 , 09:58:11 am | Posted By CASANSAAR
The markets regulator on Monday barred investment advisers from simultaneously selling financial products and advisory services, and capped the fees they can charge their clients, in an attempt to curb mis-selling and protect investors.
From now on, an entity can provide either advisory services ...
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SEBI |
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Saskatchewan issues 646 invitations to Express Entry and Occupations In-Demand candidates
Posted Date : 18-Feb-2020 , 09:53:43 am | Posted By CASANSAAR
Saskatchewan invited immigration candidates to apply for a provincial nomination for permanent residence.
The Saskatchewan Immigrant Nominee Program (SINP) sent out a total of 646 invitations to candidates in the Express Entry and Occupations In-Demand categories.
In order to be selected, cand...
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International Business |
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SEBI decides to permit the use of regulatory sandbox
Posted Date : 18-Feb-2020 , 09:27:35 am | Posted By CASANSAAR
Securities and Exchange Board of India (SEBI) has decided to permit the use of regulatory sandbox, a system that will allow live testing of new products, services and business models by market players on select customers. The decision was taken at SEBI’s board meeting held in Mumbai yesterday....
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SEBI |
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CBIC starts capturing district-wise data or origin of export goods
Posted Date : 18-Feb-2020 , 09:22:40 am | Posted By CASANSAAR
Keeping with the Hon’ble PM’s objective of turning districts into export hubs, Central Board of Indirect Taxes and Customs has now started capturing district-wise data or origin of export goods. The idea was also recently echoed by the Hon’ble Finance Minister in her Budget speech....
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CBDT |
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Deloitte also stops Non-Audit services to clients in India
Posted Date : 17-Feb-2020 , 08:52:09 am | Posted By CASANSAAR
The Indian affiliate of Deloitte Haskins and Sells on Sunday said the auditor and its network firms in the country will no longer offer non-audit services to “public interest entities" they audit in India, three days after Price Waterhouse India made a similar announcement.
“We b...
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Auditing |
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Revised IFRS 16 - Finance Lease
Posted Date : 16-Feb-2020 , 09:59:43 am | Posted By CASANSAAR
Discussion on Revised IFRS 16 - Finance Lease by CA. Bhawna Dawar.
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IFRS |
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RBI board recommends aligning accounting year with fiscal year from 2020-21
Posted Date : 16-Feb-2020 , 09:45:46 am | Posted By CASANSAAR
The Reserve Bank board on Saturday recommended aligning the central bank's accounting year, beginning July, with the financial year from 2020-21, an official statement said.
The Central Board of Directors of the RBI at its 582nd meeting reviewed the current economic situation, global and dome...
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RBI |
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Interest on delayed GST payment will now be calculated on net tax liability - CBIC
Posted Date : 16-Feb-2020 , 09:40:36 am | Posted By CASANSAAR
Interest payable on delayed payment of GST will henceforth be calculated on net tax liability and the law is being amended to give effect to it, the Central Board of Indirect Taxes and Customs (CBIC) said on Saturday.
Amid worry in the industry regarding CBIC's recent directive to field forma...
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GST |
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PAN to become inoperative after March 31 if not linked with Aadhaar - CBDT
Posted Date : 15-Feb-2020 , 10:18:58 am | Posted By CASANSAAR
Permanent Account Number (PAN) will become inoperative if it is not linked with Aadhaar by March 31, 2020, the Income Tax department has said.
The deadline for linking of PAN and Aadhar has been extended several times and the current deadline ends on March 31, 2020.
Till January 27, 2020, over...
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PAN |
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SEBI rolls out system to detect misuse of client securities by brokers
Posted Date : 15-Feb-2020 , 10:02:20 am | Posted By CASANSAAR
Securities and Exchange Board of India (Sebi) on Thursday introduced a system to monitor and detect misuse of client securities by stock brokers, following the debacle at Karvy Stock Broking Ltd.
Under the new system, an online register will record brokers’ holdings of client securities, a ...
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SEBI |
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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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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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Category :
Income Tax |
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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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Category :
Income Tax |
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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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Category :
International Business |
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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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Category :
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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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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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 : 1224
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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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