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GST Council defers decision on tax on real estate
Posted Date : 20-Feb-2019 , 10:41:56 pm | Posted By CASANSAAR

The GST Council deferred a decision on the rationalisation of tax rates on real estate till February 24 as some states wanted a physical meeting before a final decision is taken on the issue.  Briefing media after the 33rd meeting of GST Council held in New Delhi on Wednesday through video- ...

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Category : GST | Comments : 0 | Hits : 377

Govt to infuse Rs 48,239 Cr in 12 Public Sector Banks
Posted Date : 20-Feb-2019 , 10:34:08 pm | Posted By CASANSAAR

The government has approved recapitalisation of Rs 48,239 crore in 12 public sector banks, including fraud-hit Punjab National Bank.  It will pump Rs 6,896 crore in Allahabad Bank, Rs 4,112 crore in Union Bank, Rs 4,638 crore in Bank of India, Rs 205 crore in Bank of Maharashtra and Rs 9,086...

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Category : Banking | Comments : 0 | Hits : 109

Cabinet approves Promulgation of the Companies (Second Amendment) Ordinance 2019
Posted Date : 19-Feb-2019 , 10:42:48 pm | Posted By CASANSAAR

  The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of the Companies (Second Amendment) Ordinance 2019 and for replacement of the said Ordinance in Parliament by a replacement Bill. It is based on the recommendations of the Committee to review offen...

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Category : Companies Act | Comments : 0 | Hits : 185

Banks may have to write off nearly Rs 30,000 cr of loan to IL&FS entities
Posted Date : 19-Feb-2019 , 05:10:25 pm | Posted By CASANSAAR

Financial institutions that have lent money to IL&FS group companies could be collectively staring at a write-off of nearly Rs 30,000 crore, a source told Moneycontrol. That is because Rs 65,000 crore of the outstanding loans are to IL&FS groups classified in the ‘red’ categor...

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Category : Banking | Comments : 0 | Hits : 124

RBI to give Rs 28,000 cr to Centre as dividend
Posted Date : 19-Feb-2019 , 06:43:33 am | Posted By CASANSAAR

The Reserve Bank has announced that it will transfer an interim surplus of 28,000 crore rupees to the central government for the half-year ended 31st December 2018. In a statement, the RBI said the decision has been based on a limited audit review and after applying the extant economic capital fr...

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Category : RBI | Comments : 0 | Hits : 106

CIC pulls up RBI for non-disclosure of demonetisation records
Posted Date : 18-Feb-2019 , 09:26:44 pm | Posted By CASANSAAR

The Central Information Commission has pulled up the Reserve Bank of India for "perfunctory handling" of an RTI application seeking records of its board meetings where the issue of demonetisation was deliberated, and issued a show-cause notice to its Central Public Information Officer.&nbs...

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Category : RBI | Comments : 0 | Hits : 178

GoM favours uniform tax on lottery, GST Council to decide rate on Feb 20
Posted Date : 18-Feb-2019 , 09:22:08 pm | Posted By CASANSAAR

A state ministerial panel set up to review tax rate on lottery Monday favoured a uniform GST rate of either 18 per cent or 28 per cent -- a final call on which would be taken by the GST Council at its meeting on February 20.  Currently, a state-organised lottery attracts 12 per cent GST whil...

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Category : GST | Comments : 0 | Hits : 264

RBI to transfer Rs 28,000 cr interim surplus to Centre
Posted Date : 18-Feb-2019 , 09:18:35 pm | Posted By CASANSAAR

The Reserve Bank has announced that it will transfer an interim surplus of Rs 28,000 crore to the central government for the half-year ended 31st December, 2018.  In a statement issued on Monday evening, the RBI said the decision has been based on a limited audit review and after applying th...

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Category : RBI | Comments : 0 | Hits : 90

Karnataka businessman jailed for income tax default of Rs 7.35 Cr
Posted Date : 18-Feb-2019 , 08:55:37 am | Posted By CASANSAAR

A Karnataka-based businessman has been jailed for six months for allegedly not filing his income tax arrears and interest of around Rs 7.35 crore despite reminders, an official said on Saturday. "The defaulter was arrested on Friday for failing to pay his tax arrears and produced before the ...

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Category : Income Tax | Comments : 0 | Hits : 735

IICA launches two-year graduate insolvency programme
Posted Date : 16-Feb-2019 , 08:38:52 am | Posted By CASANSAAR

With growing demand for insolvency professionals, Indian Institute of Corporate Affairs (IICA) has launched a graduate insolvency programme (GIP). Approved by the Insolvency and Bankruptcy Board of India (IBBI), GIP offers course for those individuals who want to join the insolvency profession or...

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Category : Insolvent Professional | Comments : 0 | Hits : 892

ICAI withdraws announcement on Auditor rotation after govt directive
Posted Date : 16-Feb-2019 , 08:36:36 am | Posted By CASANSAAR

Chartered accountants' apex body ICAI on  Friday withdrew an announcement regarding applicability of rotation of auditors at companies, following a directive from the corporate affairs ministry. In a rare instance, the ministry told the Institute of Chartered Accountants of India (ICAI) ...

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Category : ICAI | Comments : 0 | Hits : 1103

PAN Aadhaar Linking is mandatory for tax filers and to be completed by March 31 - CBDT
Posted Date : 16-Feb-2019 , 08:34:14 am | Posted By CASANSAAR

The CBDT has stressed that Aadhaar-PAN linking is 'mandatory' for those filing an Income Tax Return (ITR) and this procedure has to be 'completed' by March 31 this year. "Constitutional validity of Aadhaar has been upheld by the Supreme Court of India in September, 2018. Consequ...

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Category : CBDT | Comments : 0 | Hits : 267

PC Mody takes charge as new CBDT Chairman
Posted Date : 16-Feb-2019 , 08:20:03 am | Posted By CASANSAAR

IRS officer Pramod Chandra Mody on Friday took over as the new chairman of the Central Board of Direct Taxes (CBDT), the policy making body of the Income Tax Department. Mody, a 1982-batch Indian Revenue Service (Income Tax cadre) officer, has been appointed in place of Sushil Chandra, who was on...

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Category : CBDT | Comments : 0 | Hits : 267

Arun Jaitley resumes charge of Finance Ministry
Posted Date : 15-Feb-2019 , 02:54:51 pm | Posted By CASANSAAR

Union Minister Arun Jaitley on Friday resumed charge as finance minister after his return from the US last Saturday. “The President of India, as advised by the Prime Minister, has directed to assign the portfolios of the Minister of Finance and Minister of Corporate Affairs to Shri Arun Jai...

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Category : Finance | Comments : 0 | Hits : 125

CBDT chairman Sushil Chandra appointed as new Election Commissioner
Posted Date : 15-Feb-2019 , 10:06:16 am | Posted By CASANSAAR

Sushil Chandra, the chairman of the Central Board of Direct Taxes (CBDT), has been appointed as the new Election Commissioner on Thursday. A 1980-batch Indian Revenue Service (IRS) official and an IIT alumnus, Chandra has recently retired from the CBDT, who was given a one-year extension till May...

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Category : CBDT | Comments : 0 | Hits : 173

ICAI to train 1 lakh students on GST accounting
Posted Date : 15-Feb-2019 , 10:02:22 am | Posted By CASANSAAR

The Institute of Cost Accountants of India (ICAI) will be launching a course in Goods and Services Tax (GST) accounting in a about a month from now. “We are in discussions with Government and modalities are being worked out,” Amit Anand Apte, President, ICAI told newspersons here on T...

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Category : ICAI | Comments : 0 | Hits : 688

Date Sheet for CA Foundation, IPC and Final Exam May 2019
Posted Date : 15-Feb-2019 , 09:59:01 am | Posted By CASANSAAR

No. 13-CA (EXAM)/M/2019: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to announce that the next Chartered Accountants Foundation Course {Under New Scheme}, Intermediate (IPC) {Under Old Scheme}...

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Category : CA Exams | Comments : 0 | Hits : 937

Parliament passes Interim Budget 2019-20
Posted Date : 13-Feb-2019 , 11:16:10 am | Posted By CASANSAAR

Parliament approved Modi Government's sixth and final Budget that gave Income Tax rebate to those earning up to Rs 5 lakh, an annual cash dole of Rs 6,000 to small farmers and pension for unorganised sector workers.  While the Lok Sabha has passed the Appropriation Bills that gave Govern...

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Category : Budget | Comments : 0 | Hits : 428

CAG says RoC had no info about PAN of 95% real estate Cos
Posted Date : 13-Feb-2019 , 04:35:41 pm | Posted By CASANSAAR

A CAG report tabled in Parliament Tuesday said the Registrar of Companies did not have information about PAN of 95 per cent of the real estate companies. Registrar of Companies (RoC) maintains database of all companies that register at the time of incorporation. Companies are required to file annual...

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Category : PAN | Comments : 0 | Hits : 333

HC dismisses advance bail pleas on GST Act violation
Posted Date : 13-Feb-2019 , 04:33:07 pm | Posted By CASANSAAR

Observing that the Central Goods and Services Act was enacted with the laudable object of "one country one tax", the Madras High Court on Tuesday dismissed the anticipatory bail applications filed by nine persons apprehending arrest under the provisions of the Act. Justice Anand Venkate...

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Category : GST | Comments : 0 | Hits : 273

RBI penalises banks for violating various norms
Posted Date : 13-Feb-2019 , 09:52:00 am | Posted By CASANSAAR

Reserve Bank has imposed monetary penalty of two million rupees each on HDFC Bank, IDBI Bank and Kotak Mahindra Bank for non-compliance of various Know Your Customer/ Anti-Money Laundering norms.  In a statement issued from Mumbai yesterday, RBI informed that it has imposed monetary penalty ...

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Category : RBI | Comments : 0 | Hits : 300

New President & Vice-President of ICAI for the year 2019-20
Posted Date : 12-Feb-2019 , 08:21:43 pm | Posted By CASANSAAR

CA. Prafulla P. Chhajed President, ICAI CA. Atul Kumar Gupta Vice-President, ICAI Many Many Congratulations to the Elected President & Vice President of ICAI for the year 2019-20....

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Category : ICAI | Comments : 0 | Hits : 196

FinMin spent Rs 1,157 cr extra in 2017-18 without obtaining prior approval - CAG
Posted Date : 12-Feb-2019 , 08:15:05 pm | Posted By CASANSAAR

The Ministry of Finance spent Rs 1,157 crore on various heads during 2017-18 without obtaining prior approval of Parliament, the Comptroller and Auditor General (CAG) report tabled in Parliament on Tuesday said. Excess expenditure aggregating Rs 1,156.80 crore was incurred during 2017-18 without ...

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Category : CAG | Comments : 0 | Hits : 111

Suspicious income tax refund claims under Income Tax Dept scanner
Posted Date : 12-Feb-2019 , 08:05:57 pm | Posted By CASANSAAR

Suspicious income tax refund claims have gone up in last three years and scrutiny assessments have been initiated against taxpayers claiming high refunds inconsistent with the pattern of income and investments, Parliament was informed Tuesday. Minister of State for Finance Shiv Pratap Shukla in a...

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Category : Income Tax | Comments : 0 | Hits : 142

Income Tax Dept plans e-allocation, verification and hearing in scrutiny of returns
Posted Date : 12-Feb-2019 , 09:24:04 am | Posted By CASANSAAR

Hoping to cut down harassment of taxpayers during verification and scrutiny of income-tax returns, the Tax Department hopes to introduce features, including team-based assessment, video-conferencing and electronic review of orders, to ensure quality assessments and avoid high pitched tax demands. ...

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Category : Income Tax | Comments : 0 | Hits : 499

ICAI Accounting Research Foundation to oversee reopening of IL&FS books
Posted Date : 12-Feb-2019 , 09:17:51 am | Posted By CASANSAAR

The ICAI Accounting Research Foundation (ICAI ARF) will oversee the process of reopening the books of crisis-hit IL&FS.  The board of debt-laden Infrastructure Leasing and Financial Services (IL&FS) was taken over by the corporate affairs ministry last year after many group entities ...

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Category : ICAI | Comments : 0 | Hits : 124

SEBI relaxes norms for non-residents to transfer shares to relatives
Posted Date : 12-Feb-2019 , 09:09:59 am | Posted By CASANSAAR

Markets regulator Sebi Monday granted relaxation to non-residents such as NRI, PIOs, and foreign nationals from furnishing a copy of PAN card and allowed them to transfer equity shares held by them to their immediate relatives. However, the relaxations are subject to certain conditions, Sebi said...

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Category : SEBI | Comments : 0 | Hits : 210

Rs 4,172 crore late fee for delayed filing of returns collected since GST launch
Posted Date : 12-Feb-2019 , 08:54:05 am | Posted By CASANSAAR

A total of Rs 4,172.44 crore was collected by the government as late fee for delayed filing of various goods and services tax (GST) returns since the implementation of the indirect tax regime on July 1, 2017, till February 4, 2019, Finance Minstry data showed. GST-related laws provide for levy of...

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Category : GST | Comments : 0 | Hits : 506

Income Tax Dept unearths Rs 20,000 cr Hawala racket in Delhi
Posted Date : 12-Feb-2019 , 08:44:10 am | Posted By CASANSAAR

The Income Tax Department has busted a nexus of hawala operators who were running a money laundering racket in Delhi estimated to be worth over 20 thousand crore rupees. Official sources said, a series of raids and surveys were conducted by sleuths of the Delhi investigation unit of the I-T Departme...

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Category : Income Tax | Comments : 0 | Hits : 1483

IDFC posts 11-fold rise in Q3 net profit at Rs 26 cr due to tax adjustment
Posted Date : 09-Feb-2019 , 06:22:23 pm | Posted By CASANSAAR

IDFC on Saturday reported an 11-fold jump in net profit for the December quarter at Rs 26.28 crore, mainly due to a tax adjustment. The company's standalone net profit stood at Rs 2.40 crore in the quarter ended December 31, 2017, it said in a statement. The company's total income was ...

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Category : General | Comments : 0 | Hits : 141

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