Income Tax dept launches web portal for exchange of information
Posted Date : 23-Nov-2019 , 10:26:23 am | Posted By CASANSAAR
The tax department has launched a portal that will provide information, including about procedures, related to automatic exchange of information under common reporting standard.
Central Board of Direct Taxes (CBDT) Chairman P C Mody inaugurated the web portal on Income Tax website.
India is co...
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Income Tax |
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15th Finance Commission Chairman N K Singh calls for major changes in GST structure
Posted Date : 23-Nov-2019 , 10:20:41 am | Posted By CASANSAAR
The 15th Finance Commission Chairman N K Singh has called for major changes in the GST structure, including reducing the complicated procedures and also doing away with frequent rate changes, to improve collection. He also pitched for rationalization of Centrally- sponsored schemes.
Speakin...
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GST |
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RBI finally discloses list of large Wilful defaulters
Posted Date : 22-Nov-2019 , 09:53:13 am | Posted By CASANSAAR
Four years after the Supreme Court first directed the Reserve Bank of India (RBI) to disclose a list of India’s wilful defaulters, the central bank has finally complied.
In response to a Right to Information (RTI) application filed by The Wire in May 2019, the RBI has released a list of 30 ...
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RBI |
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Wealth managers, merchant bankers may come under IBC
Posted Date : 22-Nov-2019 , 09:41:22 am | Posted By CASANSAAR
Wealth managers, insurance brokers, merchant bankers and share transfer agents may soon be under the ambit of Insolvency and Bankruptcy Code (IBC), even as the Centre has decided to keep banks, insurance companies and pension funds out of it, at least for the time being.
Officials said there woul...
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Insolvent Professional |
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PSU Banks report fraud of more than Rs. 95700 Cr in 6 months
Posted Date : 22-Nov-2019 , 09:31:40 am | Posted By CASANSAAR
Public sector banks reported frauds of over Rs 95,700 crore in the first six months of the current financial year, Parliament was informed on Tuesday.
Finance Minister Nirmala Sitharaman said that according to the Reserve Bank of India, PSBs reported 5,743 incidents of fraud involving a total amo...
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Banking |
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Five State Finance Ministers lash out at Centre over delay in GST compensation
Posted Date : 21-Nov-2019 , 09:41:10 pm | Posted By CASANSAAR
Five opposition-ruled states on November hit out at the Centre over delays in releasing GST compensation saying their finances are in dire strait due to delays. AAP-ruled Delhi, TMC-run West Bengal, Congress-ruled Punjab and Rajasthan and Left-run Kerala in a joint statement said compensation since ...
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GST |
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SEBI approves stricter disclosure norms for listed companies
Posted Date : 21-Nov-2019 , 10:44:09 am | Posted By CASANSAAR
The Securities and Exchange Board of India, SEBI, has approved stricter disclosure norms for listed companies.Accordingly, in case of default in repayment of loans beyond 30 days, listed companies will have to disclose the fact of such default within 24 hours.SEBI Chairman Ajay Tyagi hoped that the ...
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SEBI |
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Cabinet approves Taxation Laws (Amendment) Bill, 2019
Posted Date : 21-Nov-2019 , 10:34:32 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for introducing the Taxation Laws (Amendment) Bill, 2019 in order to replace the Ordinance.
Economic developments after the enactment of the Finance (No. 2) Act, 2019 (Finance Act) along with reduction ...
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Income Tax |
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Marco Mendicino appointed new Canadian immigration minister
Posted Date : 21-Nov-2019 , 10:13:28 am | Posted By CASANSAAR
Prime Minister Justin Trudeau has named Marco Mendicino as Canada’s next Minister of Immigration. Refugees and Citizenship.
A descendant of Italian immigrants to Canada, Mendicino represents the riding of Eglinton-Lawrence in Toronto, Ontario.
The 46 year old has an extensive background ...
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International Business |
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RBI takes over DHFL board, appoints an administrator
Posted Date : 21-Nov-2019 , 10:08:35 am | Posted By CASANSAAR
The Reserve Bank of India on Wednesday superseded the board of Dewan Housing Finance Corp. Ltd (DHFL) and appointed an administrator in its place, in a step towards referring the debt-laden mortgage lender to a bankruptcy court.
The regulator named R. Subramaniakumar, a former managing director a...
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RBI |
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HC issues notice to Centre over input tax credit denial to restaurants
Posted Date : 20-Nov-2019 , 11:09:57 am | Posted By CASANSAAR
The Gujarat High Court has issued a notice to the Centre seeking to know why the option of input tax credit under goods and services tax (GST) regime is not available for restaurants, unlike others.
This was in response to a writ petition filed by Hardcastle Restaurants, which is the master franc...
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GST |
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SEBI issues directions on margins collection in cash segment
Posted Date : 20-Nov-2019 , 11:08:09 am | Posted By CASANSAAR
Markets regulator Sebi on November said trading and clearing members should compulsorily collect upfront certain margins from their clients in the cash segment.
The watchdog has issued a circular on 'Collection and reporting of margins by Trading Member (TM) /Clearing Member (CM) in Cash Segm...
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SEBI |
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Personal guarantor insolvency under IBC from December 1
Posted Date : 20-Nov-2019 , 11:04:40 am | Posted By CASANSAAR
The government on Tuesday notified rules for the initiation of insolvency proceedings against personal guarantors to corporate debtors, to be applicable from December 1. Under these rules, if insolvency proceedings against a corporate debtor under the Insolvency and Bankruptcy Code are already in pr...
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Insolvent Professional |
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Streamlining of GST
Posted Date : 20-Nov-2019 , 10:03:28 am | Posted By CASANSAAR
Goods & Services Tax (GST) has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology–driven tax regime which has integrated India into a single, common market by removing barriers to inter-State trade and commerce.
GST has eliminated cascading ...
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GST |
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Infusion of capital to PSBs
Posted Date : 20-Nov-2019 , 10:00:06 am | Posted By CASANSAAR
In addition to capital infused earlier by the Government, provision of Rs 70,000 crore has been made for infusion of capital by the Government in banks in the Budget for the current Financial Year to boost credit for impetus to the economy. Rs 60,314 crore has been infused so far from this provision...
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General |
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Prevention of Fraudulent Banking Practices
Posted Date : 20-Nov-2019 , 09:54:20 am | Posted By CASANSAAR
The Ministry of Finance has taken number of steps to eliminate fraudulent banking practices. This was stated by Shri Anurag Thakur Minister of State for Finance & Corporate Affairs in a written reply to a question in the Rajya Sabha today. He stated that steps include, inter-alia, the following:...
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Banking |
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GST portal crashes a day before monthly return deadline
Posted Date : 19-Nov-2019 , 09:28:26 pm | Posted By CASANSAAR
The GST portal crashed on Tuesday with only one day left to file the GSTR-3B return form. Unable to file their returns right before the GST deadline, thousands of taxpayers took to Twitter to complain about the perennial inconvenience they face while filing GST returns.
Visitors to the GST portal...
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GST |
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RBI unions want govt to hike deposit insurance cover to Rs 10 lakh
Posted Date : 19-Nov-2019 , 04:45:13 pm | Posted By CASANSAAR
The Reserve Bank employees unions on Tuesday urged the government to hike the insurance cover on bank deposits from the present Rs 1 lakh to Rs 10 lakh.The demand for increasing bank deposit insurance cover, which was last revised in May 1993, has come to the fore after the ongoing crisis at Punjab ...
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RBI |
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CBDT seeks to widen net for appointment of members, makes younger officers eligible for post
Posted Date : 19-Nov-2019 , 03:20:01 pm | Posted By CASANSAAR
The Central Board of Direct Taxes (CBDT), the top policy-making body of the income tax department, is seeking to widen the net for the appointment of members to its board by inviting applications from relatively younger officers.
The board, which is responsible for taking decisions on matters per...
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CBDT |
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Government extends date till November 20 to register with SIMS to import 215 products
Posted Date : 19-Nov-2019 , 03:13:29 pm | Posted By CASANSAAR
The government has extended the date for traders till November 20 to register themselves with Steel Import Monitoring System (SIMS) to import 215 iron and steel products."One time relaxation till November 20, 2019, for obtaining SIMS registration is notified," the Directorate General of Fo...
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General |
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Issues in regards to Refund under GST and Resolution
Posted Date : 19-Nov-2019 , 10:24:03 am | Posted By CASANSAAR
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GST |
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NBFCs can go for insolvency resolution post MCA notification
Posted Date : 19-Nov-2019 , 10:23:43 am | Posted By CASANSAAR
The Reserve Bank can now direct resolution of non-banking financial companies NBFCsfor with assets worth at least Rs 500 crore under the insolvency law to help in addressing defaulting cases in the Non-Banking Financial Companies sector, according to a ministry of corporate affairs (MCA) notificatio...
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MCA |
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Company Law Committee submits its report to Finance Minister
Posted Date : 19-Nov-2019 , 10:23:01 am | Posted By CASANSAAR
The Company Law Committee was constituted by the Ministry of Corporate Affairs in September, 2019, inter alia, to further decriminalise the provisions of the Companies Act, 2013 based on their gravity and to take other concomitant measures to provide further Ease of Living for corporates i...
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Corporate Law |
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SC stays SAT's order holding that SEBI lacks power to bar auditors
Posted Date : 19-Nov-2019 , 09:10:15 am | Posted By CASANSAAR
The Supreme Court on Monday stayed an order of the Securities Appellate Tribunal (SAT) which had held that markets' watchdog SEBI does not have the power to bar auditors.
A bench comprising Justices Arun Mishra and Indira Banerjee also issued notice on the appeal filed by the Securities and E...
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SEBI |
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Central GST Delhi-West Commissionerate unearthed racket of issuance of fake invoices
Posted Date : 16-Nov-2019 , 02:18:41 pm | Posted By CASANSAAR
Central GST Delhi-West Commissionerate has unearthed racket of issuance of fake invoices without actual supply of goods and services by M/s Royal Sales India and 27 other dummy companies. Two persons have been arrested in this matter and remanded to judicial custody for 14 days by Duty Magistr...
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GST |
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Supreme Court sets aside NCLAT judgement, gives upper hand to banks
Posted Date : 16-Nov-2019 , 08:55:46 am | Posted By CASANSAAR
Ruling on the long fought Essar Steel insolvency case, the Supreme Court on November 15 set aside NCLAT judgement and said that the ultimate discretion on distribution of funds was with the Committee of creditors.
The Committee of Creditors (COC) consists of banks.
The NCLAT had earlier said t...
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Insolvent Professional |
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Govt mulls raising insurance cover on bank deposits to above Rs 1 lakh - FM
Posted Date : 16-Nov-2019 , 08:48:27 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharman on Friday said the government will bring legislations on raising insurance cover on bank deposits from the current Rs 1 lakh and regulating multi-state cooperative banks.
These legislations will be brought during the Winter Session of Parliament starting coming ...
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Banking |
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MCA notifies Insolvency and Bankruptcy Rules, 2019 for non-bank financial services providers
Posted Date : 15-Nov-2019 , 04:53:44 pm | Posted By CASANSAAR
Ministry of Corporate Affairs (MCA) has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019 (Rules) today to provide a generic framework for insolvency and liquidation proceedings of syst...
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MCA |
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Racket of issuance of fake invoices involving GST of Rs 22 Cr busted
Posted Date : 15-Nov-2019 , 04:45:14 pm | Posted By CASANSAAR
Central GST Delhi North Commissionerate has unearthed a racket of issuance of fake invoices without actual supply of goods and services. Shri Naveen Mutreja and Shri Keshav Ram have been arrested in this matter and remanded to judicial custody for 14 days by the Chief Metropolitan Magistrate (CMM), ...
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GST |
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New Express Entry draw invites 3,600 candidates to apply for Canadian PR
Posted Date : 15-Nov-2019 , 04:03:07 pm | Posted By CASANSAAR
The Government of Canada invited 3,600 Express Entry candidates to apply for permanent residence in a new draw held November 13.
Nov 13’s draw brings the total number of invitations to apply (ITAs) issued so far this year through Canada’s Express Entry system to 75,300.
The minimum...
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International Business |
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