Bar Council of Delhi bars the Big Four- KPMG, PwC, EY and Deloitte from practicing law
Posted Date : 03-May-2019 , 10:17:30 am | Posted By CASANSAAR
The Bar Council of Delhi has directed the Big Four Accounting Firms – KPMG, Price Water House Coopers, Ernst & Young and Deloitte India to refrain from indulging in any practice which would amount to practising law until further orders.
The Bar Council has also directed them to give a l...
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ICAI |
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ICAI releases e-version of compendium of revised Indian Accounting Standards
Posted Date : 03-May-2019 , 09:55:07 am | Posted By CASANSAAR
Chartered accountants' body ICAI on May 2 said it has released the e-version of compendium of revised Indian Accounting Standards that incorporates new standard on leases among other amendments.
As part of annual improvements, the Ind AS (Indian Accounting Standards), which is based on Intern...
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ICAI |
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NCLAT allows banks to declare defaulting ILFS accounts as NPAs
Posted Date : 03-May-2019 , 09:44:48 am | Posted By CASANSAAR
The National Company Law Appellate Tribunal (NCLAT) on May 2 allowed the banks to declare as non-performing assets the accounts of IL&FS and its group companies that have defaulted on payments.
A bench headed by Chairman Justice S J Mukhopadhaya lifted the embargo on the banks to declare the ...
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NPA |
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GST collection scales all-time high of Rs 1.13 lakh Cr in April 19
Posted Date : 01-May-2019 , 03:39:23 pm | Posted By CASANSAAR
GST collection scaled all-time high of over Rs 1.13 trillion in April, up from Rs 1.06 trillion in the previous month, the finance ministry said Wednesday.
"The total gross GST revenue collected in April 2019 is Rs 1,13,865 crore of which Central GST is Rs 21,163 crore, State GST (SGST) is R...
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GST |
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CBDT to share ITR data with GSTN to detect tax evasion by business persons
Posted Date : 01-May-2019 , 09:24:21 am | Posted By CASANSAAR
Soon, the tax department will be sharing the income tax return (ITR) data of business persons with the Goods and Services Tax Network (GSTN) officer. The move is aimed at spotting income anomalies or mismatches between their GST returns and ITR.
Clearly, business persons need to ensure that...
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Income Tax |
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NFRA to hire finance professionals on contract basis
Posted Date : 01-May-2019 , 09:12:17 am | Posted By CASANSAAR
The National Financial Reporting Authority plans to hire up to ten chartered accountants and company secretaries on contractual basis, according to an official release.
The applicant should be a qualified chartered accountant (CA) or cost accountant or company secretary (CS) having passed the fin...
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NFRA |
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Trade Unions can file as Operational Creditors under IBC - SC
Posted Date : 01-May-2019 , 09:07:09 am | Posted By CASANSAAR
While setting aside an NCLAT ruling, the Supreme Court has held that a trade union, for the purpose of triggering insolvency, can be an operational creditor (JK Jute Mill Mazdoor Morcha vs Juggilal Kamlapat Jute Mills).
The Court was hearing an appeal against a decision which rejected a Section 9...
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Insolvent Professional |
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PNB, Union Bank & BoI may get a call for Merger
Posted Date : 30-Apr-2019 , 09:28:15 am | Posted By CASANSAAR
The government is soon likely to invite select lenders for discussion on a second round of merger in public sector banks, according to a finance ministry official.
The lenders to be called may include Punjab National Bank (PNB), Union Bank of India and Bank of India (BoI).
“W...
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Merger & Acquisitions |
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ICAI announces Virtual MCS Course who wish to apply for Membership
Posted Date : 30-Apr-2019 , 09:19:33 am | Posted By CASANSAAR
The candidates who have qualified CA Final exam w.e.f. November 2002 onwards till 2018 but had not applied for Membership of the Institute due to non completion of GMCS (Course) /Management and Communication Skills Course (MCS Course) can undergo Management and Communication Skills (MCS Course) thro...
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ICAI |
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RBI moves to tighten current account operating norms to check fund diversion
Posted Date : 29-Apr-2019 , 07:53:08 am | Posted By CASANSAAR
In a move to tackle fund diversion, the Reserve Bank of India (RBI) has proposed sterner rules on opening and running of current accounts of corporate borrowers.
Current accounts, according to a draft circular shared by the regulator with the banking industry, can “only be opened&rdqu...
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RBI |
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Govt plans to deactivate PAN not linked with Aadhaar
Posted Date : 29-Apr-2019 , 07:50:32 am | Posted By CASANSAAR
In a crackdown on duplicate Permanent Account Number (PAN) cards, the income tax department is likely to deactivate the PANs which are not linked with the Aadhaar number of the user by September 30.
Over 20 crore out of a total of 44 crore PAN cards are yet to be linked to respective Aadhaar numb...
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PAN |
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Govt paid input tax credit on Rs 4,000 Cr fake GST invoices in 2018
Posted Date : 28-Apr-2019 , 11:47:02 am | Posted By CASANSAAR
The government is looking into a proposal from the Central Economic Intelligence Bureau (CEIB) to bring fraudulent input credit tax, claimed by companies generating fake invoices of Goods and Services Tax, under the stringent Prevention of Money Laundering Act (PMLA) by making it a predicate offence...
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GST |
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RBI to give info on bank inspection reports under RTI - SC
Posted Date : 27-Apr-2019 , 09:15:28 am | Posted By CASANSAAR
The Supreme Court on Friday reprimanded the Reserve Bank of India (RBI) for refusing to disclose information pertaining to the annual inspection report on banks under the Right to Information (RTI) Act, and warned that any further attempts by the banking sector regulator to hold back such informatio...
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RBI |
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NFRA, ICAI spar over probe into Auditors’ role in IL&FS case
Posted Date : 27-Apr-2019 , 09:12:09 am | Posted By CASANSAAR
The question on who should investigate the role of auditors EY, Deloitte and KPMG in the IL&FS fiasco seems to have triggered a turf war between two regulators — Institute of Chartered Accountants of India, and National Financial Reporting Authority (NFRA).
NFRA, the recently form...
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ICAI |
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E-invoicing may begin under GST
Posted Date : 27-Apr-2019 , 09:08:50 am | Posted By CASANSAAR
In what could radically transform the indirect tax administration system and the way business is conducted, India is looking at the possibility of introducing electronic invoicing under goods and services tax.
If the country adopts the system, businesses will likely have to issue invoices, ...
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GST |
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Businesses can apply for revoking cancellation of GST registration by July 22 - CBIC
Posted Date : 26-Apr-2019 , 08:33:41 am | Posted By CASANSAAR
The revenue department has allowed businesses whose GST registration has been cancelled due to non-filing of tax returns to apply for its revocation by July 22, provided they file their pending returns and pay due taxes.
In a letter to field offices, the Central Board of Indirect Taxes and Custom...
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GST |
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MCA ready to strike against IL&FS tainted Deloitte
Posted Date : 25-Apr-2019 , 08:47:11 pm | Posted By CASANSAAR
The Ministry of Corporate Affairs is ready to strike against Deloitte Haskins and Sells in the murky IL&FS case. IANS learns that MCA has taken an aggressive view over malpractices by Deloitte over the last decade which have led to papering over the large cracks in its finances. Misrepresentatio...
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MCA |
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Composition scheme biz to now file simplified self-Assessed GST return quarterly
Posted Date : 25-Apr-2019 , 09:08:36 am | Posted By CASANSAAR
Giving relief to composition scheme taxpayers under the GST, the finance ministry has allowed such businesses to file 'self-assessed tax' return on quarterly basis in a simplified form. So far, businesses opting for composition scheme had to file tax returns every quarter in GSTR-4 which ran...
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GST |
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Companies get time till June 15 to submit ACTIVE form - MCA
Posted Date : 25-Apr-2019 , 08:49:14 am | Posted By CASANSAAR
The government has extended the deadline for uploading photos of business premises to June 15, giving corporates more time to comply with a provision aimed at spotting shell companies.
“It has been decided to extend the date to June 15,” confirmed a corporate affairs ministry of...
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MCA |
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Non-filers of GST returns for 2 months to be barred from generating e-way bills from June 21
Posted Date : 25-Apr-2019 , 08:47:34 am | Posted By CASANSAAR
Non-filers of GST returns for two straight months will be barred from generating e-way bills for transporting goods effective June 21, the finance ministry said.
Businesses under GST composition scheme, however, will be barred from generating e-way bill if they fail to file tax returns for ...
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GST |
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RBI may offer more time for bank-led resolution of NPAs
Posted Date : 24-Apr-2019 , 09:40:54 am | Posted By CASANSAAR
The RBI is likely to adopt a more accommodative approach towards resolution of stressed assets when it issues a revised circular, replacing the controversial February 12 circular quashed by the Supreme Court.
Sources said the major contention in the Reserve Bank of India's (RBI) controv...
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RBI |
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Businesses must pay interest on entire GST tax liability
Posted Date : 24-Apr-2019 , 09:39:29 am | Posted By CASANSAAR
The Telangana high court has rejected a writ petition challenging the imposition of interest on total goods and services tax liability including input tax credit, a ruling that has significant implications for industry.
This means that tax authorities can levy interest on the gross tax liab...
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GST |
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MCA plans to start gathering primary data from investors
Posted Date : 24-Apr-2019 , 09:28:29 am | Posted By CASANSAAR
The Ministry of Corporate Affairs plans to start gathering "primary data" from persons who have put in their money in chit funds and deposit-taking schemes, an official said April 23, amid continuing efforts to clamp down on illicit fundraising activities.
The Investor Education and Pro...
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MCA |
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Govt raises authorised capital of Allahabad Bank to Rs 8,000 Cr
Posted Date : 24-Apr-2019 , 09:25:37 am | Posted By CASANSAAR
State-owned Allahabad Bank said Tuesday the government has increased its authorised capital by Rs 5,000 crore to Rs 8,000 crore.
The central government after consultation with the Reserve Bank of India has increased the authorised capital of the bank from Rs 3,000 to Rs 8,000 through Gazette Noti...
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Banking |
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HC sets aside CBDT’s plan of rewarding CITs-appeal
Posted Date : 23-Apr-2019 , 08:44:22 am | Posted By CASANSAAR
The Bombay high court has set aside that portion of CBDT’s action plan that sought to incentivise commissioners of income tax-appeals (CITs-A) who pass ‘quality’ orders, which could be detrimental to taxpayers.
“Any temptation in the guidelines, referred to as incentives f...
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Income Tax |
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Irregularities found in companies under IBC
Posted Date : 23-Apr-2019 , 08:36:37 am | Posted By CASANSAAR
Forensic audit of over 200 companies facing corporate insolvency resolution action under the Insolvency and Bankruptcy Code (IBC) has revealed irregularities of more than Rs 1 lakh crore, including possible diversion of funds.
The ministry of corporate affairs, which is responsible for implementa...
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Insolvent Professional |
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0 | Hits : 362
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No input tax credit if GST returns not filed - Telangana High Court
Posted Date : 23-Apr-2019 , 08:28:46 am | Posted By CASANSAAR
The Telangana High Court has ruled that no input tax credit (ITC) is available unless GST returns are filed and a taxpayer is liable to pay penalty on the entire liability. The ruling is expected to have a significant impact on all businesses that use tax credits available on inputs and raw material...
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GST |
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IBBI is the competent body to act against resolution professionals - NCLAT
Posted Date : 22-Apr-2019 , 09:32:24 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) will be the competent authority and not the National Company Law Tribunal (NCLT) to act against any resolution professional (RP) for dereliction of duty, the National Company Law Appellate Tribunal has stated in an order recently.
...
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Insolvent Professional |
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Govt extends last date for GST sales return for March 19 to April 23
Posted Date : 21-Apr-2019 , 07:24:35 am | Posted By CASANSAAR
The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23.
"Due date for filing GSTR-3B for the tax period March 2019 has been extended to April 23, 2019," a ticker on GST portal ‘gst.gov.in' said.
The l...
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GST |
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RBI clarification on 5 day week in commercial banks
Posted Date : 21-Apr-2019 , 07:19:23 am | Posted By CASANSAAR
It has been reported in certain sections of the media that commercial banks would have a 5 day week in terms of RBI instructions. It is clarified that this information is not factually correct.
RBI has not issued any such directions.
Yogesh Dayal
Chief General Manager
Press Release: 2018-2...
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RBI |
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