Cabinet approves MoU between India and Kuwait in the field of accounting, finance and audit
Posted Date : 24-Oct-2019 , 10:07:49 am | Posted By CASANSAAR
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Memorandum of Understanding (MoU) for capacity building and strengthening the accounting, financial and audit knowledge base in Kuwait.
Institute of Chartered Accountants of India (ICAI) and Kuwait Accountants and...
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Auditing |
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30,000 individuals under I-T scanner for money remitted abroad via RBI scheme
Posted Date : 24-Oct-2019 , 09:55:49 am | Posted By CASANSAAR
Around 30,000 individuals who remitted money abroad through the Liberalised Remittance Scheme (LRS) are under the Income Tax Department's scanner, reports Business Standard.
The department has issued scrutiny notices to assessees, asking for details of foreign accounts, properties and shares ...
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Income Tax |
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Income Tax raids unearth Rs 1,000 Cr worth hawala money in Delhi
Posted Date : 24-Oct-2019 , 09:44:42 am | Posted By CASANSAAR
In a massive search operation in Delhi, the Income Tax (I-T) department has unearthed hawala and other accommodation entries of more than Rs 1,000 crore.
The tax department has also found links to money laundering involving the business group engaged in e-governance projects and financial service...
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Income Tax |
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SEBI moves SC against SAT's order in PwC case
Posted Date : 23-Oct-2019 , 10:51:07 am | Posted By CASANSAAR
The Securities and Exchange Board of India (Sebi) has appealed in the Supreme Court against the Securities Appellate Tribunal (SAT) order in the Price Waterhouse (PW) case. On September 9, the tribunal had quashed the order passed by the regulator against the global audit firm for its role in the Sa...
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SEBI |
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RBI bans use of agents to chase loans
Posted Date : 23-Oct-2019 , 10:38:13 am | Posted By CASANSAAR
The Reserve Bank of India has banned the use of direct selling agents (DSAs) to source retail loans and carry out physical verification of documents of borrowers. This was communicated by the central bank in a response to queries raised by the banking industry, two senior bankers told ET.
While t...
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RBI |
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Online proficiency self-assessment test for independent directors from Dec
Posted Date : 23-Oct-2019 , 10:35:40 am | Posted By CASANSAAR
All independent directors will soon have to take an “online proficiency self-assessment test” before they are appointed to company boards, according to an amendment to the Companies Act notified by the Ministry of Corporate Affairs (MCA) on Tuesday. This rule will come into effect from D...
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MCA |
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NCLT allows MCA to appoint statutory auditors to IFIN
Posted Date : 23-Oct-2019 , 10:21:18 am | Posted By CASANSAAR
The National Company Law Tribunal (NCLT) has allowed the ministry of corporate affairs (MCA) to appoint Mukund M Chitale & Co the statutory auditor for IL&FS Financial Services (IFIN).
IFIN, in its board meeting, had appointed Mukund M Chitale & Co the statutory auditor for the compan...
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MCA |
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SEBI might investigate whistle-blowers' complaints on Infosys
Posted Date : 23-Oct-2019 , 10:15:30 am | Posted By CASANSAAR
The Securities and Exchange Board of India (SEBI) may seek clarification from Infosys' management on charges level levelled by the whistle-blower.
Unnamed whistle-blowers on behalf of employees wrote to the US-based office of the Whistleblower Protection Program on October 3 alleging wilful m...
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SEBI |
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Assessment thorough e-Proceedings or faceless e-Assessment under income tax act
Posted Date : 22-Oct-2019 , 10:41:09 am | Posted By CASANSAAR
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Income Tax |
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MCA amends rules to allow Companies to comply with KYC norms
Posted Date : 22-Oct-2019 , 10:28:53 am | Posted By CASANSAAR
In a relief to companies that had been rendered inactive after they failed to comply with the know-your-customer rules, the government has given them an option to change their status and become active.
The Ministry of Corporate Affairs (MCA) has amended rules to allow such companies to make a fil...
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MCA |
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ePayments mandatory for businesses over Rs 50 Cr from Nov 1 - CBDT
Posted Date : 22-Oct-2019 , 10:25:56 am | Posted By CASANSAAR
Government has asked businesses with turnover exceeding Rs 50 crore to mandatorily provide electronic modes of payment from November 1. To this end, a new provision, namely Section 269SU, has been inserted in the Income-tax Act, said Central Board of Direct Taxes in a statement.
The CBDT further ...
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CBDT |
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SC Issues non-bailable warrants against MD of 32 Companies for Ignoring Order
Posted Date : 22-Oct-2019 , 10:14:44 am | Posted By CASANSAAR
The Supreme Court has issued non-bailable warrants against managing directors of 32 companies for not complying with its order.
The managing directors now face imminent arrest and will have to be produced in the top court by the Mumbai Police if they fail to get preventive orders.
The li...
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Companies Act |
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GSTN to release improved version 3 of GST return filing interface
Posted Date : 22-Oct-2019 , 10:01:19 am | Posted By CASANSAAR
GST Network, provides the IT infrastructure and services for the implementation of the GST, will on October 22 release the version 3 of GST return filing interface.
The new version has incorporated many improvements suggested by users. Currently, version 2 of the GST return filing interface...
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GST |
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Govt brings commodity option trading, settlement at par with equities
Posted Date : 21-Oct-2019 , 09:02:17 am | Posted By CASANSAAR
The government has brought commodity options trading and settlement on a par with equities, paving the way for new norms for farmers and small and medium enterprises to step up hedging.
Commodity options can now be settled directly. The current practice is options devolve into futures first and t...
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Shares & Stock |
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SEBI lays down stricter norms for Statutory Auditors
Posted Date : 21-Oct-2019 , 08:56:15 am | Posted By CASANSAAR
Regulator Sebi put in place stricter norms for auditors, including prompt disclosures about reasons for their resignation and requirement to approach chairman of audit committee directly in case of any concerns with management of the firm concerned. The norms have been issued against the backdrop of...
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SEBI |
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New GST return forms may force firms to change ERP systems
Posted Date : 21-Oct-2019 , 08:49:02 am | Posted By CASANSAAR
The new Goods and Services Tax (GST) returns from April 2020 that mandate providing more details may require companies to amend their enterprise resource planning (ERP) systems.
Tax experts and chartered accountants (CAs) said that the new return systems would require a lot of details such as pur...
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GST |
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Corporate income tax cut will help revive investment in India: IMF
Posted Date : 19-Oct-2019 , 09:50:57 am | Posted By CASANSAAR
Changyong Rhee, Director, Asia and Pacific Department, IMF, said that following a marked slowdown in the last two quarters in India, the economy is expected to grow at 6.1% this fiscal.
The International Monetary Fund (IMF) on Friday supported India’s recent decision to reduce corporate inc...
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Corporate Law |
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What is Under-reporting or Mis-reporting of income under Income Tax Act?
Posted Date : 18-Oct-2019 , 07:09:03 am | Posted By CASANSAAR
What is Under-reporting or Mis-reporting of income under Income Tax Act?
New Penalty Provisions under Section 270A,
Immunity under Section 270AA of Income-tax Act.
Explained by Advocate (CA) Kapil Goel with CA Vivek Khurana.
https://youtu.be/V3KvlcicDSE
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Category :
Income Tax |
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Regulator, auditor should be held responsible for frauds in banks- Anurag Thakur
Posted Date : 18-Oct-2019 , 07:01:32 am | Posted By CASANSAAR
The regulator, auditor and management should be held responsible for fraud in Punjab and Maharashtra Co-operative Bank or other banks, Minister of State for Finance Anurag Thakur said on Thursday. Thakur said that in case of PMC Bank, the Reserve Bank of India has allowed withdrawal of Rs 40,000, wh...
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Category :
Banking |
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Domain + Website + Hosting + 2 email ids @ Just Rs.2499/- with 30 days Money Back Guarantee
Posted Date : 17-Oct-2019 , 09:48:56 pm | Posted By CASANSAAR
On the Successful Completion of its 10 Years, CA SANSAAR offers a Golden opportunity to its Members, where they could create their own stunning website with multiple designs and templates to choose. It will be completely your own space, which is going to be a Dynamic Websit...
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Category :
General |
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RBI governor faces board queries on financial frauds
Posted Date : 17-Oct-2019 , 09:52:32 am | Posted By CASANSAAR
Reserve Bank of India (RBI) governor Shaktikanta Das came under pressure at the bank’s board meeting last week, with two external directors questioning how a string of frauds that have surfaced since 2018 remained undetected for years.
The two board members referred to the losses suffered b...
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RBI |
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0 | Hits : 915
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SEBI issues cybersecurity framework for KYC Registration Agencies
Posted Date : 16-Oct-2019 , 11:12:16 am | Posted By CASANSAAR
Amid concerns over possible data breaches, markets regulator Sebi on Tuesday put in place a detailed cybersecurity framework for KYC registration agencies, requiring them to define responsibilities of employees, including outsourced staff, who have privileged access to networks. Besides, the watchdo...
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SEBI |
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IBBI for statutory recognition of valuation professionals
Posted Date : 16-Oct-2019 , 11:08:02 am | Posted By CASANSAAR
The Insolvency and Bankruptcy Board of India (IBBI) Chairman M.S. Sahoo has said that there should be a statuary nod given to valuation professionals in India to further streamline the profession.
Speaking at an event here, Sahoo said: "IBBI is looking for valuers who are part of a setup whi...
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Category :
Insolvent Professional |
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Income-tax officials give thumbs down to faceless assessment program
Posted Date : 16-Oct-2019 , 11:04:42 am | Posted By CASANSAAR
The Centre’s plan of faceless assessment has not gone down well with income-tax officials. Days before its introduction on October 7, they had sent a complaint letter to the Central Board of Direct Taxes (CBDT), claiming that the new scheme was implemented in a “hurry without considering...
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Category :
Income Tax |
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Income tax department releases data on Crorepati taxpayers
Posted Date : 16-Oct-2019 , 10:57:43 am | Posted By CASANSAAR
If data from the income tax department's records is taken into account, India had more than 97,000 people earning a taxable income of over ₹1 crore in the financial year 2017-18.
The Central Board of Direct Taxes (CBDT) has now come out with a detailed break-up of data collected from income...
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Category :
Income Tax |
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DIN Deactivated due to non-filing of DIR-3 KYC - MCA
Posted Date : 16-Oct-2019 , 10:46:48 am | Posted By CASANSAAR
Please note that the DINs which have not complied with the requirement of filing DIR-3 KYC have since been marked as ‘Deactivated due to non-filing of DIR-3 KYC’. Such DINs are not allowed to be used for filing any eforms on MCA21 portal.
In case the present status of your DIN is &lsq...
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MCA |
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Income tax dept says check your email or e-filing account as e-assessment begins
Posted Date : 15-Oct-2019 , 09:33:34 am | Posted By CASANSAAR
The income tax department has advised taxpayers to check their registered e-filing accounts and email ids as the first phase of the e-Assessment Scheme 2019 gets underway.
In the first phase, the income tax department has selected 58,322 cases for scrutiny under the new e-assessment scheme ...
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Category :
Income Tax |
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Now Get a reprint copy of your PAN Card for just Rs 50
Posted Date : 15-Oct-2019 , 09:23:41 am | Posted By CASANSAAR
Permanent Account Number (PAN) card is an essential document used for several purposes. It is compact and can fit easily into wallets. You can order a reprint of your PAN card for just Rs 50 in case you have lost or damaged it, or want a copy of it.
A PAN card is issued by the income tax departme...
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PAN |
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RBI imposes penalty on Lakshmi Vilas and Syndicate Bank
Posted Date : 15-Oct-2019 , 09:17:29 am | Posted By CASANSAAR
The Reserve Bank of India has imposed a monetary penalty of Rs.1 crore on Lakshmi Vilas Bank (LVB) and Rs.75 lakh on Syndicate Bank.
In the case of LVB, the RBI said the penalty has been imposed for non-compliance with certain provisions of directions issued by it on ‘Income Recognition and...
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Category :
Banking |
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0 | Hits : 1385
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ICAI released admit cards for foundation, intermediate and final Nov 2019 exams
Posted Date : 15-Oct-2019 , 09:13:26 am | Posted By CASANSAAR
ICAI has released the admit Card or hall tickets for Chartered Accountancy foundation, intermediate and final levels exams 2019. The admit cards have been released on the official website of Institute aof Chartered Accountants of India (ICAI) at https://icaiexam.icai.org
How to download ICAI CA N...
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ICAI |
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